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OPEC Avoids Rocking The Boat With Seventh Straight Rollover
...onomic growth and oil demand growth as slowing in 2011, but it revised economic projections up both this year and next. Economic “growth for 2010 was revised up to 4.3% from 4.1% on better than expected growth in the manufacturing sector. Growth in 2011 has also been revised higher to 3.8% from 3.6%,” th...
Volume: 53Issue: 51Published at Mon, 20 Dec 2010 -
Shuweihat S3 Power Deal Suggests Dip In Financing Costs
...untry Starting Margins (bps)* Tenor (years) Date Completed Shuweihat S3 UAE 175 23 Closing early 2011 Barka-3/Sohar-2 Oman 220 15 Sept 2010 PP11 Saudi Ar...
Volume: 53Issue: 51Published at Mon, 20 Dec 2010 -
IEA Lifts Global Demand Forecast To 87.4Mn B/D In 2010, 88.8Mn B/D In 2011
...Middle East Economic Survey VOL. LIII No 51 20-Dec-2010 SUPPLY/DEMAND IEA Lifts Global Demand Forecast To 87.4Mn B/D In 2010, 88.8Mn B/D In 2011 The International Energy Agency (IEA) ha...
Volume: 53Issue: 51Published at Mon, 20 Dec 2010 -
Greek Branch Of South Stream Pipeline To Cost €750Mn
...s been included in the EU’s 2011-20 Development Program of the European Natural Gas Network. The inclusion of South Stream in the EU plan is considered to be a first step towards recognition of the pipeline as a Pan-European Networks Priority Project, which would make it eligible for the funding of...
Volume: 53Issue: 51Published at Mon, 20 Dec 2010 -
VTTI Seeks Expanded Operations Area At Vasiliko Terminal Site
...cember that it will begin construction at the site on 17 January 2011. It has contracted Cyprus’ Joannou & Paraskevaides (J&P) to build the facility. More than €100mn will be invested in Phase 1 development of the project. Phase 2 will expand the terminal’s capacity to 550,000 cu ms and will result in an in...
Volume: 53Issue: 51Published at Mon, 20 Dec 2010 -
Egypt Aiming To Attract E£100bn For Infrastructure PPPs
...nistry’s PPP Central Unit, Rania Zayid, as saying. “We expect this approval to come out by the end of this month so we can be in gear in January 2011,” she said. Orascom Construction Industries (OCI) won Egypt’s first PPP project in June 2009. The 20-year concession, awarded to the 50/50 Orasqualia jo...
Volume: 53Issue: 51Published at Mon, 20 Dec 2010 -
NIORDC Sees Gasoline Output Expanding
...y by start-up of the first phase of the upgrade next February and to 16mn liters/day (100,640 b/d) by the end of the next Iranian calendar year (21 March 2011 – 20 March 2012).” Mr Zeighami said that acceleration of work at the Isfahan, Tabriz, Shazand, Lavan, Abadan and Bandar Abbas refineries wi...
Volume: 53Issue: 51Published at Mon, 20 Dec 2010 -
Israel Corporation Signs Gas Deal With EMG, Tamar Project Stalled Over Tax Proposal
...emicals, OPC Rotem, IC Power, Dead Sea Works and Oil Refineries Limited. The agreements also contain options to increase supplies to 2.9 bcm/year. The options must be exercised by 31 March 2011, except for one that extends the option to 31 December 2011. The total value of the contract is estimated at $5-...
Volume: 53Issue: 51Published at Mon, 20 Dec 2010 -
Adira Energy Begins Search For Israeli Onshore Shale Gas, Starts Offshore 3D Seismic Survey
...sed Adira Energy on 14 December announced that it has started drilling and workover operations on its onshore Eitan unconventional gas license in the Hula Valley in northern Israel. The company will perform three workovers that it expects to complete in January 2011. It will then commence drilling an...
Volume: 53Issue: 51Published at Mon, 20 Dec 2010 -
Lebanese Energy Ministry Opens Data Room
...ospects to discover gas in the Lebanese offshore. Last month the minister said that Lebanon expects to launch its first round of offshore licensing bids in October 2011. The ministry held a first workshop on procedures for the implementation of the oil and gas law and plans a second workshop in February 2011...
