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Libya ‘Mob Rule’ Sounds Investment Alarm
...byan oil veteran. The contrast could not be sharper with the optimism generated by the oil industry’s Phoenix-like rebirth from the 2011 civil war. Confounding outside commentators, Libyan oil professionals managed to bring output from almost zero in August 2011 to over 1mn b/d in just five mo...
Volume: 56Issue: 19Published at Fri, 10 May 2013 -
North African Oil Investors Head For The Exits
...vestment. But both BG and Hess’ exit plans pre-date the In Amenas slaughter, MEES understands. Prior to In Amenas, Algiers had been planning to hold a new upstream bidding round this year, its first since March 2011. If this goes ahead, the round will be a key litmus test of whether the country ha...
Volume: 56Issue: 19Published at Fri, 10 May 2013 -
Poland’s Kulczyk Buys Winstar
...t). The company also has exploration acreage in Syria (Block 9, under force majeure), Romania and Brunei. The addition of 11.2mn boe reserves (2P) from the Winstar acquisition more than doubles the Polish firm’s existing reserves. Although Tunisian output remained relatively steady in 2011 de...
Volume: 56Issue: 19Published at Fri, 10 May 2013 -
Cairo Reinstates IMF Loan Negotiator
...oducts alone stood at an estimated $1.3bn for the fiscal year 2012-13, up from $1.1bn in 2011-12, according former oil minister Usama Kamal....
Volume: 56Issue: 19Published at Fri, 10 May 2013 -
Kuwait Grants $215Mn For Jordan LNG Terminal
...abia and the UAE, with each of the four countries providing $1.25bn. The fund was set up in December 2011 in the wake of the Arab Spring and its resources are to be disbursed over a five-year period (MEES, 12 April). The first agreement covers a $65mn grant to be used to help part-finance an LN...
Volume: 56Issue: 19Published at Fri, 10 May 2013 -
Total Sees Multi-Billion Dollar Solar Opportunity
...cently the world’s largest producer of solar panels, Suntech Holdings, filed for bankruptcy in March. BP withdrew from solar in late 2011. Shell, while it still has solar interests through associate firm Showa Shell (including a joint venture with Saudi Aramco to make solar cells in Saudi Arabia, an...
Volume: 56Issue: 19Published at Fri, 10 May 2013 -
Cairo Scrambles To Avert Gas Catastrophe
...mbled from around 5.5bn cu m/yr in 2009-10 to just 1.82bn cu m in 2011 (MEES, 15 February). Clearly some gas has been freed up, but the impact has been limited. Operations at key petrochemical producers, such as at E-Methanex’s 1.3mn t/yr Damietta methanol complex, at EBIC’s 700,000 t/yr am...
Volume: 56Issue: 18Published at Fri, 03 May 2013 -
MENA Security Deterioration Sounds Oil Investment Alarm
...insurgency campaign and the KRG could have been motivated just as much by a desire to send a political message to Baghdad. “The Kurds had no pressing security rationale to mobilize,” explains Dr Knights. “The last time the Kurds screened Kirkuk - in February 2011 - Arab Haweiji tribes were about to...
Volume: 56Issue: 18Published at Fri, 03 May 2013 -
Analysis: Aramco’s Overseas Refining And Product Marketing Strategy
...rminals and over 1,600 service stations, and is also a major exporter in the Asia Pacific regional market. S-Oil completed its Onsan Refinery expansion project in 2011, boosting refinery capacity from 580,000 to 670,000 b/d. Its petrochemical output is 1.7mn tons/year of paraxylene and 280,000 t/y of be...
Volume: 56Issue: 18Published at Fri, 03 May 2013 -
Iranian Parliament Approves $20Bn Oil And Gas Bonds
...vember that the fund’s total financial assets stood at $42bn. NDF was established in 2011 to replace the Oil Stabilization Fund (OSF) with the aim of converting oil and gas revenue into productive investments for future generations. It was incorporated under the law for the Fifth Development Pl...
