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Egypt Hopes Payment Deals Will Reinvigorate Upstream Investment
...atements, released last week, show Egyptian receivables rose from $131mn at the end of 2011 to $164mn at the end of 2012 despite it having been paid $135mn last year. The firm says it has now struck a monthly payments deal with EGPC and received $52mn during 1Q13. Meanwhile, cash-strapped UAE independent Da...
Volume: 56Issue: 14Published at Fri, 05 Apr 2013 -
Yemen Hopes To Turn A Corner, Offers Yet More Blocks
...ar was a difficult year for Yemen. While the situation in its neighboring Gulf States had calmed somewhat from the most active days of the Arab Spring in 2011, Yemen was still forced to contend with a host of challenges that continuously threatened to endanger both its domestic stability and regional se...
Volume: 56Issue: 14Published at Fri, 05 Apr 2013 -
Shell Set For Major Fujairah Storage Lease
...rminal. Aramco Trading, founded at the start of 2011, is Saudi Aramco’s products trading arm and is a wholly-owned subsidiary of the Saudi state-owned energy titan. Aramco Trading noted in a statement in early March that the company “will use the fuel storage facility to optimize its trading po...
Volume: 56Issue: 14Published at Fri, 05 Apr 2013 -
Sukuk Investors Provide $2Bn To Sadara Project
...port refinery was the first in Saudi Arabia ever to issue Sukuk for a project in October 2011, but this replaced other financing that had already been received. Sadara said that the floating rate Sukuk, which carry a 16 year maturity, will pay investors 95 basis points (bps) over the Saudi in...
Volume: 56Issue: 14Published at Fri, 05 Apr 2013 -
Qatar Boosts 2013-14 Budget Expenditure
...total revenue. Latest data on actual budget statistics show that oil and gas revenue in 2011-12 represented 69.6% (around $42bn) of total revenue (Table 2). But this figure is expected to rise significantly as Qatar’s North Field developments have diversified the revenue stream away from crude ou...
Volume: 56Issue: 14Published at Fri, 05 Apr 2013 -
Oman Warns Of Imminent Belt Tightening
...ring and global financial crisis. The Omani government boosted spending on both welfare and job creation initiatives in 2011 in an attempt to quell the social unrest that threatened to destabilize the country in the wake of the Arab Spring. The authorities also took to spending heavily on cr...
Volume: 56Issue: 14Published at Fri, 05 Apr 2013 -
Egypt Hopes Subsidy Reforms Will Hasten IMF Deal
...12 but still 30% down on pre-Revolution levels. Suez Revenues Down One key pillar of the Egyptian economy which had held up is Suez canal revenues, which were at close to record levels for both 2011 and 2012 ($5.22bn and $5.13bn respectively – MEES, 1 February).The canal had been one el...
Volume: 56Issue: 14Published at Fri, 05 Apr 2013 -
Yemen Chases Further IMF Aid
...viving its economy for sustainable growth,” World Bank vice president for MENA Inger Andersen said of the apparent ‘bottleneck.’ Yemen in February recently set up a department to secure more of the $7.5bn pledged, but progress appears to still be lagging. 2011 GDP PER CAPITA FOR SELECTED MENA CO...
Volume: 56Issue: 14Published at Fri, 05 Apr 2013 -
Bahrain’s Economy Falters On Weak Hydrocarbons Production
...Bahrain’s hydrocarbon sector production fell by around 7% year-on-year, reducing its contribution to GDP from 28% in 2011 to just 25% in 2012. While the country’s hydrocarbon sector underperformed in 2012, the financial and real estate sectors rebounded slightly following a year of decline due to po...
Volume: 56Issue: 14Published at Fri, 05 Apr 2013 -
Iran’s Economy Facing a Challenging Year
...dden surge in consumer prices, however, is clearly attributable to the drastic plunge in the free market value of the rial—from about $1=IR12,000 in December 2011 to about $1=IR34,000 in recent days. The national currency, which had been distinctly overvalued for years and in desperate need of ad...
Volume: 56Issue: 14Published at Fri, 05 Apr 2013 -
Japanese crude oil imports, January & February 2013 (‘000 b/d)
...2012 2011 MIDDLE EAST 2,908.00 3,365.70 -457.7 3,148.50 82.3 - 3,204.70 -296.7 3044.7 3098.1 Saudi Arabia 971.7 1,...
Volume: 56Issue: 14Published at Fri, 05 Apr 2013 -
Benchmark Crude Prices & Saudi Aramco Contract Prices For LPG Exports
...OIL PRICES Benchmark Crude Prices (S/B) 4-Apr 25- 28 Mar 18- 22 Mar 13-Mar 13-Feb Q1 2013 Q4 2012 2012 2011 WTI 93...
Volume: 56Issue: 14Published at Fri, 05 Apr 2013