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Japan’s Crude Imports Rose In December, But Down For 2011
...SUPPLY/DEMAND Japan’s Crude Imports Rose In December, But Down For 2011 Japanese crude oil imports averaged 3.872mn b/d in December 2011, an increase of 8.9% over the November 2011 average of 3.555mn b/d, according to monthly import data released by Japan’s Ministry of Economy, Trade an...
Volume: 55Issue: 06Published at Mon, 06 Feb 2012 -
Saudi LPG Prices Raised To Record Levels For February
...ange Propane Butane 2010 1 Jan 740.00 735.00 2011 1 Jan 935.00 920.00 20...
Volume: 55Issue: 06Published at Mon, 06 Feb 2012 -
IMF Sees Algeria’s GDP Growth At 2.5% In 2011 And 3.5% In 2012
...ALGERIA IMF Sees Algeria’s GDP Growth At 2.5% In 2011 And 3.5% In 2012 Algeria’s growth in 2011 is estimated to have remained solid and higher oil prices have strengthened the country’s external balance and boosted its fiscal revenue, the International Monetary Fund (IMF) said on 27 Ja...
Volume: 55Issue: 06Published at Mon, 06 Feb 2012 -
Dana Egypt Production Slides On Non-Payment Standoff
...EGYPT Dana Egypt Production Slides On Non-Payment Standoff UAE-listed Dana Gas saw 2011 production flat-line as the company scaled back Egyptian drilling in response to non-payment of revenues from the Egyptian authorities. The company’s Egyptian production finished the year at 38...
Volume: 55Issue: 06Published at Mon, 06 Feb 2012 -
Iran Raises Its Budget Oil Price To $85/B For 2012-13
...slightly higher than the current year’s oil price of $80/B (MEES, 28 February 2011). Prior to the submission of the draft budget, the agency projected oil revenue in 2001-13 at $57bn based on an oil price of $85/B. Mr Ahmadinejad said that the new budget proposes a 5.6% drop in government sp...
Volume: 55Issue: 06Published at Mon, 06 Feb 2012 -
Start Date For Phase 2 Of Subsidy Reform Plan Still Unclear
...rrent Iranian year – which began on 21 March 2011 – as a direct consequence of these subsidy cuts. Mr Farzin also added that despite fervent parliamentary opposition, some 10mn relatively well-to-do individuals would be excluded from receiving support payments in the second phase. “Speaking of the su...
Volume: 55Issue: 06Published at Mon, 06 Feb 2012 -
Turkey Files Lawsuit Against Iran Over Gas Price
...quirement, according to a 31 January TRT Haber TV report. In 2011 Iranian exports to Turkey increased by 12% compared to 2010, although the overall supply of 24mn cmd compares with a pipeline nameplate capacity of 36-40mn cmd. Turkish Minister of Energy Taner Yildiz had announced Ankara’s intension to take Ir...
Volume: 55Issue: 06Published at Mon, 06 Feb 2012 -
Kuwait’s Opposition Gaining Seats In Parliament
...vestigations – one each by the ministry and parliament – into an ongoing consultancy contract that Shell has in the development of northern Jurassic gas fields (MEES, 8 August 2011). The dissolution of parliament halted the enquiries, which are expected to restart once there is a new government and pa...
Volume: 55Issue: 06Published at Mon, 06 Feb 2012 -
Qatar Earmarks $25Bn For Domestic Petrochemicals Output Expansion
...5bn petrochemical complex in Ras Laffan Industrial City (MEES, 12 December 2011). The plant will include a world-scale steam cracker, a 1.5mn t/y monoethylene glycol plant, a 300,000 t/y linear alpha olefins plant and another olefin derivative unit. The agreement gives state-owned QP an 80% stake in th...
Volume: 55Issue: 06Published at Mon, 06 Feb 2012 -
APICORP Puts 2012-16 MENA Energy Sector Investment Needs At $525Bn
...mmentary. Despite far-reaching implications of the ongoing upheaval stemming from the Arab Spring, the sovereign debt crisis, and imposition of sanctions by Europe on Iranian crude imports, APICORP said that its September 2011 forecast remains unchanged (MEES, 3 October 2011). However, the bank warned that ac...
