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Bahrain $1.5Bn Bond Oversubscribed
...ghter end of pricing guidance suggesting strong demand. It is also lower than the level seen for Bahrain’s November $750mn sovereign sukuk issue which was priced at 450 bps over mid swaps (MEES, 28 November 2011). It indicates that investor appetite has improved as the unrest which Bahrain saw last year ha...
Volume: 55Issue: 27Published at Mon, 02 Jul 2012 -
TANAP Framework Agreement Signed By Turkey And Azerbaijan
...quirements for the receipt of 6 bcm/y of gas from Shah Deniz 2 via TANAP. The TANAP pipeline, which was announced in November 2011, is intended to become operational by 2018 and expected to cost around $7bn. Turkey’s Botas and Azerbaijan’s Socar are the initial shareholders, with respective stakes of 20% and 80...
Volume: 55Issue: 27Published at Mon, 02 Jul 2012 -
Turkmen Exports Via BTC Increasing, Socar Data Indicates
...though Iran subsequently looked to resume the swaps trade. In 2010 1.3mn tons (26,100 b/d) of Turkmen oil was exported through BTC, rising in 2011 to 2.1mn tons (43,200 b/d). Exports for the first half of 2012 have already reached 1.4mn tons (56,000 b/d). ...
Volume: 55Issue: 27Published at Mon, 02 Jul 2012 -
BP Starts Up Offshore Seth Field Adding 170Mn CFD To Egyptian Gas Output
...mpleted in 2011 with the completion of new compression capacity. In addition to the Seth start up this was necessitated by a 30% hike in El Temsah production to around 11bcm for 2011 with the start-up of production at the Denise B field which in turn followed 2010’s start-up of 1.6 bcm/y of production at co...
Volume: 55Issue: 27Published at Mon, 02 Jul 2012 -
EU Sanctions Hit Iran Crude, No Reprieve For Tanker Insurance
...pan. At the same time, Japan has reduced its crude imports from Iran: the Ministry of Finance said that they were down 46.5% in May to 106,000 b/d versus May 2011. India is taking a different route and using Iranian ships with Iranian cover, although experts have questioned how payments could be made in...
Volume: 55Issue: 27Published at Mon, 02 Jul 2012 -
CNPC’s South Pars Phase 11 Project Frozen
...IRAN CNPC’s South Pars Phase 11 Project Frozen The National Iranian Oil Company (NIOC) has frozen China National Petroleum Corporation’s (CNPC’s) $4.7bn contract to develop South Pars Phase 11. In June 2011 it warned CNPC it would cancel the project if it does not fulfill the te...
Volume: 55Issue: 27Published at Mon, 02 Jul 2012 -
Ex-Im To Provide $3Bn To Sadara Petchem Project
...ll want to undercut a recent benchmark – the Qatar Petroleum/ExxonMobil 1.4bn cfd gas/NGL Barzan gas project. Costing $10bn, it was the largest project financing completed last year and secured pricing of 130-200 bps over the 16-year tenor on the commercial bank tranche (MEES, 19 December 2011...
Volume: 55Issue: 27Published at Mon, 02 Jul 2012 -
3.3Mn T/Y Saudi Polymers Company Project Starts Up
...SAUDI ARABIA 3.3Mn T/Y Saudi Polymers Company Project Starts Up The Saudi Polymers Company (SPC) project in Jubail, which includes the construction of an olefins cracker, has started operations. The sponsors had originally been targeting the first quarter of 2011, and then the da...
Volume: 55Issue: 27Published at Mon, 02 Jul 2012 -
Sudan Government Holds Firm On Subsidy Cuts As Protests Continue
...ar, losing with it around three-quarters of its oil revenues which, prior to the secession, made up the lion’s share of the country’s revenues. The two sides have been locked in talks since, over a number of issues including the sharing of oil revenues (MEES, 11 July 2011), but have as yet been unable to...
Volume: 55Issue: 27Published at Mon, 02 Jul 2012 -
Egypt Has No Need For World Bank And IMF Loans For Now
...sted on its website. But Egypt will maintain its technical cooperation with these two organizations and benefit from their expertise. The statement notes that the government amended the draft 2011-12 budget approved on 1 June (MEES, 13 June), following a “social dialogue” which took place between th...
