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ERC’s Musturud Refinery Project Secures Funding Despite Political Turmoil
...nsions. The project was kept on ‘life support’ through the 2011 tumult because its economics are compelling. The Egyptian authorities have acknowledged that it will help alleviate the country’s growing products shortage. On announcing the deal’s completion, ERC parent, private equity company Citadel Ca...
Volume: 55Issue: 26Published at Mon, 25 Jun 2012 -
Egyptian Equities Tumble To Five-Month Low On Rising Political Tensions
...nual rate to 8.3%, down from 8.78% in the previous month. Preliminary data, said the CBE, showed that real GDP climbed 5.2% in the third quarter (fiscal 2011-12 began on 1 July 2011) following “feeble” growth of 0.35% in the first two quarters. During the first three quarters GDP was up 1.8% on the ba...
Volume: 55Issue: 26Published at Mon, 25 Jun 2012 -
BP Starts Drilling Of First Risha Gas Well
...ccessful 5,000 sq km seismic acquisition program in 2011,” BP said adding that the survey was one of the largest ever acquired in the Middle East. The well in the Risha concession, located 360km east of 'Amman near the Jordanian-Iraqi border, is expected to take three to four months to complete and a nu...
Volume: 55Issue: 26Published at Mon, 25 Jun 2012 -
Kuwait’s Al-Zour Refinery ‘Progressing’, Says Minister
...troleum Company (KNPC) expecting to relaunch the tender after getting the green light from both the country’s Supreme Petroleum Council (SPC) and Kuwait’s Ministry of Oil (MEES, 7 November 2011). “There were some concerns from parliament [in the past], but these concerns were not about the re...
Volume: 55Issue: 26Published at Mon, 25 Jun 2012 -
IMF Says Kuwait’s 2012 Economic Outlook Positive Despite Political Instability
...WAIT IMF Says Kuwait’s 2012 Economic Outlook Positive Despite Political Instability Kuwait’s real GDP growth in 2011 is estimated at around 8.4%, supported by a 15% increase in oil production, the IMF said in its Article IV consultation with Kuwait, published on 15 June. Higher oil revenues re...
Volume: 55Issue: 26Published at Mon, 25 Jun 2012 -
BP And AGOCO Seek Contractors For Libyan Work
...lf of Sirte will follow the start of onshore drilling, likely in 2013. Offshore drilling had also been planned for the first half of 2011. AA notice posted on the website of Libya’s National Oil Corporation (NOC) on 16 June called for contractors “to register their interest for the pr...
Volume: 55Issue: 26Published at Mon, 25 Jun 2012 -
BP Foresees Shah Deniz 2 Costs Hike, Pipeline Groups Maneuver
...tual cost. Socar President Rovnag Abdullayev said that the final cost could “vary by 30%, either upward or downward, in the course of the project” (MEES, 23 April). As late as June 2011, BP’s estimated cost for Shah Deniz 2 was $20bn (MEES, 13 June 2011). Mr Javanshir attributed the projected cost in...
Volume: 55Issue: 25Published at Mon, 18 Jun 2012 -
Kazakh Supply Deal With Russia To Stabilize Flow To Pavlodar Refinery
...arges on hydrocarbon sales under a customs union between Russia, Kazakhstan and Belarus, Mr Shatalov said Russia had lost around $780mn since the beginning of the year as a result of duty-free oil exports. Kazakhstan imported 7mn tons of Russian oil in 2011 to supply the Pavlodar refinery (MEES, 28 Ma...
Volume: 55Issue: 25Published at Mon, 18 Jun 2012 -
CNPC And Turkmenistan Sign 65 BCM/ Y Gas Deal
...s export system by 2019-20 (MEES, 28 November 2011). China expects to double its annual imports of Turkmen gas to 30 bcm by the end of 2012 compared with 15 bcm in 2011. (MEES, 11 June). ...
Volume: 55Issue: 25Published at Mon, 18 Jun 2012 -
Egypt Unveils Plan For Petrochemical Complex
...ll be one of the largest projects to be set up after the January 2011 revolution in Egypt, was formally launched earlier in Washington at a meeting attended by a number of Egyptian and US companies. The project, with an estimated cost of $3.7bn, is to be financed by two loans totaling $2.6bn, which ar...
