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Mubadala Buys $2Bn Stake In Brazil’s EBX
....5bn in 2011-12 and $50bn spread over the next 10 years. Mubadala and EBX said in a joint press release that the partnership creates a platform and framework for future collaboration. “The message is that the two companies will explore opportunities together,” said the source, noting that “there’s no...
Volume: 55Issue: 14Published at Mon, 02 Apr 2012 -
Saudi Arabia Pledges Oil Products To Yemen
...pply shortfall during the unrest that lead up to the ousting of former president 'Ali 'Abd Allah Salih (MEES, 1 August 2011). Speaking on the sidelines of the International Energy Forum in Kuwait this month, Yemen’s new Minister of Oil and Minerals Hisham Sharaf 'Abd Allah revealed crude output was cu...
Volume: 55Issue: 14Published at Mon, 02 Apr 2012 -
Egypt’s Ghurab Prepares For Oil Industry Restart
...e becoming an ever more critical issue. “This financial year [1 July 2010-30 June 2011] we estimate we will spend £E82bn ($13.6bn) in subsidies,” the senior Egyptian oil source says. “We can’t afford that. We can deal with £E50bn…no more,” he adds. The finance ministry “just says ‘you sort it ou...
Volume: 54Issue: 14Published at Mon, 04 Apr 2011 -
Halliburton Announces Manifa Development Acceleration
...e to come on stream in 2011, but as costs escalated and projections on the call on Saudi crude were drastically reduced in the wake of the global financial crisis, the project was delayed. Saudi Aramco’s Annual Review 2009 stated that Manifa would come on stream in 2013 at 500,000 b/d, with the fu...
Volume: 54Issue: 14Published at Mon, 04 Apr 2011 -
LNG-Powered Vessels – A Potential Game Changer In Shipping
...wered vessels in operation – mainly smaller vessels in Norway. By the end of 2011 the first ocean-going LNG powered chemical tanker will begin operations. Large container vessels and cruise ships are expected to follow. The growth in international gas-fuelled shipping is held up by the lack of in...
Volume: 54Issue: 14Published at Mon, 04 Apr 2011 -
WTI Crude Tops $106/B With Continued Fighting In Libya
...terview with the Financial Times on 30 March, Fatih Birol, chief economist at the International Energy Agency in Paris said high oil prices had begun to hurt the global economy and expressed his concern for the economies of the OECD countries, especially Europe. He noted that OPEC revenues during 2011 wo...
Volume: 54Issue: 14Published at Mon, 04 Apr 2011 -
Japanese Crude Oil Imports For February Decline From Previous Month
...nistry of Economy, Trade and Industry (METI) on 31 March. Year-on-year, Japan’s February 2011 crude imports rose by 3.38% from 3.757mn b/d in February 2010. Crude oil imports from the Middle East declined by 0.60% in February to 3.474mn b/d compared to 3.495mn b/d in January. Year-on-year, Japan’s im...
Volume: 54Issue: 14Published at Mon, 04 Apr 2011 -
Saudi LPG Prices Raised For April Deliveries
...ange Propane Butane Change Propane Butane 2009 1 Jan 380.00 380.00 2010 1 Jan 740.00 735.00 2011 1 Jan 935.00 920.00 1 Feb 50...
Volume: 54Issue: 14Published at Mon, 04 Apr 2011 -
Crude Oil Formulas/Posted Prices
...Middle East Economic Survey VOL. LIV No 14 1-Apr-2011 Crude Oil Formulas/Posted Prices ($/B) Oman ($/B) 2011 2010 May Apr Mar Feb Jan Dec Nov Oct Sep Au...
Volume: 54Issue: 14Published at Mon, 04 Apr 2011 -
Calik Enerji Wins Contract To Build 750MW Gas-Fired Power Plant Near Mosul
...sul. The company is expected to complete building the 750mw, six-turbine plant in 20 months. This is the second Iraqi power project won by Calik in 2011. In January the company announced it had won a $445.5mn contract to build the al-Khairat gas-fired combined cycle power plant near Karbala. The 1....
