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Kuwait To Explore Oil Investment Opportunities In Sudan
...oduction (MEES, 11 July 2011). Kuwait’s state-owned KUNA news agency reported that a delegation from the Kuwait Foreign Petroleum Exploration Company (Kufpec) met with Sudan’s Minister of Petroleum 'Awadh Ahmad al-Jaz to promote mutual cooperation and discuss opportunities for Kuwait to expand its in...
Volume: 55Issue: 04Published at Mon, 23 Jan 2012 -
MENA Facing Uncertainty From Arab Spring, Eurozone Crisis, Says World Bank
...herwise) Est Forecast 98-07* 2008 2009 2010 2011 2012 2013 GDP at market prices (2005 US...
Volume: 55Issue: 04Published at Mon, 23 Jan 2012 -
Saudi Aramco/Sinopec Refinery Deal Highlights Growing Sino-Saudi Energy Axis
...nopec signed a memorandum of understanding for the Yanbu΄ project last March after Saudi Aramco’s original partner ConocoPhillips withdrew the previous year (MEES, 21 March 2011). The two firms are spearheading the growing energy relationship between the world’s largest crude exporter and the rising ec...
Volume: 55Issue: 04Published at Mon, 23 Jan 2012 -
Sudan Admits To Confiscating South Sudan’s Oil As Dispute Talks Resume
...aring of oil revenues (MEES, 11 July 2011). While Sudan’s Foreign Ministry initially declined to comment on this latest development, members of the northern delegation that arrived in Addis Ababa for the January 17 talks confirmed to reporters that the country had in fact began confiscating oil from th...
Volume: 55Issue: 04Published at Mon, 23 Jan 2012 -
Syrian Pound Loses More Value On Black Market
...SYRIA Syrian Pound Loses More Value On Black Market The ongoing political turmoil in Syria since March 2011 has eroded about 50% of the foreign exchange value of the Syrian pound on the black market, exchange dealers said last week. The value of the pound slipped from an official rate of...
Volume: 55Issue: 04Published at Mon, 23 Jan 2012 -
BNP Paribas Secures Advisory Mandate For $800Mn Emirates Steel Expansion
...rect reduced iron produced in the Phase 1 and Phase 2A facilities and will also draw upon internal and externally sourced scrap to produce the feedstock for the new phase. Established in 2011, Emirates Steel is the only integrated steel plant in the UAE using the latest rolling mill technology to pr...
Volume: 55Issue: 04Published at Mon, 23 Jan 2012 -
Challenges Ahead Of Ban On Oil Imports From Iran – Consequences
...rst Nine Months 2011) Country Quantity ('000 b/d) Share of Country Total (%) Share of Iran’s Exports (%) France 53...
Volume: 55Issue: 04Published at Mon, 23 Jan 2012 -
Iraqi Oil Sector Set For Change As Political Crisis Intensifies
...art from official airports. Decision making has been far too slow – Lukoil and Statoil are still waiting on a cabinet green light for a 400,000 b/d first phase of West Qurna-2, which should have been approved months ago (MEES, 5 December 2011). These issues, coupled with major differences with Ir...
Volume: 55Issue: 03Published at Mon, 16 Jan 2012 -
Iran Sanctions Trigger Economic Chaos, Food Shortages And Protests
...cked the government in 2009. EU Struggles To Tighten The Oil Screw EU Foreign Ministers have urgently rescheduled a meeting that aims to achieve a European boycott of Iranian oil – moving it from 30 January to 23 January. The EU imported in the first half of 2011 an average of about 450,000 b/d of...
Volume: 55Issue: 03Published at Mon, 16 Jan 2012 -
South Pars Reservoir Faces Challenges
...South Pars will be completed. The experience with the first 10 phases suggests that delays are likely, especially given the escalation in sanctions.” The IEA said in late 2011 that Iran’s energy industry is “clearly under stress from further wide-ranging sanctions imposed by the international co...
