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CGES Says Eroding Stock Cover Key Factor In Keeping Crude Oil Prices High
...ock cover has been a key factor in keeping oil prices high despite mounting concerns over the sustainability of global economic recovery,” the CGES said. OECD oil demand is believed to have declined during the second quarter of 2011 by 2%, the CGES reported, noting that this brings to an en...
Volume: 54Issue: 30Published at Mon, 25 Jul 2011 -
China’s Crude Oil Imports Slip During June
...a daily basis averaged 4.73mn b/d for June. Year-on-year, China’s imports fell by 12.7% from the June 2010 volume of 22.27mn tons (5.42mn b/d). During the first six months of 2011, China imported at total of 125.85mn tons, an average of around 5.06mn b/d. During all of 2010, the country imported 23...
Volume: 54Issue: 30Published at Mon, 25 Jul 2011 -
EIB And EBRD To Finance Phase 1 Of Ukraine’s Pipeline Modernization
...liver up to 140 bcm/year of Russian gas to Europe and Ukraine currently accounts for more than 80% of Russian gas transit to the EU. This share is expected to drop sharply once the Nord Stream pipeline becomes operational in October 2011. Kiev, following an agreement with the European Commission signed in...
Volume: 54Issue: 30Published at Mon, 25 Jul 2011 -
Investment Of $600Mn Expected In Persian Gulf Star Refinery This Year
...pacity Persian Gulf Star refinery at Bandar Abbas is 40% complete. He said that $600mn will be invested in the project over the course of the current Iranian year (21 March 2011 – 20 March 2012), following a $200mn outlay last year. He added that Naftiran Intertrade Company (NICO), the overseas in...
Volume: 54Issue: 30Published at Mon, 25 Jul 2011 -
POGC Plans Additional South Pars Finance Through Bonds
...arting on 21 March 2011, in cooperation with the Central Bank of Iran (CBI), participation bonds worth $8bn to finance further development phases in the South Pars gas field. Mr Souri said that NIOC has already invested $3bn in South Pars since the beginning of the year. ...
Volume: 54Issue: 30Published at Mon, 25 Jul 2011 -
Salamah Reappointed As CBL Governor
...ternal division between the main political groups in Lebanon today, the country’s bank deposits exceeded $110bn in the first months of 2011 and foreign exchange reserves stood just over $30bn. /font> Commenting on the reappointment, the advisor to the chairman of Fransabank, Joe Sarrouh, told Th...
Volume: 54Issue: 30Published at Mon, 25 Jul 2011 -
SABIC’s 2Q11 Net Income Up 61% On 2Q10
...16.49bn ($4.4bn) compared to SR11.85bn ($3.2bn) in the corresponding period a year ago.The income from operations for 1Q11 amounted to SR13.28bn ($3.5bn) compared to SR9.14bn ($2.4bn) for the same quarter in 2010 (an increase of 45%). The net income for the first six months of 2011 amounted to SR15.79bn ($4....
Volume: 54Issue: 30Published at Mon, 25 Jul 2011 -
Central Bank Governor Says Syria Has $18Bn In Forex Reserves
...vernor said that deposits in the second quarter of this year, ie during the crisis, rose by 4% compared to the end of the first quarter of 2011. He also admitted that the Syrian Pound came under strong pressure at the beginning of the crisis but that its value remained stable. [Currently the of...
Volume: 54Issue: 30Published at Mon, 25 Jul 2011 -
AFPC Completes Pipeline Repairs
...sult of the fire, which had no effect on the company’s output. In the first quarter of 2011, AFPC produced 91,661 b/d of oil and 881 b/d of condensate (MEES, 16 May). ...
Volume: 54Issue: 30Published at Mon, 25 Jul 2011 -
Political Comment (25 July 2011)
...Political Comment (25 July 2011) Despite being excommunicated diplomatically by the Contact Group on Libya, Col Mu’ammar al-Qadhafi remains defiant – and in power in Tripoli. Turkey has hosted a meeting of the Syrian opposition. In Yemen opposition groups have set up rival bodies to ma...
