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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 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 -
DEWA Doubles Size Of Planned Coal-Fired Power Plant
...rlier forecast: “I expect 5% of growth [in 2011], but then it could be 7%. The peak demand (growth) last year we thought would be 6% and then it came to 9.6%.” Dubai expects to have nearly 10gw of power production capacity by the end of 2011. In May DEWA selected McKinsey & Company as a consultant fo...
Volume: 54Issue: 26Published at Mon, 27 Jun 2011 -
Gazprom And Eni Finalize Deal For EDF To Join South Stream, Consider Routing Options
...e final investment decision can be taken in the first quarter of 2011. Mr Miller said that the South Stream partners are confident that the full 63 bcm/year capacity of the $25bn pipeline will be taken up, since its design capacity “is based on long term contracts for gas supplies to European co...
Volume: 53Issue: 26Published at Mon, 28 Jun 2010 -
Arab Economies To Grow By 4% This Year, AMF Chief Says
...d some exports to be affected to a small degree. The AMF forecast was very much in line with that of World Bank Finance Director Mansour Dellami, who on 21 June said the Arab world would see 4% average growth in 2010, and 4.3% growth in 2011, compared to a 6% average for developing economies and 2....
Volume: 53Issue: 26Published at Mon, 28 Jun 2010 -
EIB Launches Mediterranean Carbon Fund
...velopment Agency (AFD). The fund, expected to be set up in 2011, will use carbon credits generated under the Clean Development Mechanism (CDM). “Its size will be based on an evaluation of the volume of carbon credits potentially generated by projects under the CDM and could be delivered by 2020 in the re...
Volume: 53Issue: 26Published at Mon, 28 Jun 2010 -
Trowers & Hamlins Files $720Mn Forex Claim Against AHAB
...ternational banks with debt exposures totaling $15-22bn. Trowers & Hamlins recently filed cases with Saudi Arabia’s Negotiable Instruments Committee (NIC) against Saad Trading, a division of Saad Group, for $11mn, as well as against Abdulaziz al-Sanea for $54mn, with hearing dates set for early 2011....
Volume: 53Issue: 26Published at Mon, 28 Jun 2010 -
UAE Banking Sector Capitalization Makes Challenges Manageable, Says Fitch
...ported by some banks, says Fitch. As loan books stagnate in 2010 and possibly into 2011, the ratio will increase for all banks as problems assets work their way through the banking system, maintains the report. Loan loss reserve coverage also declined for the nine largest banks to 97% from 148% at en...
Volume: 53Issue: 26Published at Mon, 28 Jun 2010 -
JGC Wins Management Contract For PETRORabigh Expansion
...cludes front end engineering for utilities and offsites, in addition to project managing the feasibility study for the expansion, MEES understands (MEES, 13 April). The study is to be completed by the third quarter of next year, and if the project gets the green light, construction should begin in 2011...
Volume: 52Issue: 26Published at Mon, 29 Jun 2009 -
Syria’s 'Alaw Says Five IOCs Were Close To Signing PSCs Last Year
...000 b/d of condensate, is scheduled to start up in the first quarter of 2010. Finally the Jihar Gas Project, which will have a capacity of 4mn cmd of gas, 180 t/d of LPG and 1,800 b/d of condensate, is due for completion in 2011. Syrian gas production is now averaging 21.6mn cmd, according to recent fi...
Volume: 52Issue: 26Published at Mon, 29 Jun 2009 -
Costs Climb At Citadel’s Musturud Refinery
...ich is 85% owned by Citadel and 15% owned by EGPC, will start up in 2011 producing 2.2mn tons/year of diesel and 1.5mn t/y of light products, of which 700,000 t/y are gasoline blend stocks....
Volume: 51Issue: 26Published at Mon, 30 Jun 2008