Volume: 55Issue: 03Published at Mon, 16 Jan 2012 -
Oil Producers Adopt Higher Crude Prices For 2012 Budgets
...MEES Agenda Oil Producers Adopt Higher Crude Prices For 2012 Budgets With the OPEC Basket price averaging $112.11/B last year versus 2010’s $107.46/B many MENA countries posted a surplus for 2011 and were encouraged to hike the oil price forecast they will use in their 2012 budgets. Pr...
Volume: 55Issue: 03Published at Mon, 16 Jan 2012 -
OPEC Production Stays Firm Amid Market Tumult
...rk, according to the latest MEES estimates. OPEC Basket prices averaged a record $112.11/B in 2011, compared to $107.46/B the previous year. OPEC’s 2011 production was almost 400,000 b/d up on 2010 (see table). And this was despite the loss of over 1mn b/d of Libyan output from the market. As so ma...
Volume: 55Issue: 03Published at Mon, 16 Jan 2012 -
EIA Sees Acceleration In Crude Demand Growth During 2012-13
...EIA Sees Acceleration In Crude Demand Growth During 2012-13 The US Energy Information Administration (EIA) said in its latest Short Term Energy Outlook, released on 10 January, that world oil consumption grew by around 1.0mn b/d in 2011 to 88.1mn b/d. This compares with the EIA’s 2010 es...
Volume: 55Issue: 03Published at Mon, 16 Jan 2012 -
Crude Oil Formulas/Posted Prices
...Crude Oil Formulas/Posted Prices ($/B) Iran (+ / - Adjustment Factor; $/B) 2012 2011 Feb Jan Dec Nov Oc...
Volume: 55Issue: 03Published at Mon, 16 Jan 2012 -
KMG EP Moves To Ease Zhanaozen Crisis
...CASPIAN KMG EP Moves To Ease Zhanaozen Crisis KMG EP, the upstream arm of Kazakh state oil and gas firm KazMunaiGaz (KMG), announced on 9 January that it had decided to establish two new subsidiaries that will re-employ the majority of the 2,000 oil workers laid off since June 2011, wh...
Volume: 55Issue: 03Published at Mon, 16 Jan 2012 -
Turkmen President Again Replaces Turkmengaz Chairman
...rough BTC Almost Doubled In 2011 The Socar Trading subsidiary of the State Oil Company of Azerbaijan Republic (Socar) announced last week that Turkmen oil exports via the Baku-Tbilisi-Ceyhan (BTC) pipeline had almost doubled in 2011 compared with 2010, to 2.24mn tons. The company added that Tu...
Volume: 55Issue: 03Published at Mon, 16 Jan 2012 -
Cyprus And Israel Sign Defense Cooperation Agreements
...e exchange of classified information. Relations between the two countries have become steadily closer over the last year since a proposal was made a year ago by Israel’s Delek Group that a joint LNG facility be created on the island’s southern coast (MEES, 17 January 2011). The Delek proposal fo...
Volume: 55Issue: 03Published at Mon, 16 Jan 2012 -
Tamar Partners Sign Gas Sales Contracts
...cember 2011). In its 15 December statement, the IEC said: “As long as only one gas pipeline connecting the production rig and transmission system exists, the company shall purchase only limited quantities of natural gas from the Tamar partners, in order to enable other customers to purchase gas from th...
Volume: 55Issue: 03Published at Mon, 16 Jan 2012 -
Noble To Resume Work On Leviathan-1 Well In Search Of Crude
...ock 12 in the Cyprus exclusive economic zone (EEZ). Noble announced on 28 December the discovery of 7 trillion cu ft of natural gas at the Aphrodite field in Block 12, a year after Noble made a discovery of 16 tcf (now revised to 17 tcf) in Leviathan on the Rachel block (MEES, 3/10 January 2011). In it...
Volume: 55Issue: 03Published at Mon, 16 Jan 2012 -
Jordan Considers More Targeted Subsidies For Basic Items
...t happen in the near future. This could force the government to lift subsidies on electricity and water for high consumers in society. He explained that the 2012 budget is projecting foreign aid of JD870mn ($1,227mn), compared to JD 1,196mn ($1,686mn) in 2011, and warned that should this aid fall be...
Volume: 55Issue: 03Published at Mon, 16 Jan 2012