Volume: 53Issue: 51Published at Mon, 20 Dec 2010 -
Syrian Government Debut Treasury Bills Twice Oversubscribed
...anche consisted of 91-day TBs for S£1bn ($21.5mn), dated 16 December with maturity on 17 March 2011, and 1% “indicative” interest. The issue, which was 2.8 times oversubscribed, went to four state banks out of a total of 11 local banks taking part in the auction and the offered interest rates ranged be...
Volume: 53Issue: 51Published at Mon, 20 Dec 2010 -
TAQA Secures $3Bn Revolving Credit Facility
...s on the five year facility. The loan refinances a facility expiring in 2011. In May this year TAQA refinanced a C$1.325bn ($1.26bn) revolving credit facility for its wholly owned TAQA North subsidiary (MEES, 31 May). S&P Rates TAQA Again, Assigns A Standard & Poor’s Ratings Services an...
Volume: 53Issue: 51Published at Mon, 20 Dec 2010 -
Yemeni Cabinet Approves 2011 Draft Budget Aimed At Reducing Deficit
...Middle East Economic Survey VOL. LIII No 51 20-Dec-2010 yemen Yemeni Cabinet Approves 2011 Draft Budget Aimed At Reducing Deficit Yemen’s cabinet has approved a draft state budget for fi...
Volume: 53Issue: 51Published at Mon, 20 Dec 2010 -
OPEC Communiqué: 158th (Extraordinary) OPEC Meeting Concludes
...State and Government held in the Kingdom of Saudi Arabia in November 2007. Having reviewed the oil market outlook, including the overall demand/supply projections for the year 2011, the conference observed that the increase in the annual average oil demand in 2011 is likely to be lower than in...
Volume: 53Issue: 51Published at Mon, 20 Dec 2010 -
Zubair And Rumaila Lead Iraqi Capacity Charge
...esentation given to contractors in Istanbul. Worley Parsons and the UK’s AMEC are the favorites to win this contract, a source from a rival engineering firm tells MEES. BP is targeting over 50 wells to be drilled in Rumaila next year. The project’s 2011 work program involves “delineating the main re...
Volume: 53Issue: 50Published at Mon, 13 Dec 2010 -
Saudi Arabian Project Financing Activity To Step Up In 2011
...Middle East Economic Survey VOL. LIII No 50 13-Dec-2010 SAUDI ARABIA Saudi Arabian Project Financing Activity To Step Up In 2011 Projects are expected to secure funds, as domestic banks st...
Volume: 53Issue: 50Published at Mon, 13 Dec 2010 -
Syria’s 2011 Draft Budget Targets Lower Deficit
...Middle East Economic Survey VOL. LIII No 50 13-Dec-2010 SYRIA Syria’s 2011 Draft Budget Targets Lower Deficit Syria’s draft budget for 2011 projects a 5.3% reduction in the budget deficit to S£167bn ($3.59bn) from S£176.4bn ($3.79bn) in 2010, with a 15.7% rise in re...
Volume: 53Issue: 50Published at Mon, 13 Dec 2010 -
Qatar Delays Barzan Project Due To Domestic Gas Supply Surplus
...mes on stream. Qatar is running a 10% surplus of gas production over demand, although this will drop next year as new power capacity comes on stream, raising domestic consumption to 3bn cfd, MEES learns. Power generation capacity will rise from 7.6gw to 8.8gw in 2011. In the same time as...
Volume: 53Issue: 50Published at Mon, 13 Dec 2010 -
WTI Remains Rangebound In High $80s/B
...mand upward by 130,000 b/d to 87.4mn b/d and by 260,000 b/d to 88.8mn b/d for 2011. It reported OPEC’s November crude oil production as averaging 29.2mn b/d and projected that the ‘call on OPEC crude and stock change’ for 2011 would average 29.5mn b/d, based on higher demand projections. In its We...
Volume: 53Issue: 50Published at Mon, 13 Dec 2010 -
EIA Says Tightening Supply Lends Support To Firming Oil Prices
...partment of Energy has increased slightly its global crude oil demand forecast for 2010 and 2011 in its latest Short-Term Energy Outlook, released on 7 December. The Outlook lifted global demand estimates for this year and next by 20,000 b/d and 10,000 b/d respectively over last month’s figures to fo...
Volume: 53Issue: 50Published at Mon, 13 Dec 2010