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Oman’s 2012 Budget Maintains High Level Of Social Spending
...frastructure. The budget, approved by Royal Decree 1/2012 issued by Sultan Qabus on 2 January, is based on an oil price assumption of $75/B, up 29.3% on $58/B for 2011, and average oil production of 915,000 b/d. Announcing details of the budget in a press conference, Oman’s Minister for Financial Affairs Da...
Volume: 55Issue: 03Published at Mon, 16 Jan 2012 -
'Abd Allah Al-'Attiyah Accorded Rank Of Prime Minister
...nuary 2011, when he was appointed Head of the Ruler’s court (Amiri Diwan), while remaining Deputy Prime Minster in Qatar (MEES, 24 January 2011). More recently, on 29 December 2011 he was also appointed Chairman of the Administrative Control and Transparency Authority, a new entity which was set up to co...
Volume: 55Issue: 03Published at Mon, 16 Jan 2012 -
Ex-Im Bank Approves $638Mn For Qurayyah IPP
...rea. This is the second IPP that Ex-Im Bank has financed in Saudi Arabia. Hajr for Electricity Production Company is 50:50 owned by the project developers and SEC. Saudi company ACWA signed an agreement on 21 September last year with SEC to develop Qurayyah (MEES, 26 September 2011). Originally co...
Volume: 55Issue: 03Published at Mon, 16 Jan 2012 -
RAK Petroleum And DNO International Complete Merger
...troleum as consideration for the merger, increasing the Emirati firm’s shareholding in the Norwegian company from 30% to 42.8%. This merger, however, did not proceed without a share of drama. Oslo-based Petrolia made a bid on 7 November 2011 to buy up to 33.3% in DNO International’s outstanding shares at...
Volume: 55Issue: 03Published at Mon, 16 Jan 2012 -
Attack Halts Production At Hunt-Operated Oil Field In Yemen
...thority (PEPA). This is the latest in a long line of tribal attacks on the war-torn country’s oil infrastructure this year, with one oil executive telling MEES earlier this month that “OMV’s pipeline [from its 15,000-20,000 b/d S2 block] has been attacked 13 times since October [2011].” And with Pr...
Volume: 55Issue: 03Published at Mon, 16 Jan 2012 -
Yemen LNG Meets Supply Targets For 2011 Despite Balhaf Attacks
...YEMEN Yemen LNG Meets Supply Targets For 2011 Despite Balhaf Attacks Yemen LNG successfully delivered all of the liquefied natural gas (LNG) it had committed to supply in 2011, despite an attack on a key gas pipeline in October last year, and is planning this year to export as much LN...
Volume: 55Issue: 03Published at Mon, 16 Jan 2012 -
Oil Earnings Fuel Bumper Saudi Budget
...tual figures for 2011 show that the kingdom’s revenues hit SR1,110bn ($296bn), their highest ever levels, even edging over the SR1,100bn ($293.3bn) seen in the boom year of 2008. While oil prices fell short of the $147/B peak reached in July 2008, throughout 2011 they maintained an average of over $10...
Volume: 55Issue: 01/02Published at Mon, 09 Jan 2012 -
Noble Makes Major Gas Find Off Cyprus, Government Readies Licensing Round
...cember 2011). Delek first proposed building an LNG facility in Cyprus in a letter delivered to Mr Christofias in January 2011, about a month after Noble announced the discovery of 16 tcf of natural gas in the Leviathan field offshore Israel (MEES, 17 January 2011). Last April, Noble and Delek together pr...
Volume: 55Issue: 01/02Published at Mon, 09 Jan 2012 -
Tribal Attacks Cripple Yemeni Oil Sector
...ntinue. In November, Yemen declined to renew Canadian independent Nexen’s operatorship of the 35,000 b/d Masila field, handing operations from 17 December to a proposed new state firm PetroMasila (MEES, 28 November 2011). “But this firm has no offices yet, no managing director, no experts. I just don’t se...
Volume: 55Issue: 01/02Published at Mon, 09 Jan 2012 -
Iran’s Political Struggle May Further Delay Major Gas E&P Push
...ternational sanctions slowing projects, whose production has not pushed ahead of domestic demand. In January 2011 state-owned National Iranian Gas Company (NIGC) said the average gas consumption hit a new historical record of 530mn cmd, although only weeks earlier the government said consumption had fa...
