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Cyprus Rebukes Turkey Over Plan To Drill In North
...ble Energy of the US started drilling in Cyprus’ Block 12 in September 2011 off the southern coast of Cyprus near Israeli offshore territory. Turkey demanded immediately that exploration work stop and sent several warships and an ageing seismic vessel into Cyprus’s exclusive economic zone (EEZ) in an ef...
Volume: 55Issue: 16Published at Mon, 16 Apr 2012 -
Egyptian Gas Pipeline Targeted Again
...yptian Natural Gas Company (GASCO), supplies the Arab Gas Pipeline (AGP) to Jordan and the offshore al-'Arish-Ashkelon gas pipeline to Israel. This is the 14th attack on the pipeline since February 2011. The pipeline has not been operational since the last bombing in March (MEES, 12 March). Media reports sa...
Volume: 55Issue: 16Published at Mon, 16 Apr 2012 -
Kuwait Weighing Its Options In Face Of Hormuz Threat
...nies allegations it is developing nuclear weapons. Around 20% of the world’s oil supply – 17mn b/d in 2011, according to the EIA – is estimated to pass through the strait, leading to fears a disruption in the transport of crude could potentially double the price of oil, plunging the world economy in...
Volume: 55Issue: 16Published at Mon, 16 Apr 2012 -
Lebanon Approves Plans For North-South Gas Pipeline
...banon could also import its gas from other sources, like Russia and Azerbaijan, once AGP is linked to the Turkish network. Work on the last AGP segment between Aleppo in Syria and Kilis in Turkey was progressing, but has probably slowed down in 2011 because of the political turmoil in Syria (MEES, 5 Ju...
Volume: 55Issue: 16Published at Mon, 16 Apr 2012 -
Mauritania Awards Upstream Licenses
...uritania offers a fair fiscal environment, fair fiscal terms and a developed, stable resource sector.” Mauritania’s only significant producing field – Chinguetti – lies offshore between the coast and the newly-awarded deepwater acreage. The Petronas-operated field produced 7,400 b/d for 2011, sh...
Volume: 55Issue: 16Published at Mon, 16 Apr 2012 -
Satorp Shareholders Hike Capital 46% To $950Mn
...mpliant paper (MEES, 17 October 2011). The funding for the refinery is coming from multiple sources. Lenders signed an agreement to provide the $12.8bn project with $8.5bn on 22 June 2010. Of this, $4.01bn came from Saudi Arabia’s Public Investment Fund, and export credit agencies (ECAs) in the fo...
Volume: 55Issue: 16Published at Mon, 16 Apr 2012 -
Jadwa Expects No Saudi Spending Increase Despite Record Revenues In 2012
...rkers) means it is likely that government spending will be lower this year than it was in 2011, though we have made an upward adjustment to our forecast to SR757bn [$201.9bn], in part because there look to be more recipients of unemployment benefit than we had anticipated.” Jadwa expects the bu...
Volume: 55Issue: 16Published at Mon, 16 Apr 2012 -
Gulfsands To Maintain Presence In Syria
...syria Gulfsands To Maintain Presence In Syria Gulfsands Petroleum announced on 3 April in its 2011 audited results that it will maintain a presence in Syria in full compliance with the EU sanctions, despite its declaration on 11 December 2011 of force majeure under its production sh...
Volume: 55Issue: 16Published at Mon, 16 Apr 2012 -
Yemen’s Ailing Economy To Receive Further IMF Aid
...pport the Yemeni recovery program following a prolonged period of political turmoil. “A year long political crisis and civil unrest have taken a serious toll on the Yemeni economy, endangering the humanitarian situation,” Ms Shafik said. “Economic activity fell sharply in 2011… Damage to a key pi...
Volume: 55Issue: 16Published at Mon, 16 Apr 2012 -
Turkey Grants Final South Stream Prospecting Permit To Gazprom
...gineering and design (FEED) which should be completed in late 2011 or early 2012. The final investment decision would then be taken in late 2012 or early 2013 in order to see gas flowing via the first 15 bcm/year branch of the pipeline system by late 2015. Moscow is considering an LNG amendment or/an...
