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Egypt’s Military Lends Central Bank $1Bn
...bn at the end December 2010. The reduction in the reserves has been attributed to the outflow of capital since February 2011 and the liquidation of portfolio positions on the stock exchange by foreign investors, economic experts maintain. Meanwhile, Egypt is still uncertain about the need to bo...
Volume: 54Issue: 50Published at Mon, 12 Dec 2011 -
Iraqi Budget Expenditure In 2012 Projected To Rise By 21%
...Middle East Economic Survey VOL. LIV No 50 12-Dec-2011 IRAQ Iraqi Budget Expenditure In 2012 Projected To Rise By 21% The Iraqi Council of Ministers on 5 December approved a draft budget for 2012 with total expenditure of ID117,000bn ($100.9bn), up 21% from 2011, and a de...
Volume: 54Issue: 50Published at Mon, 12 Dec 2011 -
Moody’s Downgrades Lebanon’s Banking System
...stem. Moody’s explained that the key drivers of credit risk within this system are: slower economic growth, following a sharp GDP deceleration in first half 2011; downside economic risks due to regional political uncertainty, particularly in Syria; and the bank’s asset and loan exposures to other re...
Volume: 54Issue: 50Published at Mon, 12 Dec 2011 -
SEC Awards $300Mn Gas Turbines Contract To GE
...e report observed: “The major contributors to this growth were building materials and other goods that gained 43.4% and 52.6%, respectively. Notably, the newly opened LCs accumulated to SR129.9bn ($34.6bn) in the first three quarters of 2011, representing a 15.5% increase over the corresponding pe...
Volume: 54Issue: 50Published at Mon, 12 Dec 2011 -
China Weighs Into Sudan Oil Row In Attempt To Resolve Impasse
...le to reach an agreement,” Mr Dau explained. Mr Guijin was scheduled to have gone to Khartoum, Sudan’s capital, on 8 December for further talks. South Sudan gained its independence from the North on 9 July after an overwhelming majority of South Sudanese voted to secede in a January 2011 re...
Volume: 54Issue: 50Published at Mon, 12 Dec 2011 -
Shell And Total Cease Operations In Syria
...,500 b/d in August 2011, through early production facilities. But at present production has come down because of current restrictions by the government. It is not certain how other smaller producers in Syria would react to the exit of Shell and Total. Croatia’s INA, which is controlled by Hungary’s MO...
Volume: 54Issue: 50Published at Mon, 12 Dec 2011 -
Political Comment (12 December 2011)
...Middle East Economic Survey VOL. LIV No 50 12-Dec-2011 Political Comment (12 December 2011) Islamists of both the moderate and Salafist varieties have dominated the first round of Egypt's parliamentary elections. Despite the Arab League's intervention, there has been no let-up in...
Volume: 54Issue: 50Published at Mon, 12 Dec 2011 -
Why Iraq’s Numbers Never Add Up: Solving The Mystery
...o decades, and is now old enough to require new control systems and massive revamps (if not outright replacement). The dramatic bomb attack on Baiji in early 2011 did not damage the hydrocracker itself, but did extensive damage to the hydrogen manufacturing plants, thereby taking the hydrocracker do...
Volume: 54Issue: 50Published at Mon, 12 Dec 2011 -
Zubair And Rumaila Lead Iraqi Capacity Charge
...esentation given to contractors in Istanbul. Worley Parsons and the UK’s AMEC are the favorites to win this contract, a source from a rival engineering firm tells MEES. BP is targeting over 50 wells to be drilled in Rumaila next year. The project’s 2011 work program involves “delineating the main re...
Volume: 53Issue: 50Published at Mon, 13 Dec 2010 -
Saudi Arabian Project Financing Activity To Step Up In 2011
...Middle East Economic Survey VOL. LIII No 50 13-Dec-2010 SAUDI ARABIA Saudi Arabian Project Financing Activity To Step Up In 2011 Projects are expected to secure funds, as domestic banks st...