Volume: 55Issue: 01/02Published at Mon, 09 Jan 2012 -
Crude Prices Move Into 2012 At Over $100/B
...nuary, the US Energy Information Administration (EIA) said US commercial crude oil inventories increased by 2.2mn barrels during the week ending 30 December 2011. At 329.7mn barrels, US crude oil inventories are in the upper limit of the average range for this time of year. Total motor gasoline in...
Volume: 55Issue: 01/02Published at Mon, 09 Jan 2012 -
Japan’s Crude Imports Rise To 3.55Mn B/D For November
...Japan’s Crude Imports Rise To 3.55Mn B/D For November Japanese crude oil imports averaged 3.554mn b/d in November 2011, an increase of 4.5% over the October 2011 import average of 3.401mn b/d, according to import data released by Japan’s Ministry of Economy, Trade and Industry (METI) on 28...
Volume: 55Issue: 01/02Published at Mon, 09 Jan 2012 -
Saudi Crude Prices Reduced To Europe And Asia For February
...days after B/L for the US, 40 days after B/L for NW Europe, and B/L date to the Far East – are as follows ($/B): US (Price Reference ASCI) 2012 2011 Feb Ja...
Volume: 55Issue: 01/02Published at Mon, 09 Jan 2012 -
Saudi LPG Prices Raised For January 2012
...tane 2010 1 Jan 740.00 735.00 2011 1 Jan 935.00 920.00 2012 1 Jan 85...
Volume: 55Issue: 01/02Published at Mon, 09 Jan 2012 -
Crude Oil Formulas/Posted Prices
...Crude Oil Formulas/Posted Prices ($/B) Abu Dhabi ($/B) 2011 2010 Dec Nov Oct Sep Aug Ju...
Volume: 55Issue: 01/02Published at Mon, 09 Jan 2012 -
Turkey And Azerbaijan Sign MOU For TANAP Pipeline
...atolian Pipeline (TANAP). The latter could carry at least 16 bcm/year of natural gas from Azerbaijan’s Shah Deniz Stage 2 development. The MOU follows intergovernmental agreements between Turkey and Azerbaijan signed in October 2010 (MEES, 31 October 2011). TANAP is being considered as an alternative to th...
Volume: 55Issue: 01/02Published at Mon, 09 Jan 2012 -
Egypt Plans No New Gas Exports, Domestic Prices To Go Up, Says Petroleum Minister
...crease, following the conclusion of a new agreement between Egypt and Jordan, signed on 21 December (MEES, 26 December 2011). Egyptian officials reported last year that a new price of around $5/mn BTU had been agreed with Jordan (MEES, 26 December 2011)....
Volume: 55Issue: 01/02Published at Mon, 09 Jan 2012 -
IMF Said To Set Conditions For Loan Negotiations With Egypt
...d the country’s foreign exchange reserves have plunged from some $36bn at the end of 2010 to about $20bn in November 2011. Egyptian Prime Minister Kamal al-Janzuri complained last month that Egypt had not received the aid pledged by donor countries since the revolution, and warned of a grave ec...
Volume: 55Issue: 01/02Published at Mon, 09 Jan 2012 -
Egypt Signs For Loans/Grants Worth $533Mn
...e fund agreed to provide to Egypt for budgetary support. The agreement for the first tranche of $200mn was signed in November 2011 (MEES, 28 November 2011). Egyptian Minister of Planning and International Cooperation Fayiza Abu al-Naja said that the AMF loan will be used to finance structural re...
Volume: 55Issue: 01/02Published at Mon, 09 Jan 2012 -
Tehran Defiant As EU Agrees ‘In Principle’ To Iranian Oil Embargo
...l imports. Of this, Italy bought on average 249,000 b/d of Iranian crude in 2011, while Greece imported some 35% of its oil from there. In Washington, reports of the move were welcomed by the Obama Administration, with US State Department spokesman Victoria Nuland saying the decision was “very go...
Volume: 55Issue: 01/02Published at Mon, 09 Jan 2012