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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 -
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 -
Noble Energy Could Expedite Offshore Drilling Program, Says Cyprus Energy Official
...ergy, which holds the only production sharing contract (PSC) with the Cyprus government, is required in accordance with the PSC to drill one well in Block 12 between October 2011 and October 2013 (MEES, 8 November). However, Mr Kassinis said Noble may decide to move ahead with its schedule in Cyprus on...
Volume: 53Issue: 50Published at Mon, 13 Dec 2010 -
Iraqi 2011 Draft Budget Projects Steep Decline In Deficit To $12Bn
...Middle East Economic Survey VOL. LIII No 50 13-Dec-2010 IRAQ Iraqi 2011 Draft Budget Projects Steep Decline In Deficit To $12Bn The Iraqi cabinet has approved a draft budget for 2011 wi...
Volume: 53Issue: 50Published at Mon, 13 Dec 2010 -
NEPCO Prequalifies Bidders For Jordan’s Third IPP Project
...e in March 2011. Jordan inaugurated in October 2009 its first IPP, the ʹAmman East Power Project (MEES, 2 November 2009)....
Volume: 53Issue: 50Published at Mon, 13 Dec 2010 -
US Consultancy To Assess Prospects For GCC Nuclear Power Cooperation
...er a six-month period and will be completed by the second quarter of 2011. The GCC formalized the contract with Lightbridge and its partner Exelon Generation Company. The firm will perform a group of studies to identify the relative value and implementation options that could result from regional co...
Volume: 53Issue: 50Published at Mon, 13 Dec 2010 -
Saudi Kayan Starts Trial Operations At Jubail Phenolics Plant
...0,000 t/y bisphenol-A plant. The majority of the BPA will be used as feedstock for the production of polycarbonates. The polycarbonates unit is planned for trail start-up in the first half of 2011, the company said. In August, Saudi Kayan started seeking extra funds following the rise in capital ex...
Volume: 53Issue: 50Published at Mon, 13 Dec 2010 -
Sudan Leaders Agree On Post-Referendum Oil Field Security
...P) and the south’s Sudan People’s Liberation Movement (SPLM). Security arrangements after 9 July 2011 will depend on directives made by the two parties following the declaration of the vote’s result, said Vice-President 'Ali 'Uthman Muhammad Taha and his southern counterpart Riek Machar. The ag...
Volume: 53Issue: 50Published at Mon, 13 Dec 2010 -
Russia Prepared To Assist Sudan In Its Efforts To Obtain Debt Relief
...ing “irrevocable” according to the Russian envoy. “After the referendum in South Sudan in January 2011, Russia will be interested in seeing possibilities for economic development emerging both in the south and north of Sudan, therefore we will have to discuss the question of lifting the embargo im...
Volume: 53Issue: 50Published at Mon, 13 Dec 2010 -
EBRD Encourages Kazakhstan To Diversify Away From Hydrocarbons
...Energy and Mineral Resources of Kazakhstan, extending the contract until 10 March 2011. This allows for further testing of the AKD01 exploration well, which has been drilled to a depth of 3,414ms and encountered two hydrocarbon zones....
Volume: 52Issue: 50Published at Mon, 14 Dec 2009 -
Iran’s MAPNA Wins Syrian Contract For Power Plant
...th a capacity of 450mw, which will raise generation capacity at the Jandal Power Plant near Homs. The contract for €280mn will be financed by Syria and the project is scheduled for completion by the end of 2011. This is MAPNA’s second contract in Syria, the first being the extension of the Tishreen po...
Volume: 52Issue: 50Published at Mon, 14 Dec 2009 -
Putin Increases Pressure On Ukraine To Repay Gas Debt
...liveries if the debt dispute is not settled before the end of December. According to the October agreement, Russia would charge Ukraine less than the European-level gas price until 1 January 2011, with the two parties agreeing on a steady price for a two-year transition period in 2009-10. Ukraine says th...
Volume: 51Issue: 50Published at Mon, 15 Dec 2008