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Syria’s Iranian Crude Imports Dwindle, But Data Suggests It’s Finding Other Sources
...ort of 7,700 b/d in the first half of 2016. Syria’s first half 2016 official production compares with 9,500 b/d for 2015 and represents less than 2% of the 387,000 b/d recorded in first quarter 2011, before the start of Syria’s civil war. ALTERNATIVE SUPPLIES Mr Ghanim’s data su...
Volume: 59Issue: 34Published at Fri, 26 Aug 2016 -
Politics And Prices Stifling East Mediterranean Gas Hopes
...rdan to a lesser extent), but history shows that any deal to send Israeli gas to Egypt or vice versa is at best risky. Egypt’s former oil minister Sameh Fahmi was sentenced to 15 years in jail in 2012 for his role in the 2005 deal to send Egyptian gas to Israel, which was terminated following the 2011 ou...
Volume: 59Issue: 33Published at Fri, 19 Aug 2016 -
IMF Loan To Egypt Will Need To Be Supplemented With Serious Reforms
...ciety.” After the 2011 revolution, the government bowed to popular pressure and hired some 900,000 people in civil servant jobs, which were not needed, raising the wage bill by an annual E£150bn ($16mn at current rates). There is therefore a need to reduce this “over employment” in the civil service to cu...
Volume: 59Issue: 33Published at Fri, 19 Aug 2016 -
Eni Output Down In Q2 But On Course To Meet 2015 Levels
...turning to Iran’s upstream sector. The lion’s share of receivables come from cash-strapped and crisis-hit Venezuela which owes the firm some €1.234bn. There does not appear to be an end in sight for the South American country as crude output fell to 2.27mn b/d in July, the lowest since April 2011. Th...
Volume: 59Issue: 32Published at Fri, 12 Aug 2016 -
Tunisia Launches $500mn bond
...cured a favorably low yield of 1.416% per annum thanks to the US guarantee. This is the fifth time that Tunisia has tapped the international debt market since the ouster of former dictator Zine al-Abidine Ben Ali in January 2011. Tunisia, the first country to usher in the ‘Arab Spring’, is struggling to co...
Volume: 59Issue: 32Published at Fri, 12 Aug 2016 -
Algeria: In Amenas Gas Boost But Oil Set For Further Slide
...ndling” project that will boost rates of water treatment and thus re-injection from later this year. Cepsa, since 2011 owned by Abu Dhabi state investment fund IPIC, also operates the Bir El Msana (BMS) project, in the Berkine Basin around 100km north of Ourhoud. One of only two modest oilfield start-ups in...
Volume: 59Issue: 31Published at Fri, 05 Aug 2016 -
Aussie LNG Boom Squeezes Qatar In Core Asian Markets Amid Lackluster Demand
...nerally fully utilized and renewables developments gather pace. In addition, more nuclear plants should come back online in coming years. However, how fast this will happen is a key uncertainty as atomic energy remains extremely controversial following the Fukushima nuclear accident in 2011. As things st...
Volume: 59Issue: 31Published at Fri, 05 Aug 2016 -
Opec Output Hits New Record In July As Prices Tumble
...d control over Venezuela’s ports, and the opposition now claims to have gathered sufficient signatures for a referendum on his position. Venezuelan crude output fell to 2.27mn b/d in July, the lowest since April 2011. The number of active oil drilling rigs in the country fell to just 49 in July, th...
Volume: 59Issue: 31Published at Fri, 05 Aug 2016 -
Iran Oil Contracts Move One Step Nearer
...int Comprehensive Plan of Action (JCPOA). Absent the IPC, Iran has made significant strides since sanctions were lifted in January. Crude production has increased 660,000 b/d to 3.55mn b/d (see p9), putting it within 40,000 b/d of the 2011 average, the last full year before the EU imposed an em...
Volume: 59Issue: 31Published at Fri, 05 Aug 2016 -
CBI Opens Forex Free Market To Commercial Banks
...stem after the nuclear related sanctions unleashed turmoil in the forex market in 2011-12, when the local currency lost more than 60% of its value and controls on access of foreign currency were imposed (MEES, 20 June 2011). According to the head of the Export Guarantee Fund of Iran, Kamal Seyyed Al...
Volume: 59Issue: 31Published at Fri, 05 Aug 2016