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Algerian Draft Budget Projects Lower Spending In 2012
...Middle East Economic Survey VOL. LIV No 44 31-Oct-2011 ALGERIA Algerian Draft Budget Projects Lower Spending In 2012 The Algerian draft budget for 2012 projects a 10.2% fall in expenditure compared to the 2011 supplementary budget which had raised total expenditure from the or...
Volume: 54Issue: 44Published at Mon, 31 Oct 2011 -
Dragon Oil To Hike Production 50% By 2015
...Middle East Economic Survey VOL. LIV No 44 31-Oct-2011 CASPIAN Dragon Oil To Hike Production 50% By 2015 Dragon Oil announced on 24 October that it will produce 70,000 b/d of crude by the end of 2011. It then plans to invest another $1bn over a four year period in order to re...
Volume: 54Issue: 44Published at Mon, 31 Oct 2011 -
Flow Of Egyptian Gas To Israel Resumes, New Price Struck With Jordan
...th imports having averaged 240mn cfd prior to the start of the disruptions. According to the BP Statistical Review of World Energy 2011, Jordan imported from Egypt in 2010 a total of 2.52 bcm of gas. The agreement with Jordan is retroactive to January 2011 and gives Egypt the right to reconsider th...
Volume: 54Issue: 44Published at Mon, 31 Oct 2011 -
Egypt Restarts Loan Discussions With IMF, Waits On Further Arab Aid
...cal debts would negatively affect both the country’s balance of payments and its budget deficit. Egypt’s deficit is now forecast to hit 8.6% of GDP in fiscal 2011-12, exceeding pre-revolution estimates. That said however, the IMF is yet to receive an official request from Egypt. “We have not re...
Volume: 54Issue: 44Published at Mon, 31 Oct 2011 -
New Government In Jordan
...Jordan. Mr Bakhit, who was appointed Prime Minister in late January 2011, had to resign after a wave of street protests against his government. Cabinet changing for King 'Abd Allah of Jordan is a frequent phenomenon, which he resorts to when public pressure from political groups in society intensifies. ...
Volume: 54Issue: 44Published at Mon, 31 Oct 2011 -
US Grants Jordan $300Mn In Aid
...rvices and financial sectors aimed at creating job opportunities and introducing economic reforms. Jordan has projected a budget deficit of JD1.16bn ($1.63bn) for 2011 and any foreign aid it receives during the year will be necessary to lower this deficit (MEES, 5 September). ...
Volume: 54Issue: 44Published at Mon, 31 Oct 2011 -
Lebanese Finance Minister Sees Debt Rising To $60Bn
...Middle East Economic Survey VOL. LIV No 44 31-Oct-2011 Lebanon Lebanese Finance Minister Sees Debt Rising To $60Bn Lebanese Minister of Finance Muhammad Safadi has warned that the country’s public debt would grow to $60bn by the end of 2011, up from $52.6bn at the end of June, bu...
Volume: 54Issue: 44Published at Mon, 31 Oct 2011 -
Omani Public Spending To Rise Yet Again In 2012
...owth in the region of about 10% for 2011,” he said. Latest official figures released by the Omani Ministry of National Economy meanwhile have revealed an increase of around 77% in Oman’s fiscal surplus in the first eight months of this year relative to last year’s corresponding period. Driven bo...
Volume: 54Issue: 44Published at Mon, 31 Oct 2011 -
MENA Facing Unparalleled Uncertainty, Says IMF
...sult of continued high energy prices. Real GDP growth is expected to pick up in 2011 – to almost 5% – then moderate to about 4% in 2012, said the IMF. For the GCC, growth is projected at more than 7% in 2011. The countries are providing continued support to the non-oil sector, which is projected to gr...
Volume: 54Issue: 44Published at Mon, 31 Oct 2011 -
Syria Sees Budget Expenditure Rising Steeply In 2012
...Middle East Economic Survey VOL. LIV No 44 31-Oct-2011 syria Syria Sees Budget Expenditure Rising Steeply In 2012 The Syrian government on 20 October approved the draft budget for 2012, projecting a 58.8% increase in expenditure to S£1,326bn ($26.8bn) from S£835bn ($16.9bn) in 2011...
