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Bahrain’s Crude Output Rises 4.6% In 2011
...Bahrain Bahrain’s Crude Output Rises 4.6% In 2011 Bahrain’s crude oil output rose by 4.6% to an average of 190,281 b/d in 2011 from 181,850 b/d in 2010, according to statistics posted on the National Oil and Gas Authority (NOGA) website. Of this total 43,510 b/d were produced from th...
Volume: 55Issue: 13Published at Mon, 26 Mar 2012 -
Minister Responsible For Energy Replaced In Government Mini-Reshuffle
...prus Energy Department and oversees the island’s nascent energy industry. Ms Antoniadou was given the post in August 2011 following the collapse of a coalition government under President Demetris Christofias. Ms Antoniadou has created a stir amongst the island’s political parties and within the local me...
Volume: 55Issue: 13Published at Mon, 26 Mar 2012 -
Dana Gas Secures Egypt Payment Schedule, Looks To Libya
...r 2011, filed to the Abu Dhabi Bourse on 20 March, the firm said the “trade receivables” it was owed had almost doubled to Dh1.74bn ($475mn) during 2011. This is split roughly evenly between the firm’s two key areas of operation – the Kurdistan Regional Government (KRG) area of Iraq ($240mn) and Eg...
Volume: 55Issue: 13Published at Mon, 26 Mar 2012 -
S&P Maintains Egypt Banking Risk Rating, Lowers Economic Risk Score
...bruary 2011, as reflected by our successive lowering of the sovereign ratings on Egypt which now stand at B/B with a negative outlook.” S&P said that uncertainties surrounding Egypt’s political transition phase, as well as security issues, may hamper the country’s economic growth and put ad...
Volume: 55Issue: 13Published at Mon, 26 Mar 2012 -
China Offers Insurance To Iran Oil Shippers, Withdraws From Pipeline Finance
...ear if China will use a national re-insurer or seek assistance from non-US allied nations in the Asia-Pacific area. However, Beijing has signaled that it will do its outmost to sustain at least its 2011 level of imports. These accounted, according to the US Energy Information Administration, for 22% of...
Volume: 55Issue: 13Published at Mon, 26 Mar 2012 -
India To Exempt Rupee Oil Payments To Iran From Taxation
...uivalent value in their local currency by designated Iranian banks, which will be paid in local currency by Iranian importers of Indian goods.” India paid Iran around $12.7bn in 2011 to cover 12% of its final oil needs. Indian exports to Iran are primarily agricultural products, accounting for al...
Volume: 55Issue: 13Published at Mon, 26 Mar 2012 -
Irbil Threatens To End Export Deal Amid Rising Oil Tensions With Baghdad
...G,” the Kurds said, accusing federal authorities of not paying anything since May 2011. Baghdad “owes the KRG more than $1bn for revenues accrued in 2011. Furthermore, not a single dollar has been received for exports in 2012,” the KRG said. Reaching an agreed 175,000 b/d KRG export commitment was ce...
Volume: 55Issue: 13Published at Mon, 26 Mar 2012 -
Delek Announces LNG Deal With Gazprom
...e offshore Tamar gas field signed a memorandum of understanding (MOU) with South Korea’s Daewoo Shipbuilding and Marine Engineering (DSME) concerning the use of a floating LNG (FLNG) plant in the development of Tamar (MEES, 28 November 2011). The Delek statement said that in reference to the DSME ag...
Volume: 55Issue: 13Published at Mon, 26 Mar 2012 -
Kuwait To Raise Budget Expenditure By 13.4% In 2012-13
...KUWAIT Kuwait To Raise Budget Expenditure By 13.4% In 2012-13 Kuwait’s budget for fiscal year 2012-13, which starts on 1 April, is projecting a 13.4% increase in total expenditure to KD22bn ($79.0bn) from KD19.4bn ($69.7bn) in 2011-12, the head of Kuwaiti parliament’s budget co...
Volume: 55Issue: 13Published at Mon, 26 Mar 2012 -
Cyprus And Lebanon Discuss Lebanon-Israel Maritime Dispute
...ying. “We should work closely together to achieve the greatest benefit for both our countries.” In August 2011, Lebanese Foreign Minister 'Adnan Mansur said that the delimitation agreement between Cyprus and Israel was “a violation of Lebanon’s sovereignty and economic rights and threatens pe...
