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Azerbaijan Moves Further Away From Nabucco
...nkable by noting that despite the economic crisis, “DEPA would still produce an annual profit of approximately $130mn this year.” He also noted that EDF, which has owned 67% of Edison since November 2011, is one of the most financially powerful companies in Europe and “remains fully committed to the su...
Volume: 54Issue: 49Published at Mon, 05 Dec 2011 -
Iran To Sell Long Term Gas Contract As Bonds
...nominated bonds in the form of “over the counter” gas futures contracts within the current five-year development plan (2011-15). Mr Qalebani said: “Based on this plan, gas to be produced from gas fields will be sold to people beforehand,” adding that the contracts would “allow holders to buy gas at a di...
Volume: 54Issue: 49Published at Mon, 05 Dec 2011 -
NIORDC Blocks Gasoline Exports Due To Winter Demand
...ratorium on gasoline exports due to the early onset of the winter peak demand season. Mr Zeighami said that since March 2011 there have been two gasoline export shipments, which MEES understands were delivered to Iraq. He added: “For now, gasoline is not exported considering the domestic requirement. Gi...
Volume: 54Issue: 49Published at Mon, 05 Dec 2011 -
S&P Downgrades Jordan’s Arab Bank
...vereign risk. Therefore the ratings on Arab Bank PLC are constrained by the local currency ratings on the sovereign. S&P adds that with total assets of $45bn on 30 September 2011, the Arab Bank Group is one of the Middle East’s largest banking organizations. It operates in 30 countries across five continents....
Volume: 54Issue: 49Published at Mon, 05 Dec 2011 -
Oman’s 2012 Budget Foresees 9% Growth In Public Spending
...dgets, 2007-12 (ORMn) 2012 2011 % Change 2010 2009 2008 2007 Revenue 8,800 7,280 +20.9 6,380 5,614 5,400 4,490 Oil Revenue - 4,...
Volume: 54Issue: 49Published at Mon, 05 Dec 2011 -
Many MENA Countries Slipping In 2011 Corruption Index
...Middle East Economic Survey VOL. LIV No 49 5-Dec-2011 REGIONAL Many MENA Countries Slipping In 2011 Corruption Index Many MENA countries are slipping backwards and failing to tackle corruption, the latest Corruption Perceptions Index from Transparency International reveals. Pu...
Volume: 54Issue: 49Published at Mon, 05 Dec 2011 -
RC Sees Saudi GDP Boosted By Government Spending And Then By Oil Prices
...onomic boost from the initial round of government spending has ended, although increased oil exports have provided a significant lift in the second half of 2011. “This trend,” says the report, “together with global oil market trends for the rest of the year has caused us to sharply raise our economic gr...
Volume: 54Issue: 49Published at Mon, 05 Dec 2011 -
Socar Completing First Appraisal Well In Umid Field
...-40mn tons of condensate.” The well will be completed this month and be followed by a second appraisal well in 2011. A Socar official told MEES that the company “could finish the exploratory phase by late 2012 - early 2013, even though the company has not yet decided on the timetable and cost of a po...
Volume: 53Issue: 49Published at Mon, 06 Dec 2010 -
IGB Pipeline Agreement Signed, Bulgaria Looks To IBR Link
...Traikov said that Bulgartransgaz, Bulgaria’s state owned transmission system operator (TSO), will invest another €11mn to complete the project by 2011. Its initial capacity is estimated at 1.5 bcm/y, which will be increased to 3 bcm/y and later 4.5 bcm/y to match the capacities of the IGB and In...
Volume: 53Issue: 49Published at Mon, 06 Dec 2010 -
CNPC To Boost Turkmen Gas Imports To Meet Winter Demand
...mpared to a contracted annual volume of 5.8 bcm/y. CNPC controls almost 90% of the country’s gas network and announced on 1 December that it plans to expand this network by 80% or 40,000km in the period 2011-15. It expects imports from Turkmenistan to reach 15 bcm/y by the end of 2011....
