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Anadarko Reaffirms Algerian Commitment Following Tax Deal
...gerian operations in 2011, boosted by record Saharan Blend prices, with “very low” lease operating expenses of around $2/B, according to Chuck Meloy, Anadarko’s senior vice-president for worldwide operations. Speaking to investors on 13 March, Mr Meloy added that these “great margins” just got “co...
Volume: 55Issue: 12Published at Mon, 19 Mar 2012 -
Russia To Persist With Burgas-Alexandroupolis Pipeline Project
...risov announced the decision of his government to withdraw from the project, citing an ostensible lack of financial viability (MEES, 12 December 2011). ...
Volume: 55Issue: 12Published at Mon, 19 Mar 2012 -
Cyprus Electricity Authority Signs Loan Deal With EIB For Power Station Reconstruction
...used to the Vasilikos power station in July last year as the result of a munitions explosion at the nearby Mari naval base (MEES, 1 August 2011). A statement released by the bank said the money would be used for a new production unit to enhance electricity supply in Cyprus. The explosion destroyed 79...
Volume: 55Issue: 12Published at Mon, 19 Mar 2012 -
Turkey Sends Mixed Signals On Iranian Energy Ties
...rkey imports around 200,000 b/d of Iranian oil, almost one-third of its consumption. Yet Tupras, Turkey’s sole refiner, which depended on Iran for almost 50% of its crude imports in 2011, cut its Iranian oil imports in December, according to data published on 8 March by Turkey’s energy re...
Volume: 55Issue: 12Published at Mon, 19 Mar 2012 -
Sasol Seeks Buyers For Stake In Iranian Petrochemical Plant
...uth Africa imported around 100,000 b/d of Iranian crude in 2011. ...
Volume: 55Issue: 12Published at Mon, 19 Mar 2012 -
South Pars Production Reaches 290Mn CMD
...anian year (21 March 2011 – 19 March 2012). He attributed the rise in output to “a maximum gas draw from South Pars Phases 6-8, the completion of 23 gas wells at Phases 9 and 10 and rising gas production from Phase 1.” Mr Souri predicted that by March 2013 South Pars output would reach 380mn cmd, before ri...
Volume: 55Issue: 12Published at Mon, 19 Mar 2012 -
Beirut Eyes LNG Import Decision, Touts Reserves
...ES, 5 December 2011). “What we are hearing is kind of an acceptance that ‘yes, Lebanon has done things right’ by the science by which you do a maritime border,” Mr Basil said. “If we reach a point where we think the talks are not helping, we might later use other means.”A resurgence in investor interest wa...
Volume: 55Issue: 12Published at Mon, 19 Mar 2012 -
Moody’s Maintains Morocco’s Ba1 Rating, Citing ‘Low Economic Strength’
...dium institutional strength” and moderate government financial strength. Morocco’s budget deficit widened substantially from 4.7% of GDP in 2010 to 6.1% of GDP in 2011 on account of the sharp hike in state expenditure in the form of subsidies and increases in public sector wages. Further to this, the co...
Volume: 55Issue: 12Published at Mon, 19 Mar 2012 -
Qatar Postpones State Budget On Accounting System Changes
...rategy 2011-16, which includes programs for 190 sectors. Nevertheless, the budget will remain annual, he stated. Mr Kamal said that the cabinet had not yet addressed the oil price it would use in its next budget. Qatar Petroleum has adopted $65/B for its budget, but this is not the state’s fi...
Volume: 55Issue: 12Published at Mon, 19 Mar 2012 -
Qatar Postpones State Budget On Accounting System Changes
...rategy 2011-16, which includes programs for 190 sectors. Nevertheless, the budget will remain annual, he stated. Mr Kamal said that the cabinet had not yet addressed the oil price it would use in its next budget. Qatar Petroleum has adopted $65/B for its budget, but this is not the state’s fi...
Volume: 55Issue: 12Published at Mon, 19 Mar 2012 -
SEC Seeking Developers For Power Plant Based On Fuel Oil
...veloped by Saudi Arabia’s ACWA, Samsung and the MENA Fund. They signed an agreement on 21 September last year to implement the project (MEES, 26 September 2011). Originally conceived as 1.8gw, its scope was more than doubled to 3.927gw due to cost savings on tariffs. It is now potentially the world’s la...
