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Cyprus Tenders To Import Natural Gas For Domestic Power
...interest to supply gas. The move will be an interim solution until the gas resource discovered in the offshore Block 12 can be brought to shore via an underwater pipeline. US firm Noble Energy discovered 5-8 trillion cu ft of natural gas in the Aphrodite field in December 2011 and is currently in ta...
Volume: 55Issue: 34Published at Mon, 20 Aug 2012 -
Baghdad Looks To Expand Kirkuk Field
...ES, 19 September 2011). Northern Iraq also hosts three of the field development projects awarded to foreign oil companies. There are three drilling rigs now active at the 170,000 b/d Gazprom-led Badra project. And Iraq remains optimistic that first phase production of 40,000 b/d by 2013 can be...
Volume: 55Issue: 34Published at Mon, 20 Aug 2012 -
Arab Bank Chairman Quits After Long Running Power Struggle With CEO
...riri. He personally owns shares in Arab Bank and as of 31 December 2011, Hariri family-controlled companies Saudi Oger and Oger Middle East Holdings held 9.6% and 7.1% respectively. Over the last several years the Shoman family had sold stakes in the bank to both the Hariri family and Jordan’s Social Se...
Volume: 55Issue: 34Published at Mon, 20 Aug 2012 -
Jordan’s Energy Ministry Shortlists Companies For AOT Project
...nsumption of crude at about 6mn tons (120,000 b/d) in 2011, of which 2.5mn barrels/month (82,000 b/d) are imported from Saudi Arabia at international prices, and 10,000 b/d is supplied from Iraq at preferential prices (reported to be at a discount of $18/B off the international price). Supplies of Iraqi cr...
Volume: 55Issue: 34Published at Mon, 20 Aug 2012 -
Kuwait’s GDP Surges 29% In 2011, NBK Says
...WAIT Kuwait’s GDP Surges 29% In 2011, NBK Says Kuwait’s nominal GDP in 2011 rose by 29% to KD44.4bn ($157.2bn) from KD34.4bn ($121.8bn) in 2010, according to preliminary estimates by National Bank of Kuwait in its Kuwait Economic Brief of 14 August. The steep rise in GDP was attributed to a 47% su...
Volume: 55Issue: 34Published at Mon, 20 Aug 2012 -
Libyan Producers Target Pre-War Oil Volumes By Year-End
...sin’s Akakus joint venture, where OMV is also a partner, gave the ramp-up in its Libyan production as the key factor behind its improved second quarter output of 320,000 b/d, up 8% on the same period in 2011 (when Libyan production was zero). However the company’s bottom line has been whacked by write-do...
Volume: 55Issue: 34Published at Mon, 20 Aug 2012 -
APICORP Announces 24% Rise In Income In First Half 2012
...GIONAL/OAPEC APICORP Announces 24% Rise In Income In First Half 2012 The Arab Petroleum Investments Corporation (APICORP) has announced a net income of $51mn in the first half of 2012, up 24% from $41mn in the corresponding period of 2011. APICORP’s assets increased 18% to $5.12bn from $4....
Volume: 55Issue: 34Published at Mon, 20 Aug 2012 -
Severe Recession Hit Tunisia After 2011 Regime Change, Says IMF
...nisia Severe Recession Hit Tunisia After 2011 Regime Change, Says IMF Tunisia’s political transition continued to progress after the overthrow of the regime of Zein al-'Abidine bin 'Ali, in January 2011, but the country experienced a severe recession in the aftermath, the International Monetary Fu...
Volume: 55Issue: 34Published at Mon, 20 Aug 2012 -
TAQA Profits Rise 2.8% In Second Quarter
...arter compared to the same period in 2011 – a 2.8% rise. Total revenues dropped 14.5% in the quarter. North American gas prices have continued to fall with Henry Hub prices hitting a 10-year low in February 2012, Carl Sheldon TAQA’s CEO said. “Prices have since recovered somewhat, but overall ga...
Volume: 55Issue: 34Published at Mon, 20 Aug 2012 -
Algerian Finance Minister Says Foreign Investments Are Safe
...the 2011 budget, and projected growth next year at 4.7%, with an inflation rate of 4%. He also said that measures will be taken to activate the stock market so that it would become a domestic source of funding projects....