Volume: 54Issue: 14Published at Mon, 04 Apr 2011 -
Kuwait Launches Tender For Al-Zour North Power Plant
...ggest projects. Sixteen international companies had been pre‐qualified in February for bidding (MEES, 14 February). The Partnerships Technical Bureau (PTB), which oversees the IWPP process in al‐Zour, expects to receive the bids before the summer to be able to award the project in 2011. Al‐Zour No...
Volume: 54Issue: 14Published at Mon, 04 Apr 2011 -
Qatar Unveils National Development Strategy
...Middle East Economic Survey VOL. LIV No 14 1-Apr-2011 QATAR Qatar Unveils National Development Strategy Qatar’s Crown Prince Shaikh Tamim bin Hamad Al Thani on 28 March unveiled the National Development Strategy 2011-16, which is set to achieve the goals of the Qatar National Vi...
Volume: 54Issue: 14Published at Mon, 04 Apr 2011 -
Uncertainty Is Set To Continue, Says Crédit Agricole
...ril. Whereas under the first scenario analysts expect oil supply/demand to rebalance in the second half of 2011, in the second scenario – Crédit Agricole’s base case – markets are likely to be oversupplied due to the extra production from OPEC and prices would be expected to correct sharply in the se...
Volume: 54Issue: 14Published at Mon, 04 Apr 2011 -
Political Comment (1 April 2011)
...Middle East Economic Survey VOL. LIV No 14 1-Apr-2011 Political Comment (1 April 2011) In Libya the military pendulum swung briefly in favor of the opposition forces before being reversed by Qadhafi loyalists. NATO has now taken full command of enforcing UN resolution 1973. Sy...
Volume: 54Issue: 14Published at Mon, 04 Apr 2011 -
OPEC's Response To Currency Conflicts
...asons for maintaining its current production. 4 These reasons include expectation of lower demand growth in 2011 than in 2010 coupled with the fragility of global economic recovery, and especially fears of a second banking crisis in Europe, all of which would negatively impact on oil demand and ma...
Volume: 54Issue: 14Published at Mon, 04 Apr 2011 -
‘Cancun Declaration’ Looks To Intensify Producer/Consumer Dialogue
...equently. The charter should be approved at a ministerial meeting which is scheduled to take place in Riyadh by March 2011. Delegates met in a “completely different energy landscape” from the last meeting in Rome two years ago. The oil market turmoil of 2008 has been the catalyst for driving this ex...
Volume: 53Issue: 14Published at Mon, 05 Apr 2010 -
2010 Outlook For Jordan Uncertain, Bank Audi Says
...spectively. “Within this context, careful management of discretionary spending will be needed going forward in order to consolidate public finances and bring public debt back within legislated limits,” says the bank, adding that if the 2010 budget is followed by another austere budget in 2011, the public debt to...
Volume: 53Issue: 14Published at Mon, 05 Apr 2010 -
Turkey’s Gas Imports Bill Totals $9.9Bn In 2009, Crude Imports $6.4Bn
...an or Iraq and Egypt. The energy plan calls for negotiations with Azerbaijan and Nabucco gas pipeline partners to be concluded this year in order for construction of the 3,300 km pipeline to begin in 2011, and for a gas pipeline link to be completed next year with Syria – through which Egyptian gas wo...
Volume: 53Issue: 14Published at Mon, 05 Apr 2010 -
Libya’s Gas Export Plans Hampered By Rising Local Demand, Lack Of Discoveries
...ound 70,000 b/d. The field is also producing 3mn cfd of associated gas, which will rise to 16mn cfd when it is fully developed by 2011 (MEES, 17 November 2008). Repsol Upstream’s Regional Executive Director of Europe, Asia and Africa Alvaro Racero told MEES that the produced gas will be burnt at th...
Volume: 52Issue: 14Published at Mon, 06 Apr 2009 -
Refining At A Crossroads
...t this year is forecast to fall to around 320,000 b/d, before slipping under 250,000 b/d in 2010, and then climbing back to 250,000 b/d in 2011, suggests Mr Poegl. In the Middle East, gasoline consumption is expected to increase by 422,000 b/d or 2.8% per year from 2008 to 2020. If plans are re...
Volume: 52Issue: 14Published at Mon, 06 Apr 2009