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SFD Lends Bahrain $115Mn
...der three loan agreements signed on 30 September in Manama. The first agreement for SR187.5mn ($50mn) will help cover the cost of an electricity transmission project, whose construction began in 2007 and is due for completion in 2011. The second agreement for SR143mn ($38.1mn) will finance the im...
Volume: 53Issue: 41Published at Mon, 11 Oct 2010 -
Credit Agricole Sees GCC Banks Reverting To Fundamentals
...ogram in which the role of banks has yet to be defined. “Reliance on state funds to finance development projects underpins the urgency of better engaging the private sector in 2011,” the bank said. Inflationary pressure in Saudi Arabia, which saw its inflation rate jump to a regional high of ab...
Volume: 53Issue: 41Published at Mon, 11 Oct 2010 -
NCB Says Saudi Arabia “Well Placed” For Growth In 2010
...pital inflows with the resumption of private sector credit continuing to support the non-oil sector. Real GDP growth has therefore been forecast at approximately 3.7% for 2010 and 4% for 2011. After the contraction of the oil sector by 6.7% in 2009 due to successive cuts in production, the NCB sa...
Volume: 53Issue: 41Published at Mon, 11 Oct 2010 -
Weak Performance For Saudi Banking In August, Says BSF
...lue. Banks are unlikely to see a substantial revival in credit until there is good growth in long term project financing, which BSF expects will take place in 2011 and 2012. There was also a notable decline in deposits of 1.8% from July to SR925.87bn ($247bn), which led to a rise in the loan-to-de...
Volume: 53Issue: 41Published at Mon, 11 Oct 2010 -
GE Wins $700Mn Contract For SEC Power Plant
...ted that Saudi Arabia, which has an installed capacity of 44gw, is expected to need about 70gw of power by 2020. GE will begin shipment of the equipment for PP11 in 2011 and the first phase of the project generating 788mw is scheduled to enter commercial operation in mid-2012. The second phase wi...
Volume: 53Issue: 41Published at Mon, 11 Oct 2010 -
Syria And India Sign MOU To Develop Phosphate Fertilizers
...ars to Oswal, which would be in charge of the development and running of the plant. They have also agreed to establish transportation and storage facilities on site and at the Port of Tartus. Oswal is expected to prepare a feasibility study for the project by early 2011....
Volume: 53Issue: 41Published at Mon, 11 Oct 2010 -
Edison Plans Purchase Of Turkish Power Plants, Seeks 20% Market Share
...d Middle East,” Mr Poti told reporters in Istanbul on 1 October. Turkey is expected in 2011 to offer for sale four coal and gas fired power plants with a combined 3.0gw capacity. Mr Poti, who heads Edison’s international projects department, said: “Turkey is the best market and now is the proper ti...
Volume: 53Issue: 41Published at Mon, 11 Oct 2010 -
RAK Petroleum Increases Stake In Saleh Field
...atement said. “Advances in technology as well as in oil and gas prices have regenerated our interest in the remaining potential of this field,” said Mr Mossavar-Rahmani. The company plans to commence redevelopment of the Saleh field in the first six months of 2011 by deepening an existing well into the Th...
Volume: 53Issue: 41Published at Mon, 11 Oct 2010 -
Ras Tanura Petrochemical Complex Expected To Cost $23-26Bn
...e London meeting the partners continued to thrash out all details of the agreements necessary to push ahead. However, with a project of this size, the lead times are long and the sponsors (advised by Royal Bank of Scotland and Riyad Bank) are not expected to seek financing until 2011. Before Ra...
Volume: 52Issue: 41Published at Mon, 12 Oct 2009 -
Occidental Wins $500Mn Abu Dhabi Field Development Deal
...,000 boed of capacity from as soon as 2011, the statement added. Ramhan, located in very shallow water near the Abu Dhabi refinery, was tested in 1992, flowing at a combined rate of 1,750b/d and 14mn cfd. In addition to the initial field developments, Occidental’s $500mn investment program “will in...
Volume: 51Issue: 41Published at Mon, 13 Oct 2008 -
StatoilHydro’s Debut Marred By Hydro’s Libyan Probe
...d Block 146-1, both in the Murzuk Basin. In a statement, StatoilHydro said further exploration and development were under way in each area, and that as new fields were readied for production, a substantial increase in output was expected towards 2011. In addition to Hydro’s Libyan upstream as...
Volume: 50Issue: 41Published at Mon, 08 Oct 2007 -
MOU Signed For Qatar-Bahrain Causeway
...r the construction of the proposed causeway to link the two Gulf states. Work on the $2-3bn project will begin within seven months, with completion scheduled for 2011. The 40km causeway will provide road and rail links between Ras Ashiraj in northwest Qatar and Askar in southeast Bahrain. The tw...
Volume: 50Issue: 41Published at Mon, 08 Oct 2007 -
Yemen Expedites Exploration Activity As Decline In Oil Production Continues
...d plans to drill 20-40 wells annually. During 2005 Nexen plans to invest $70mn to drill at least 20 wells and test deeper horizons where there has been recent success. It has the right to produce oil in Masila until 2011 and to negotiate a five-year extension. Nexen also has a controlling (87.5%) st...
Volume: 48Issue: 41Published at Mon, 10 Oct 2005 -
EGPC Seeks To Tap International Capital Markets
...curities in the international capital markets will break new ground. It will be the first time that the state-owned Egyptian oil company has attempted such a borrowing, although Egypt has two existing sovereign Eurobonds in the market with maturities of 2006 and 2011. The magnitude of the offering is to...
Volume: 47Issue: 41Published at Mon, 11 Oct 2004