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Jordan Replaces Its Central Bank Governor
...corruption had caused a major drop in productivity and that foreign direct investment had dropped by JD1.5bn ($2.1bn) in 2011. Protesting the forced resignation, his mother Leila Sharaf, who is a member of the Upper House, or Senate, resigned saying, “I do not wish to serve in a government of co...
Volume: 54Issue: 39Published at Mon, 26 Sep 2011 -
Jordan Announces Price Decreases For Some Petroleum Products
...se in oil prices and the disruption of Egyptian gas supplies to Jordan at preferential prices in the aftermath of the Egyptian revolution. According to official statistics, the country’s energy import bill – crude oil, products and electricity – in the first half of 2011 rose by 74% to JD...
Volume: 54Issue: 39Published at Mon, 26 Sep 2011 -
Kuwait Closes 2010-11 Budget With $19Bn Surplus
...Middle East Economic Survey VOL. LIV No 39 26-Sep-2011 KUWAIT Kuwait Closes 2010-11 Budget With $19Bn Surplus Kuwait closed its fiscal year 2010-11 (1 April 2010-31 March 2011) with a remarkable surplus of KD5.3bn ($19.20bn) before the transfer to the Reserve Fund for Future Ge...
Volume: 54Issue: 39Published at Mon, 26 Sep 2011 -
Omani Crude Oil Production Edges Up 2.9% In August
...mp over 900,000 b/d of oil through 2011, and was targeting an average of 1mn b/d in 2012 for the first time in its history. “Our ambition is to attain an output target of 1mn b/d for the first time… this is a strategy and an objective which we are working to achieve.” ...
Volume: 54Issue: 39Published at Mon, 26 Sep 2011 -
IMF Sees Stalling MENA Growth In 2011
...Middle East Economic Survey VOL. LIV No 39 26-Sep-2011 REGIONAL IMF Sees Stalling MENA Growth In 2011 Commodity price movements and social unrest have adversely affected activity in some MENA economies, the IMF said on 20 September in its latest World Economic Outlook (WEO). Hi...
Volume: 54Issue: 39Published at Mon, 26 Sep 2011 -
Saudi Petchems Output To Grow 32% By 2015, Says NCB
...s 2007 level,” the report said. Based on the monthly averages of 1H11, the value of petrochemical exports is forecast to reach SR99.48bn ($27bn) by the end of 2011. In 2009, the sector’s import volume and value fell by 1.78% and 3.60%, respectively, to reach 3.31mn tons valued at SR41.22bn ($11...
Volume: 54Issue: 39Published at Mon, 26 Sep 2011 -
EU Increases Funding For Yemen Humanitarian Aid
...Middle East Economic Survey VOL. LIV No 39 26-Sep-2011 yemen EU Increases Funding For Yemen Humanitarian Aid The European Union is increasing its humanitarian funding for Yemen by €5mn, bringing the amount of assistance in the country to €20mn for 2011, the European Commission an...
Volume: 54Issue: 39Published at Mon, 26 Sep 2011 -
Political Comment (26 September 2011)
...Middle East Economic Survey VOL. LIV No 39 26-Sep-2011 Political Comment (26 September 2011) The Palestinians' decision to resort to the UN was probably designed to embarrass the Americans, and it succeeded. The Syrian opposition is trying to organize itself. Against all the od...
Volume: 54Issue: 39Published at Mon, 26 Sep 2011 -
A Review Of Greg Muttitt’s ‘Fuel On The Fire’
...w. It will need more books like this and, more critically, books in Arabic and by Arabs. Notes 1. G Muttitt, ‘Fuel on the Fire – Oil and Politics in Occupied Iraq’, Random House, April 2011 (for further details e-mail author at info@fuelonthefire.com). 2. R Springborg,’ Oil and Democracy in Ir...
Volume: 54Issue: 39Published at Mon, 26 Sep 2011 -
Fluctuations In The Gold Price And Its Relation To Oil Markets
...e world’s central banks to become net buyers. The World Gold Council announced in its recent report that the world’s central banks have in the first five months of 2011 purchased 155 tons of gold ,valued at $18.8bn, which is more than the total amount of gold they purchased in 2010. Currently, 6....
