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Gulf Finance: Rise Of The Renminbi
...ES. The bank started offering RMB accounts in the UAE in 2011 and today these include current accounts, savings accounts and term deposits. “China’s relations with Arab states have grown at an exponential rate, which will support the realization of [Beijing’s] ‘Belt and Road’ initiative,” he adds. Ex...
Volume: 59Issue: 50Published at Fri, 16 Dec 2016 -
Economic Reform In The GCC: Is Privatization A Panacea?
...at triggered the Arab Uprisings at the start of 2011. *Paul Stevens is a Distinguished Fellow at Chatham House, London www.chathamhouse.org This paper summarizes the key findings of his latest report, released 13 December: ‘Economic reform in the GCC: A panacea for declining oil wealth?’...
Volume: 59Issue: 50Published at Fri, 16 Dec 2016 -
Algeria Looks May Trim Refining Plan Further As Reduced Export Revenues Bite
...made clear to industry players operating in Algeria. Boosting Algeria’s refining capacity is of strategic importance for the government. Firstly, because of rocketing domestic demand for transport fuels, Sonatrach has had to import both gasoline and diesel since 2011, with volumes reaching pe...
Volume: 58Issue: 50Published at Fri, 11 Dec 2015 -
South Sudan Oil Output Hike Remains A Distant Prospect
...mpletely. Oil production in South Sudan in 2015 has averaged about 148,000 b/d, according to figures from the Ministry of Petroleum, Mining and Industries, down from about 220,000 b/d before the outbreak of civil war in December 2013, and more than 400,000 b/d prior to South Sudan’s independence in July 2011...
Volume: 58Issue: 50Published at Fri, 11 Dec 2015 -
Kufpec China Blocks
...8mn, bringing its total stake to 49%. CNOOC owns the remaining 51% and operates. The field has been in decline for some time, yielding just 185mn cfd in 2012, down from 240mn cfd in 2011 and 325mn cfd in 2010 (MEES, 17 May 2013). The new blocks are adjacent to the pipeline linking Yacheng to shore. Ku...
Volume: 57Issue: 50Published at Fri, 12 Dec 2014 -
UAE, Kuwait Redefine Oil Marketing
...spectively, though the Middle East’s contribution has risen steadily and accounts for 77% of the total so far this year. South Korean imports have fallen sharply to 1.8mn b/d, of which 1.5mn b/d was supplied by Middle Eastern exporters, but it is down from a peak of 2.2mn b/d in 2011 and 2012, Mr Ketbi sa...
Volume: 57Issue: 50Published at Fri, 12 Dec 2014 -
Israel-Cyprus-EU Gas Pipeline: Talk Hots Up, Action Unlikely
...ke it highly unlikely. A 1,500km sub-sea gas pipeline, which would link the 40 tcf-plus of gas discovered offshore Israel and Cyprus with European markets via Greece and Italy, has been mooted ever since key Israeli fields were discovered in 2010 and 2011. Plans got a boost when the 5 tcf Ap...
Volume: 57Issue: 50Published at Fri, 12 Dec 2014 -
Price Rout Extended As Demand Falls Further Behind Supply
...mn b/d target in place since December 2011. To date, US oil production has not only been increasing, but has been doing so at an accelerating rate, prompting the Saudis to sit up and take notice. North American oil output hit 12mn b/d in September and October, close to 2mn b/d higher than its 2013 av...
Volume: 57Issue: 50Published at Fri, 12 Dec 2014 -
UK Restores Permanent Gulf Presence Amid Escalating ISIS Fight
...’s facilities after its withdrawal in 1971 – and therefore benefits from the United States’ security umbrella. Largely due to the presence of international security forces in Bahrain, including the US Navy as well as the GCC force that intervened to help quash unrest in 2011, Bahrain spent just $1....
Volume: 57Issue: 50Published at Fri, 12 Dec 2014 -
Libya: UN Efforts To Mediate Run Into Headwinds
...und of talks held in September did not yield any results. Libya’s latest political crisis in the aftermath of the 2011 revolution that swept Mu’ammar al-Qadhafi from power ignited when Islamist militia took control of Tripoli in July in response to parliamentary elections held a month earlier. The el...