Volume: 54Issue: 27Published at Mon, 04 Jul 2011 -
Iran Raises Oil Price Assumption To $95/B In 2011-12
...Middle East Economic Survey VOL. LIV No 27 4-Jul-2011 IRAN Iran Raises Oil Price Assumption To $95/B In 2011-12 Iran has revised its oil price assumption in the 2011-12 budget to $95/B from the previous price of $81.50/B, Iran’s Minister of Economic Affairs and Finance Sh...
Volume: 54Issue: 27Published at Mon, 04 Jul 2011 -
Fitch Affirms NBK Rating On Benefits Of ‘Flight To Safety’ By MENA Investors
...rica region, NBK had been benefitting from a “flight to safety” by investors, resulting in a strong and stable deposit base – both corporate and retail. The agency added that net income was continuing on its growth path in 1Q11, with the bank expecting to generate “sound profits” throughout 2011, in...
Volume: 54Issue: 27Published at Mon, 04 Jul 2011 -
Oman Expecting Economic Growth Of 5% For 2011
...Middle East Economic Survey VOL. LIV No 27 4-Jul-2011 oman Oman Expecting Economic Growth Of 5% For 2011 Oman’s economy is projected to grow by approximately 5% this year, on the assumption that oil prices stay at current levels, Minister of Finance Darwish al-Balushi said on 29...
Volume: 54Issue: 27Published at Mon, 04 Jul 2011 -
US Sanctions Syrian And Iranian Security Forces For Syrian Crackdown
...madi Moghadam, and his deputy Ahamd Reza Radan as sanctions targets. The latter traveled to Damascus in April 2011 and provided expertise to the government in cracking down on the Syrian people, the department noted. An advisor to Iran’s Minister of Foreign Affairs, Ramin Mehanparast, rejected we...
Volume: 54Issue: 27Published at Mon, 04 Jul 2011 -
Bulgaria Calls For Detailed Gas Talks With Turkey And Azerbaijan
...d the Balkans by the end of 2011. Sofia News Agency reported on 30 June that the two sides also discussed a November 2009 memorandum of understanding (MOU) for the export of compressed natural gas (CNG) to Varna through the Socar-controlled Georgian terminal of Kulevi. In April 2009, Bulgaria and Az...
Volume: 53Issue: 27Published at Mon, 05 Jul 2010 -
Technip Awarded West Delta Deep Marine Expansion Contract By Burullus
...sign, supply and installation of three production manifolds and three subsea distribution assemblies, the installation of 67km of rigid production flowlines and 88km of umbilicals, and their connection to wellheads and subsea manifolds, with work expected to begin in the second quarter of 2011. Burullus is...
Volume: 53Issue: 27Published at Mon, 05 Jul 2010 -
Cyprus Prepares For Second Bid Round In 1H11, As Gas Prospects Grip East Mediterranean
...d round for offshore exploration and development blocks sometime during the first or second quarters of 2011, Solon Kassinis, head of Cyprus’ Energy Department at the Ministry of Commerce, has told MEES. It had been expected that Nicosia would announce a bid round sometime during 2010 (MEES, 4 May 20...
Volume: 53Issue: 27Published at Mon, 05 Jul 2010 -
FCP To Approach Banks After The Summer To Finance Algeria’s MLE Project
...s formerly the Chief Operating Officer. FCP said that the MLE field will come on-stream in 2010, producing 200mn cfd of gas and 20,000 b/d of liquids, with the Central Area Field Complex (CAFC) coming on stream in 2011. Production in the Block 405b MLE field will then be ramped up to a level of 30...
Volume: 51Issue: 27Published at Mon, 07 Jul 2008 -
Kashagan Deal Concluded, With First Oil Set For 2013
...at the projected development costs of Kashagan had increased from $57bn to $136bn. The latest production deadline is the fourth to have been agreed. The previous agreement, in January 2008, called for production start-up in 2011. Terms for the latest deal include an additional 7.5-8% royalty pa...
Volume: 51Issue: 27Published at Mon, 07 Jul 2008 -
Saudi Aramco Awards Utilities Contract For 900,000 b/d Manifa Project
...e contracts has prompted talk of delays to the targeted 2011 start-up. However, Aramco last month said it was confident the project would begin production on schedule (MEES, 7 July). Manifa is probably the most ambitious initiative in Aramco’s current project schedule. Costs are likely to be si...
Volume: 51Issue: 27Published at Mon, 07 Jul 2008