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NIORDC Blocks Gasoline Exports Due To Winter Demand
...ratorium on gasoline exports due to the early onset of the winter peak demand season. Mr Zeighami said that since March 2011 there have been two gasoline export shipments, which MEES understands were delivered to Iraq. He added: “For now, gasoline is not exported considering the domestic requirement. Gi...
Volume: 54Issue: 49Published at Mon, 05 Dec 2011 -
S&P Downgrades Jordan’s Arab Bank
...vereign risk. Therefore the ratings on Arab Bank PLC are constrained by the local currency ratings on the sovereign. S&P adds that with total assets of $45bn on 30 September 2011, the Arab Bank Group is one of the Middle East’s largest banking organizations. It operates in 30 countries across five continents....
Volume: 54Issue: 49Published at Mon, 05 Dec 2011 -
Oman’s 2012 Budget Foresees 9% Growth In Public Spending
...dgets, 2007-12 (ORMn) 2012 2011 % Change 2010 2009 2008 2007 Revenue 8,800 7,280 +20.9 6,380 5,614 5,400 4,490 Oil Revenue - 4,...
Volume: 54Issue: 49Published at Mon, 05 Dec 2011 -
Many MENA Countries Slipping In 2011 Corruption Index
...Middle East Economic Survey VOL. LIV No 49 5-Dec-2011 REGIONAL Many MENA Countries Slipping In 2011 Corruption Index Many MENA countries are slipping backwards and failing to tackle corruption, the latest Corruption Perceptions Index from Transparency International reveals. Pu...
Volume: 54Issue: 49Published at Mon, 05 Dec 2011 -
RC Sees Saudi GDP Boosted By Government Spending And Then By Oil Prices
...onomic boost from the initial round of government spending has ended, although increased oil exports have provided a significant lift in the second half of 2011. “This trend,” says the report, “together with global oil market trends for the rest of the year has caused us to sharply raise our economic gr...
Volume: 54Issue: 49Published at Mon, 05 Dec 2011 -
Political Comment (5 December 2011)
...Middle East Economic Survey VOL. LIV No 49 5-Dec-2011 Political Comment (5 December 2011) The Arab League and Turkey have imposed sanctions on the embattled Syrian regime. Islamists have formed coalition governments with secular parties in Tunisia and Morocco, and are leading in...
Volume: 54Issue: 49Published at Mon, 05 Dec 2011 -
Explanations Of The Recent Higher Oil Prices
...planation of the current price of nearly $100/B. Another explanation is strong economic growth in China, the fastest growing economy in the world, which may soon exceed 10%. China is consuming more than 10mn b/d of oil in 2011. It is expected to consume close to 12mn b/d in the next two years, an ex...
Volume: 54Issue: 49Published at Mon, 05 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 -
SABIC Board Recommends Distribution Of Dividends For 2H10
...ril 2011. “The total recommended dividends to shareholders for 2010 is SR10.5bn ($2.8bn) at SR3.5 ($0.93)/share,” SABIC said in a statement on the company website. For the first half of 2010, SABIC has already approved the distribution of SR4.5bn ($1.2bn) to shareholders at SR1.5 ($0.40)/share....
Volume: 53Issue: 52Published at Mon, 27 Dec 2010 -
Iran Casts Wary Eye On Shared Field As Qatar Celebrates LNG Success
...lks stalled because of a combination of tough terms and growing concerns over sanctions against Iran. According to FGE: Phases 9-10: NIOC targets the start of production by late January 2011. It announced in October 2010 that offshore development progress in these phases is more than 99% co...
Volume: 53Issue: 51Published at Mon, 20 Dec 2010 -
Mubadala GE Capital Deploys $2Bn In Its First Year
...pital’s main thrust will be to provide financing to the private sector in the Middle East and Africa, with an initial focus on the GCC and particularly the UAE in 2011. “We see significant future demand for commercial financing opportunities – initially here in the UAE, our home market, then across th...
Volume: 53Issue: 51Published at Mon, 20 Dec 2010