Volume: 55Issue: 06Published at Mon, 06 Feb 2012 -
Gulfsands KHE-102 Appraisal Well Encounters Gas And Oil
...eld of 49 barrels per mn cu ft. As far as concerns production and exploration activities in 2011, Gulfsands said that Khurbet East and Yousefieh fields continued to perform extremely well during the year. It noted that four new wells were drilled, raising oil production to a level in excess of 24...
Volume: 55Issue: 06Published at Mon, 06 Feb 2012 -
Dragon Oil Generates Record 2011 Revenues, Ups Production By 30%
...UAE/CASPIAN Dragon Oil Generates Record 2011 Revenues, Ups Production By 30% Dubai-based Dragon Oil has announced record revenue figures for the 2011 calendar year, during which its crude oil production increased by 30% relative to 2010. The exploration and production company ramped up...
Volume: 55Issue: 06Published at Mon, 06 Feb 2012 -
Iraq’s Power Crisis And The Need To Re-Engage The Private Sector – Smartly
...aqi household with power for only four to five hours on any given day. How Bad Is The Problem? Despite some additions to capacity over the past decade, demand for electricity in Iraq has been outstripping supply. At an extreme, in July 2011 the peak demand was reportedly over 14.0gw.2 Iraq’s in...
Volume: 55Issue: 06Published at Mon, 06 Feb 2012 -
MENA Turmoil Continues To Batter Financial Markets
...t. After unrest in Tunisia, but prior to the Bahrain protests, King Hamad bin Isa Al Khalifa had already instructed the government to disburse BD1,000 ($2,600) to each of Bahrain’s 136,000 households, and increased social spending in excess of its 2011 budget allocation. Moody’s also placed Ba...
Volume: 54Issue: 09Published at Mon, 28 Feb 2011 -
Iran Announces Expansionary 2011-12 Budget With Oil Price Of $80/B
...Middle East Economic Survey VOL. LIV No 9 28-Feb-2011 Iran Announces Expansionary 2011-12 Budget With Oil Price Of $80/B Iranian President Mahmoud Ahmadinejad on 20 February presented to the Majlis (parliament) an expansionary draft budget for the Iranian year 1390 (starting on 21...
Volume: 54Issue: 09Published at Mon, 28 Feb 2011 -
Doubts Gather Over Gulf Petrochemical Plans
...mand for ethane-based feedstock will come from QAPCO’s 700,000 t/y low density polyethylene (LDPE) plant, due to start up at the end of 2011. By 2015 Qatar expects to have on stream two new major sources of ethane. Shell’s $18-19bn, 140,000 b/d capacity Pearl gas-to-liquids (GTL) plant will al...
Volume: 54Issue: 09Published at Mon, 28 Feb 2011 -
WTI Climbs Through Week, Brent Nears $120/B As Libya Violence Dominates Market
...l continues through 2011 it will create the same level of crisis as in 2008. But he added: “Our message to the market is: don’t panic. OPEC has spare capacity of 5mn b/d, unlike 2008 when it was only 2mn b/d.” The following day, while still in Riyadh, Mr Tanaka said the IEA would rely on OPEC to me...
Volume: 54Issue: 09Published at Mon, 28 Feb 2011 -
CGES Reiterates Need For Higher OPEC Output, Says Market Out Of Balance
...s always been slower to act to stop prices from rising than it has been to prevent them failing.” CGES Global Supply/Demand Balance (Mn B/D) 3Q10 4Q10 1Q11 2Q11 3Q11 4Q11 2009 2010 2011 World Oil De...
Volume: 54Issue: 09Published at Mon, 28 Feb 2011 -
Crude Oil Formulas/Posted Prices
...Middle East Economic Survey VOL. LIV No 9 28-Feb-2011 Crude Oil Formulas/Posted Prices ($/B) Algeria (Dated Brent + / - Adjustment Factor; $/B) 2011 2010 Mar Feb Jan Dec No...
Volume: 54Issue: 09Published at Mon, 28 Feb 2011 -
Gazprom Expects South Stream Pipeline Completion In 2015
...nsortium, which has been pending since June 2010. Mr Miller said that he was confident of the French company’s participation and expected the final documents to be signed “by late 2011.” In an interview published last week by European Energy Review, South Stream CEO Marcel Kramer said: “To me that is al...
Volume: 54Issue: 09Published at Mon, 28 Feb 2011