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EBRD Joins World Bank’s Gas Flaring Program For FSU
...timated at 134 bcm/year. Russia has set a target for its oil producing companies to limit their gas flaring operations to 5% of their total oil production by the end of 2011, a target that is considered unrealistic given the fact that Rosneft has publicly stated that it would not be able to reach this ta...
Volume: 54Issue: 46Published at Mon, 14 Nov 2011 -
Petrobel Announces New Oil Discovery In Sinai
...timates that the latest discovery will add 5.5mn barrels of crude to the company’s reserves, thereby helping to boost output from the older producing fields. Meanwhile, Mr Ghurab said last week that priority was accorded to the petroleum sector in Egypt in the budget for the current fiscal year 2011...
Volume: 54Issue: 46Published at Mon, 14 Nov 2011 -
Reactive Measures Pressure Egypt’s Budget, Warns CMES
...port. Egypt’s economic performance has been poor since the revolution began in January 2011, with the instability inherent in transition amplified by the global downturn. GDP has declined by almost 4% and manufacturing by 12%. Revenue from tourism has collapsed, putting pressure on the balance of pa...
Volume: 54Issue: 46Published at Mon, 14 Nov 2011 -
Iran’s Inflation Rate Rises To 19.1% In October
...tivity as enterprises adjust to higher cost energy, thereby lowering real GDP growth to 2.5% in 2011, according to latest projections by the International Monetary Fund (IMF) in its Regional Economic Outlook: Middle East and Central Asia published in October. With firm oil prices, the IMF is pr...
Volume: 54Issue: 46Published at Mon, 14 Nov 2011 -
Moody’s Upgrades GIC Financial Strength Rating
...th a baseline credit assessment of 12 on a scale of 1 to 21, where 1 reflects the lowest level of risk. Moody’s said the GIC rating upgrade “reflects its improved capital position and reduced leverage (equity-to-total assets and debt-to-equity stood at 40.5% and 1.5x as at June 2011). This provides GI...
Volume: 54Issue: 46Published at Mon, 14 Nov 2011 -
IMF Projects Moroccan Real GDP Growth Rate At 4.6% In 2011
...Middle East Economic Survey VOL. LIV No 46 14-Nov-2011 morocco IMF Projects Moroccan Real GDP Growth Rate At 4.6% In 2011 Morocco’s real GDP is expected to grow by 4.6% in 2011, one of the highest in the region, despite the slow recovery in the Eurozone, the IMF said in its Ar...
Volume: 54Issue: 46Published at Mon, 14 Nov 2011 -
Syria Convenes Forum To Outline Roadmap For Reforms
...otests, and that the time for the regime to reform has passed. In the meantime after eight months of political turmoil with no sign that the regime is capable of containing the uprising, the economy is suffering as international sanctions begin to bite. Real GDP in 2011 is expected to fall by 2%, ac...
Volume: 54Issue: 46Published at Mon, 14 Nov 2011 -
Bulgaria To Sign South Stream Agreement, ‘Deeply Worried’ Over Nabucco Progress
...sed in Sofia. The deal is expected to be signed during Russian Prime Minister Vladimir Putin’s planned visit to Sofia on 13 November. The two sides have also agreed to complete the pre-feasibility study for the project by February 2011, although Bulgaria may need more than six months to complete th...
Volume: 53Issue: 46Published at Mon, 15 Nov 2010 -
VTTI Awards Oil Terminal Construction Contract To J&P
...14mn barrels) capacity tank farm at Vasiliko on the southern coast of Cyprus. Work is to begin in January 2011 with the storage facility and jetty due for completion at end-2012. Officials say the company originally envisaged an investment of €100mn but now speak of expanding the storage capacity of th...
Volume: 53Issue: 46Published at Mon, 15 Nov 2010 -
Groundstar Transfer Of Kom Ombo Interest Approved
...80% interest for Aegean plus operatorship of the block. The Canadian company will retain a 10% carried interest through the 2011-14 exploration phase, the result of an agreement which saw the purchase price of Aegean’s interest drop from $8mn to $5mn. The two companies revised the terms of th...
