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Outlook Hazy For MENA Project Financing
...Middle East Economic Survey VOL. LIV No 52 26-Dec-2011 MEES Agenda Outlook Hazy For MENA Project Financing With the global financial crisis in the rearview mirror, hopes had been high that 2011 would be an even better year for the financing of MENA energy projects than 20...
Volume: 54Issue: 52Published at Mon, 26 Dec 2011 -
OPEC Finds ‘Unity Of Purpose’ In Vienna, Says CGES
...ming months.” CGES Global Supply/Demand Balance (Mn B/D) 3Q11 4Q11 1Q12 2Q12 3Q12 4Q12 2010 2011 2012 World Oil Demand 88.8 89.3 89.0 87.7 89.4 90...
Volume: 54Issue: 52Published at Mon, 26 Dec 2011 -
Crude Oil Formulas/Posted Prices
...Middle East Economic Survey VOL. LIV No 52 26-Dec-2011 Crude Oil Formulas/Posted Prices ($/B) Libya (Dated Brent + / - Adjustment Factor; $/B) 2012 2011 2010 Jan Feb Jan Dec Nov Oc...
Volume: 54Issue: 52Published at Mon, 26 Dec 2011 -
TAP Open To Shareholder Restructuring After Shah Deniz 2 Decision
...at Azerbaijan’s state firm had reached an agreement with Russia’s Gazprom over the further expansion of Azeri gas exports to 3 bcm/y in 2012. In November 2011 Russian imports reached a rate of 1.36 bcm/y, a 70% increase over the same time last year. Imports are expected to increase at a rate of 2 bc...
Volume: 54Issue: 52Published at Mon, 26 Dec 2011 -
Uzbekneftegaz Signs Agreement With PetroChina For Gas Supply
...PC) and soft loans from the Chinese Development Bank. An intergovernmental agreement on the export of Uzbek gas to China was signed in 2010 while the commercial agreement between PetroChina and Uzbekneftegaz was initialed in October 2011. The agreement stipulates that gas exports will start at 10...
Volume: 54Issue: 52Published at Mon, 26 Dec 2011 -
Iran Admits To Fall In Oil Output As EU Discusses Crude Embargo
...lebani as saying on 19 December. Though he chose not to provide any figure for the fall in output, MEES estimates show that average production in Iran has dropped from 3.737mn b/d in 2010 to 3.599mn b/d in 2011. Mr Qalebani’s revelation is the latest in a line of warnings from Iranian officials in re...
Volume: 54Issue: 52Published at Mon, 26 Dec 2011 -
Jordan Announces Austerity Draft Budget For 2012
...d public finances next year. Dr Tuqan noted that as of the start of 2011, Jordan had encountered more challenges with the rise in the international price of basic commodities, especially energy and foodstuffs, and the irregular supply of natural gas from Egypt. In addition the political turmoil in...
Volume: 54Issue: 52Published at Mon, 26 Dec 2011 -
Syrian Parliament Approves 2012 Budget Bill
...ice assumption of $75/B for Syrian light crude and $65/B for heavy crude. The steep increase in public spending of 58.8% over 2011 is due to a change in the accounting system with regard to the classification and logging of expenditure, the Syrian Minister of Finance Muhammad Jleilati explained la...
Volume: 54Issue: 52Published at Mon, 26 Dec 2011 -
APICORP Signs Deal For Fujairah Storage Terminal Financing
...untries. APICORP is a multilateral development bank owned by the 10 member states of the Organization of Arab Petroleum Exporting Countries (OAPEC), with the UAE government holding a 17% stake. Mr Nuaimi said: “In 2011, APICORP has participated in $11bn worth of project finance and trade transactions, of...
Volume: 54Issue: 52Published at Mon, 26 Dec 2011 -
Political Comment (26 December 2011)
...Middle East Economic Survey VOL. LIV No 52 26-Dec-2011 Political Comment (26 December 2011) Iraqi Prime Minister Nuri al-Maliki has moved against two of the most senior Sunnis in his government. The Syrian authorities have accepted the Arab League's plan to end their violent co...
