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AMF Chief Tackles MENA Financial Reform, Arab Spring Fallout
...d-2010. The AMF is participating with other international financial institutions in the Deauville Partnership with the Arab Countries In Transition, which was launched in 2011 by the G8 forum of governments. This is to support democratic transition, strengthen governance, foster economic and social in...
Volume: 55Issue: 26Published at Mon, 25 Jun 2012 -
CGES Says Saudi Arabia Has ‘Free Hand’ Over Output After OPEC Meeting
...e 18 June Monthly Oil Report, CGES says oil prices have fallen by almost 25% from their recent mid-March peak of nearly $128/B and slipped below $100/B at the beginning of June for the first time since February 2011. “What happens to oil prices over the next six months,” says the report, “is largely in...
Volume: 55Issue: 26Published at Mon, 25 Jun 2012 -
Crude Oil Formulas/Posted Prices ($/B)
...L PRICES/OPEC Crude Oil Formulas/Posted Prices ($/B) Nigeria (Dated Brent + / - Adjustment Factor; $/B) 2012 2011 Jul Ju...
Volume: 55Issue: 26Published at Mon, 25 Jun 2012 -
ERC’s Musturud Refinery Project Secures Funding Despite Political Turmoil
...nsions. The project was kept on ‘life support’ through the 2011 tumult because its economics are compelling. The Egyptian authorities have acknowledged that it will help alleviate the country’s growing products shortage. On announcing the deal’s completion, ERC parent, private equity company Citadel Ca...
Volume: 55Issue: 26Published at Mon, 25 Jun 2012 -
Egyptian Equities Tumble To Five-Month Low On Rising Political Tensions
...nual rate to 8.3%, down from 8.78% in the previous month. Preliminary data, said the CBE, showed that real GDP climbed 5.2% in the third quarter (fiscal 2011-12 began on 1 July 2011) following “feeble” growth of 0.35% in the first two quarters. During the first three quarters GDP was up 1.8% on the ba...
Volume: 55Issue: 26Published at Mon, 25 Jun 2012 -
BP Starts Drilling Of First Risha Gas Well
...ccessful 5,000 sq km seismic acquisition program in 2011,” BP said adding that the survey was one of the largest ever acquired in the Middle East. The well in the Risha concession, located 360km east of 'Amman near the Jordanian-Iraqi border, is expected to take three to four months to complete and a nu...
Volume: 55Issue: 26Published at Mon, 25 Jun 2012 -
Kuwait’s Al-Zour Refinery ‘Progressing’, Says Minister
...troleum Company (KNPC) expecting to relaunch the tender after getting the green light from both the country’s Supreme Petroleum Council (SPC) and Kuwait’s Ministry of Oil (MEES, 7 November 2011). “There were some concerns from parliament [in the past], but these concerns were not about the re...
Volume: 55Issue: 26Published at Mon, 25 Jun 2012 -
IMF Says Kuwait’s 2012 Economic Outlook Positive Despite Political Instability
...WAIT IMF Says Kuwait’s 2012 Economic Outlook Positive Despite Political Instability Kuwait’s real GDP growth in 2011 is estimated at around 8.4%, supported by a 15% increase in oil production, the IMF said in its Article IV consultation with Kuwait, published on 15 June. Higher oil revenues re...
Volume: 55Issue: 26Published at Mon, 25 Jun 2012 -
BP And AGOCO Seek Contractors For Libyan Work
...lf of Sirte will follow the start of onshore drilling, likely in 2013. Offshore drilling had also been planned for the first half of 2011. AA notice posted on the website of Libya’s National Oil Corporation (NOC) on 16 June called for contractors “to register their interest for the pr...
Volume: 55Issue: 26Published at Mon, 25 Jun 2012 -
US Energy Strategy At A Glance
...dependence from imported foreign oil, considered a US energy policy priority, may not happen any time soon. President Obama’s own projection is a one-third reduction in crude oil imports by 2025 (Washington Post, 30 March 2011). However, due to energy savings and increases in domestic production, most in...