Volume: 57Issue: 50Published at Fri, 12 Dec 2014 -
Iran Cuts Spending Again For 2015-16, But Is It Enough?
...7mn b/d for 2013 and almost 2.5mn b/d in 2011, before sanctions started to bite (see graphs). That year Iran’s oil export earnings hit a record $255mn per day, that is to say $93bn for the year as a whole – the height of former president Ahmadinejad’s spending largesse, spending that with hindsight is se...
Volume: 57Issue: 50Published at Fri, 12 Dec 2014 -
Iran: Planning A New Mirage
...ganization was divided into two newly created bureaus in the President’s office: “Planning and Guidance Supervision” and “Management and Human Capital Development.” The Fifth Plan: 2011-2015 After a long delay in its preparation, the text of the Fifth Plan was approved in January 2011 by the Majlis wi...
Volume: 57Issue: 50Published at Fri, 12 Dec 2014 -
Benchmark Crude Prices ($/B)
...13 2012 2011 WTI 59.95 67.18 71.75 75.48 84.33 97.25 103.00 98...
Volume: 57Issue: 50Published at Fri, 12 Dec 2014 -
Libya: Another False Dawn?
...termittent disruptions occur in the west.” Should the eastern blockades be largely removed, the bank sees next year’s production at 1.2mn b/d. In Morgan Stanley’s worst case scenario, output will languish at 200,000-300,000 b/d. Libyan Comeback: Part 2? In the aftermath of the 2011 revolution, Li...
Volume: 56Issue: 50Published at Fri, 13 Dec 2013 -
KRG: Oryx Hits Big In KRG, Plans Wasit Development
...G) in 2011 that became public when the company issued an IPO ahead of its listing on the Toronto Stock Exchange in March this year. Not much has been reported on the controversial contracts since they came to light (MEES, 29 March). However, in its latest update on operations in Iraq, Oryx gave de...
Volume: 56Issue: 50Published at Fri, 13 Dec 2013 -
Oman Upstream Survey: Indies Boost Output To New Highs
...ke good on a 2011 pledge to boost production from its Mukhaizna heavy oil field in Block 53 to 150,000 b/d. “Mukhaizna is now [producing at] around 122,000 b/d on average,” Mr Jashmi said in Muscat, conceding that the original 150,000 b/d goal may be a step too far. This is up from an average of 11...
Volume: 56Issue: 50Published at Fri, 13 Dec 2013 -
Egypt: Styrene Plant Go-Ahead
...ant will feed an existing on-site polystyrene plant which currently imports feedstock. Construction is expected to take 30 months. E-Styrenics licensed the ethylbenzene and styrene process technologies from US firm Badger Licensing in 2011. Ethylene and benzene feedstocks will be combined to form et...
Volume: 56Issue: 50Published at Fri, 13 Dec 2013 -
OPEC Gets Through The Year But Oversupply Threat Looms
...wn by 490,000 b/d from October and the lowest figure since June 2011. Saudi Arabia cut output by 200,000 b/d whilst Libyan outages deepened (see p2) and Nigerian output also fell. There were also slight declines from Kuwait and the UAE due to field maintenance. Excluding Iraq, which saw a 70...
Volume: 56Issue: 50Published at Fri, 13 Dec 2013 -
Al-Qa’ida And The Syrian War: More Than Just The Overthrow Of Asad
...ve issued a charter - “Mashru’ Umma,” or an [Islamic] Nation’s Agenda - proposing a unified “military, political, social and Islamic” agenda which includes the imposition of Shari’a law after the overthrow of the Asad regime. The Syrian uprising started in the spring of 2011 with weekly de...
Volume: 56Issue: 50Published at Fri, 13 Dec 2013 -
Iran Slashes Budget; $100/B Crude, 1.1Mn b/d Exports
...lumes were over 2.5mn b/d as recently as 2011. This suggests Tehran is not banking on dramatic near-term easing of sanctions following the landmark interim deal reached on 24 November between Iran and the P5+1. Mr Rohani’s relatively conservative oil export figure seems to be at odds with the pr...
Volume: 56Issue: 50Published at Fri, 13 Dec 2013