Volume: 56Issue: 18Published at Fri, 03 May 2013 -
Kuwait Energy Set For Continued Growth In 2013
...change. KEC profits rose by 29% to $45mn for 2012, whilst sales rose 26% to $225mn. The company’s total working interest production hit almost 18,000 barrels of oil equivalent per day (boe/d), up 32% from 2011, and has risen further to almost 21,600 boe/d for the first quarter 2013 (see table). Of this 93...
Volume: 56Issue: 18Published at Fri, 03 May 2013 -
Dubai Set To Expand Jet Fuel Facilities
...tween its Jebel Ali refinery and the airport. In 2012, total passenger movement increased by more than 13% over 2011 and in 1Q13 passenger traffic surged nearly 21% over 1Q12 volumes. Dubai’s state airline Emirates has been accused by competitors of receiving preferential jet fuel prices at its hub ai...
Volume: 56Issue: 18Published at Fri, 03 May 2013 -
GCC Polymers Capacity Expansion ‘Tremendous’
...astics Industry – Facts and Figures 2012, says this represents a 13% capacity increase over 2011. “Throughout the past five years,” says the report, “the GCC region went through tremendous polymers capacity expansion with a compound annual growth rate (CAGR) of 16%.” The largest growth in percentage te...
Volume: 56Issue: 18Published at Fri, 03 May 2013 -
Sabic To Cut EU Interests
...BIC first quarter net profits fell 10% year-on-year, as planned maintenance hit production and sales volumes. Net income for 1Q13 was SR6.56bn ($1.75bn), compared with SR7.27bn ($1.94bn) for 1Q12. Full year 2012 profits fell 15% to SR24.7bn ($6.59bn) from SR29.24bn ($7.80bn) in 2011 (MEES, 15 February). ...
Volume: 56Issue: 18Published at Fri, 03 May 2013 -
KACARE Outlines Saudi Electricity Energy Source Scenario
...d-2022. In June 2011 KACARE said it plans to build 16 nuclear power plants at an expected cost of more than SR300bn ($80bn). The World Nuclear Association (WNA) says that Riyadh has already set up a national atomic regulatory authority. It adds that “a nuclear cooperation agreement with France in early 2011...
Volume: 56Issue: 18Published at Fri, 03 May 2013 -
Syria: At The Crossroads
...sponding on behalf of the president and want to offer a prompt response to your question: ‘Has the Asad regime - or Syrian elements associated with, or supported by, the Asad regime - used chemical weapons in Syria since the current conflict began in March 2011? ...Our intelligence community does as...
Volume: 56Issue: 18Published at Fri, 03 May 2013 -
Syria Estimates Oil Industry Losses At $8.1Bn
... SYRIA Syria Estimates Oil Industry Losses At $8.1Bn Between the beginning of the uprising in March 2011 and the end of February this year the Syrian petroleum sector has sustained a loss in excess of S£73bn ($1.04bn, using an average exchange rate of $1=S£70 fo...
Volume: 56Issue: 18Published at Fri, 03 May 2013 -
IMF: Diversification Key For Sudan With Oil Revenues Imminent
...2mn). “The secession of South Sudan in July 2011 led to a very significant adverse economic shock for Sudan,” the IMF resident representative in Sudan Paul Jenkins tells MEES. “The Sudanese government has taken steps to try and narrow the deficit – largely through compressing capital expenditure and ra...
Volume: 56Issue: 18Published at Fri, 03 May 2013 -
US Ex-Im Proposes More Gulf Funding
...rizons. Ex-Im MENA Exposure ($Mn) 2012* 2011* Algeria 109 147 Bahrain 257 267 Egypt 540 593 Jordan 7 3.2 Ku...
Volume: 56Issue: 18Published at Fri, 03 May 2013 -
MENA Power Sector: Catching Up… But Far From There Yet
...ructures, as well as disparate climate conditions. A cross-section regression analysis for 2011 (the year for which all statistics are available) highlights these differences. Figure 2 shows that, on a log-transformed basis, per capita capacity increases with per capita GDP, which is an adequate proxy for th...
Volume: 56Issue: 18Published at Fri, 03 May 2013