Volume: 53Issue: 49Published at Mon, 06 Dec 2010 -
Salehi Says Loading Of Nuclear Fuel At Bushehr Completed
...ant.” He said he hoped the plant would be connected to the national electricity grid by mid-February. The plant is expected to generate 400mw for the first three months of operation. If all goes to plan, output is expected to reach full generation capacity of 1gw by June 2011....
Volume: 53Issue: 49Published at Mon, 06 Dec 2010 -
Energy Minister Invites Inquiries From Onshore Seismic Surveyors
...formation with the ministry by 25 January 2011, according to a report by Lebanon’s official National News Agency. Lebanon is hoping to develop its energy sector as soon as possible. In August of this year the parliament passed a hydrocarbon law, but a number of measures have yet to be taken before im...
Volume: 53Issue: 49Published at Mon, 06 Dec 2010 -
BSF Says Saudi State Expenditure Increasing Breakeven Oil Price
...pected to continue over the next few years, though it will decline slightly as a result of still limited private sector activity, Banque Saudi Fransi (BSF) said in a new report. The bank anticipates expenditure of SR590bn ($157bn) in the budget for 2011 which, while a 9.3% increase from this year’s SR...
Volume: 53Issue: 49Published at Mon, 06 Dec 2010 -
Petrobras And MMHC Finalize Coke Plant Deal
...nstruction will begin in the first quarter of 2011, with start-up earmarked for early 2013, local daily al-Riyadh quoted the holding group’s managing director ʹAbd al-Aziz al-Hamwa as saying. The required initial investment will be $450mn, to be funded in equal shares by the two parties with the possible in...
Volume: 53Issue: 49Published at Mon, 06 Dec 2010 -
Sudan Anticipates Growth In Mining Sector
...Middle East Economic Survey VOL. LIII No 49 6-Dec-2010 Sudan Sudan Anticipates Growth In Mining Sector Sudan expects minerals to contribute $3bn to the country’s GDP in 2011, with its go...
Volume: 53Issue: 49Published at Mon, 06 Dec 2010 -
Syria To Launch New Offshore Bidding Round In Early 2011
...Middle East Economic Survey VOL. LIII No 49 6-Dec-2010 syria Syria To Launch New Offshore Bidding Round In Early 2011 Syrian Minister of Petroleum and Mineral Resources Sufian 'Alaw sa...
Volume: 53Issue: 49Published at Mon, 06 Dec 2010 -
ADX Farms Out Further 10% Of Chorbane Permit
...nuary 2011. The multi-reservoir Sidi Daher prospect is located close to the port of Sfax, near a number of producing oil fields, and is the largest structure to have been mapped on Chorbane. ADX estimates that the prospect has recoverable oil potential of 44mn barrels of oil in the Abiod formation, wh...
Volume: 53Issue: 49Published at Mon, 06 Dec 2010 -
Koç Holding And AES Plan Joint Venture For $4-5Bn Energy Investment
...6.5mn. Upon closure of the deal, which is expected to take place in the second quarter of 2011, the shareholders of the AES-Entek Elektrik Uretim AS joint venture will be AES (49.62%) and the Koç Group (49.62%) and certain minority shareholders (0.76%). The new joint venture is expected to invest $4-...
Volume: 53Issue: 49Published at Mon, 06 Dec 2010 -
Dubai Receives First Qatar LNG Shipment
...r a period of 15 years, with the aim being to help the emirate cope with peak summer demand for electricity. Shell, the largest investor in Qatar, is a 30% shareholder in the 7.8mn t/y Qatargas 4 project, which is set to begin producing LNG in February 2011. The UAE already receives Qatari gas vi...
Volume: 53Issue: 49Published at Mon, 06 Dec 2010 -
Union Railway Awards Consultancy And Preliminary Engineering Contracts
...cluding testing and commissioning. “In early 2011, we will tender for construction contracts for phase zero to build the railway line,” Union Railway CEO Richard Bowker said. The joint venture will also supervise preliminary engineering work and contract formation for parts of the next two stages. Ph...
Volume: 53Issue: 49Published at Mon, 06 Dec 2010