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IMF Revises Upward Its Forecasts For Economic Growth
...andards, whereas in many emerging and developing economies, activity is expected to be relatively vigorous, largely driven by buoyant internal demand. The IMF expects Middle Eastern economies to grow by 4.5% in 2010 and 4.8% in 2011, a slight increase from October 2009 projections. The rebound of co...
Volume: 53Issue: 05Published at Mon, 01 Feb 2010 -
Petrovietnam And Partners Form JV To Develop Blocks 433a/416b, Target 21,000 B/D In 2011
...Middle East Economic Survey VOL. LII No 8 23-Feb-2009 ALGERIA Petrovietnam And Partners Form JV To Develop Blocks 433a/416b, Target 21,000 B/D In 2011 Petrovietnam and its partners on Blocks 433a/416b in eastern Algeria agreed on 10 February to form a joint venture to develop th...
Volume: 52Issue: 08Published at Mon, 23 Feb 2009 -
Lukewarm Response To Privatization Of Bank Mellat
...thin 2009-10 and a further 60% by 21 March 2011. A senior member of the Iranian Privatization Organization (IPO), Fathali Khosdin, who is overseeing the process, told the press “we have been seeking this for a long time as this gives a free hand to the bank. Under the present structure, we have re...
Volume: 52Issue: 08Published at Mon, 23 Feb 2009 -
Technip Wins Midor Coking Unit Contract, But Egypt’s New Refinery Plans Stall
...nuary). The new facilities at Musturud, which will produce 2.2mn tons/year of diesel and 700,000 t/y of high octane gasoline, were originally due on-stream in 2011, but this date is now expected to slip. For some years, Egypt has been seeking to exploit its strategic geographical location between Eu...
Volume: 52Issue: 07Published at Mon, 16 Feb 2009 -
Libya’s Exploration Drive Falters
...ogram to Libya’s National Oil Corporation (NOC) in November, which if approved, could bring some of these discoveries on-stream by 2011 at an initial rate of 50,000 b/d of oil and 50mn cfd of gas (MEES, 15 December 2008). But the block, which Verenex acquired in the first EPSA-4 bid round, is in the Gh...
Volume: 52Issue: 06Published at Mon, 09 Feb 2009 -
Iran’s External Debt Fell To $23.3Bn By September 2008
...yments in the following four years: Year Debt Repayment ($Bn) 1387 (2008-09) 6.722 1388 (2009-10) 5.126 1389 (2010-11) 2.561 1390 (2011-12) 2.120 1391 (2012-13) onwards 6.775 Th...
Volume: 52Issue: 06Published at Mon, 09 Feb 2009 -
Saudi Fransi Finances Steel Project
...mpany has a paid-up capital of SR450mn ($120mn) and the project will attract total investments of some SR1.3bn ($346.7mn). Construction of the first phase of the project will start soon and production of some 1.5mn tons of various types of steel is expected in 2011. The steel plant will be built in th...
Volume: 52Issue: 06Published at Mon, 09 Feb 2009 -
Delay Pays Dividends For Abu Dhabi’s SAS Development
...fshore Umm al-Lulu field, operated by ADMA-OPCO, or an expansion of around 50,000 b/d at ADCO’s Bab field, where capacity is currently around 320,000 b/d. The ExxonMobil-led project to expand capacity at the offshore Upper Zakum field from 550,000 b/d in 2006 to 750,000 b/d by 2011 has hit hurdles am...
Volume: 52Issue: 05Published at Mon, 02 Feb 2009 -
ABB Wins $95Mn Order For Saudi Power Substations
...e 2008 and the substations are scheduled for completion in 2011. ABB will be also responsible for the design, supply, installation, and commissioning of the substations (132 kV and 110 kV)....
Volume: 52Issue: 05Published at Mon, 02 Feb 2009 -
UAE Faces Gas Crisis
...ms to boost crude production capacity from 2.8mn b/d to 3.5mn b/d by 2012-15. But serious gas increments will only start to arrive in 2012. And observers of the UAE energy scene view 2011 as a potential crisis year. The first increment is the 1bn cfd Shah ultra-sour gas development, which will pr...
