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Delek Announces LNG Deal With Gazprom
...e offshore Tamar gas field signed a memorandum of understanding (MOU) with South Korea’s Daewoo Shipbuilding and Marine Engineering (DSME) concerning the use of a floating LNG (FLNG) plant in the development of Tamar (MEES, 28 November 2011). The Delek statement said that in reference to the DSME ag...
Volume: 55Issue: 13Published at Mon, 26 Mar 2012 -
Kuwait To Raise Budget Expenditure By 13.4% In 2012-13
...KUWAIT Kuwait To Raise Budget Expenditure By 13.4% In 2012-13 Kuwait’s budget for fiscal year 2012-13, which starts on 1 April, is projecting a 13.4% increase in total expenditure to KD22bn ($79.0bn) from KD19.4bn ($69.7bn) in 2011-12, the head of Kuwaiti parliament’s budget co...
Volume: 55Issue: 13Published at Mon, 26 Mar 2012 -
Cyprus And Lebanon Discuss Lebanon-Israel Maritime Dispute
...ying. “We should work closely together to achieve the greatest benefit for both our countries.” In August 2011, Lebanese Foreign Minister 'Adnan Mansur said that the delimitation agreement between Cyprus and Israel was “a violation of Lebanon’s sovereignty and economic rights and threatens pe...
Volume: 55Issue: 13Published at Mon, 26 Mar 2012 -
Sadara Financing Stays Focused on ECAs, Saudi Lenders
...mpleted last year. Pricing was at 130-200 basis points (bps) over the 16-year tenor on the commercial bank tranche (MEES, 19 December 2011). This was close to the levels secured by the Satorp 400,000 b/d export refinery in Saudi Arabia, sponsored by Saudi Aramco and French oil major Total. Satorp reported 18...
Volume: 55Issue: 13Published at Mon, 26 Mar 2012 -
SEC Plans To Issue First International Sukuk
...ow strong appetite, possibly influencing pricing in other regions. SEC said in 2010 it was considering tapping international debt markets in a bid to fund a five-year investment program estimated at SR150bn ($40bn). But international markets were volatile through much of 2011 due to the Eurozone debt cr...
Volume: 55Issue: 13Published at Mon, 26 Mar 2012 -
Towards Convergence Of Sustainable Energy Pathways
...OIL PRICES/OPEC Towards Convergence Of Sustainable Energy Pathways By Noé van Hulst Dr van Hulst is Director of the new Energy Academy Europe (EAE), based in Groningen, the Netherlands. He was Secretary-General of the International Energy Forum (IEF) from 2008 through 2011...
Volume: 55Issue: 13Published at Mon, 26 Mar 2012 -
KRG Oil Sector Pushes Ahead Amid Challenging Times
...ports has reignited optimism that permanent wide-ranging oil agreement can be reached despite the legacy of mistrust and the very real gulf in nationalist belief and investment philosophy between the two sides. The Kurds have slowly hemorrhaged influence since 2003, but a gap in the 2011 bu...
Volume: 54Issue: 13Published at Mon, 28 Mar 2011 -
Deadline Set For Competing Gas Corridor Projects, Nabucco Plans Extension
...vernment from an earlier schedule of June 2011, but it is still ahead of the December 2011 deadline extension originally requested by the Nabucco partners. BP Vice-President for Shah Deniz Development Alasdair Cook told a conference in Ankara the previous week that an October deadline would allow the Sh...
Volume: 54Issue: 13Published at Mon, 28 Mar 2011 -
Crude Oil Prices Move Higher As MENA Unrest Spreads
...7/B in mid-July 2008 right before the onset of the global economic downturn. Barclays Capital on 24 March announced that it was revising its crude oil price forecasts for 2011. “Our 2011 forecasts are now $106/B for WTI (previously $91/B) and $122/B for Brent (previously $91/B),” the bank said in...
Volume: 54Issue: 13Published at Mon, 28 Mar 2011 -
CGES Warns That Rising Prices Threaten Repeat Of 2008 Oil Market Collapse
...ded that what OPEC producers with spare capacity are doing is far from clear and stated that the market is in desperate need of transparency. CGES said its supply/demand balance suggests that the world will need 30.3mn b/d of crude oil from OPEC in the second quarter of 2011, just to keep qu...
