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Egypt Refining And Petrochemical Projects Make Progress On Financing
...s able to press ahead when new investors agreed to participate in July. They comprise Egypt Kuwait Holdings, Yemen’s Hayel Saeed Anam Group, the Saudi Economic Development Company and Cairo-based Tri Ocean Energy (MEES, 12 September 2011). EHC announced last year it has started developing a second pr...
Volume: 55Issue: 21Published at Mon, 21 May 2012 -
Saudi Aid Starts Heading To Egypt
...reign exchange reserves, which have fallen by almost half since the overthrow of the Mubarak regime in January 2011. It also includes $500mn to finance priority development projects currently under implementation by the Egyptian government, as well as $250mn for the Egyptian General Petroleum Co...
Volume: 55Issue: 21Published at Mon, 21 May 2012 -
Iran Denies IEA Oil Storage Estimate
...provide alternative insurance coverage to European P&I.” Meanwhile, on 15 May India approved a decision to limit imports from Iran by 11% during the current fiscal year. This is expected to reduce India’s imports of Iranian crude from 127.8mn barrels in fiscal year 2011-12 to 113.6mn ba...
Volume: 55Issue: 21Published at Mon, 21 May 2012 -
POGC Announces Plan To Revive North Pars/LNG Development
...OC) signed a contract with China’s CNOOC in 2006 for a $16bn development of the field and associated LNG project (MEES, 25 December 2006). Mr Souri’s announcement comes some 18 months after CNOOC reportedly removed its engineers from the project. Mr Souri said that in 2011 CNOOC had “withdrawn from th...
Volume: 55Issue: 21Published at Mon, 21 May 2012 -
IOTC To Increase Oil Storage Capacity At Neka
...2011-12 averaged only 20,000 b/d. Iran halted Caspian swaps in 2010 (MEES, 21 June 2010), when the volume was estimated at 90,000 b/d, and restarted them in August 2011 (MEES, 15 August 2011). ...
Volume: 55Issue: 21Published at Mon, 21 May 2012 -
Jordan To Implement Austerity Measures Shortly
...en received so far (MEES, 26 December 2011). Last year Saudi Arabia granted Jordan $1.4bn in budget support (MEES, 1 August 2011). At the meeting with the editors, the Minister of Finance Sulaiman Hafiz disclosed that government subsidies currently total JD2,386mn ($3,364mn) annually. He wa...
Volume: 55Issue: 21Published at Mon, 21 May 2012 -
Jordan To Implement Austerity Measures Shortly
...en received so far (MEES, 26 December 2011). Last year Saudi Arabia granted Jordan $1.4bn in budget support (MEES, 1 August 2011). At the meeting with the editors, the Minister of Finance Sulaiman Hafiz disclosed that government subsidies currently total JD2,386mn ($3,364mn) annually. He wa...
Volume: 55Issue: 21Published at Mon, 21 May 2012 -
IMF Joins Chorus Calling Kuwait’s Spending Unsustainable
...ile the fiscal year 2011-12 breakeven crude oil price of $44/B is much higher than the $17/B needed just before the global financial crisis of 2007-08, Kuwait’s ratio of breakeven prices to current market prices remains similar, the IMF said. ...
Volume: 55Issue: 21Published at Mon, 21 May 2012 -
Kuwait’s LNG Project In Australia Makes Progress
...mn t/y (MEES 5 September 2011). ...
Volume: 55Issue: 21Published at Mon, 21 May 2012 -
Pirates Capture Tanker Offshore Oman, EU Fires Warning Shot
...mp near a stronghold at Harardhere, in the Mudug province of central Somalia. According to Oceans Beyond Piracy, a project of the non-profit One Earth Future Foundation in Colorado, Somali piracy cost the global economy $6.6-6.9bn in 2011, with the industry being forced to cover over 80.5% of this to...
Volume: 55Issue: 21Published at Mon, 21 May 2012 -
Syrian Oil Minister Admits Shortage Of LPG And Gasoil
...ked By 25% With the current shortage of gasoil, the Ministry of Economy and Trade has announced a 25% increase in the price of gasoil from S£15/liter to S£20/liter with effect from 15 May. The price of gasoil was reduced on 24 May 2011 to S£15/liter from S£20/liter in a bid to lower the cost of li...