Volume: 55Issue: 26Published at Mon, 25 Jun 2012 -
Politics Poses Main Challenge To Lebanese Offshore Exploration
...tends to hold an offshore licensing round in 2011, yet there remain a number of important procedural steps that the government must address that could become subject to Lebanon’s unique political circumstances. Speaking at an energy conference in Nicosia on 23 June, Mr Sinoria referred to Lebanon’s hy...
Volume: 54Issue: 26Published at Mon, 27 Jun 2011 -
Fuel Shortages Hit the UAE, Threaten Power Supplies
...soline. Last year it began to phase out gasoline subsidies. In April, ENOC said it expected to spend $735mn in 2011 on fuel subsidies – 44% more than it spent in 2010. ENOC CEO Sa'id Khouri said last year that the company needs oil prices at about $40-45/B for it to break even on gasoline sales. In Ja...
Volume: 54Issue: 26Published at Mon, 27 Jun 2011 -
OPEC Risks Undermining Market For OPEC Crude, Says CGES
...an half that seen in the first quarter.” CGES said it is pessimistic about the strength of global oil demand growth in the second half of 2011, but it sees the need for aggregate OPEC oil production to rise by 1mn b/d from its current level. The consultancy said it believes that OPEC’s GCC me...
Volume: 54Issue: 26Published at Mon, 27 Jun 2011 -
FGE Forecasts Rise In Gas Demand In Asia-Pacific
...30, largely as a result of Australia’s relatively robust production, driven by the development of multiple green-field liquefaction projects.” FGE said it sees overall Asian LNG imports rising to almost 152mn tons in 2011, from less than 132mn tons in 2010. “Looking beyond 2011, FGE projects th...
Volume: 54Issue: 26Published at Mon, 27 Jun 2011 -
Crude Oil Formulas/Posted Prices
...Middle East Economic Survey VOL. LIV No 26 27-Jun-2011 Crude Oil Formulas/Posted Prices ($/B) Nigeria (Dated Brent + / - Adjustment Factor; $/B) 2011 2010 Jul Jun May Apr Mar Fe...
Volume: 54Issue: 26Published at Mon, 27 Jun 2011 -
US Treasury Imposes Sanctions On IRISL Affiliated Companies
...unty to illegally access the US financial system.” The District Attorney’s Office said that IRISL used fake companies to dupe New York based banks into processing wire payments of more than $60mn between September 2008 and January 2011. With the latest action, a total of 121 companies and in...
Volume: 54Issue: 26Published at Mon, 27 Jun 2011 -
NIOC Warns CNPC Over Lack Of Progress On South Pars 11
...uth Pars Phase 11, if CNPC does not fulfill the terms of the agreement, which called for the initiation of project development within the first half of 2011, Mehr News Agency reported on 17 June. CNPC replaced Total as the developer of South Pars Phase 11, but has informed NIOC that it “has been fa...
Volume: 54Issue: 26Published at Mon, 27 Jun 2011 -
NIOPDC Announces Increase In Strategic Fuel Reserves
...serves by 1.5bn liters during the Iranian year ending on 20 March 2011. Iran currently has 13bn liters of various oil products in storage, Mr Salari said. He added that “before the implementation of gasoline rationing and the subsidy reform plan, Iran was forced to import 27mn liters/day of fuel,” ac...
Volume: 54Issue: 26Published at Mon, 27 Jun 2011 -
Moody’s Downgrades NBK Ratings, Assigns Stable Outlook
...wngrades to three main factors: expectations that the bank would experience asset quality pressure in 2011, arising from its operations in countries experiencing political unrest; the latent credit risk in the Kuwaiti banking system; and expectation that the imminent government spending increases will li...
Volume: 54Issue: 26Published at Mon, 27 Jun 2011 -
Cost Estimate For BP’s Oman Tight Gas Fields Rises 50% To $15Bn
...livered its first gas in March. Seven wells have been successfully tested, and BP Oman is planning to add two additional wells by the end of 2011. EWT allows assessment of the long term production performance – particularly important in tight gas fields to understand well decline behavior and the nu...
Volume: 54Issue: 26Published at Mon, 27 Jun 2011