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Delek Drilling And Avner Report Higher 2Q Revenues From Yam Thetis Block
...ported a decline in profits, with Delek Drilling reporting $11.1mn for the second quarter of 2011 compared to $14.9mn for the same period in 2010, while Avner’s profits fell to $10.5mn from $14.9mn during the respective periods. Both companies attributed the decline in earnings to a rise in costs for th...
Volume: 54Issue: 35Published at Mon, 29 Aug 2011 -
Germany Grants Jordan €99Mn In Financial Assistance
...ft loans and €9mn in grants, will be spent mainly on the water sector, the main focus of German-Jordanian development cooperation for 2011-12, which aims to improve water supply, reduce water loss and build the sewage system. Also the funds will support a number of other projects, including the co...
Volume: 54Issue: 35Published at Mon, 29 Aug 2011 -
IMF: Saudi Economy Withstands Financial Crisis, But Challenges Remain
...pply shortfalls from other oil producing countries. Fiscal and external balances are forecast to strengthen further in the short term, while recently published leading indicators suggest a likely acceleration in private sector activity in early 2011, with overall real GDP growth projected to hit 6....
Volume: 54Issue: 35Published at Mon, 29 Aug 2011 -
EU Approves €110Mn Financial Assistance For Tunisia
...to Tunisia following the January 2011 revolution, aimed at supporting the political and economic transition, an EU statement said. The first program, with a €90mn budget, supports the economic recovery measures recently adopted by the Tunisian government. These measures will also be supported by...
Volume: 54Issue: 35Published at Mon, 29 Aug 2011 -
DEWA Announces 8.6% Increase In 1H11 Income On Increased Sales
...les in recent months. In a statement released on the Nasdaq Dubai bourse, DEWA posted an income figure of Dh1.63bn ($444mn) for the six months to 31 June 2011, up from last year’s corresponding figure of Dh1.5bn ($408mn). While revenues were also seen to jump to Dh6.6bn ($1.8bn) – around 43% up fr...
Volume: 54Issue: 35Published at Mon, 29 Aug 2011 -
Political Comment (29 August 2011)
...Middle East Economic Survey VOL. LIV No 35 29-Aug-2011 Political Comment (29 August 2011) Although fighting continues in Libya, Col Qadhafi is on the ropes after rebel forces moved into Tripoli. In both Syria and Yemen, opposition movements have failed to agree on a common fr...
Volume: 54Issue: 35Published at Mon, 29 Aug 2011 -
Why Did The IEA Withdraw Oil From Strategic Reserves?
...e OPEC Secretariat presented a market report predicting a rise in world demand for OPEC oil from 28.8mn b/d in the second quarter of 2011 to 30.9mn b/d in the third quarter. Saudi Arabia, backed by Kuwait, the UAE and Qatar called for a 2mn b/d hike in production to fill the gap, so as to cap ri...
Volume: 54Issue: 35Published at Mon, 29 Aug 2011 -
MEES Agenda: Oil Revenue Accusations Fly In Run-Up To Sudan’s Election
...yment in Sudanese pounds was a “sinister” trick to destabilize the south’s economy ahead of a 9 January 2011 vote on whether the south should secede from the north. The central bank, however, refuted the claims. “It has never once happened, since the signing of the peace deal in 2005, that the south’s sh...
Volume: 53Issue: 35Published at Mon, 30 Aug 2010 -
Crude Prices Slip Further But Remain Above $70/B
...ompted Barclays Capital to adjust its crude price forecast downward to $78/B for WTI in 2010 and $85/B for 2011, respectively $4/B and $7/B lower than its previous forecast. “Following the [US Federal Open Market Committee] statement which reinvigorated the short oil macro theme last week,” Barclay’s Ca...
Volume: 53Issue: 35Published at Mon, 30 Aug 2010 -
CGES Sees Crude Demand Rising But Growth Rate Slowing
...e pace of the increase is likely to slow in the second half of 2010 and in 2011 from the levels seen in the first half of this year, the Centre for Global Energy Studies (CGES) said in its latest Monthly Oil Report (MOR), released on 23 August. This is due in part to the fact that in the first half of...
