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Kuwait’s Real GDP Will Grow By 5.6% In 2011-12, Says QNB Capital
...Middle East Economic Survey VOL. LIV No 37 12-Sep-2011 KUWAIT Kuwait’s Real GDP Will Grow By 5.6% In 2011-12, Says QNB Capital Kuwait’s real GDP is forecast to grow by 5.6% in 2011-12, as work gets underway on the new development plan and oil production rises, said QNB Ca...
Volume: 54Issue: 37Published at Mon, 12 Sep 2011 -
Oman And Lebanon Announce Plans To Boost Government Spending
...dget, its Finance Minister Mohammed Safadi revealed. “The budget will increase by 15% roughly. Our deficit will not be more than $3bn at best. So we will be borrowing,” he said. Lebanon’s 2011 draft budget, submitted in September, put government spending on infrastructure at around $13.1bn – re...
Volume: 54Issue: 37Published at Mon, 12 Sep 2011 -
BCG Estimates Middle East Assets Growth At 10% In 2010
...ming years, professionally managed assets are estimated to grow at 9-10%.Regional investments will continue to be mostly direct. Some product trends observed before the crisis have continued through 2009 and 2010 and into 2011. One key ongoing trend is the faster growth of more risk-averse, pa...
Volume: 54Issue: 37Published at Mon, 12 Sep 2011 -
EU Bans Imports Of Syrian Crude
...verse effect on oil markets. Official figures put Syrian crude oil production at 387,250 b/d during the first half of 2011, equivalent to about 0.4% of global oil supply, according to data issued by Bank of America Merrill Lynch. Most of Syria’s crude production is refined for local use and some pe...
Volume: 54Issue: 37Published at Mon, 12 Sep 2011 -
Political Comment (12 September 2011)
...Middle East Economic Survey VOL. LIV No 37 12-Sep-2011 Political Comment (12 September 2011) Following the delivery to the UN of the Palmer report on last year's Mavi Marmara incident, there has been a dramatic deterioration in relations between Turkey and Israel, with the Tu...
Volume: 54Issue: 37Published at Mon, 12 Sep 2011 -
What Happens In Europe May Not Stay In Europe: Fear Of A US Recession
...mmousm@drexel.edu. Fears of a developing sovereign debt crisis in Europe started in late 2009, but the situation became particularly tense in early 2011. ‘Crisis Europe’ included Eurozone members Greece, Ireland and Portugal and also some European Union (EU) countries from outside the Eurozone. In the EU, pa...
Volume: 54Issue: 37Published at Mon, 12 Sep 2011 -
The Dawn Of A New Energy Era
...Middle East Economic Survey VOL. LIV No 37 12-Sep-2011 The Dawn Of A New Energy Era By Vahid Fotuhi Mr Fotuhi is Chairman of the Emirates Solar Industry Association (ESIA). The year 2011 has been memorable for the Middle East. But while all the media attention has been fo...
Volume: 54Issue: 37Published at Mon, 12 Sep 2011 -
Multi-Billion Dollar Financing Proposal Boosts Nabucco Project
...ch agency, Nabucco said. Soon after, ECAs and international banks are expected to commence their due diligence, with commitments from potential lenders being sought in 2011 and the wrapping up of the entire financing package planned for the second half of 2011, said Nabucco. However, some financiers su...
Volume: 53Issue: 37Published at Mon, 13 Sep 2010 -
Egypt Courts More Hydrocarbons Investment
...ned affiliate Ieoc, with the remainder owned by Lukoil (24%) and Mitsui (20%). Agiba, a joint operating company owned equally by Ieoc and EGPC, is the operator. Agiba plans to ramp up production via four more wells in 2010 and 2011, to 3,000 b/d of oil equivalent (boed). It is part of Eni’s strategy to...
Volume: 53Issue: 37Published at Mon, 13 Sep 2010 -
OPEC Sees Uncertain 2H10 Demand, Eases Output In August
...en downgraded by 100,000 b/d for both 2010 and 2011. Stocks continue to rise, weighing on the market, the MOMR noted. US commercial stocks are at their highest level since January 1993. And “at 361.7mn barrels, US crude oil stocks continued their contra-seasonal build to reach the highest level si...