Volume: 54Issue: 13Published at Mon, 28 Mar 2011 -
Japan Releases More Crude Stocks, ESAI Sees Products Shortage Through 2011
...Middle East Economic Survey VOL. LIV No 13 28-Mar-2011 Japan Releases More Crude Stocks, ESAI Sees Products Shortage Through 2011 As Japanese technicians continue to work to make safe the damaged Fukushima Daiichi nuclear reactor, options are being exercised to meet energy su...
Volume: 54Issue: 13Published at Mon, 28 Mar 2011 -
Crude Oil Formulas/Posted Prices
...Middle East Economic Survey VOL. LIV No 13 28-Mar-2011 Crude Oil Formulas/Posted Prices ($/B) Algeria (Dated Brent + / - Adjustment Factor; $/B) 2011 2010 Apr Mar Fe...
Volume: 54Issue: 13Published at Mon, 28 Mar 2011 -
Wintershall To Join South Stream, Slovenia Signs JV Agreement
...ake in the Nord Stream gas project, whose first 25.5 bcm/y capacity pipeline is due to be completed by the end of 2011. Following the signing, Russia’s Deputy Prime Minister Igor Sechin said that Wintershall will pay a total of €2bn for a 15% interest in South Stream, with the equity being tr...
Volume: 54Issue: 13Published at Mon, 28 Mar 2011 -
NIOC Exports First Shipment Of Gasoline To Afghanistan
...s recently authorized to export in the current Iranian year (21 March 2011 – 20 March 2010) up to 1bn liters of oil products (MEES, 21 March)....
Volume: 54Issue: 13Published at Mon, 28 Mar 2011 -
IMF Approves Disbursement Of $471Mn To Iraq
...stitutions. Inflation has remained subdued and the exchange rate has remained stable. The 2011 budget aims to accelerate investment in public services and infrastructure, and accommodates higher social safety net provisions to support those in need. Iraq’s rehabilitation needs remain large and the higher in...
Volume: 54Issue: 13Published at Mon, 28 Mar 2011 -
Sheshinski Hydrocarbon Tax Proposal Passes Knesset Finance Committee
...id, according to Globes Online. Mr Yuval also told the committee that during 2011 he would submit a bill to the Knesset calling for the establishment of a sovereign investment fund, in which government revenues acquired as a result of the legislation would be deposited. He said that a co...
Volume: 54Issue: 13Published at Mon, 28 Mar 2011 -
Lebanon Hires Consultants To Prepare Tenders For Offshore Licensing
...ll handle marketing and promotion of the tender process. The ministry had earlier said that the first licensing round for offshore gas exploration would be launched in November 2011, with exploration expected to begin in November 2012. Last August the Lebanese parliament approved an oil and gas la...
Volume: 54Issue: 13Published at Mon, 28 Mar 2011 -
Political Comment (28 March 2011)
...Middle East Economic Survey VOL. LIV No 13 28-Mar-2011 Political Comment (28 March 2011) Libyan leader Mu'ammar al-Qadhafi is vowing to fight on despite the successful imposition of a no-fly zone over Libya by the coalition enforcing UNSC Resolution 1973. The US has succeeded in...
Volume: 54Issue: 13Published at Mon, 28 Mar 2011 -
Nabucco Confirms 2014 Target For Pipeline Start-Up
...nstruction of the Nabucco Gas Pipeline project would begin in 2011 and that first gas would be pumped through the 3,300km conveyor in 2014. “We are aiming to start with the construction at the end of 2011 and we’ll expect first gas to flow at the end of 2014,” Mr Mitschek said in a statement issued from Vi...
Volume: 53Issue: 13Published at Mon, 29 Mar 2010 -
Oman Sidesteps Gas Crunch As Liquids Output Rises
...crement when it starts up in 2010. Expected start-up at Qarn Alam, one of the world’s biggest steam injection projects, has slipped into 2011. Around 40,000 b/d of new oil is targeted from the project, but phase one is likely to involve around half this amount, MEES understands. Omani firm Petrogas ha...
Volume: 52Issue: 13Published at Mon, 30 Mar 2009