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New Commerce Minister Looks To Push Ahead With Cyprus’s Natural Gas Plans
...silikos power station, where 793mw of capacity was destroyed in July 2011 by an explosion at a nearby military base. Some of that power generation capacity will come back online in mid-to-late 2013. Meanwhile, Cyprus is relying on heavy fuel oil for power generation. Cyprus has been fined by the EU for it...
Volume: 55Issue: 14Published at Mon, 02 Apr 2012 -
Work Begins On VTTI Oil Storage Terminal
...te by mid-2014. The company held a ground-breaking ceremony at the site, located in an area designated by the government as the Vasilikos Energy Center on the island’s southern coast, in January 2011 (MEES, 24 January 2011). Vasilikos is also the site proposed by US energy firm Noble Energy for an LN...
Volume: 55Issue: 14Published at Mon, 02 Apr 2012 -
Permit Approvals Set To Boost Apache’s Egyptian Production
...th Libya. The approvals indicate that Egypt’s oil bureaucracy, which almost ground to a halt in the second part of 2011 following last February’s ouster of former president Husni Mubarak, is getting back into gear. A senior figure at Apache in Egypt tells MEES that whilst some of the recent de...
Volume: 55Issue: 14Published at Mon, 02 Apr 2012 -
Egypt And IMF Hold More Talks On $3.2Bn Loan
...F delegation about this the lack of transparency in the budget. Egypt’s economy has suffered from the year of turmoil since the uprising began in January 2011, which saw a fall in tourism income and decline in the foreign currency reserves of the country to $15.7bn at the end of February 2012 (MEES, 12...
Volume: 55Issue: 14Published at Mon, 02 Apr 2012 -
Yildiz Denies Notification Of US Sanctions On Turkey Over Iran Imports
...cember 2011 (MEES, 2/9 January). The State Department official reportedly said that “the assessment of which countries could be subject to the sanctions was a dynamic process and that other countries could be added or dropped as additional information becomes available.” The list of countries to...
Volume: 55Issue: 14Published at Mon, 02 Apr 2012 -
ILDC Energy Plans Drilling In Myra And Sarah Blocks This Summer
...ril and mid-May. Israel’s Petroleum Supervisor has extended the consortium’s work permit to a deadline of 15 June for the start of drilling in Myra. ILDC Energy contracted the Homer Ferrington in July 2011 (MEES, 11 July 2011). Drilling targets on the two blocks are thought large enough to hold a co...
Volume: 55Issue: 14Published at Mon, 02 Apr 2012 -
Kuwait Appoints New CBK Governor
...om Emory University, Georgia. Dr Hashil, 37, joined the CBK in 2004 and has served as Deputy Governor at the bank since his appointment in 2009. He was also a member of the Kuwait Stock Exchange Committee from 2008 to 2011, during which time the country decided to privatize the stock market. Ac...
Volume: 55Issue: 14Published at Mon, 02 Apr 2012 -
IMF Says Public Spending And Oil Prices Boost Oman’s Growth To 5.5% In 2011
...oman IMF Says Public Spending And Oil Prices Boost Oman’s Growth To 5.5% In 2011 Real GDP growth is estimated to have reached 5.5% in 2011, up from 4% in 2010 and 1.2% in 2009, driven by increasing government spending and higher oil prices, the IMF said on 26 March in an Article IV co...
Volume: 55Issue: 14Published at Mon, 02 Apr 2012 -
QP And Shell Appoint RBS To Advise On $6.5Bn Petrochemical Project
...ns/year monoethylene glycol plant, a 300,000 t/y linear alpha olefins plant and another olefin derivative unit (MEES, 12 December 2011). Qatar, the world’s biggest LNG exporter, is trying to further develop its petrochemical sector and recently announced that QP and Qatar Petrochemical Company (QA...
Volume: 55Issue: 14Published at Mon, 02 Apr 2012 -
Mubadala Buys $2Bn Stake In Brazil’s EBX
....5bn in 2011-12 and $50bn spread over the next 10 years. Mubadala and EBX said in a joint press release that the partnership creates a platform and framework for future collaboration. “The message is that the two companies will explore opportunities together,” said the source, noting that “there’s no...