Volume: 53Issue: 37Published at Mon, 13 Sep 2010 -
Robust Deal Flow In Energy Project Financing
...llar MENA projects are continuing to attract funding. Both sponsors and lenders are encouraged by conditions which are considerably more stable than the immediate aftermath of the financial crisis. They expect the deal flow to remain robust through the rest of the year and into 2011. In fact, many are pr...
Volume: 53Issue: 37Published at Mon, 13 Sep 2010 -
Crude Prices Hold Steady With WTI At $74/B
...onomic recovery will slow this year and into 2011. It added that global oil demand will be 86.8mn b/d in 2010 and 87.9mn b/d in 2011, “suggesting increments of 1.9mn b/d and 1.3mn b/d respectively.” In its Weekly Petroleum Status Report, released on 9 September, the US Energy Information Administration (EI...
Volume: 53Issue: 37Published at Mon, 13 Sep 2010 -
EIA Sees Little Change In World Oil Market Outlook
...global oil inventories over the forecast period should lend support to firming oil prices,” the EIA said. “World oil prices are expected to rise slowly as global economic growth leads to higher global oil demand, growth in non-OPEC oil supply slows in 2011 and members of OPEC continue to support wo...
Volume: 53Issue: 37Published at Mon, 13 Sep 2010 -
Algeria Launches Upstream Bidding Round Amid Intense Scrutiny
...tober to 20 December. Alnaft will accept proposals for modifications up to 10 January 2011. The final contract will be issued no later than 7 February, with bids to be opened at a ceremony on 3 March, Alnaft said. Contract signing is scheduled for 20 March. The bidding round announcement is significant in...
Volume: 53Issue: 37Published at Mon, 13 Sep 2010 -
Gazprom To Double Azeri Gas Imports In 2011
...Middle East Economic Survey VOL. LIII No 37 13-Sep-2010 CASPIAN Gazprom To Double Azeri Gas Imports In 2011 Russia’s Gazprom and Azeri state firm Socar agreed on 3 September to amend th...
Volume: 53Issue: 37Published at Mon, 13 Sep 2010 -
Tunisia Supported Throughout Global Crisis By Sound Policies And Reforms, Says IMF
...y 2010 due to rising food prices, but non-food price increases have remained moderate at around 3%. Tunisia: Selected Economic And Financial Indicators, 2005–11 Projections 2005 2006 2007 2008 2009 2010 2011 Pr...
Volume: 53Issue: 37Published at Mon, 13 Sep 2010 -
Basri Proposes New Approach To Budget Planning In Iraq
...under 20% of it value in 2009, according to Dr Basri’s scenario. Iraq Budget Projections: 2010-14 ($Mn) 2009 2010 2011 2012 2013 2014 Oil Revenue 36,000 49,680 58,500 69,984 83...
Volume: 52Issue: 37Published at Mon, 14 Sep 2009 -
ERC Targets Early 2010 Financial Close For Musturud Refinery Upgrade
...stream in 2011 at a cost of $2.25bn....
Volume: 52Issue: 37Published at Mon, 14 Sep 2009 -
Nord Stream Expects Bank Responses In Early October
...et about 25% of this additional requirement by connecting the European gas pipeline network to Russia, which boasts the world’s largest gas reserves. Nord Stream’s first of two parallel pipelines will be operational in 2011. Each line is approximately 1,220km long, with a capacity to transport so...
Volume: 52Issue: 37Published at Mon, 14 Sep 2009 -
Syria Has No Surplus Gas For Export At Present
...cond half of 2010. The Jihar Gas Project is expected to start up in 2011 with full production capacity of 3.7mn cmd. Syria Prepares For Egyptian Gas Flow To Lebanon Meanwhile, Syrian oil sources report that preparations are underway in Syria for the flow of Egyptian gas to Lebanon from AGP, wi...
Volume: 52Issue: 37Published at Mon, 14 Sep 2009