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Majlis Report Estimates Budget Deficit At $21Bn In First Nine Months Of 2010-11
...different sectors including the oil industry. He added that it was necessary to investigate the 1389 budget in order to make the 1390 (2011-21) budget “more realistic.” Meanwhile another deputy, Elias Naderan, who is a member of the Majlis Economic Commission, has cautioned in a newspaper ed...
Volume: 54Issue: 07Published at Mon, 14 Feb 2011 -
Fresh Confusion Hits KRG-Baghdad Oil Negotiations
...t the incident does highlight the difficulty of the KRG-Baghdad negotiations. KRG exports have started, but without a firm agreement with Baghdad. Hence they could, as they did in 2009, grind to a halt, with negative repercussions for Iraq’s 2011 budget, oil development in the KRG and wider Ir...
Volume: 54Issue: 07Published at Mon, 14 Feb 2011 -
Kuwait’s First IWPP Nears Request For Proposal
...pects to remit the bids before the summer to be able to award the project in 2011. The PTB will launch further IWPP plans, MEES understands, as this is expected to be the first of a series of projects. Plans suggest the inaugural IWPP at al-Zour will generate 1.5gw of electricity and 100mn ga...
Volume: 54Issue: 07Published at Mon, 14 Feb 2011 -
SAMA Adds $6.67Bn To Foreign Assets In December Due To High Oil Prices
...git growth in 2011,” according to BSF forecasts. Private bank credit, excluding investments in securities, hit SR743.05bn ($198.15bn) in December, up 4.8% year-on-year, SAMA reported. The proportion of loans outstanding in December carrying maturities of three years or longer rose to 24.8% from 23...
Volume: 54Issue: 07Published at Mon, 14 Feb 2011 -
TAQA Profits Surge To $255Mn For 2010
...ar. Combined with our rapid and tightly priced completion of necessary refinancing during 2010, we have started 2011 with confidence and conviction.” Over the course of the last year, the state-run utility pursued a number of strategic initiatives in the oil and gas sectors. These include the co...
Volume: 54Issue: 07Published at Mon, 14 Feb 2011 -
Political Comment (14 February 2011)
...Middle East Economic Survey VOL. LIV No 7 14-Feb-2011 Political Comment (14 February 2011) President Husni Mubarak's refusal to step down has led Egypt to the brink of the abyss on Friday 11 February. The ongoing political crisis in Egypt has shredded relations between Wa...
Volume: 54Issue: 07Published at Mon, 14 Feb 2011 -
Egypt’s Economic Woes Compounding: There Is A True Need For Change
...oting the article: “The oil that Egypt exports provides funds for the subsidies that it offers, so reduced exports mean less funds are available for subsidies.” The article predicts that in 2011 Egypt will change from an oil exporting country to an oil importing country. The final outcome is th...
Volume: 54Issue: 07Published at Mon, 14 Feb 2011 -
Oman Prepares To End Gas Subsidies For Future Projects
...ys. Pre-front end engineering design (FEED) work for the full field developmentis due to finish in the third quarter of 2011, then a 12-month FEED project starts, allowing the FID to be taken before the end of 2012. By then BP will know the amount of water and NGLs that need handling. Capital ex...
Volume: 54Issue: 06Published at Mon, 07 Feb 2011 -
Iraq’s KRG Regional Producers Start Oil Test Flows For Export
...gotiators to the limit. Yet a deal will have to be made. The Taq Taq field development, led by Sinopec and Turkey’s Genel Enerji, and the DNO-led Tawke field, will be providing the vast majority of 2011 exports. Both projects can produce around 50,000 b/d; indeed Taq Taq has gone as high as 67...
Volume: 54Issue: 06Published at Mon, 07 Feb 2011 -
OPEC Shrugs Off Threat To Supply From Potential Egypt Disruption
...praised as to exactly how much new Iraqi supply is expected on the market this year. But at present he does not expect a significant impact. “I am sure for 2011 Iraq will not disturb our production,” he said. But, MEES calculates, rising Basra province output has already boosted Iraq’s capacity by ov...