Volume: 55Issue: 12Published at Mon, 19 Mar 2012 -
Mapna Wins Contract To Build Syrian Power Plant
...w in supply due to high growth in population and the use of old generation plants which require frequent maintenance (MEES, 24 October 2011). However, due to ongoing political turmoil in the country, the power shortfall has increased to 2.6gw according to Syrian Minister of Electricity 'Imad Khamis (ME...
Volume: 55Issue: 12Published at Mon, 19 Mar 2012 -
IMF Sees UAE Economic Growth Slowing To 2.3% This Year
...UAE IMF Sees UAE Economic Growth Slowing To 2.3% This Year The International Monetary Fund (IMF) said on 14 March that it expects the UAE’s GDP growth to slow to 2.3% this year from 4.9% in 2011 amid limited potential for further near term increases in oil production. Non-oil growth wa...
Volume: 55Issue: 12Published at Mon, 19 Mar 2012 -
TAQA To Increase 2012 Capex To $2.2Bn, Sees 2011 Profits Slide
...UAE TAQA To Increase 2012 Capex To $2.2Bn, Sees 2011 Profits Slide State-owned Abu Dhabi National Energy Company (TAQA) has said it is looking to increase its capital expenditure (capex) from $1.9bn in 2011 to around $2.2bn this year as it presses ahead with plans to expand both its up...
Volume: 55Issue: 12Published at Mon, 19 Mar 2012 -
Dubai To Invite Bids For $3.2Bn Solar Park By September
...ntinued. Dubai can no longer rely on gas-starved Abu Dhabi to meet its power needs and has recently launched an initiative – the Dubai Integrated Energy Strategy 2030 – which aims to generate 1% of the emirate’s power from solar plants by 2020, and 5% by 2030 (MEES, 3 October 2011). Late last month DEWA aw...
Volume: 55Issue: 12Published at Mon, 19 Mar 2012 -
Work Starts On Masdar’s Seychelles Wind Farm
...UAE Work Starts On Masdar’s Seychelles Wind Farm The foundation stone for the Seychelles’ first major wind farm project has been laid, Abu Dhabi’s Masdar clean energy project announced earlier this month. The project’s inauguration was originally scheduled to take place in December 2011...
Volume: 55Issue: 12Published at Mon, 19 Mar 2012 -
San'a Targets Bidding Round By Year-End
...botage (MEES, 24 October 2011). Speaking on the sidelines of the International Energy Forum in Kuwait on 13 March, Mr 'Abd Allah noted crude output has been severely curtailed from the level of 220,000-250,000 b/d seen before the February 2011 unrest began. “Production at the moment is around 130,000 b/d. It...
Volume: 55Issue: 12Published at Mon, 19 Mar 2012 -
Kazakh Energy Strategy Calls For 12% Increase In Gas Production
...t increase of 12% in Kazakh gas production in 2011 compared to 2010. According to the plan Kazakh gas production in 2011 is intended to rise to 42bcm from 37.4 bcm in 2010, whereas exports are projected to remain stable at 9.2 bcm in 2011compared to 9.1 bcm last year and 7 bcm in 2009. All Ka...
Volume: 54Issue: 12Published at Mon, 21 Mar 2011 -
Socar Aims To Sign Shah Deniz 2 Transit Agreement By End-2011
...working on the details of the purchase and transit agreement for Shah Deniz Phase 2 gas volumes that will be sold to Botas for transit via the Turkish gas grid to Europe. Mr Abdullayev said that the contracts will be signed by the end of 2011. This would be after the tender for allocations of Sh...
Volume: 54Issue: 12Published at Mon, 21 Mar 2011 -
Iran Raises VAT Rate To 4% In New Year
...ganization for VAT Mohammad-Qasim Panahi has said. The official noted that in accordance with the five-year development plan 2011-2015 the rate will rise by 1% every year so as to reach 8% by the end of the plan. He added that at the current VAT rate of 3% the revenue collected is split equally between to...
Volume: 54Issue: 12Published at Mon, 21 Mar 2011