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ExxonMobil Finalizes West Qurna-1 Exit As PetroChina Assumes Operatorship
...edged to increase capacity to 800,000 b/d by 2028. Exxon’s time in Iraq has been tumultuous, with the firm angering Baghdad when it signed up to six blocks in the Kurdistan Region in 2011. That gamble ultimately failed, with Exxon quitting its last Kurdistan asset in 2022 without producing a ba...
Volume: 66Issue: 46Published at Fri, 17 Nov 2023 -
Oman To Introduce Income Tax: Will Rest Of GCC Follow?
...er $100/B prior to late 2014, Oman was still unable to balance the budget as Muscat looked to avoid contagion from the 2011 ‘Arab Spring’ with 2012-14 spending blowouts. While the government is seemingly unable to reduce spending on salaries, the looming implementation of 5% VAT will have a si...
Volume: 63Issue: 46Published at Fri, 13 Nov 2020 -
Waha 150mn cfd Gas Output Boost
...0km pipeline to help maintain output. Waha also plans to supply coastal power plants as well as the methanol and fertilizer plants in Marsa el-Brega (MEES, 1 November). Faregh Phase-2 was initially meant to start-up a decade ago, but Cypriot contractor J&P left the project following the 2011 re...
Volume: 62Issue: 46Published at Fri, 15 Nov 2019 -
Tunisia Struggles To Cash In On Democracy
...uted as the Arab Spring’s only success story, Tunisia has navigated a difficult path toward democracy since the overthrow of dictator Zine al-Abidine Ben Ali on 14 January 2011. But nine governments later, the country’s economic prospects look bleaker than before the Jasmine Revolution. One of the ma...
Volume: 61Issue: 46Published at Fri, 16 Nov 2018 -
Egypt IMF Loan Brings Short-Term Relief, But Uncertainties Lie Ahead
...e January 2011 revolution. Egypt then went to the IMF seeking a loan facility of around $3bn, which was later raised to $4.8bn, but intermittent negotiations for two years or so failed to lead to any results, because Egypt and particularly its military were not in a position to bite the bullet and ac...
Volume: 59Issue: 46Published at Fri, 18 Nov 2016 -
Jordan Budgets For Ambitious 2016 Spending, Revenue Hike
...nefited from project aid from the $5bn GCC development fund set up in December 2011 by Saudi Arabia, Kuwait, Qatar and the UAE following the eruption of the Arab Spring, with each country pledging $1.25bn for the kingdom (MEES, 10 May 2013). He notes that this fund has already disbursed JD456mn in 20...
Volume: 58Issue: 46Published at Fri, 13 Nov 2015 -
Egypt Cuts Deficit On Back Of Gulf Cash, But More To Do
...taled E£701.5bn ($109.4bn), virtually level with the previous year (+0.5%) in real dollar terms. The 2013-14 spending equates to 35% of GDP. Egypt has seen close to four years of political turmoil following the February 2011 overthrow of Husni Mubarak. The 2013-14 fiscal year began with the July 2013 ou...
Volume: 57Issue: 46Published at Fri, 14 Nov 2014 -
Saudi, UAE Close To Top Of World SWF Rankings
....5 2002 Oil 10 23 Iran National Development Fund of Iran 54 2011 Oil & Gas 5 33...
Volume: 56Issue: 46Published at Fri, 15 Nov 2013 -
IMF Downgrades MENA Growth Projections To 2.3% For 2013
...lls for subsidy reform in the MENA region, estimates that pre-tax energy subsidies – measured as the difference between the value of consumption at world and domestic prices – amounted to about $237bn in 2011. This is equivalent to half of the world’s subsidies, 8.6% of regional GDP and 22% of go...
Volume: 56Issue: 46Published at Fri, 15 Nov 2013 -
EBRD: SME Growth Crucial For New Arab Democracies
...tential of SMEs,” he continued. The Deauville partnership was established at the G8 meeting in May 2011 under the French Presidency, as a response by the international community to political changes in some countries of the Middle East and North Africa (MENA) region. It comprises the G8 co...
Volume: 55Issue: 46Published at Fri, 09 Nov 2012 -
UAE Allocates 51% Of 2013 Budget To Social Spending
...ble). Announcing the new budget UAE Prime Minister and Ruler of Dubai Shaikh Muhammad bin Rashid Al Maktum said that the 2013 budget is the last part of a three-year financial plan of Dh133bn ($36.2bn) covering the period 2011-13. The three-year budget, announced in November 2010, was intended to ac...
Volume: 55Issue: 46Published at Fri, 09 Nov 2012