Volume: 54Issue: 52Published at Mon, 26 Dec 2011 -
Saudi Government Unveils Record Expansion-ary Budget
...Middle East Economic Survey VOL. LIII No 52 27-Dec-2010 SAUDI ARABIA Saudi Government Unveils Record Expansion-ary Budget Sustained high crude oil prices this year have provided Saudi Arabia with the impetus to hike 2011 budgeted expenditure 7.4% to a record SR580bn ($15...
Volume: 53Issue: 52Published at Mon, 27 Dec 2010 -
New Iraqi Cabinet Emerges, But Oil Uncertainties Remain
...bari and Deputy Prime Minister Roz Shaways. The Kurds have not accepted any new positions, in the hope of forcing a breakthrough on an oil deal, MEES understands. On 18 December, Kurdish deputies walked out of a parliamentary session to approve the 2011 budget after a clause was inserted – sources say by...
Volume: 53Issue: 52Published at Mon, 27 Dec 2010 -
Cyprus And Israel Sign Accord To Delimit East Mediterranean Waters
...tween October 2011 and October 2013 (MEES, 8 November) and depending on the results at Leviathan, Cypriot officials have said that date could be moved forward (MEES, 13 December). Also, the Delek Group has an option to join Noble in Block 12, which it has yet to exercise. Noble Energy was awarded th...
Volume: 53Issue: 52Published at Mon, 27 Dec 2010 -
CGES Says Prices Driven By Fundamental Factors, More OPEC Crude Needed
...ey are inside,” CGES said. “Calculations by the CGES suggest that while OECD commercial stock cover remains high, the cover provided by commercial oil inventories globally has fallen by two days since the start of 2Q10.” It said without more OPEC oil, global stock cover will continue to fall in 2011...
Volume: 53Issue: 52Published at Mon, 27 Dec 2010 -
Crude Oil Formulas/Posted Prices
...Middle East Economic Survey VOL. LIII No 52 27-Dec-2010 OIL PRICES/OPEC Crude Oil Formulas/Posted Prices ($/B) Nigeria (Dated Brent + / - Adjustment Factor; $/B) 2011 2010 Jan Dec Nov Oct Se...
Volume: 53Issue: 52Published at Mon, 27 Dec 2010 -
Dragon Oil Completes Infrastructure Upgrade On Cheleken Block
...tronas’s reserves of 150 bcm, could be available for export to Europe by 2011 if Turkmenistan and Azerbaijan reach an agreement on construction of a 200km Trans-Caspian pipeline (MEES, 29 November)....
Volume: 53Issue: 52Published at Mon, 27 Dec 2010 -
CBJ Raises Minimum Capital Requirement for Banks
...the kingdom. In an announcement made that day, the newly appointed CBJ Governor Faris Sharaf directed those banks whose capital levels did not meet the new requirements to suggest ways on how to recapitalize to reach the target levels before the end of the first quarter of 2011. The decision, th...
Volume: 53Issue: 52Published at Mon, 27 Dec 2010 -
S&P Sees Qatar’s 2022 World Cup Funded Without Significant Sovereign Debt Hike
...a lower, although still substantial, surplus in the government’s budget at above 7% of GDP in 2011-13,” Mr Marchand added. Additional moderate borrowing is possible as has already occurred via government guarantees, according to S&P....
Volume: 53Issue: 52Published at Mon, 27 Dec 2010 -
Crédit Agricole Sees Two-Speed Recovery In 2011, Favoring Oil Producers
...Middle East Economic Survey VOL. LIII No 52 27-Dec-2010 REGIONAL Crédit Agricole Sees Two-Speed Recovery In 2011, Favoring Oil Producers Most oil exporters in the MENA region will experience higher GDP growth in 2011, with oil importers likely facing declines as a result of de...
Volume: 53Issue: 52Published at Mon, 27 Dec 2010 -
Saudi Annual Inflation Rate Remains Unchanged at 5.8%, Says SAMA
...untries have begun rising again. Inflation however, is expected to remain low, and in single digits. Analysts polled by Reuters have forecast average Saudi inflation figures of 5.3% and 5.1% for 2010 and 2011 respectively – still considerably lower than the record high of 11.1% in the summer of 2008. Mo...
Volume: 53Issue: 52Published at Mon, 27 Dec 2010