Volume: 53Issue: 50Published at Mon, 13 Dec 2010 -
Syria’s 2011 Draft Budget Targets Lower Deficit
...Middle East Economic Survey VOL. LIII No 50 13-Dec-2010 SYRIA Syria’s 2011 Draft Budget Targets Lower Deficit Syria’s draft budget for 2011 projects a 5.3% reduction in the budget deficit to S£167bn ($3.59bn) from S£176.4bn ($3.79bn) in 2010, with a 15.7% rise in re...
Volume: 53Issue: 50Published at Mon, 13 Dec 2010 -
Qatar Delays Barzan Project Due To Domestic Gas Supply Surplus
...mes on stream. Qatar is running a 10% surplus of gas production over demand, although this will drop next year as new power capacity comes on stream, raising domestic consumption to 3bn cfd, MEES learns. Power generation capacity will rise from 7.6gw to 8.8gw in 2011. In the same time as...
Volume: 53Issue: 50Published at Mon, 13 Dec 2010 -
WTI Remains Rangebound In High $80s/B
...mand upward by 130,000 b/d to 87.4mn b/d and by 260,000 b/d to 88.8mn b/d for 2011. It reported OPEC’s November crude oil production as averaging 29.2mn b/d and projected that the ‘call on OPEC crude and stock change’ for 2011 would average 29.5mn b/d, based on higher demand projections. In its We...
Volume: 53Issue: 50Published at Mon, 13 Dec 2010 -
EIA Says Tightening Supply Lends Support To Firming Oil Prices
...partment of Energy has increased slightly its global crude oil demand forecast for 2010 and 2011 in its latest Short-Term Energy Outlook, released on 7 December. The Outlook lifted global demand estimates for this year and next by 20,000 b/d and 10,000 b/d respectively over last month’s figures to fo...
Volume: 53Issue: 50Published at Mon, 13 Dec 2010 -
Saudi Crude Prices For January Mainly Raised
...im, with UAE crude selling mid-month November in the ADNOC plus $0.50-70/B range. The formulas for January 2011 and the previous 12 months for deliveries to the US, Europe and the Far East – on an FOB Saudi Arabia basis, 50 days after B/L for the US, 40 days after B/L for NW Europe, and B/L da...
Volume: 53Issue: 50Published at Mon, 13 Dec 2010 -
Crude Oil Formulas/Posted Prices
....80 71.20 72.85 75.75 82.65 76.25 72.55 76.05 74.75 77.20 Iran (+ / - Adjustment Factor; $/B) 2011 20...
Volume: 53Issue: 50Published at Mon, 13 Dec 2010 -
S&P Affirms Bahrain Sovereign Ratings
...unterbalance to the high geopolitical risks – relative to many other rated sovereigns – and the Bahraini economy’s vulnerability to external shocks. With oil revenues having been budgeted on the basis of an oil price of $80/B for both 2011 and 2012, S&P reported that it had estimated the general government de...
Volume: 53Issue: 50Published at Mon, 13 Dec 2010 -
Russia And Ukraine Amend 2009 Supply/Transit Agreement to Guarantee Exports Increase
...2011. The second and more important agreement consolidates the Russian-Ukrainian rapprochement that followed the election of Mr Yanukovych in February and the conclusion of the Gas for Naval Bases agreement signed in April, which extends the right of stay of the Russian Black Sea Fleet in the Cr...
Volume: 53Issue: 50Published at Mon, 13 Dec 2010 -
Kazakhstan Agrees On ONGC Participation In Satpayev Exploration
...ake by February 2011.” A heads of agreement (HOA) was signed in January 2009, but MEES understands that the Kazakh authorities were alarmed by the decision of ONCG’s partner Mittal to withdraw from the original deal in November 2009, despite the fact that ONGC Videsh Ltd (OVL), the international ar...
Volume: 53Issue: 50Published at Mon, 13 Dec 2010 -
Azeri Gas Supply To Syria Expected End-2011 Under Updated Agreement
...ess Agency on 6 December that Syria expects to receive approximately 3.5 mn cmd from Azerbaijan by the end of 2011, under an updated agreement signed in Baku between Syrian oil officials and Socar representatives on 23 November. Mr Zainab noted that the construction of the 62km Syrian branch of a ga...
Volume: 53Issue: 50Published at Mon, 13 Dec 2010