Volume: 54Issue: 44Published at Mon, 31 Oct 2011 -
Moody’s Upgrades DEWA Rating On Revenue Climb
...WA [will] monitor the fluctuating fuel prices continuously, and the increase or decrease in the prices would be reflected in monthly bills. These two tariff modifications have brought and will continue to bring incremental revenues to DEWA,” Mr Nowak said. As of end-June 2011, the company reported co...
Volume: 54Issue: 44Published at Mon, 31 Oct 2011 -
Russia, Turkmenistan Decide to Postpone Pre-Caspiysky Gas Pipeline
...e to the drastic fall in European demand for gas, as a result of the global economic downturn. Mr Sechin, who is understood to have offered Turkmengaz an increase of only 2 bcm/y for 2011 over existing import quantities of around 10 bcm/y, noted that the project’s delay is temporary and its fu...
Volume: 53Issue: 44Published at Mon, 01 Nov 2010 -
Russia, Bulgaria Agree To Establish South Stream Joint Venture By Mid-November
...at called for the joint venture’s set up by February 2011 at the latest. The agreement stipulates that 17 bcm/y of the gas carried by South Stream would be delivered into the existing Bulgarian National Gas System which will remain under Bulgarian control. In July Bulgaria’s Energy Minister Tr...
Volume: 53Issue: 44Published at Mon, 01 Nov 2010 -
Russia, Greece Set Up Joint Committee on Burgas-Alexandroupolis
...e statement, adding: “The company’s 2011 work program aims at detailed study and volumetrics in order to put the discovery into operation in the near future.” KMG EP’s oil output has increased by 15% during the January-September 2010 period to 9.946mn tons (270,000 b/d). UK-based Ma...
Volume: 53Issue: 44Published at Mon, 01 Nov 2010 -
Alstom Signs Contract To Rehabilitate Najaf’s Power Plant
...ntract with Iraq to rehabilitate a unit with a capacity of 180mw at the gas-fired power plant at Najaf. The plant consists of three GT13D gas turbines. The unit, which has been out of operation for five years, is expected to be reconnected to Iraq’s electricity grid by the summer of 2011. The company si...
Volume: 53Issue: 44Published at Mon, 01 Nov 2010 -
Lebanon, Cyprus Confer On Offshore Economic Zones
...cond bidding round for 12 offshore blocks probably in the second half of 2011. Nicosia has stated that before it proceeds with the bidding round, it would prefer to have talks on the issue of offshore boundaries with its neighbors concluded....
Volume: 53Issue: 44Published at Mon, 01 Nov 2010 -
IMF Says Prospects For MENAP Region Have Improved
...covery, prospects for the Middle East, North Africa, Pakistan and Afghanistan (MENAP) have improved, the IMF says in its latest Regional Economic Outlook for October 2010. With almost every country in the region projected to grow faster in both 2010 and 2011 relative to 2009, plans have been put in pl...
Volume: 53Issue: 44Published at Mon, 01 Nov 2010 -
Gulfsands Discovers Oil At KHE-18 Well
...serves estimation process. The results of this process will be available during the first quarter of 2011. The company added that following the completion of operations on the KHE-18 well, the drilling rig Crosco 401 will move to the Twaiba-1 exploration well, located some 7 kms north northeast of th...
Volume: 53Issue: 44Published at Mon, 01 Nov 2010 -
Austria’s OMV Takes Control Of Turkey’s Petrol Ofisi For €1Bn
...s regarding the Turkish lira during 2011. Russia’s Lukoil intends to invest $100mn in Turkey in the near-term, according to Vagit Alekperov, Lukoil’s president. Speaking in Istanbul on 26 October, Mr Alekperov said investment would go toward expanding its oil distribution network, oi...
Volume: 53Issue: 44Published at Mon, 01 Nov 2010 -
Italy’s Bonatti Awarded $150Mn El-Merk Pipeline Contract
...pected to come on-stream in late 2011 or early 2012 with output capacities of 135,000 b/d of crude oil, 150,000 b/d of condensate and 30,000 b/d of LPG (MEES, 10 August)....
Volume: 52Issue: 44Published at Mon, 02 Nov 2009