Volume: 54Issue: 39Published at Mon, 26 Sep 2011 -
Kuwait Launches Four-Year Economic Revamp
...e 2010-11 budget (1 April 2010 to 31 March 2011) published by the government in August hikes spending by 34.6% from the previous year to KD15.7bn ($54.9bn – see tables). It falls short of the record KD19bn ($66.4bn) allocated in the 2008-09 budget, but that increase had focused on areas that do not st...
Volume: 53Issue: 39Published at Mon, 27 Sep 2010 -
Saudi Aramco Poised For Next Stage Of Downstream Expansion Drive
...pansion. Bids for construction of the 2.5bn cfd Wasit gas plant, which will produce around 1.8bn cfd of sales gas from the offshore Hasbah and 'Arabiyah fields, are due in by end-October, with award expected by February/March 2011, contractors say. Meanwhile, bids for construction of a gas treatment and NG...
Volume: 53Issue: 39Published at Mon, 27 Sep 2010 -
Region Needs $70Bn Investment Over 10 Years To Avoid Power Crisis
...ternative energy research to importing coal. Qatar To Export Electricity, Plans $1Bn Solar Center Qatar, the only Gulf country to have surplus gas and electricity, plans to boost its power production to more than 8.707gw by 2011, from 4.263gw at the end of the second quarter of 2008, according to Qatar’s ge...
Volume: 53Issue: 39Published at Mon, 27 Sep 2010 -
OPEC In Good Shape At 50th Anniversary, Says CGES
...s not happy subsidizing other sources of energy, but by following its recent pricing strategy that is exactly what it is doing.” CGES Global Supply/Demand Balance (Mn B/D) 3Q10 4Q10 1Q11 2Q11 3Q11 4Q11 2009 2010 2011 World Oil De...
Volume: 53Issue: 39Published at Mon, 27 Sep 2010 -
Economy Remains Wildcard For Market Fundamentals, Says Société Générale (
...arterly report and that it expects stocks to remain steady at current high levels through the first half of 2011 with no drawdowns likely until the second half. Despite a year of recovering oil demand, OECD inventories remain high at over 61 days of forward cover – above five-year highs. Mr Wittner said th...
Volume: 53Issue: 39Published at Mon, 27 Sep 2010 -
Mirkazemi Announces Halt To Gasoline Imports As Sanctions Limit Supply
...l and Unipec will continue to supply Iran once Tehran decides to return to the international market, thought likely before the beginning of the next Iranian year on 21 March 2011. China remains a potential major source of Iranian gasoline supplies, although it is not clear how much fuel could also be...
Volume: 53Issue: 39Published at Mon, 27 Sep 2010 -
Iran’s CNG Retail Network Rapidly Expanding
...twork has expanded rapidly over the past three years. There are expected to be 1,000 vehicles per CNG retail outlet by the end of the current Iranian year (21 March 2010 – 20 March 2011) compared with 1,400 vehicles in 2009 and 1,700 in 2008. Due to the abundance of Iran’s domestic gas resources, Mr Ro...
Volume: 53Issue: 39Published at Mon, 27 Sep 2010 -
NPCC Export Earnings Up By 30% In First Half Of Year
...dolhussain Bayat, told reporterson 20 September that National Petrochemical Commercial Company (NPCC) export revenues were 30% higher in the first half of the current Iranian year (21 March 2010 – 20 March 2011) than in the same period last year. In a ceremony to mark the 20th anniversary of the founding of NP...
Volume: 53Issue: 39Published at Mon, 27 Sep 2010 -
Noble Sanctions Tamar Gas Field Development
...velopment is estimated at $3bn, of which Noble will cover $1.1bn. The company said the majority of key project components have been awarded and development drilling is scheduled to commence by early 2011. The project is expected to come on stream in the fourth quarter of 2012. Noble Energy’s Chairman and CE...
Volume: 53Issue: 39Published at Mon, 27 Sep 2010 -
IMF Says Global Economic Recovery Advances Despite Setbacks To Financial Stability
...10. However, it is projected to slow temporarily during the second half of 2010 and the first half of 2011 due to downside risks, with high uncertainty in financial markets of particular concern. “The combination of sovereign risk and a still weak financial sector in many advanced economies poses si...
Volume: 53Issue: 39Published at Mon, 27 Sep 2010