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Qatar Sees World Cup As Catalyst For $200Bn Development Outlay
...uivalent units (TEU) of volume per year in addition to 2mn tons of general cargo. In March 2011, the first major construction contract was awarded to China Harbor Engineering Company for $880m in marine works. By 2025, when fully operational, the second to fifth phases of the new port would each in...
Volume: 54Issue: 21Published at Mon, 23 May 2011 -
High-Level Political Intervention Defuses Basra Oil Protests
...mmercial discoveries permitting, it could be in a position to start production in early 2012, MEES understands. ShaMaran is acquiring seismic data on its Arbat block, with a view to starting drilling late 2011/early 2012....
Volume: 54Issue: 21Published at Mon, 23 May 2011 -
Energy Decisions Loom For Cyprus As Island Seeks To Make Best Of All Options
...ter the results of Noble Energy’s initial drilling in Block 12 are known, but throughout the early months of 2011, a number of oil companies have visited the Ministry of Commerce, Industry and Tourism and the Department of Energy in Nicosia, to inquire about the island’s offshore prospects. Only Block 12...
Volume: 54Issue: 21Published at Mon, 23 May 2011 -
Crude Oil Formulas/Posted Prices
...Middle East Economic Survey VOL. LIV No 21 23-May-2011 Crude Oil Formulas/Posted Prices ($/B) Iran (+ / - Adjustment Factor; $/B) 2011 2010 Jun May Apr Mar Feb Jan Dec No...
Volume: 54Issue: 21Published at Mon, 23 May 2011 -
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 -
Jadwa: Saudi Arabia Sees First Rise In Year-On-Year Inflation For Eight Months
...fore highlighting, however, that the slight fall in commodity prices and the strengthening of the dollar seen already in May could, if sustained, weaken the inflationary pressures over the third and fourth quarters of 2011. Moreover, monthly inflation rose to a seven-month high of 0.4%, driven la...
Volume: 54Issue: 21Published at Mon, 23 May 2011 -
Political Comment (23 May 2011)
...Middle East Economic Survey VOL. LIV No 21 23-May-2011 Political Comment (23 May 2011) In what was billed as a major policy speech, President Obama has backed political reform in the region and a settlement of the conflict over Palestine "on the basis" of the 1967 lines, se...
Volume: 54Issue: 21Published at Mon, 23 May 2011 -
Jordan And Morocco Are Not The Best Economic Matches For The GCC
...e estimated to have in 2011 a government budget deficit in excess of 5%, a current account deficit to GDP ratio greater than 6% and an unemployment rate of more than 10% (in fact, 14% for Jordan). To put these numbers in perspective, any of the ratios of GDP that exceed more than a 4% deficit ra...
Volume: 54Issue: 21Published at Mon, 23 May 2011 -
IEF Statement: 4th Asian Ministerial Energy Roundtable
...rly March 2011, hoping that Japan will overcome this tragedy and recover soon. To show the solidarity with Japan, the State of Kuwait upon the guidance of His Highness the Amir, Shaikh Sabah al-Ahmad al-Sabah, the Cabinet Ministers have decided to contribute 5mn barrels of crude or by-products to...
Volume: 54Issue: 21Published at Mon, 23 May 2011