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EGPC Needs $1.1Bn Per Month For Import Of Petroleum Products
...the 2011-12 budget is widening from original estimates, with the subsidies for energy rising to E£120bn ($19.9bn) from E£95bn ($15.7bn) when the budget was first unveiled. The Egyptian economy has suffered in the aftermath of the January 2011 revolution and its foreign exchange reserves have fa...
Volume: 55Issue: 15Published at Mon, 09 Apr 2012 -
AOC Again Delays Egyptian Production Start-Up
...untry’s ongoing budgetary crunch. AOC receives a declining share of production from the Khafji crude from the offshore part of the Kuwait/Saudi Arabian Neutral Zone under a 20-year sales and purchase agreement – 37,000 b/d for the year to March 2011 was less than half the 2009-10 figure (81...
Volume: 55Issue: 15Published at Mon, 09 Apr 2012 -
Iran Restricts Imports Of Foreign Goods
...the case of the textile industry, with adverse effects on unemployment. Also the high cost of utilities after the first phase of the withdrawal of subsidies has raised operating costs for these industries. With the tightening of western sanctions in 2011, access to foreign exchange has become more di...
Volume: 55Issue: 15Published at Mon, 09 Apr 2012 -
Turkey Falls In Line With US Sanctions, Commits To Lower Iranian Imports
...e-third of Turkey’s final consumption in 2011. While Libya will be the main source of alternative supply, Mr Yildiz said that Ankara is already in talks with Saudi Arabia on long term and spot market purchases. He said that Turkey plans “to increase the number of countries we buy oil from and the ro...
Volume: 55Issue: 15Published at Mon, 09 Apr 2012 -
KRG Holds Back Exports In Escalation Of Oil Payment Row
...ate budget and the Iraqi economy,” Dr Shahristani told the conference. “The Kurdistan region did not provide oil produced in the region during the years 2010 and 2011, and this caused a deficit in the budget. The value of oil produced in 2011 reached $3.5bn, while the value of oil produced in 2010 re...
Volume: 55Issue: 15Published at Mon, 09 Apr 2012 -
Development Of Joint Tunisian-Libyan Discovery On Hold
...rt of the block appears the more prospective and has been the focus of recent exploration efforts. Sonde drilled a successful exploration well, Zarat North-1, in January 2011, shortly before the declaration of force majeure. The Zarat field straddles the JO acreage and the Zarat permit of Sw...
Volume: 55Issue: 15Published at Mon, 09 Apr 2012 -
IOC To Farm Into South Sudan’s Block B Soon, Operator Total Says
...rlier (MEES, 14 July 1997) and the exit of Sudanese state firm Sudapet following South Sudan’s secession (MEES, 11 July 2011). Abu Dhabi’s state-owned conglomerate Mubadala initially showed an interest in replacing Marathon and Sudapet, but never followed up on it as Juba was intent on involving oil and ga...
Volume: 55Issue: 15Published at Mon, 09 Apr 2012 -
Dubai Drydocks Uses Special Tribunal To Restructure $2.2Bn Debt
...s planned for completion in 2011, but hedge funds were not receptive and it dragged on. It then outlined the major terms of a new plan early in March, and said it planned to complete the process in mid-year. The company became over-leveraged when it expanded into Singapore. The company sa...
Volume: 55Issue: 15Published at Mon, 09 Apr 2012 -
Militants Attack Yemen LNG Pipeline, Stop Production Of Four Cargoes
...quefaction plant after a similar attack was carried out on the pipeline in retaliation for the killing of a high-ranking al-Qa'ida official in an air raid on military bases in Yemen (MEES, 24 October 2011). This incident is only the latest in a long line of attacks on the country’s oil and gas in...
Volume: 55Issue: 15Published at Mon, 09 Apr 2012 -
Capital Intelligence Downgrades Bahrain’s Ratings
...ternal creditor position. The ratings agency said it is concerned that the government may find it difficult to reverse temporary spending increases, particularly if political tensions linger, and that this will make the budget more vulnerable to oil price volatility. The price needed to balance 2011...