Volume: 54Issue: 16Published at Mon, 18 Apr 2011 -
Egypt Allocates $3.36Bn For Electricity Sector In 2011-12
...Middle East Economic Survey VOL. LIV No 16 18-Apr-2011 EGYPT Egypt Allocates $3.36Bn For Electricity Sector In 2011-12 Egypt has allocated £E20bn ($3.36bn) for the electricity sector in fiscal year 2011-12 which starts on 1 July, Egyptian Minister of Electricity and Energy Hasan Yu...
Volume: 54Issue: 16Published at Mon, 18 Apr 2011 -
MENA Economies Recovering, But Face Policy Challenges, Says IMF
...Middle East Economic Survey VOL. LIV No 16 18-Apr-2011 REGIONAL MENA Economies Recovering, But Face Policy Challenges, Says IMF The MENA region weathered the global crisis relatively well and the recovery is now proceeding with GDP projected to grow at 4% in 2011 and about 4....
Volume: 54Issue: 16Published at Mon, 18 Apr 2011 -
Saudi Bank Share Prices Well Placed For 2011 Recovery, Jadwa Says
...Middle East Economic Survey VOL. LIV No 16 18-Apr-2011 SAUDI ARABIA Saudi Bank Share Prices Well Placed For 2011 Recovery, Jadwa Says After seeing large provisions for credit losses distort earnings in Saudi Arabia over the past three years, banks have now cleaned their loan po...
Volume: 54Issue: 16Published at Mon, 18 Apr 2011 -
RWE Opens Office In Ashgabat, Moves Ahead With Offshore Block 23
...ll run 1,220km through the Baltic Sea to Griefswald, Germany. The dual pipeline will ultimately carry 55 bcm/year of gas. The first pipeline will carry 27.5 bcm/y beginning September 2011. The second pipeline will come into operation in October 2012 with the same volume. Gazprom holds 51%, Germany’s E....
Volume: 53Issue: 16Published at Mon, 19 Apr 2010 -
South Pars Output Up 28% Last Year
...te of 60%” by March 2011. He said that $1.6bn had been spent so far in taking the project to 30% of completion. South Pars 12 development is expected to cost $7.5bn. Design capacity is 78mn cmd of gas and 120,000 b/d of condensates....
Volume: 53Issue: 16Published at Mon, 19 Apr 2010 -
Jordan Signs $52Mn Loan With SFD
...pacity of 142mw each, due to come on line in early 2011. The loan will carry interest at 2% is repayable in 30 semi-annual installments after a grace period of five years. Last month the Kuwait Fund for Arab Economic Development (KFAED) agreed to provide KD15mn ($52mn) to Jordan to finance the Samra po...
Volume: 53Issue: 16Published at Mon, 19 Apr 2010 -
Block 24 Oil Production Due To Start This Month
...rch). Elsewhere in Block 9, Loon Lattakia (a subsidiary of Kulczyk Oil of Canada) plans to start drilling in 2011, the company’s vice-president for operations and engineering Edwin Bearman, told The Syria Report. “We will finish the 3D seismic survey by the end of next month. Depending on the findings of...
Volume: 53Issue: 16Published at Mon, 19 Apr 2010 -
GDF Suez Begins Negotiations To Join Nord Stream Gas Pipeline Consortium
...rkey’s move to join the EU. Nord Stream is expected to become operational by late 2011 and is currently owned by Gazprom (51%), BASF/Wintershall (20%), E.ON Ruhrgas (20%) and Gasunie (9%)....
Volume: 52Issue: 16Published at Mon, 20 Apr 2009 -
Uzbekistan, China Form Joint Venture For Trans-Asian Gas Pipeline
...ations KS2 and KS3 will be completed and go into operation by 31 December 2011. The project stems from an agreement between China and Turkmenistan that calls for the latter to supply 30 bcm/year of natural gas. Initially the deal called for China to begin receiving gas in 2009, but shipments are no...
Volume: 51Issue: 16Published at Mon, 21 Apr 2008 -
Ahmadinejad’s Economic Policies Draw Fresh Criticism From Deputies
...10-11) 1.901 1390 (2011-12) onwards 5.122 With the rise in oil prices to record levels, Iranian officials have estimated oil export revenue in the year ending March 2008 at $70bn. Foreign exchange reserves had risen to $78.5bn by 20 January, the CBI said in April. ...
Volume: 51Issue: 16Published at Mon, 21 Apr 2008