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Absheron Discovery Declared Commercial
...scovery, announced in September 2011, on the Absheron X-2 well. The company said the well was drilled in 474ms of water to a depth of 6,874ms. One of the hydrocarbon bearing intervals tested at 960,000 cmd of non-associated gas and 2,500 b/d of 42.5° API condensate. “The well results indicate gas resources of...
Volume: 55Issue: 28Published at Mon, 09 Jul 2012 -
ENAP’s Egyptian Growth Boosted By Long-Delayed Bidding Award
...r the Sudr block. The 63 sq km block, on the Sinai coast of the Gulf of Suez, was one of seven offered in the late 2010 bidding round of General Petroleum Company (GPC, the upstream arm of state firm Egyptian General Petroleum Corporation), the award of which was delayed by 2011’s political up...
Volume: 55Issue: 28Published at Mon, 09 Jul 2012 -
Former Petroleum Minister Imprisoned For 15 Years Over Israeli Gas Deal
...about $4.50/mn BTU. Mr Fahmy served as minister under Mr Mubarak, who was recently sentenced to life in prison for his role in the deaths of protestors during the days of the revolution in January-February 2011. Mr Fahmy’s involvement in the affair remains unclear. When first arrested in...
Volume: 55Issue: 28Published at Mon, 09 Jul 2012 -
Noble Brings Gas From Small Offshore Fields To Israeli Market
...sources will expire by the end of the year. The gas from the two fields will enable Israel to reduce its purchases of diesel and fuel oil for power generation perhaps for the rest of the year. The halt in shipments of natural gas from Egypt during lengthy periods in 2011 and 2012 resulted in Israel having to...
Volume: 55Issue: 28Published at Mon, 09 Jul 2012 -
Kuwait Trade Surplus Jumps On Oil Price Climb
...,797 2011 26,689 158 853 302 555 1,867 28,556 6,972 21...
Volume: 55Issue: 28Published at Mon, 09 Jul 2012 -
Oman’s Majlis Al-Shura Uses News Powers, Questions PDO
...creased since Sultan Qabus bin Sa'id gave it new powers, following the ‘Arab Spring’ protests. The popular ruler skillfully handled the first wave of unrest in early 2011. He fired corrupt and unpopular officials, promised to create 50,000 jobs and expanded the role of Oman’s elected consultative body, wh...
Volume: 55Issue: 28Published at Mon, 09 Jul 2012 -
Qatar To Issue Sovereign Sukuk
...gion (MEES, 5 December 2011). Its last sukuk issue was 10 years ago. Bookrunners on the sukuk will comprise HSBC, Deutsche Bank, Standard Chartered, and domestic financiers Barwa Bank and QInvest. ...
Volume: 55Issue: 28Published at Mon, 09 Jul 2012 -
Saudi Economy To Get A Boost From Mortgage Law Approval
...udis. The Saudi authorities are tackling the problem through a combination of building more affordable housing in addition to expanding financing options. They want to raise home ownership from the current rate of less than 60% to 80% by 2024 (MEES, 28 March 2011). “Widening home ownership has broader ec...
Volume: 55Issue: 28Published at Mon, 09 Jul 2012 -
Marib Pipeline To Resume Pumping After Nine-Month Closure
...work with the tribes in the volatile Marib region to repair the pipeline that has been closed since October 2011 (MEES, 4 June). “If the situation will be OK after the completion of the repairs, the first cargo will arrive at the refinery in Aden by the end of the month,” the ministry sa...
Volume: 55Issue: 28Published at Mon, 09 Jul 2012 -
Bahrain’s Banking Chief Denies Exit Of Foreign Banks
...e Bahrain News Agency on 1 July, the governor affirmed that major international banks, which are active in the kingdom or using Bahrain as a base for their regional operations, were carrying out their activities normally. He added that since the beginning of 2011, the CBB had licensed eight new ba...
Volume: 54Issue: 28Published at Mon, 11 Jul 2011 -
Egypt’s Higher Military Council Approves 2011-12 Budget
...Middle East Economic Survey VOL. LIV No 28 11-Jul-2011 EGYPT Egypt’s Higher Military Council Approves 2011-12 Budget The Higher Military Council (HMC) headed by Field Marshall Husain al-Tantawi on 30 June approved the 2011-12 draft budget after it was amended by the Egyptian ca...