Volume: 54Issue: 06Published at Mon, 07 Feb 2011 -
ESAI Forecasts Growth Of 950,000 B/D This Year In Asia’s Product Demand
...Middle East Economic Survey VOL. LIV No 6 7-Feb-2011 SUPPLY/DEMAND ESAI Forecasts Growth Of 950,000 B/D This Year In Asia’s Product Demand US-based Energy Security Analysis, Inc (ESAI) has forecast that Asian oil demand will grow by 950,000 b/d during 2011, down slightly from pr...
Volume: 54Issue: 06Published at Mon, 07 Feb 2011 -
Saudi Crude Prices Raised To US, Reduced To Asia And Europe
...e in decline, Oman crude sold at Dubai plus $0.40-45/B, compared with Dubai plus $0.70-0.85/B in December. The formulas for March 2011 and the previous 12 months for deliveries to the US, Europe and the Far East – on an FOB Saudi Arabia basis, 50 days after B/L for the US, 40 days after B/L for NW...
Volume: 54Issue: 06Published at Mon, 07 Feb 2011 -
Saudi LPG Prices Reduced Sharply For February
...Middle East Economic Survey VOL. LIV No 6 7-Feb-2011 OIL PRICES/SAUDI ARABIA/OPEC Saudi LPG Prices Reduced Sharply For February Saudi Aramco announced on 31 January a cut in the February 2011 LPG contract prices, marking down propane by $115/ton to $820/ton and reducing bu...
Volume: 54Issue: 06Published at Mon, 07 Feb 2011 -
Crude Oil Formulas/Posted Prices
...Middle East Economic Survey VOL. LIV No 6 7-Feb-2011 OIL PRICES/OPEC Crude Oil Formulas/Posted Prices ($/B) Oman ($/B) 2011 2010 Mar Feb Jan Dec Nov Oct Sep Aug Ju...
Volume: 54Issue: 06Published at Mon, 07 Feb 2011 -
IMF Says Algeria Managed To Mitigate The Effects Of Global Financial Crisis
...its latest Article IV consultation published on 26 January. Real GDP growth in 2010 is projected at 3.3%, with non-hydrocarbon real GDP estimated at 5.3%, and projections for 2011 are almost at the same level as in 2010. The IMF said that the prudent macroeconomic management of the last 10 ye...
Volume: 54Issue: 06Published at Mon, 07 Feb 2011 -
Azerbaijan To Sell Gas Directly To Greece
...pplies, while looking to become a leading participant in the South Stream pipeline project, including a transit option towards Italy. Mr Kouvelis also proposed to Mr Aliyev that Socar participates in the tendering process to buy shares in DEPA, which is due for privatization in the second half of 2011. Th...
Volume: 54Issue: 06Published at Mon, 07 Feb 2011 -
Ratings Agencies Downgrade Egypt On Political Unrest
...ting of the class A3 notes issued by Petroleum Export Limited (PEL), said Moody’s. There are some structural features in the transaction that lead the class A3 notes to currently have an intrinsic credit quality that is stronger than Egypt’s Ba2 rating. The notes will mature on 15 June 2011 and ha...
Volume: 54Issue: 06Published at Mon, 07 Feb 2011 -
Iran’s Inflation Rate Rises To 10.8% In January
...e table below. CBI Debt Repayment Schedule Year Debt Repayment ($Bn) 1389 (2010-11) 9.513 1390 (2011-12) 3.749 1391 (2012-13) 1.884 1392 (2013-14) 1.502 1393 (2014-15) on...
Volume: 54Issue: 06Published at Mon, 07 Feb 2011 -
Jordan’s Foreign Aid Tops $1.1Bn In 2010
...is total, grants amounted to $782.2mn, or 69%, and concessionary loans to $351.2mn, or 31%. An official of the ministry said that Jordan has managed to receive the same level of foreign aid in the period 2008-10 despite the global financial crisis and hoped that this level would be maintained in 2011...
Volume: 54Issue: 06Published at Mon, 07 Feb 2011 -
Lebanon Asks UN To Broaden UNIFIL Mandate For Offshore Demarcation
...tober 2011 (MEES, 29 November 2010). However, the current state of political affairs in Lebanon does not bode well for follow-up legislation that will enable Lebanon to advance its nascent energy sector. The UN initially declined to become involved in the demarcation of Lebanon’s maritime borders. UN...
Volume: 54Issue: 06Published at Mon, 07 Feb 2011