Volume: 55Issue: 13Published at Mon, 26 Mar 2012 -
Sadara Financing Stays Focused on ECAs, Saudi Lenders
...mpleted last year. Pricing was at 130-200 basis points (bps) over the 16-year tenor on the commercial bank tranche (MEES, 19 December 2011). This was close to the levels secured by the Satorp 400,000 b/d export refinery in Saudi Arabia, sponsored by Saudi Aramco and French oil major Total. Satorp reported 18...
Volume: 55Issue: 13Published at Mon, 26 Mar 2012 -
SEC Plans To Issue First International Sukuk
...ow strong appetite, possibly influencing pricing in other regions. SEC said in 2010 it was considering tapping international debt markets in a bid to fund a five-year investment program estimated at SR150bn ($40bn). But international markets were volatile through much of 2011 due to the Eurozone debt cr...
Volume: 55Issue: 13Published at Mon, 26 Mar 2012 -
Anadarko Reaffirms Algerian Commitment Following Tax Deal
...gerian operations in 2011, boosted by record Saharan Blend prices, with “very low” lease operating expenses of around $2/B, according to Chuck Meloy, Anadarko’s senior vice-president for worldwide operations. Speaking to investors on 13 March, Mr Meloy added that these “great margins” just got “co...
Volume: 55Issue: 12Published at Mon, 19 Mar 2012 -
Russia To Persist With Burgas-Alexandroupolis Pipeline Project
...risov announced the decision of his government to withdraw from the project, citing an ostensible lack of financial viability (MEES, 12 December 2011). ...
Volume: 55Issue: 12Published at Mon, 19 Mar 2012 -
Cyprus Electricity Authority Signs Loan Deal With EIB For Power Station Reconstruction
...used to the Vasilikos power station in July last year as the result of a munitions explosion at the nearby Mari naval base (MEES, 1 August 2011). A statement released by the bank said the money would be used for a new production unit to enhance electricity supply in Cyprus. The explosion destroyed 79...
Volume: 55Issue: 12Published at Mon, 19 Mar 2012 -
Turkey Sends Mixed Signals On Iranian Energy Ties
...rkey imports around 200,000 b/d of Iranian oil, almost one-third of its consumption. Yet Tupras, Turkey’s sole refiner, which depended on Iran for almost 50% of its crude imports in 2011, cut its Iranian oil imports in December, according to data published on 8 March by Turkey’s energy re...
Volume: 55Issue: 12Published at Mon, 19 Mar 2012 -
Sasol Seeks Buyers For Stake In Iranian Petrochemical Plant
...uth Africa imported around 100,000 b/d of Iranian crude in 2011. ...
Volume: 55Issue: 12Published at Mon, 19 Mar 2012 -
South Pars Production Reaches 290Mn CMD
...anian year (21 March 2011 – 19 March 2012). He attributed the rise in output to “a maximum gas draw from South Pars Phases 6-8, the completion of 23 gas wells at Phases 9 and 10 and rising gas production from Phase 1.” Mr Souri predicted that by March 2013 South Pars output would reach 380mn cmd, before ri...
Volume: 55Issue: 12Published at Mon, 19 Mar 2012 -
Beirut Eyes LNG Import Decision, Touts Reserves
...ES, 5 December 2011). “What we are hearing is kind of an acceptance that ‘yes, Lebanon has done things right’ by the science by which you do a maritime border,” Mr Basil said. “If we reach a point where we think the talks are not helping, we might later use other means.”A resurgence in investor interest wa...
Volume: 55Issue: 12Published at Mon, 19 Mar 2012 -
Moody’s Maintains Morocco’s Ba1 Rating, Citing ‘Low Economic Strength’
...dium institutional strength” and moderate government financial strength. Morocco’s budget deficit widened substantially from 4.7% of GDP in 2010 to 6.1% of GDP in 2011 on account of the sharp hike in state expenditure in the form of subsidies and increases in public sector wages. Further to this, the co...
Volume: 55Issue: 12Published at Mon, 19 Mar 2012