Volume: 53Issue: 46Published at Mon, 15 Nov 2010 -
Jordan’s 2011 Budget Seeks To Contain Deficit
...Middle East Economic Survey VOL. LIII No 46 15-Nov-2010 JORDAN Jordan’s 2011 Budget Seeks To Contain Deficit The Jordanian government on 6 November unveiled its 2011 budget, which seeks to cap the deficit at the 2010 level and at the same time to press on with economic re...
Volume: 53Issue: 46Published at Mon, 15 Nov 2010 -
IMF Sees Libya’s Economy Strengthening Over Medium Term
...Prel Projected 2006 2007 2008 2009 2010 2011 (Annual % change, unless otherwise indicated) National Income and Prices Real GDP 5....
Volume: 53Issue: 46Published at Mon, 15 Nov 2010 -
IMF: Strengthening Of GCC Financial Systems Needed
...naging Director John Lipsky said on 6 November after a meeting with regional financial officials. Comfortable fiscal and external positions should allow most regional economies to support continued stimulus into 2011 if necessary, he noted: “However, in some countries we are seeing early signs of a pi...
Volume: 53Issue: 46Published at Mon, 15 Nov 2010 -
Saudi Arabia, Tunisia and Egypt Move Up In World Bank/IFC ‘Doing Business’ Ranking
...rporate disclosure and related-party transactions. MENA Ease Of Doing Business Rankings World Ranking World Ranking World Ranking World Ranking Economy 2011 2010 20...
Volume: 53Issue: 46Published at Mon, 15 Nov 2010 -
Saudi Aramco Attracts 28 Banks To $4Bn Credit Facility
...e $1bn is a 364-day dollar-denominated facility (which any bank can cancel at 30 days notice). The banks signing up to the dollar tranche of the $3bn facility are also participants in the 364-day facility. The latest deal, which replaces the last revolving credit facility expiring in 2011, re...
Volume: 53Issue: 46Published at Mon, 15 Nov 2010 -
SEC Invites Bids For Qurayah Power Project
...e company, adding that the remaining 50% will be owned by SEC. The project company will sell its power output to SEC under a 20-year power purchase agreement, it added. Bids are due to be submitted to SEC on 28 February 2011. The project should be completed and should achieve full commercial op...
Volume: 53Issue: 46Published at Mon, 15 Nov 2010 -
Norway’s Statkraft To Build Kargi Hydropower Plant
...dget for exploration in the Black Sea for 2011 will exceed $1bn. Turkey has agreements with Statoil, Chevron, Petrobras and ExxonMobil covering offshore Black Sea exploration projects (MEES, 25 October, 27 September). TransAtlantic Petroleum on 10 November announced that it has entered an...
Volume: 53Issue: 46Published at Mon, 15 Nov 2010 -
UAE 2011 Federal Budget Projected To Fall
...Middle East Economic Survey VOL. LIII No 46 15-Nov-2010 UAE UAE 2011 Federal Budget Projected To Fall The UAE cabinet on 7 November approved a three-year federal budget of Dh122bn ($33...
Volume: 53Issue: 46Published at Mon, 15 Nov 2010 -
Occidental, Mubadala and NOGA Finalize Awali Joint Venture
...2011. By 2016, it should grow to 102,300 b/d, before reaching a peak of 112,600 b/d in 2019.” Mr Monfaridy added that production capacity would begin to decline slowly after 2020. Gas production capacity is expected to reach a peak of 2.75bn cfd in 2020, and hold steady until 2024, said Mr Mo...
Volume: 52Issue: 46Published at Mon, 16 Nov 2009 -
Eni And KMG EP Sign Upstream, Downstream MOU
...pected to begin in 2011 (MEES, 9 November). Two minority shareholders in Dragon Oil have said they will reject the offer made by ENOC to purchase all the shares of the company for £4.55 in cash for each share. Baille Gifford & Co, which holds 4.2% of Dragon, and Noster Capital, with 0....
Volume: 52Issue: 46Published at Mon, 16 Nov 2009