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Egypt Looks To Turn Page On Bureaucratic Delays
...litical upheaval in the country is not causing further delays in the oil sector. The bid round, launched in 2011, was a show of confidence in Egypt’s energy sector that surprised some observers, given the turmoil of the Arab Spring and the parsimonious terms granted to oil and gas producers. The bl...
Volume: 56Issue: 40Published at Fri, 04 Oct 2013 -
Syria Output Only 18k B/D
...rms having declared force majeure and pulled out of Syria (MEES, 14 September 2012). The minister attributed the sharp drop in production (from an average of 380,000 b/d before the start of the uprising in March 2011) to damage caused by armed rebels attacks on oilfields, pipelines and other fa...
Volume: 56Issue: 40Published at Fri, 04 Oct 2013 -
Changing Global LNG Pricing Dynamics – MEES Analysis
...rticularly the case for Japan itself, which is paying an average of $15/mn BTU for LNG – more than $10/mn BTU over Henry Hub – that it has been importing in higher volumes since 2011’s Fukushima nuclear disaster. All of Japan’s 20 nuclear plants – which typically provide 30% of the country’s electricity – re...
Volume: 56Issue: 40Published at Fri, 04 Oct 2013 -
Jubail Specialty Chemicals Boost
...e MMA unit is set to be the largest ever and will incorporate MRC’s proprietary Alpha technology, which uses methanol, ethylene and carbon monoxide as feedstock. At the launch of the joint venture in 2011 to build the plants, a SABIC official described Alpha as a “breakthrough technology.” Me...
Volume: 56Issue: 40Published at Fri, 04 Oct 2013 -
Morocco’s ONEE Announces 2013-17 Electricity Plan
...ovision of $100mn to Morocco to support the building of further solar and wind plants in a number of remote areas. ONEE had more than 4.7mn customers at the end of 2012, an increase of 7.4% compared with end-2011. Morocco’s electricity demand was 31.06TWh in 2012, up 8% on 2011. Demand growth av...
Volume: 56Issue: 40Published at Fri, 04 Oct 2013 -
Libya: No Light At The End Of The Tunnel
...fore the 2011 revolution was 1.6mn b/d. In an interview with the Beirut-daily al-Hayat, Mr Tariq Mitri, the UN Secretary- General’s Special Representative in Libya, noted that the government has so far failed to disarm the public and rebuild the army and police forces and that it has th...
Volume: 56Issue: 40Published at Fri, 04 Oct 2013 -
Iranian Economy Shrinks By 5.4%
...around $70bn in 2012 from at $95bn in 2011 due to the effect of sanctions. Major economic reforms are needed in four sectors of the economy according to Mr Rohani’s economic advisor Masoud Nili. These are the foreign currency market, cash subsidy payments (to offset price increases), the pr...
Volume: 56Issue: 40Published at Fri, 04 Oct 2013 -
Tunisia: Slow Growth
...ocks following the 2011 revolution. According to the IMF, real GDP fell by 2% in 2011, foreign direct investment declined by more than 30% year-on-year, and unemployment rose to a record 19%. Tunisia, the country which pioneered the ‘Arab Spring’, is today witnessing the problems associated with po...
Volume: 56Issue: 40Published at Fri, 04 Oct 2013 -
Damage To Syrian Economy Tops $20Bn – Officials
...March 2011 to around $4-5bn at present. A report on the CBS website this week showed that forex reserves fell by just over a third at the end of 2011. The Syrian economy is only being kept (just about) afloat by the inflow of around $9bn in annual aid from Iran including regular fuel sh...
Volume: 56Issue: 40Published at Fri, 04 Oct 2013 -
The US Shale Revolution, Part 3: Overcoming The Obstacles
...timate arbiter on profitability, the market, offers no help. Shale gas drilling has been stagnating from February 2011 (the earliest available data point) to October of 2011. From that point on, it has been declining at a practically unbroken 2-year stretch to early August 2013, from about 930 to 390 ri...
Volume: 56Issue: 40Published at Fri, 04 Oct 2013 -
Benchmark Crude Prices
...12 2011 WTI 103.31 103.06 106.24 106.27 106.55 105.73 94.17 94.18 95...
Volume: 56Issue: 40Published at Fri, 04 Oct 2013