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Egypt Reconsiders Borrowing From The IMF
...ssibility in June (MEES, 4 July). Reports from Egypt quote well informed sources that the government, together with the Supreme Council of the Armed Forces are looking into borrowing some $3bn from the IMF to finance the E£134bn ($22.5bn) deficit for fiscal 2011-12. A final decision on this issue is ex...
Volume: 54Issue: 39Published at Mon, 26 Sep 2011 -
Apache Announces Discovery And Production Well Test Results In Western Desert
...quired the Abu Gharadig field in 2010. The Tayim South 1-X well is the highest oil rate completion Apache has tested since it began operating in the Western Desert in 1996 and is the latest in a series of discoveries in the Faghur Basin. Apache has drilled 13 exploratory wells in the area during 2011...
Volume: 54Issue: 39Published at Mon, 26 Sep 2011 -
GE Signs Agreement To Build 2.25GW Power Plants
...owth in electricity demand from 2009 to 2010, and this is expected to continue at a rate of approximately 11% a year over the next five years. In April, Egypt allocated £E20bn ($3.36bn) for the electricity sector in fiscal year 2011-12 (MEES, 18 April). In order to meet the projected demand for el...
Volume: 54Issue: 39Published at Mon, 26 Sep 2011 -
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 -
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 -
Sudan Prepares Policies To Prevent Post-Referendum Economic Collapse
...untry, including price increases which he said were “a very normal phenomenon.” Mr Mahmud said: “In our estimates, 2011 will be better than 2010 as this has been proven by studies we have conducted on commodity price levels, state revenues, the state’s meeting its obligations, and the availability of ha...
Volume: 53Issue: 39Published at Mon, 27 Sep 2010 -
Turkey Plans Public Offering for TPAO In 2011
...Middle East Economic Survey VOL. LIII No 39 27-Sep-2010 TURKEY Turkey Plans Public Offering for TPAO In 2011 Turkey’s Minister of Energy and Natural Resources Taner Yildiz on 21 September announced that the government in 2011 will take steps to launch an initial pu...
Volume: 53Issue: 39Published at Mon, 27 Sep 2010 -
Libya Agrees To Buy Verenex At A Discount After Blocking Chinese Deal
...visages bringing the discoveries made there on-stream by 2011 at an initial rate of 50,000 b/d of oil and 60mn cfd of gas. Along with its partner in the concession, Indonesia’s Medco Energi, which holds a 50% working interest, Verenex has spent $320mn on its exploration activities. A senior Medco of...
Volume: 52Issue: 39Published at Mon, 28 Sep 2009 -
Sonatrach Hails LNG Production Landmark
...e at Skikda, with one more being built at each terminal. The 4.5mn tons/year train being built at Skikda by US firm KBR is due for completion in November 2011, while the new 4.7mn t/y facility at Arzew, that Italy’s Snamprogetti and Japan’s Chiyoda recently won the EPC contract for, is to begin op...
Volume: 51Issue: 39Published at Mon, 29 Sep 2008 -
Citadel-Backed Refining Project To Seek Funding Late 07/Early 08
...C. It will start up in 2011 producing 2.2mn tons/year of diesel (in line with the latest Euro V specifications coming into force in 2009) and 700,000 t/y of high octane gasoline. Egypt produces a surfeit of fuel oil (now that most power operations are switching to gas) and the refinery will use th...
Volume: 50Issue: 39Published at Mon, 24 Sep 2007