Volume: 54Issue: 28Published at Mon, 11 Jul 2011 -
UAE Allocates $3Bn Aid Package To Egypt
...fferent projects in Egypt. The Egyptian Ministry of Finance has doubled the amounts of expected grants in 2011‐12 to E£9.974bn ($1.671bn) and said that these would be mainly used to finance investment projects geared towards development (MEES, 4 July). Qatar and Saudi Arabia have already agreed to pr...
Volume: 54Issue: 28Published at Mon, 11 Jul 2011 -
BSF Sees Saudi Economic Indicators Pointing To Continued Growth
...134bn ($35.7bn) during the first five months of the year to their highest ever level of SR1,802.5bn ($480.7bn) in May 2011. This, the report says, could likely be attributed to both “robust oil revenues and possibly a higher return on the Saudi Arabian Monetary Agency’s (SAMA’s) investments.” SAMA’s de...
Volume: 54Issue: 28Published at Mon, 11 Jul 2011 -
Yildiz Reappointed Energy Minister In New Turkish Cabinet
...riatic Pipeline (TAP) and the Interconnector-Turkey-Greece-Italy (ITGI) are vying for contracts to transport the gas. Construction of the pipelines depends on which companies are awarded the contacts by Azerbaijan, and that is not expected to take place until the end of 2011....
Volume: 54Issue: 28Published at Mon, 11 Jul 2011 -
Dubai’s Outstanding Debt Estimated At $31.4Bn Despite Positive Economic Trends
...tes and takes measures to strengthen its fiscal accounts,” it noted. The high level of Dubai GRE debt, estimated at $77bn, remains a risk as the government may be pushed into absorbing further liabilities. “With total Dubai Inc repayments exceeding $30bn in 2011-12, restructuring, refinancing and ne...
Volume: 54Issue: 28Published at Mon, 11 Jul 2011 -
Bulgaria Lukewarm On Burgas-Alexandroupolis, Bullish On South Stream And Belene
...t decide on participation in the Burgas-Alexandroupolis oil pipeline project before February 2011 at the earliest. However, a visit to Sofia by Russia’s Deputy Prime Minister and Gazprom Chairman Viktor Zubkov on 6-7 July appears to have ended Bulgaria’s procrastination over the other two of three st...
Volume: 53Issue: 28Published at Mon, 12 Jul 2010 -
BG Plans Expansion Of WDDM Gas Facilities
...ncession, will be operational by the end of 2010, with the company also planning to drill an additional nine development wells on the block by late 2011, he told reporters on 7 July. “Gas demand in Egypt is going up, and increased demand helps promote exploration,” Mr Sufi noted. BG manages its upstream ac...
Volume: 53Issue: 28Published at Mon, 12 Jul 2010 -
IMF Revises Up 2010 Global Outlook
...tlook The International Monetary Fund (IMF) has revised upwards its global economic growth projections for 2010 and 2011 in the July update of its World Economic Outlook. The global economy is expected to expand by 4.6% in 2010, up from projections in April which saw growth at 4.2% (MEES, 26 April). The ne...
Volume: 53Issue: 28Published at Mon, 12 Jul 2010 -
GCC Economies Return To More Robust Growth, Says Samba
...oblems in Europe are unlikely to alter materially economic growth prospects for the GCC states for the remainder of this year and 2011. Any further immediate dip in oil prices should be in large measure offset by a stronger dollar, according to Samba. However, deterioration in loan portfolios in various co...
Volume: 53Issue: 28Published at Mon, 12 Jul 2010 -
Algeria Signs $468Mn Contract With Hyflux To Build ‘World’s Largest’ Desalination Plant
...d Sonelgaz, is worth an estimated $468mn and covers the construction and financing of the plant, as well as the buying and selling of the desalinated water. At the signing ceremony, Algeria’s Minister of Energy and Mines Chakib Khelil said that when completed in 2011, the plant would provide for th...
Volume: 51Issue: 28Published at Mon, 14 Jul 2008