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Oryx Aims For 200KBD
...e KRG capital of Irbil, brings together Oryx (65%), the KRG (20%) and Korea’s state-owned KNOC (15%). Oryx was undeterred by what KRG oil sources describe as a very high signature bonus, when it fought off stiff competition to take over Hawler operatorship from Norbest in August 2011. Development ha...
Volume: 56Issue: 29Published at Fri, 19 Jul 2013 -
Desperate Iran Scrambles For Oil Revenues
...ter discussions between Delhi and Tehran to find an alternative means proved fruitless. India had, since July 2011, been paying in euros to clear around 55% of its purchases of Iranian oil through Turkish Halkbank, while the remaining 45% was remitted in rupees through the Calcutta-based UCO ba...
Volume: 56Issue: 29Published at Fri, 19 Jul 2013 -
Lebanon Faces Obstacles To LNG Imports
...ation in 2011, all of Lebanon’s plants have relied on more expensive diesel and fuel oil for power generation. The Ministry of Energy claims that, at a conservative gasoil price of $90/B, switching its power generation plants to gas would save the country $1.9bn on its annual fuel bill. FSRU sh...
Volume: 56Issue: 29Published at Fri, 19 Jul 2013 -
Baghdad And Kurds Choose Different Power Paths
...ntract structure. A 500mw phase 1 for Irbil power plant, came on stream in November 2008, with expansion to 1,000mw achieved in November 2011. Sulaimaniyah power plant was brought on stream at the end of 2009 at 500mw, with a phase 2 to 750mw implemented in April 2011, and expansion to 1,000mw in August 20...
Volume: 56Issue: 29Published at Fri, 19 Jul 2013 -
Riyadh, Baghdad Benefit As Turkey Weans Itself Off Iranian Crude
...15 July shows Iran slipped to third place in the line of countries supplying crude to Turkey in May, behind Iraq and Saudi Arabia. This comes just one month after losing its spot at the top of the pile to Iraq in April. Iran supplied over 50% of Turkey’s crude imports as recently as 2011...
Volume: 56Issue: 29Published at Fri, 19 Jul 2013 -
New Egyptian Government Faces Daunting Economic Challenges
...w Cabinet Interim Prime Minister Hazim al-Biblawi is a well-known economist who served as a finance minister and deputy prime minister in one of the first cabinets formed after the 2011 uprising which deposed Husni Mubarak. He also headed the UN’s Beirut-based Economic and Social Commission for We...
Volume: 56Issue: 29Published at Fri, 19 Jul 2013 -
Saudi Economic Growth Set To Slow: IMF
...e 2011 pre-tax subsidies for petroleum products accounted for 7.46% of GDP, while that for electricity was 2.48% of GDP. Private sector growth is expected to be robust, while government spending growth may slow. With falling international food prices, inflation is expected to ease toward th...
Volume: 56Issue: 29Published at Fri, 19 Jul 2013 -
China Crisis Would Threaten Saudi Economy
...uld such a shock to the Saudi economy already be in the works? Chinese economic growth dipped to 7.5% for the second quarter 2013, the lowest rate in more than a decade down from 9.3% as recently as 2011. An indication of how far consensus expectations of Chinese growth have dipped is provided by...
Volume: 56Issue: 29Published at Fri, 19 Jul 2013 -
Export Of Shale Gas: Perspective From Japan
... GLOBAL Export Of Shale Gas: Perspective From Japan By - James T Jensen* Since the 2009 recession, Japan has increasingly been forced to face severe challenges to its energy and environmental policies. The Fukushima disaster in March 2011 placed the future of...
Volume: 56Issue: 29Published at Fri, 19 Jul 2013 -
Benchmark Crude Prices ($/B)
...12 2011 WTI 108.04 104.81 100.64 95.79 94.75 94.17 94.42 94.18 95...
Volume: 56Issue: 29Published at Fri, 19 Jul 2013 -
Blast Shuts Egypt-Jordan Pipeline
...oups. It was not clear who was responsible for the sixteenth attack on the pipeline since the overthrow of Mubarak in January 2011, albeit the first since last July. Sinai Islamist groups have recently targeted the Egyptian army, raising speculation that the attacks were a reaction to the ou...
Volume: 56Issue: 28Published at Fri, 12 Jul 2013 -
Iran Condemns Mounting Western Oil Sanctions
...om using oil as a political weapon; so the West should have done the same, he says. “Unfortunately, political interference in the Middle East has brought instability to the region… Since 2011, unilateral sanctions have been placed on Iran by Europe and the US,” the minister said, according to...
Volume: 56Issue: 28Published at Fri, 12 Jul 2013 -
OPEC Sees Fall In 2014 Call on Its Crude
...30.38mn b/d, the producer group said – just 380,000 b/d off the 30mn b/d production ceiling in place since December 2011. OPEC’s figures based on secondary sources, highlighted Libya, Nigeria and Angola as the main culprits behind the drop, accounting for 339,000 b/d of the month-on-mo...
Volume: 56Issue: 28Published at Fri, 12 Jul 2013 -
Law Change Hands Power, Oil Revenues To Iraq’s Provinces
...oil deal in the province, around the same time. On 14 June, Tigris announced it had sold out to fellow Swedish explorer Crown Energy. While in March Geneva-based KRG explorer Oryx Petroleum announced it had done an oil deal in December 2011 with Wasit’s provincial government (MEES, 29 March). Oryx fo...
Volume: 56Issue: 28Published at Fri, 12 Jul 2013 -
Syrian Politics Shake-Up
...abia in 2011 and is said to have since developed close ties with the Saudi leadership. He is also a prominent advocate for international arms transfers to rebel groups. His Saudi ties may help to facilitate this. Nominally, the SNC is an interim Syrian government. It has garnered significant in...
Volume: 56Issue: 28Published at Fri, 12 Jul 2013 -
Oman LNG Posts 10% Revenue Growth For 2012
...oducer revealed in its Annual Report, obtained by MEES in advance of its expected official release later this month. Revenue grew to $4.342bn in 2012, up almost 10% on 2011’s $3.963bn. Net income after tax was also up in 2012, growing by some 9.42% to hit $1.95bn. The rise in revenue wa...
Volume: 56Issue: 28Published at Fri, 12 Jul 2013 -
Gulf States Finalize Rescue Package For Egypt
...tar, the key foreign financial backer of the Mursi regime, has been notable by its absence (see table). Regional Aid To Egypt Since 2011 Revolution ($Bn)* Mursi Rule (2012-13) 14.75 Qatar 8 Sa...
Volume: 56Issue: 28Published at Fri, 12 Jul 2013 -
Syria Crisis Drags Down Whole Levant Economy
...e influx of the Syrian refugees, but the balance of trade was in deficit to the tune of 30-40% of GDP, as a result of the Syrian crisis which slowed down transit trade across Syria. With regard to tourism, the number of incoming tourists fell by 24% between 2010 and 2011, by 18% between 2011...
Volume: 56Issue: 28Published at Fri, 12 Jul 2013 -
Iran Slashes Rial’s Official Value In Bid To Unify Exchange Rates
...we include gold reserves,” adding that this “is a gift form the current administration to the next administrations.” IMF figures put Iran’s reserves at $101bn as of the end of 2011 but projected that they had dipped to $89bn by the end of 2012 (see graph). Iran’s Exchange Ra...
Volume: 56Issue: 28Published at Fri, 12 Jul 2013 -
Benchmark Crude Prices
...12 2011 WTI 104.91 100.64 95.92 95.79 94.75 94.17 94.42 94.18 95...
Volume: 56Issue: 28Published at Fri, 12 Jul 2013