Volume: 55Issue: 25Published at Mon, 18 Jun 2012 -
Saudi Arabia Gives Further Details Of Its Aid To Egypt
...YPT/SAUDI ARABIA Saudi Arabia Gives Further Details Of Its Aid To Egypt Saudi Arabia has given further details about its aid package of $3.75bn to Egypt, pledged after the fall of the Mubarak regime in January 2011. Saudi Arabia announced on 8 June that under this package it had ap...
Volume: 55Issue: 25Published at Mon, 18 Jun 2012 -
US Announces Further Sanctions Exemptions, Turkey Implements Boycott
...gnificantly reduced their volume of crude oil purchases from Iran.” While the Obama administration has not specified exact amounts for reduction of imports of Iranian crude, senators who have been driving the anti-Iranian legislation through Congress have stated that an 18% reduction compared to 2011 levels wo...
Volume: 55Issue: 25Published at Mon, 18 Jun 2012 -
Saudi Arabia And Qatar Reiterate Commitment For Jordan Aid Fund>
...cent visit to Qatar. Among these projects Qatar was keen to support an LNG storage terminal in 'Aqaba that the Jordanian government is considering to build (MEES, 23 April). The Jordanian government is eager to find alternative sources of energy, following the erratic supply of Egyptian gas in 2011 and ea...
Volume: 55Issue: 25Published at Mon, 18 Jun 2012 -
Talks Progressing On Disputed Offshore Lebanon-Israel Territory
...ported that Lebanon had recovered a segment of the disputed offshore territory. The report said Lebanon had restored 530 sq km (62%) of the 854 sq km offshore area where Lebanese and Israeli maritime boundaries overlap (MEES, 12 March, 5 December 2011). MEES soundings suggested that the Israelis had ag...
Volume: 55Issue: 25Published at Mon, 18 Jun 2012 -
Sirte Oil Restarts Damaged Gas Field
...10 bcm/year for 2007-10 before falling to 2.32 bcm for 2011. Eni is targeting full ramp-up of its production to the pre-crisis plateau of around 120,000 b/d liquids and almost 900mn cfd of gas in the second half of 2012 (net to Eni), about 3% up on actual 2010 volumes. Sirte Oil’s Fields (Sc...
Volume: 55Issue: 25Published at Mon, 18 Jun 2012 -
Gazprom May Leave Elephant On The Shelf
...BYA Gazprom May Leave Elephant On The Shelf Russian state firm Gazprom may not follow through on a February 2011 deal to take a half of Italian firm Eni’s 33.3% stake in the Elephant (el Fil) field in Libya’s Murzuq Basin. The firms struck the $170mn deal on 16 February last year, just days before Be...
Volume: 55Issue: 25Published at Mon, 18 Jun 2012 -
IPIC Profits Tumble 96% On Loss Booked For Daimler, Unicredit Stakes
...E IPIC Profits Tumble 96% On Loss Booked For Daimler, Unicredit Stakes Abu Dhabi’s International Petroleum Investment Company’s (IPIC’s) 2011 profits fell 96% to $44.69mn, the state-owned company reported on 14 June. Profits were reduced sharply by fair value accounting for its stakes in German au...
Volume: 55Issue: 25Published at Mon, 18 Jun 2012 -
Iran’s SWF Could Have $50Bn In Reserves By March 2013
...boosting production and the role of the private sector. Reserves in the fund could even rise to $55bn by March 2013 if oil prices remain robust, President Mahmoud Ahmadinejad said in April. NDF was established in 2011 under Article 84 of the fifth five-year development plan (2011-15) wi...
Volume: 55Issue: 24Published at Mon, 11 Jun 2012 -
Maliki Comes Under Renewed Pressure
...ck of rises in southern exports. Back in 2009, northern production made up around 25% of Iraqi exports. But capacity hemorrhages on the key northern Kirkuk field pushed this down (MEES, 27 February), until Kurdish exports restarted in early 2011. These ramped up to 547,000 b/d by June that year. Then th...
Volume: 55Issue: 24Published at Mon, 11 Jun 2012 -
Jordan And Enefit Initial Deal For First Shale Oil Power Plant
...4bn ($5.6bn) last year due to the ongoing disruption of Egyptian gas supplies to Jordan since the downfall of the Mubarak regime in January 2011. According to a recent report Jordan is receiving 30mn cfd of Egyptian gas instead of the 300mn cfd needed to fuel the kingdom’s power plants. The Jordanian go...
Volume: 55Issue: 24Published at Mon, 11 Jun 2012