Volume: 54Issue: 15Published at Mon, 11 Apr 2011 -
TAP And BH-Gas Sign Agreement To Explore Gas Supply Options
...February 2011. Plinacro and BH-Gas are backing the proposed Ionian Adriatic Pipeline (IAP), which would deliver gas to Croatia, Bosnia and Herzegovina, Montenegro and Albania through an outlet from the TAP system. The IAP would also carry gas from the Caspian region and Middle East to Europe, vi...
Volume: 54Issue: 15Published at Mon, 11 Apr 2011 -
Iran’s Inflation Rate Edges Up To 12.4%
...4% in the new year from 3% last year. According to the 2011-12 budget bill, which is still being debated in parliament, the reduction in subsidies will generate some IR600 trillion ($58bn) in increased revenue, 50% of which will be paid back to people in the form of handouts, 30% will be al...
Volume: 54Issue: 15Published at Mon, 11 Apr 2011 -
Iran Sets 2011-12 Gas And Gasoline Targets
...Middle East Economic Survey VOL. LIV No 15 8-Apr-2011 IRAN Iran Sets 2011-12 Gas And Gasoline Targets Iran’s Deputy Minister of Petroleum Mohsen Khojasteh-Mehr told reporters on 5 April that the country had set targets for the increase of gas production and for gasoline exports in...
Volume: 54Issue: 15Published at Mon, 11 Apr 2011 -
Iran And Azerbaijan Still Negotiating Price For Iranian Gas Imports
...ar to around 1 bcm/year beginning 2011, with the prospect of reaching a maximum of 5 bcm/y by 2015 (MEES, 17 January). The contract had stipulated that exports would start once the upgrading of the Astara compressor station was completed. Mr Abdullayev said that “negotiations between the te...
Volume: 54Issue: 15Published at Mon, 11 Apr 2011 -
Jordan Announces Price Increases For Most Petroleum Products
...6.5 ($9.17) per cylinder. Product prices are set monthly by a committee comprising members from the Ministry of Energy and Mineral Resources, the Ministry of Finance and the Jordan Refinery Company (JPRC). The latest price list will apply until 2 May. Product Prices Effective 1 April 2011 (Fils/Li...
Volume: 54Issue: 15Published at Mon, 11 Apr 2011 -
Qatar Maps Out 2011-16 Growth Plan
...Middle East Economic Survey VOL. LIV No 15 8-Apr-2011 QATAR Qatar Maps Out 2011-16 Growth Plan Qatar has revealed details of its development strategy and forecast for economic growth in 2011-16, after Qatar’s Crown Prince Shaikh Tamim bin Hamad Al Thani unveiled the plans on 28...
Volume: 54Issue: 15Published at Mon, 11 Apr 2011 -
Russia’s Transneft Claims Bulgaria Delaying Burgas-Alexandroupolis Pipeline Project
...to operation 2010, but that date has been moved back to an unlikely 2011. Last February, Russian Foreign Minister Sergei Lavrov called for the Bulgarian government to provide a concrete statement on whether it was interested in building the pipeline (MEES, 1 March, 22 February). Bulgaria is re...
Volume: 53Issue: 15Published at Mon, 12 Apr 2010 -
Russia To Deliver Second Batch Of Fuel Rods To Bushehr Plant In 2011
...Middle East Economic Survey VOL. LIII No 15 12-April-2010 IRAN Russia To Deliver Second Batch Of Fuel Rods To Bushehr Plant In 2011 Yury Olenin, President of Russia’s state-owned nuclear fu...
Volume: 53Issue: 15Published at Mon, 12 Apr 2010 -
Laffan Condensate Refinery Inaugurated, Expansion Work Expected In 2011
...Middle East Economic Survey VOL. LIII No 15 12-April-2010 QATAR Laffan Condensate Refinery Inaugurated, Expansion Work Expected In 2011 The Laffan Refinery, the first condensate pr...
Volume: 53Issue: 15Published at Mon, 12 Apr 2010 -
SABIC And Celanese Sign Agreement For $400Mn POA Plant
...dustrial city, with construction expected to begin in 2011. “The new facility will boost SABIC’s position in the performance chemicals industry as an important part of its 2020 strategic plan,” SABIC said. The facility is expected to come on stream by 2013, and use methanol feedstock produced by IBN SINA. PO...
Volume: 53Issue: 15Published at Mon, 12 Apr 2010