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Bahrain’s Crude Output Rises 4.6% In 2011
...Bahrain Bahrain’s Crude Output Rises 4.6% In 2011 Bahrain’s crude oil output rose by 4.6% to an average of 190,281 b/d in 2011 from 181,850 b/d in 2010, according to statistics posted on the National Oil and Gas Authority (NOGA) website. Of this total 43,510 b/d were produced from th...
Volume: 55Issue: 13Published at Mon, 26 Mar 2012 -
Minister Responsible For Energy Replaced In Government Mini-Reshuffle
...prus Energy Department and oversees the island’s nascent energy industry. Ms Antoniadou was given the post in August 2011 following the collapse of a coalition government under President Demetris Christofias. Ms Antoniadou has created a stir amongst the island’s political parties and within the local me...
Volume: 55Issue: 13Published at Mon, 26 Mar 2012 -
Dana Gas Secures Egypt Payment Schedule, Looks To Libya
...r 2011, filed to the Abu Dhabi Bourse on 20 March, the firm said the “trade receivables” it was owed had almost doubled to Dh1.74bn ($475mn) during 2011. This is split roughly evenly between the firm’s two key areas of operation – the Kurdistan Regional Government (KRG) area of Iraq ($240mn) and Eg...
Volume: 55Issue: 13Published at Mon, 26 Mar 2012 -
S&P Maintains Egypt Banking Risk Rating, Lowers Economic Risk Score
...bruary 2011, as reflected by our successive lowering of the sovereign ratings on Egypt which now stand at B/B with a negative outlook.” S&P said that uncertainties surrounding Egypt’s political transition phase, as well as security issues, may hamper the country’s economic growth and put ad...
Volume: 55Issue: 13Published at Mon, 26 Mar 2012 -
China Offers Insurance To Iran Oil Shippers, Withdraws From Pipeline Finance
...ear if China will use a national re-insurer or seek assistance from non-US allied nations in the Asia-Pacific area. However, Beijing has signaled that it will do its outmost to sustain at least its 2011 level of imports. These accounted, according to the US Energy Information Administration, for 22% of...
Volume: 55Issue: 13Published at Mon, 26 Mar 2012 -
India To Exempt Rupee Oil Payments To Iran From Taxation
...uivalent value in their local currency by designated Iranian banks, which will be paid in local currency by Iranian importers of Indian goods.” India paid Iran around $12.7bn in 2011 to cover 12% of its final oil needs. Indian exports to Iran are primarily agricultural products, accounting for al...
Volume: 55Issue: 13Published at Mon, 26 Mar 2012 -
Irbil Threatens To End Export Deal Amid Rising Oil Tensions With Baghdad
...G,” the Kurds said, accusing federal authorities of not paying anything since May 2011. Baghdad “owes the KRG more than $1bn for revenues accrued in 2011. Furthermore, not a single dollar has been received for exports in 2012,” the KRG said. Reaching an agreed 175,000 b/d KRG export commitment was ce...
Volume: 55Issue: 13Published at Mon, 26 Mar 2012 -
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 -
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 -
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 -
Saipem Extends Drilling Contract At WDDM To 2014, Targets Water Depths Of 1,100Ms
...ock. Scarabeo 6 is a third generation rig capable of drilling in water depths of up to 780ms, and to a total depth of 7,500ms. It was originally booked by Burullus in December 2006 for a two-year contract, extended to 2011 in October last year, to develop the WDDM concession and extend its pr...
Volume: 52Issue: 13Published at Mon, 30 Mar 2009 -
Fattah Says Iranian Power Exports To Turkey Will Double In 2009
...uble to 400mw by the end of this year. He predicted that Iranian power deliveries to Turkey would continue to rise steeply, reaching 2gw by 2011. Mr Fattah said that a comprehensive agreement on electricity trading would be signed between the two countries next month. Iran’s power generating ca...
Volume: 52Issue: 13Published at Mon, 30 Mar 2009