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Chevron Takes Stake In Kurdish Oil Sector
...e California-based major may have come out earlier than ExxonMobil after disclosing its deal – for months after the November 2011 announcement ExxonMobil refused to comment on its KRG investment – but it is nevertheless keeping its cards close to its chest. “We do not disclose details of our di...
Volume: 55Issue: 30Published at Mon, 23 Jul 2012 -
Confusion Spreads Over Abu Dhabi Oil Fields Concession
...ld Bloomberg News at the inauguration about BP not being invited: “The whole process is just starting, so we can’t be definitive with anyone. Still, everything is open.” The confusion is continuing into its fourth year. Twice in 2011 ADNOC told its ADCO partners – ADNOC 60%; Shell Total, BP an...
Volume: 55Issue: 30Published at Mon, 23 Jul 2012 -
Hormuz Bypass Pipeline Inaugurated, Operational By Year-End
...ong with Rotterdam and Singapore. MEES reported last year that Abu Dhabi was considering the possibility of building a second crude pipeline to bypass the strait by 2020. The financing for the project would again be organized by IPIC (MEES, 23 May 2011). Propaganda And Political Ma...
Volume: 55Issue: 30Published at Mon, 23 Jul 2012 -
Iran’s High Inflation Could Derail Targeted Subsidies Plan
...unteract the poor performance of the economy, spiraling inflation and unemployment. Although the government claims to have created some 2.5mn jobs in 2011-12, the unemployment rate according to reliable sources was still around 20% last winter, with many young people and university graduates out of work, ac...
Volume: 55Issue: 30Published at Mon, 23 Jul 2012 -
OPEC Oil Revenues Top $1 Trillion Mark
...EC/OIL PRICES OPEC Oil Revenues Top $1 Trillion Mark In 2011, for the first time ever, revenues from OPEC petroleum exports exceeded $1 trillion, OPEC’s latest Annual Statistical Bulletin (ASB) shows. A 2011 average OPEC Basket price of $107.46/B pushed revenues ahead of the previous re...
Volume: 55Issue: 30Published at Mon, 23 Jul 2012 -
China’s Crude Imports Fall To 21.7Mn Tons In June
...ring May reportedly boosted the country’s inventories because refinery demand slipped. China has imported 140.06mn tons during 2012, an average of 5.62mn b/d so far this year. China Crude Oil Imports 2011-12 2012 2011...
Volume: 55Issue: 30Published at Mon, 23 Jul 2012 -
Crude Oil Formulas/Posted Prices ($/B)
...L PRICES/OPEC Crude Oil Formulas/Posted Prices ($/B) Iran font> (+ / - Adjustment Factor; $/B) 2012 2011 Aug Jul Ju...
Volume: 55Issue: 30Published at Mon, 23 Jul 2012 -
Rhourde Yacoub Firms Up Promise
...2011 (MEES, 28 November 2011), but Rhourde Yacoub provided Algeria’s only 2011 discovery by a foreign oil firm (MEES, 20 February). ...
Volume: 55Issue: 30Published at Mon, 23 Jul 2012 -
Lebanon Signs Contract For Turkish Power Ships
...vernment subsidies, which rose to around $1.2bn in 2011. ...
Volume: 55Issue: 30Published at Mon, 23 Jul 2012 -
IMF Sees Good Growth Prospects For Libya
...BYA IMF Sees Good Growth Prospects For Libya Libya’s economic activity is recovering rapidly with the restoration of hydrocarbon production, the IMF said on 11 July in its concluding statement after a visit to Libya. Real GDP contracted by 60% in 2011, but is projected to rebound by twice as much (11...
Volume: 55Issue: 30Published at Mon, 23 Jul 2012 -
Oman Starts Reducing Gas Subsidies
...an Oman Starts Reducing Gas Subsidies Oman’s Ministry of Oil and Gas has started to end gas subsidies to industry – paving the way to offering BP a price that will make developing its tight gas projects viable. It is the first Arab Gulf state to do this (MEES, 7 February 2011), while others with ga...
Volume: 55Issue: 30Published at Mon, 23 Jul 2012 -
IMF Puts Up MENA 2012 Growth Forecast On Oil Production Boost
...tivity in Libya is rebounding rapidly after the unrest in 2011. For global growth, the IMF trimmed its April forecast by 0.1% and is now predicting 3.5% for 2012. It put 2013’s forecast down 0.2% to 3.9%. It said that there are downside risks looming large, reflecting delayed or insufficient po...
Volume: 55Issue: 30Published at Mon, 23 Jul 2012 -
Syria Raises Gasoil Price By 15%
...d LPG. It has recently managed to import limited quantities of these products from Venezuela and Iran (MEES, 16 July). Syria’s consumption of gasoil in 2011 stood at 7.6mn liters. US Adds New Names Of Syrian Officials To Sanctions List The Office of Foreign Assets Control (OFAC) of th...
Volume: 55Issue: 30Published at Mon, 23 Jul 2012 -
Global Trends In Renewable Energy Investment: A Review Of The Frankfurt School-UNEP Report And Discussion Of The MENA Case
...vestment. The central finding of the report is that in 2011, global new investment in renewable power and fuels (solar, wind, modern biomass, waste-to-energy, biofuels, small hydro, geothermal and marine) increased by 17% to reach an all-time high of $257bn. This was more than six times the amount achieved in...
Volume: 55Issue: 30Published at Mon, 23 Jul 2012