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Egypt: Desperately Seeking Finance
...serves. These reserves, which stood at some $36bn before the 2011 revolution, have fallen to $16.3bn at the end of September, down $1.8bn from the previous month. Egypt needs $10bn for both 2016 and 2017 to meet its “financing needs”, according to IMF regional director Masood Ahmed. He says that th...
Volume: 58Issue: 42Published at Fri, 16 Oct 2015 -
Suez Canal Traffic (‘000t)
...13 2012 2011 2010 Petroleum (Crude & Products) 10,541 9,448 8,427 63,079 -6286 -9 +54...
Volume: 58Issue: 42Published at Fri, 16 Oct 2015 -
South Korean Crude Oil & Condensate Imports, ‘000 B/D
...14 2013 2012 2011 2010 Sep-15 Aug-15 Jul-15 MIDDLE EAST 2,229 -51 +10...
Volume: 58Issue: 42Published at Fri, 16 Oct 2015 -
US Shale A Threat To Mideast Condensate, Despite Oil Price Slide
...duce the firm’s exposure to political instability. Japan’s Gulf^ Condensate Imports (‘000 B/D) 2011 2012 2013 *2014 Qatar 15...
Volume: 57Issue: 42Published at Fri, 17 Oct 2014 -
UAE Sees Balanced 2015 Budget Despite Oil Price Fall
...tensifies. The budget is part of a three-year federal spending plan of Dh140bn ($38.1bn) for 2014-16. The three-year budget first introduced in 2011 intended to achieve sustained growth. Announcing the new budget, Shaikh Muhammad bin Rashid Al Maktum, UAE Prime Minister and Ruler of Dubai, said health, ed...
Volume: 57Issue: 42Published at Fri, 17 Oct 2014 -
Saudi Speciality Petchems Transformation Focuses On Aromatics
...e key components of Aramco’s refining expansion and push into petrochemicals under its Accelerated Transformation Program launched in 2011 to turn Aramco into “a fully integrated global energy enterprise.” Aramco CEO Khalid al-Falih says the program will “not only significantly expand our existing ca...
Volume: 57Issue: 42Published at Fri, 17 Oct 2014 -
Oman Turns To Wind To Cut Rural Generating Costs
...13 to 195MW in 2020. This projection excludes a proposed aluminum smelter under consideration at Duqm, which would consume 1GW. Oman Rural Electricity Supply* (Gwh) 2009 2010 2011 20...
Volume: 57Issue: 42Published at Fri, 17 Oct 2014 -
Saudi Arabia Takes On Oil Market Bears
...counting for roughly one third of the group’s total output, Saudi Arabia has often acted without waiting for a formal agreement by all 12 members of OPEC. It ramped up production to make up for the loss of more than 1mn b/d of Libyan oil at the start of the revolution in the North African state in 2011, an...
Volume: 57Issue: 42Published at Fri, 17 Oct 2014 -
Oil Revenues Key To Conflict In Libya
...bya specialist at the International Crisis Group. The enmity is rooted in the period after Mu’ammar al-Qadhafi was toppled in 2011, when the JCP stonewalled decision making in the GNC, so paralyzing a government already struggling to impose its authority on the country. The Misratans on the other ha...
Volume: 57Issue: 42Published at Fri, 17 Oct 2014 -
Abu Dhabi Boosts Offshore Output As Umm Lulu Comes Online
...f in 2011 was reinjected into oil fields for enhanced oil recovery purposes, the official UAE Yearbook covering 2013 says. One of the largest increments will come from Upper Zakum, which is being further developed the Zakum Development Company (ZADCO) at an estimated cost of over $10bn. ADNOC ho...
Volume: 57Issue: 42Published at Fri, 17 Oct 2014 -
Benchmark Crude Prices ($/B)
...13 2012 2011 WTI 82.70 87.62 91.44 93.13 95.95 97.25 103.00 98...
Volume: 57Issue: 42Published at Fri, 17 Oct 2014 -
Glimmers Of Hope As Egypt Craves Stability
...EGYPT Glimmers Of Hope As Egypt Craves Stability The prolonged period of flux that has held sway over Egyptian politics since the revolution in 2011 continues to affect oil and gas producers in the country. But there are signs that management changes at the petroleum mi...
Volume: 56Issue: 42Published at Fri, 18 Oct 2013 -
Atlantic Frontier Hots Up As BP Enters Morocco
...nverting a ‘reconnaissance contract’ (an initial exploration deal not requiring a drilling commitment) held since 2011 to a full exploration agreement. Kosmos says that the three blocks together “will allow integrated exploration over a significant portion of the Agadir Basin, one of the last re...
Volume: 56Issue: 42Published at Fri, 18 Oct 2013 -
Hidden Fuel Exposes Middle East Energy Policy Flaw
...tes. While making up only around 3% of the global population, over a third of the $523bn of global energy subsidies in 2011 were dispensed in the Middle East, according to the IEA’s 2012 World Energy Outlook. Eight countries in the region feature in last year’s top 20 list of subsidisers. “Su...
Volume: 56Issue: 42Published at Fri, 18 Oct 2013 -
Iraq Signs Misan Deal With Satarem As Refineries Program Gathers Pace
...r Misan refinery in 2009. These were completed in early 2011. In 2010, US firm KBR was awarded contracts by the oil ministry for licensing and basic engineering for a 47,500 b/d fluid catalytic cracking (FCC) unit and a 45,000 b/d solvent deasphalting unit to be built at the Misan refinery. The mi...
Volume: 56Issue: 42Published at Fri, 18 Oct 2013 -
IEA, OPEC See Deeper Cuts In 2014 Call On OPEC
...t average oil output for the group at 30.05mn b/d in September, down close to 400,000 b/d from August levels – leaving it just 50,000 b/d off the 30mn b/d production ceiling agreed on in December 2011. OPEC members are set to meet in Vienna in December this year. But despite crude oil pr...
Volume: 56Issue: 42Published at Fri, 18 Oct 2013 -
2014 Presidential Elections Dominate Algerian Politics
...unds in 2011. This prompted Mr Khalil’s successor, Mr Yousef Yousfi, to introduce an amended hydrocarbon law designed to attract investors into unconventional oil and gas fields in order to help stem declines from conventional fields. IOCs argue that the amended law still needs further re...
Volume: 56Issue: 42Published at Fri, 18 Oct 2013 -
PDO To Invest $11bn Through 2022 To Maintain Crude Plateau
...s Mukhaizna heavy oil field in Block 53, a target it intended to achieve in 2011 (MEES, 15 November 2010). Oxy has since seen its costs soar from $2bn to about $9bn, as it has doubled the expected number of wells needed to inject steam into the reservoir. Oxy, which has a reputation for ru...
Volume: 56Issue: 42Published at Fri, 18 Oct 2013 -
Iraqi Budget Projects Record 2014 Expenditure
...12, the DFI had a balance of $18bn, the budget statement said. The expected budget deficits in 2011 and 2012 did not materialize, because actual oil prices exceeded the original projections, while at the same time there was underspending on investment projects. The draft budget projects an in...
Volume: 56Issue: 42Published at Fri, 18 Oct 2013 -
World Bank Sees Decline In Post-Arab Spring MENA Growth
...REGIONAL World Bank Sees Decline In Post-Arab Spring MENA Growth The ongoing political and social upheavals which followed the Arab Spring of 2011 continue to weigh down economic activity across the MENA region, the World Bank says in its recently released ‘MENA Economic De...
Volume: 56Issue: 42Published at Fri, 18 Oct 2013