Volume: 51Issue: 08Published at Mon, 25 Feb 2008 -
Yemen Accelerates Upstream Efforts As Oil Production Falls
...meni government.” Nexen’s PSA on Block 14 (Masila Block, operator, 52%) ends in 2011 (with a possibility for a five-year extension) and setting in place the EOR technology would take two-to-three years in itself. Only if the existing PSA is extended will it make sense to use EOR, Mr Mawhinney said, wi...
Volume: 51Issue: 08Published at Mon, 25 Feb 2008 -
Bouteflika Pledges Energy Cooperation With Russia On State Visit To Moscow
...vested… $60mn and have already discovered two oil deposits that are due to produce above 60,000 b/d by 2011.” The two Russian firms won the exploration rights to Block 245 South in 2000, in partnership with Sonatrach which holds a 40% interest, and have since made a number of oil and gas discoveries th...
Volume: 51Issue: 08Published at Mon, 25 Feb 2008 -
Pathfinder Banks Appointed For Musturud Refinery Financing
...troleum Corporation (EGPC). It will start up in 2011 producing 2.2mn tons/year of diesel and 700,000 t/y of high octane gasoline....
Volume: 51Issue: 08Published at Mon, 25 Feb 2008 -
EGL, Statoil Form Trans Adriatic Gas Pipeline Joint Venture
...pacity of the pipeline will be 10 bcm/year with an option to expand later to 20 bcm/y. The cost of the project is put initially at €1.5bn. EGL said implementation of the TAP project was subject to a final investment decision in the second half of 2009. The pipeline could come into operation in 2011. It...
Volume: 51Issue: 07Published at Mon, 18 Feb 2008 -
Evaluation Of Onshore Awali Field Bids Expected By End-May
...ars until a price of $1.50/mn BTU is reached in April 2011. New customers have been charged $1.50/mn BTU since last year. The NOGA chairman said the new pricing structure would “result in additional revenues of $40mn per year to the government and lead to rationalizing consumption and encouraging co...
Volume: 51Issue: 06Published at Mon, 11 Feb 2008 -
NPC Secures €428Mn Funding To Build Two 300,000 T/Y Polyethylene Plants
...stern Ethylene Pipeline route at Lorestan and Mahabad, are scheduled for completion in 2011. Funding will mainly be provided by Iran’s Oil Stabilization Fund (OSF), with 30% to come from Iran’s Bank of Industry and Mines. NPC tendered for the projects in 2005 (MEES, 2 May 2005) and awarded the co...
Volume: 51Issue: 06Published at Mon, 11 Feb 2008 -
Qatar Further Consolidates Asian LNG Term Sales With Thailand’s PTT Deal
...ailand’s PTT Public Company. The LNG will be supplied into the Bangkok LNG terminal when it becomes operational in 2011, said Qatargas. The terminal will be capable of receiving the cargoes using the new Q-Flex and Q-Max class of vessels, Qatargas added. PTT will use the LNG to supply mainly power co...
Volume: 51Issue: 06Published at Mon, 11 Feb 2008 -
Algerian Minister Dispels Doubt Over Upstream Plans
...anwhile, construction of the new 4.5mn tons/year train at Skikda, to replace those destroyed in an explosion in 2004 will start in June. The contract was awarded to the US engineering and construction company KBR in July 2007 (MEES, 16 July 2007), with an expected cost of $2.81bn, and will be ready in 2011...
Volume: 51Issue: 05Published at Mon, 04 Feb 2008 -
Dresdner Kleinwort Holds Brent Price Forecast At $70/B For 2008
...rlier forecast also saw Brent falling away to $45.50/B by 2011, but now the Brent price is expected to flatten out at around $60/B from 2009. One of the principal reasons why oil prices rose so sharply in 2007 was OPEC’s policy of undersupplying the market with the aim of tightening inventories in or...
Volume: 51Issue: 05Published at Mon, 04 Feb 2008 -
Second Gas Well At Shah Deniz Ready For Operation
...date of 2011-12 was missed the pipeline would reach a maximum capacity of 30 bcm/y by 2018-19 as planned. The Nabucco consortium is also looking for an additional European partner to help finance the $5.5bn project. German Chancellor Angela Merkel on 14 February visited Ba...
Volume: 50Issue: 09Published at Mon, 26 Feb 2007