Volume: 55Issue: 14Published at Mon, 02 Apr 2012 -
Saudi Arabia Pledges Oil Products To Yemen
...pply shortfall during the unrest that lead up to the ousting of former president 'Ali 'Abd Allah Salih (MEES, 1 August 2011). Speaking on the sidelines of the International Energy Forum in Kuwait this month, Yemen’s new Minister of Oil and Minerals Hisham Sharaf 'Abd Allah revealed crude output was cu...
Volume: 55Issue: 14Published at Mon, 02 Apr 2012 -
Gulf Producers Tackling ‘Difficult Gas’ Challenges
...eld development is due to finish in the third quarter of 2011, then a 12-month FEED program starts, allowing the final investment decision to be taken at the end of 2012. By then BP will know the amount of water and NGLs that need handling. Technically it is a tough job – as the reservoirs are in ol...
Volume: 54Issue: 17Published at Mon, 25 Apr 2011 -
WTI Price Moves Back Above $110/B As US Inventories Slide, Market Seen Out Of Balance
...at current prices are not sustainable and called for OPEC to be prepared to increase output in June when a rise in demand is anticipated. He said that if crude continues at a price of more than $100/B for the remainder of 2011, it is very likely that demand destruction would ensue, similar to th...
Volume: 54Issue: 17Published at Mon, 25 Apr 2011 -
CGES Says High Crude Prices Risk Destroying Demand
...lance (Mn B/D) 3Q10 4Q10 1Q11 2Q11 3Q11 4Q11 2009 2010 2011 World Oil Demand 88.7 89.5 88.7 88.4 89.7 89.9 84.9 87.9 89...
Volume: 54Issue: 17Published at Mon, 25 Apr 2011 -
China’s Crude Oil Imports Rose 8.6% In March
...Middle East Economic Survey VOL. LIV No 17 25-Apr-2011 China’s Crude Oil Imports Rose 8.6% In March China’s crude oil imports totaled 21.67mn tons during March 2011, according to data released by China’s General Administration for Customs. The March volume is a rise of 8.6% over Fe...
Volume: 54Issue: 17Published at Mon, 25 Apr 2011 -
Demand For Bahrain Sovereign Debt Remains Strong, Says CBB
...Middle East Economic Survey VOL. LIV No 17 25-Apr-2011 Bahrain Demand For Bahrain Sovereign Debt Remains Strong, Says CBB Demand for Bahrain sovereign debt remained strong during the first quarter of 2011, the Central Bank of Bahrain (CBB) announced on 19 April. The domestic is...
Volume: 54Issue: 17Published at Mon, 25 Apr 2011 -
Socar Offers BP Option To Explore For Further Gas In Shah Deniz And ACG Fields
...peline project for exporting Shah Deniz 2 gas (MEES, 4 April). Mr Usifzade also told reporters that Socar was looking to sign an agreement with BP by the end of 2011 for the production of gas from reservoirs below those already being produced in the ACG complex. BP is operator and 34.14% interest ho...
Volume: 54Issue: 17Published at Mon, 25 Apr 2011 -
Moody’s Sees Negative Outlook For Egyptian Banking System
...quidity is by no means assured, especially if Egypt does not elect an effective government in a timely manner, it said. Moody’s expects profitability to come under pressure in 2011-12, driven by increasing loan loss provisioning due to the uncertain environment and also by higher expenses that could re...
Volume: 54Issue: 17Published at Mon, 25 Apr 2011 -
NIOC Raises Iran Oil Reserves Estimate To 155Bn Barrels
...tput was 20,000 b/d per well compared with 26,000 b/d before the 1979 Iranian revolution. Mr Qalebani said that new methods of enhanced oil recovery were being deployed under Iran’s fifth five-year development plan [2011-2015] to boost oil recovery rates. NIORDC Announces Gasoline and Gasoil Pr...
Volume: 54Issue: 17Published at Mon, 25 Apr 2011 -
Iraqi Inflation Set To Remain In Single Digits In 2011, CBI Says
...Middle East Economic Survey VOL. LIV No 17 25-Apr-2011 IRAQ Iraqi Inflation Set To Remain In Single Digits In 2011, CBI Says Helped by a nation-wide food rationing program that has absorbed a portion of the increases in global food prices, Iraq’s annual inflation rate is fo...
Volume: 54Issue: 17Published at Mon, 25 Apr 2011