Volume: 54Issue: 34Published at Mon, 22 Aug 2011 -
BAPETCO Reports Western Desert Gas/Condensate Discovery
...d developed 22 wells that produce 14,000 b/d of crude oil and 160mn cfd of gas. This has brought the company’s output to more than 40,000 b/d of crude and 435mn cfd of gas, he said. During 2011-12, BAPETCO plans to drill 44 exploration and development wells....
Volume: 54Issue: 34Published at Mon, 22 Aug 2011 -
Iran’s Inflation Rate Rises To 16.3% In July
...ded that the rate would rise in 2011-12, but will come down in 2012-13 if the authorities implement tight credit and fiscal policies (MEES, 15 August). But analysts familiar with Iran are not convinced of this latest upbeat assessment of the economy by the IMF. The announcement of the July in...
Volume: 54Issue: 34Published at Mon, 22 Aug 2011 -
Jordan’s Subsidies For 2011 Estimated At $2Bn
...Middle East Economic Survey VOL. LIV No 34 22-Aug-2011 Jordan Jordan’s Subsidies For 2011 Estimated At $2Bn The cost of subsidizing a number of products in Jordan this current year is...
Volume: 54Issue: 34Published at Mon, 22 Aug 2011 -
Kuwaiti Amir Says Misuse Of Surplus Has Led To Imbalances
...equent political disputes in parliament. Kuwait in June approved a 2011-12 budget projecting a 38.3% increase in revenue to KD13.445bn ($49.343bn) and a 19.2% hike in expenditure to KD19.435bn ($71.326bn), with a resulting deficit of KD7.334bn ($26.916bn). In 2010-11 Kuwait realized a surplus of KD...
Volume: 54Issue: 34Published at Mon, 22 Aug 2011 -
Syria Announces New Gas Discovery At Qara
...7,250 b/d in the first half of 2011, as well as more gas reserves. Its gas output in the same period stood at 30.29mn cmd, but the country needs more gas for domestic consumption....
Volume: 54Issue: 34Published at Mon, 22 Aug 2011 -
Dubai’s ICD To Repay $4Bn Facility On Maturity
...bai, planned to repay in full the $4bn, three-year tranche of the $6bn conventional and Islamic facilities signed on 21 August 2008, when it fell due on 21 August 2011, according to an 8 August statement by the Dubai Government Media Office. The three-year tranche, to be settled on 21 August 2011, co...
Volume: 54Issue: 34Published at Mon, 22 Aug 2011 -
Rosatom Schedules Loading Of Fuel At Bushehr Nuclear Plant
...at time Bushehr should be able to generate 500mw of power. Full generating capacity of 1.0gw is expected to be reached in early 2011....
Volume: 53Issue: 34Published at Mon, 23 Aug 2010 -
NBK Says Kuwaiti GDP Recovery On Track After Sharp Fall In 2009
...r GDP to grow 18% this year – by 3.0% in real terms and a stronger 4.3% in 2011. The improvement should come as more large projects come on line. (Official figures for real GDP in 2009 have not yet been released).” With oil representing 46% of GDP in 2009, NBK says the Kuwaiti economy still needs to...
Volume: 53Issue: 34Published at Mon, 23 Aug 2010 -
Lebanese Parliament Ratifies Offshore Hydrocarbons Law
...fshore Israel and plans to soon begin exploration in the Leviathan structure, where potential reserves are estimated at 16 trillion cu ft (MEES, 16 August). The new law is intended to regulate the process of surveying, exploration and production of hydrocarbons in the offshore. By the end of 2011, Le...
Volume: 53Issue: 34Published at Mon, 23 Aug 2010 -
Nareva Awarded Morocco Wind Park Construction Contract
...the project and construction start and end dates would be revealed in the coming weeks. The facility is expected to be completed by the end of 2011 and is part of a wider MD31.5bn ($3.64bn) program to install 2.0gw of wind power capacity by 2020. The kingdom plans for renewable energy to make up to...
Volume: 53Issue: 34Published at Mon, 23 Aug 2010