Volume: 54Issue: 30Published at Mon, 25 Jul 2011 -
OPEC’s Game With No Loser
...mand for OPEC oil was estimated by the OPEC Secretariat at 30.9mn b/d for 3Q11 and 30.5mn b/d for 4Q11. If OPEC continues its production at 28.8mn b/d for the rest of 2011, the market will face a shortage of 2.1mn b/d in 3Q11 and 1.7mn b/d in 4Q11. Also, OPEC should compensate for the Libyan oil sh...
Volume: 54Issue: 30Published at Mon, 25 Jul 2011 -
Fujairah’s Safe Haven Port Grows As An Energy Hub
...rmuz. The Abu Dhabi Crude Oil Pipeline (ADCOP) will start operating in the first quarter of 2011. By exporting its oil at a point outside the Strait of Hormuz, Abu Dhabi will reduce journey time of getting oil to markets, avoid the heavy insurance shipping premiums for tankers using the strait during ti...
Volume: 53Issue: 30Published at Mon, 26 Jul 2010 -
CGES Says OPEC Policy Lending Oil Price Support
...t to be tested.” CGES Global Supply/Demand Balance (Mn B/D) 1Q10 2Q10 3Q10 4Q10 1Q11 2Q11 2009 2010 2011 World Oil Demand 86.1 86.0 85.8 86.7 87.5 87.5 84.7 86.2 87.7 Non-OP...
Volume: 53Issue: 30Published at Mon, 26 Jul 2010 -
Bulgaria And Russia Sign South Stream Implementation Agreement
...e 63 bcm/year South Stream gas pipeline. The agreement, which was linked to the lowering of Russian gas export prices to Bulgaria, sets a deadline of February 2011 for the establishment of the Gazprom-Bulgargaz joint venture company that will own, build and operate on a 50:50 basis the Bulgarian pa...
Volume: 53Issue: 30Published at Mon, 26 Jul 2010 -
Vitol To Build New Oil Terminal In Cyprus
...port these products from this terminal to other parts of the east Mediterranean,” VTTI CEO Rob Nijst said at a press conference in Nicosia on 22 July. Construction is expected to begin by January 2011 or earlier, with Mr Nijst adding that the facility’s eventual expansion would be modeled on its si...
Volume: 53Issue: 30Published at Mon, 26 Jul 2010 -
Eni Starts Gas Production From Tuna Field Offshore Egypt
...ntinue with in-fill drilling in Temsah field and the development of the Denise B field, which is expected to come into production in 2011, according to Eni....
Volume: 53Issue: 30Published at Mon, 26 Jul 2010 -
Jordan Expects To Conclude New Deal To Import More Gas From Egypt
...pply to 3.3 bcm/y by the first quarter of 2011. But he added that in the meantime the Egyptian government had pledged to maintain the full 2.4 bcm/y supply provided for under the 2004 agreement. Mr Irani also noted that Jordan plans to convene a meeting of the AGP member countries in 'Amman to di...
Volume: 53Issue: 30Published at Mon, 26 Jul 2010 -
IMF Expects Kuwait’s Economy To Rebound In 2010
...e exchange rate regime, macro-prudential policies should ensure financial stability if inflationary pressures were to reemerge. Selected Kuwaiti Economic Indicators, 2004–11 2004 2005 2006 2007 2008 Prel 2009 Est 2010 Proj 2011 Oil an...
Volume: 53Issue: 30Published at Mon, 26 Jul 2010 -
Moody’s Sees Stable Outlook For Omani Banks And Economic Growth In 2010-11
...imarily for infrastructure projects. “However, banks’ interest rate margins could remain pressured by intense and concentrated competition, while sizeable lending and funding concentrations will raise the banks’ risk profiles,” notes the rating agency. For 2010 and 2011, Moody’s projects the country’s GDP to...
Volume: 53Issue: 30Published at Mon, 26 Jul 2010 -
SABIC Reports Sharp Rise In Income In 1H10
...pacity of 6mn tons of ethylene, propylene and ethylene glycol, is on track, it added in a statement. The company expects 15 out of 16 plants to begin full commercial operations by the end of 2011, according to SABIC Executive Vice-President Musa'id al-Uhali....
Volume: 53Issue: 30Published at Mon, 26 Jul 2010