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Sadara Gets Go Ahead To Offer Sukuk To Finance $20Bn Project
...tober 2011 (MEES, 17 October 2011). Ultimately, the two sponsors will decide on the size of the offer based on the price they pay for the debt. Typically as the offer size climbs, the pricing the issuer will pay to investors also rises, so the sponsors will need to determine whether taking more of the Su...
Volume: 56Issue: 12Published at Fri, 22 Mar 2013 -
Oil Price Assumptions Jump In 2013 Budgets
...crease their prices by jumps in expenditure due to the stimulus programs put in place to appease Arab Spring protestors. Higher market prices are also spurring on the tendency to adopt higher budgeted prices. The OPEC basket was at a yearly average of $109.45/B last year, compared to 2011’s $107.46/B and pr...
Volume: 56Issue: 12Published at Fri, 22 Mar 2013 -
Naimi Hails Asia Relationship
...tal exports in 2002 to 62% in 2011 (MEES, 2 November 2012). Asia’s growing oil demand was built on the foundations of sound economic policy, Mr Naimi argued. “Advanced Western economies could learn many lessons from Asia’s economic prudence and fiscal management, particularly when it comes to debt ac...
Volume: 56Issue: 12Published at Fri, 22 Mar 2013 -
Saudi Arabia Adds Projects To ‘Difficult’ Gas Challenges
...cluding the Ministry of Petroleum and the Ministry of Industry and Trade,” Samir al-Jishi, general manager for strategy and business development at Saudi International Petrochemicals Company said on 19 March. “A decision on this was expected in 2011. This was then postponed to 2012 and then to 20...
Volume: 56Issue: 12Published at Fri, 22 Mar 2013 -
Iraq Operators Struggle To Meet Start-Up Schedules
...ke much more oil. Two 850,000 b/d Single Point Mooring (SPM) buoys were brought into service early last year. Iraq managed to export in peak months of July and August 2012 a good 500,000 b/d above 2011’s average of 1.71mn b/d from the south. However, while loading has been taking place from bo...
Volume: 56Issue: 12Published at Fri, 22 Mar 2013 -
Attack Heightens KRG Security Fears
...an-Claude Gandur, former owner of Addax Petroleum, took over operatorship of Hawler from Russia’s Norbest in August 2011. It has a 65% stake, with Korea’s KNOC holding 15% and the KRG 20% in the block, which lies just to the west of the KRG capital of Irbil. Oryx has also been one of the firms li...
Volume: 56Issue: 12Published at Fri, 22 Mar 2013 -
Yemen Prequalifies Nine Companies Ahead Of Block Awards
...dustry and reverse declining output – a trend seen since the early 2000s. BP estimated Yemen’s 2011 average production at 228,000 b/d, down 24% from the 2010 figure of 301,000 b/d and 50% from 2001’s 455,000 b/d. However, oil sector initiatives have been repeatedly compromised by the still-vo...
Volume: 56Issue: 12Published at Fri, 22 Mar 2013 -
Moody’s: Petronas To Benefit Most From Sudan’s Oil Restart
...dan to a restart of Southern oil exports through the north, ending a near 14-month shutdown caused by a disagreement over oil transit fees (MEES, 15 March). Crude production in the two Sudans accounted for about 7% of Petronas’ total output in 2011, Mr Wong said, whereas it accounted for less than 4% of...
Volume: 56Issue: 12Published at Fri, 22 Mar 2013 -
SAMA Projects 4.2% GDP Growth In 2013
...at the public debt fell to below SR100bn ($27bn), representing less than 4% of GDP. The kingdom also realized the highest ever balance of payments surplus of SR670bn ($179bn). The inflation rate fell to 4.6% in 2012 from 5% in 2011, with the main component of inflation being rents and the cost of fo...
Volume: 56Issue: 12Published at Fri, 22 Mar 2013 -
Syria Reiterates Need To Eliminate Fuel Subsidies
...ere prices are higher. This is not the first time that a minister has called for the elimination of subsidies – other ministers advocated the removal of the energy subsidies before the beginning of the civil war in Syria two years ago (MEES, 1 August 2011). Mr ‘Abbas pointed out that the “un...
Volume: 56Issue: 12Published at Fri, 22 Mar 2013 -
S&P: Gulf Banks Continue Recovery
...erage unweighted risk-adjusted capital (RAC), according to S&P’s framework, of about 12%-13% as of 31 December 2012. This is about five percentage points higher than the unweighted average of 6.9% for the 100 largest banks that S&P rates, based on data ranging from year-end 2011 to 30 June, 2012. As Eu...
Volume: 56Issue: 12Published at Fri, 22 Mar 2013