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China Puts Oil Center Stage Of Middle East Strategy
...rvices arm Sinopec International Petroleum Service Corp. The firm this month signed a $1.06bn five-year contract, extendable by one year, with another KPC subsidiary KOC. Sinopec’s service arm first entered Kuwait in 2008 and this latest deal effectively replaces a $1.15bn 2014 contract. The UAE wa...
Volume: 61Issue: 28Published at Fri, 13 Jul 2018 -
Libya: Terminals Reopen, Instability Remains, Haftar Strengthened?
...Egypt, the UAE and to an extent Russia. The US responded to an attempt by Mr Jathran to sell an illicit crude cargo in March 2014 by intercepting the North Korea-flagged vessel (MEES 21 March 2014), but “the Americans will never ever stop a Russian – or Egyptian or UAE – flagged ship,” says Pu...
Volume: 61Issue: 28Published at Fri, 13 Jul 2018 -
Syria: Key Crossing Open
...uckers would embark on the five-hour Beirut-Amman trek despite the ongoing civil war, but when the crossing closed, it stymied exports. Customs data show that export volumes at the Masnaa crossing on the Beirut-Damascus highway fell from $495mn in 2014 to $103mn in 2016—a key reason why total Lebanese ex...
Volume: 61Issue: 28Published at Fri, 13 Jul 2018 -
Algeria: Reserves Slump To 12-Year Low, But Country Has Bigger Problems
...e country’s finances. Instead Algiers has opted for the highly-inflationary path of printing money to finance the country’s expected $19bn 2018 deficit (a cumulative $80bn since 2014 – MEES, 19 October 2017). A temporary ban on a whole swathe of imports is Algeria’s other key ‘alternative’ economic me...
Volume: 61Issue: 28Published at Fri, 13 Jul 2018 -
Egypt Pledges To End Energy Subsidies Within 12 Months
...nister and central bank chief blame “persisting financial difficulties in view of higher than expected oil prices,” for slow progress in cutting Egypt’s dues but repeat that Egypt “remains committed to fully eliminating arrears by end-June 2019.” The biggest dent in receivables was made in July 2014 wh...
Volume: 61Issue: 28Published at Fri, 13 Jul 2018