Volume: 53Issue: 35Published at Mon, 30 Aug 2010 -
Second Pipeline Of Central Asia-China Gas System Nears Completion
...ported on 20 August. Line B is scheduled to be operational by the end of September, and will add an initial 9 bcm/year of capacity to the Central Asia-China system, which is intended to reach a throughput capacity of 30 bcm/year by the end of 2011. The 1,833km pipelines connect Turkmenistan’s gas fields al...
Volume: 53Issue: 35Published at Mon, 30 Aug 2010 -
Saudi Inflation Rises To 5.5% In June
...ivate sector bank credit”, says the report. Loans worth an estimated SR73bn ($19.47bn) should be booked by banks in the second half and into the first months of 2011. Saudi banks have raised their foreign assets by 13.2% since January in preference to overnight deposits with the Saudi Arabian Monetary Ag...
Volume: 53Issue: 35Published at Mon, 30 Aug 2010 -
Emirates Steel Signs $1.1Bn Project Financing Agreement
...reement on 24 August with a consortium of seven conventional banks and two Islamic finance institutions. The financing will partly fund an ongoing $2.45bn expansion and upgrading program that will raise ESI’s steel production capacity from 2mn tons/year now to 3mn t/y in 2011. Official news agency WAM re...
Volume: 53Issue: 35Published at Mon, 30 Aug 2010 -
Syria And Turkey Ink MOU To Expedite Integration Of Gas Networks
...ncluding a number of agreements, including a short-term sales agreement to supply Syria with 0.5-1.0bcm/year from Turkey’s gas supplies for a period of five years starting in 2011.The MOU was signed during a visit by Turkish Energy Minister Taner Yildiz to Damascus to meet his Syrian counterpart Sufian 'Al...
Volume: 52Issue: 35Published at Mon, 31 Aug 2009 -
Egyptian Gas Plans Unfold, Despite Growing Concerns Over Domestic Supplies
...ound 2tcf of gas and 180mn barrels of condensate, according to EGAS, although its appraisal is ongoing. BG, Egypt’s largest foreign gas producer, also has a $3bn investment program up to 2011, mostly targeting the development of its two producing offshore concessions in the Mediterranean deep wa...
Volume: 51Issue: 35Published at Mon, 01 Sep 2008 -
GDF Suez, GIC Awarded $2Bn Al Dur 1 IWPP Contract
...wer and water purchase agreement for Al Dur 1 independent water and power project (IWPP) in Bahrain. Phase 1 of the project, to be developed on a BOO (build, own, operate) basis, will start in the summer of 2010, with full capacity to be achieved in summer 2011. Al Dur 1 is expected to start de...
Volume: 51Issue: 35Published at Mon, 01 Sep 2008 -
Political Comment (1 September 2008)
...Middle East Economic Survey VOL. LI No 34 25-Aug-2008 Political Comment (1 September 2008) Iraqi Prime Minister Nuri al-Maliki has stated that in the negotiations on a Status of Forces Agreement (SOFA) the US and Iraq have agreed on a 2011 deadline for the withdrawal of US fo...
Volume: 51Issue: 35Published at Mon, 01 Sep 2008 -
Saudi Aramco And Partners Sign Yanbu' And Jubail Export Refinery Contracts
...pointed Halliburton subsidiary KBR to carry out front-end engineering for the planned $6bn export refinery in Yanbu' (MEES, 29 May). The Yanbu' Export Refinery, scheduled for completion in 2011, will be designed to process 400,000 b/d of Arabian Heavy crude oil, producing motor fuels and other re...
Volume: 49Issue: 35Published at Mon, 28 Aug 2006 -
Condensate Impacts On East Of Suez Crude And Naphtha
...tlook (‘000 B/D) Current Study 2002 Study 2001 2002 2003 2008 2013 2001 2006 2011 Mideast Gu...
Volume: 48Issue: 35Published at Mon, 29 Aug 2005