Volume: 55Issue: 21Published at Mon, 21 May 2012 -
UAE Joins Gas Exporting Countries Forum
...an, Libya, Nigeria, Qatar, Russia, Trinidad and Tobago and Venezuela as part of the GECF, a forum established to protect the interests of gas exporters. The GECF held its first summit in November (MEES, 21 November 2011). With natural gas reserves of around 6 trillion cu ms, the UAE has the seventh la...
Volume: 55Issue: 21Published at Mon, 21 May 2012 -
Egypt Closing In On $2.2Bn Rescue Loan From World Bank
...recasts for the 2011-12 fiscal year to around 2-3% compared with earlier estimates of close to 6%, and has looked to international donors for help fund a potential recovery. Mr Radwan added that an International Monetary Fund (IMF) delegation was expected to arrive in the capital within days in order to...
Volume: 54Issue: 21Published at Mon, 23 May 2011 -
OCI Acquires Stake In US Ammonia-Methanol Plant
...monia-methanol in Beaumont, Texas. OCI acquired 50% plus 1 share in the company through a joint venture with Janus Methanol, named Pandora Methanol. The plant is currently being upgraded, with ammonia production expected to commence in the fourth quarter of 2011 and methanol production is targeted to...
Volume: 54Issue: 21Published at Mon, 23 May 2011 -
NIGC Inaugurates Gas Storage Facility in Qom
...cility, at Sarajeh gas field in Qom province. He said the facility has a maximum storage capacity of 3.3bn cu ms and that NIGC expects to build up a store of approximately 1.28 bcm of gas in the first six months of the current Iranian year (21 March 2011 – 20 March 2012). “We predict that during the fi...
Volume: 54Issue: 21Published at Mon, 23 May 2011 -
Lebanon Issues New Eurobonds To Refinance Maturing Debt
...ich was three times oversubscribed. Foreign investors have reportedly acquired 26% of that issue, which was also used to refinance maturing debt. Last November the minister indicated that Lebanon would have to repay some $3.4bn of maturing debt in 2011 (MEES, 22 November 2010). Ms Hasan noted th...
Volume: 54Issue: 21Published at Mon, 23 May 2011 -
Oxy’s Oman Field Unlikely To Hit Target
...anned to reach the target in 2011 (MEES, 15 November 2010) but has had to double the expected number of wells needed to inject steam into the reservoir, driving up the project’s cost from $2bn to $9bn. QNBC’s report says it will never reach the target due to the challenging geology. In 2010 the fi...
Volume: 54Issue: 21Published at Mon, 23 May 2011 -
Oman’s Real GDP Growth Rate Projected To Ease To 3.9% By 2012
...Middle East Economic Survey VOL. LIV No 21 23-May-2011 oman Oman’s Real GDP Growth Rate Projected To Ease To 3.9% By 2012 Oman’s real GDP growth will ease from 6.1% in 2010 to 5.2% in 2011 and then 3.9% in 2012, according to the latest QNB Capital Economic Insight report. Om...
Volume: 54Issue: 21Published at Mon, 23 May 2011 -
Deloitte: Continuing Regional Tensions Could Derail Global Economy
...pected to boost revenues in the hydrocarbon sector. However, while the economy is estimated to grow by 4-4.3% in 2011, the report highlights that unemployment remains to be a very real concern in the kingdom, with unemployment levels reaching as high as 10%. In Egypt meanwhile, following the re...
Volume: 54Issue: 21Published at Mon, 23 May 2011 -
Regional Turmoil Has Impacted IPO Plans, Says PwC
...fering (IPO) plans and either deferring or shelving future IPOs, PricewaterhouseCoopers (PwC) said in a recent survey. “The first quarter of 2011 has been very disappointing so far for IPOs in the region with no transactions yet to be reported on any of the GCC exchanges compared to the three of...
Volume: 54Issue: 21Published at Mon, 23 May 2011