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Egypt’s Finance Minister Calls For Austerity
...Middle East Economic Survey VOL. LIV No 41 10-Oct-2011 EGYPT Egypt’s Finance Minister Calls For Austerity Egypt’s Deputy Prime Minister and Finance Minister Hazim al-Biblawi has called on all government entities to abide by their projected allocations in the 2011-12 budget an...
Volume: 54Issue: 41Published at Mon, 10 Oct 2011 -
Audit Court Criticizes Ahmadinejad’s Energy Policies
...e oil industry’s production has been reduced... The reduction has accelerated during the first three months of 2011,” Mr Katouzian was quoted as saying. The report was also critical of the overall handling of the economy by the president....
Volume: 54Issue: 41Published at Mon, 10 Oct 2011 -
Five Consortia Bidding To Develop Kuwait’s First IWPP
...st add power capacity of 10gw, from the current 11.3gw, according to National Bank of Kuwait (NBK) figures. Kuwait’s water capacity is 390mn g/d and it needs to hike this to 760mn g/d by 2020 (MEES, 14 February 2011). The tender for the Al-Zour North 1 IWPP was issued earlier this year after 16 in...
Volume: 54Issue: 41Published at Mon, 10 Oct 2011 -
HSBC And Emirates NBD Lend $200Mn For DEWA IPP
...e fact that talks to reschedule Dubai’s debt were ongoing at the time (MEES, 26 April 2010). These talks subsequently reached a successful outcome (MEES, 28 March 2011). The UAE is one of the world’s highest per capita consumers of water and electricity and hence is seeking to secure its long te...
Volume: 54Issue: 41Published at Mon, 10 Oct 2011 -
Russian JVC To Explore Turkmen Offshore Block 21
...rly 2011, according to a Gazprom corporate journal of 4 October. Itera Chairman Igor Makarov reportedly said: “This year we will draw up the block’s geochemical scheme and start 2D and 3D seismic exploration work, which we will finish in 2011. All the work will be organized on the lines of an open in...
Volume: 53Issue: 41Published at Mon, 11 Oct 2010 -
IMF Completes Iraq Review, Makes $741Mn Available For Disbursement
...rcumstances. The fund-supported program has provided a valuable anchor for economic policy during a period of high vulnerability. In the first half of 2010, oil revenues remained strong, inflation continued to be subdued, and the budget recorded a surplus. For 2010 as a whole and 2011, based on co...
Volume: 53Issue: 41Published at Mon, 11 Oct 2010 -
Egypt To Resume Agreed Gas Supply To Jordan
...rdanian officials are due to meet in the near future to discuss natural gas supplies in 2011 and the possibility of concluding a supplementary agreement for the extra gas that Jordan wishes to import from Egypt. Jordan was expecting to sign such a deal in July (MEES, 26 July). ...
Volume: 53Issue: 41Published at Mon, 11 Oct 2010 -
Dolphin Energy Announces Maintenance Program For February
...tural gas to the UAE via a pipeline from Qatar, announced that it will undertake a planned maintenance program at a number of onshore and offshore facilities in February 2011. Extensive inspection and maintenance work on Trains 1 and 2 of the Stream 2 facilities located at Ras Laffan and on one pr...
Volume: 53Issue: 41Published at Mon, 11 Oct 2010 -
IMF Sees Oil Price Rebound Leading MENA Growth In 2010-11
...d importers in the MENA region in ways that should see them experience robust growth in 2010 and 2011, the IMF said in its World Economic Outlook for October. The IMF projects a 4.1% average growth rate for the region as a whole this year, with an increase to 5.1% in 2011. Oil exporters, buoyed by...
Volume: 53Issue: 41Published at Mon, 11 Oct 2010 -
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 -
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