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INOC Law: Shaky Premises And Doubtful Prospect
...fferent from the term “holding company”, which was used in the INOC law that was approved by the Council of Ministers on 28 July 2009 and sent to the Parliament and, thus supposed to be the one that has gone through the first reading on 31 March 2011. But the currently circulated draft for FOGL uses al...
Volume: 54Issue: 20Published at Mon, 16 May 2011 -
Bahrain Suffers Capital Flight, Official Figures Show
...s forecast growth of 2.9% for 2011 (see table) is the lowest since the mid 1990s, it noted. However, the increased spending due to a hike in allocations to social benefits and low cost housing, which the government has implemented to try and diffuse the crisis, will be more than offset by a sh...
Volume: 54Issue: 19Published at Mon, 09 May 2011 -
OPEC Output Revives After Slides Of March
...rtain that the 1.4mn b/d of incremental demand growth the IEA is predicting for 2011 will materialize. We are projecting 1.25mn b/d growth and I am toying with adjusting this downwards,” Dr Drollas said. All analysts sounded out by MEES testified to unprecedented opaqueness in the market. Kuwait, UA...
Volume: 54Issue: 19Published at Mon, 09 May 2011 -
ESAI Says Implications Of Bin Ladin’s Death Unclear
...dustry (METI) on 28 April. Year-on-year March 2011 Japanese crude imports declined by 6.28% from 4.036mn b/d in March 2010. Crude oil imports from the Middle East declined by 1.07% to 3.437mn b/d in March from 3.474mn b/d in February. Year-on-year, Japan’s imports from the Middle East declined by 4....
Volume: 54Issue: 19Published at Mon, 09 May 2011 -
Saudi Crude Pricing Shows Mixed Changes For June Deliveries
...ile Lower Zakum sold at ADNOC plus $0.75/B. In mid-March, Oman sold at Dubai plus $0.50-0.60/B and Lower Zakum sold at ADNOC plus $0.40-0.50/B. The formulas for June 2011 and the previous 12 months for deliveries to the US, Europe and the Far East – on an FOB Saudi Arabia basis, 50 days af...
Volume: 54Issue: 19Published at Mon, 09 May 2011 -
Saudi LPG Prices Raised To Record Levels For May
...Date of Change Propane Butane Change Propane Butane Change Propane Butane 2009 1 Jan 380.00 380.00 2010 1 Jan 740.00 735.00 2011...
Volume: 54Issue: 19Published at Mon, 09 May 2011 -
Crude Oil Formulas/Posted Prices
...Middle East Economic Survey VOL. LIV No 19 9-May-2011 Crude Oil Formulas/Posted Prices ($/B) Oman ($/B) 2011 2010 Jun May Apr Mar Feb Jan Dec Nov Oct Se...
Volume: 54Issue: 19Published at Mon, 09 May 2011 -
Algerian Court Jails Former Sonatrach Chiefs
...pendent on reserves discovered at Isarene on approval of the final discovery report due in early 2012. This sum is capped at $75mn. Budget Beef-Up On 2 May, Algeria announced an additional injection of cash to the 2011 budget, amounting to a 25% increase in public spending, Reuters reported. The ex...
Volume: 54Issue: 19Published at Mon, 09 May 2011 -
Socar’s Fujairah Terminal To Be Operational By Late 2011
...Middle East Economic Survey VOL. LIV No 19 9-May-2011 CASPIAN Socar’s Fujairah Terminal To Be Operational By Late 2011 UAE Economy Minister Sultan bin Sa'id al-Mansuri told journalists in Baku following a meeting with Azeri Minister of Energy Natiq Aliyev last week that the So...
Volume: 54Issue: 19Published at Mon, 09 May 2011 -
Cyprus Considers Interim Solution For Natural Gas Supply, Noble Energy Keen To Drill
...prus’s offshore Block 12. Earlier this year, Noble Energy informed the Cypriot government that it intended to begin drilling the Cyprus A structure in Block 12 during the fourth quarter of 2011 or early 2012. Speaking in Nicosia on 5 May, Mr Stover said: “Our objective is to drill here as soon as po...
Volume: 54Issue: 19Published at Mon, 09 May 2011 -
Dana Gas Finds ‘New Pool’ In South Abu El Naga Field
...id the dry gas discovery is expected to be tied in to Dana’s South El Manzala gas processing plant before the end of 2011. The plant is nearby and holds excess capacity, the company said. The South Abu El Naga-2 well is Dana’s first 2011 discovery in Egypt and its 22nd new pool discovery. “Th...
Volume: 54Issue: 19Published at Mon, 09 May 2011 -
Egyptian Economy Will Continue To Be Impacted By Political Crisis, Says Crédit Agricole
...édit Agricole’s Emerging Market Monthly Roadmap. With ample downside risks and given prevailing conditions, the bank expects GDP growth to slow sharply from 5.2% in 2010 to about 2% in 2011, before it reaccelerates to about 4% in 2012. “The political crisis has had a direct negative economic impact in...
Volume: 54Issue: 19Published at Mon, 09 May 2011 -
Expansion Of CNG Consumption Key To Increased Exports, Says Mirkazemi
...velopment plan (2011-2015) is the continuous expansion of compressed natural gas (CNG) consumption as a substitute for gasoline and other fuel oil products. Mr Mirkazemi said: “By expanding natural gas consumption as the main fuel of the country, there is the possibility to export more oil products.” Th...
Volume: 54Issue: 19Published at Mon, 09 May 2011 -
Iran Plans To Increase Oil Production By 100,000 B/D In 2012
...oduction by 100,000 b/d in the current Iranian year [21 March 2011 – 20 March 2012]. The company has been criticized because of a fall in Iranian oil output of 3.5% in 2010 compared to 2009, the report said. However, Mr Qalebani said that the production increase will come from the Masjed-e-Suleyman, Ya...
Volume: 54Issue: 19Published at Mon, 09 May 2011 -
KRG Announces First Payment For Oil Investors
...n barrels of oil from the Kurdistan region between the start of February 2011 and 27 March,” said KRG Prime Minister Barham Salih. KRG oil exports restarted in February after Irbil and Baghdad agreed a temporary solution to their four-year stand off, whereby foreign oil producers in the KRG would be...
Volume: 54Issue: 19Published at Mon, 09 May 2011 -
GCC Gross Foreign Assets To Reach $1.7 Trillion In 2011, Says IIF
...Middle East Economic Survey VOL. LIV No 19 9-May-2011 REGIONAL GCC Gross Foreign Assets To Reach $1.7 Trillion In 2011, Says IIF Gross foreign assets of the GCC countries in 2011 are projected to rise to $1.7 trillion (against foreign liabilities of $0.5 trillion) and of Arab co...
Volume: 54Issue: 19Published at Mon, 09 May 2011 -
Regional Unrest Has Impacted GCC Financial Markets In 1Q11, Says Saudi NCB
...February 2011. “However, the pace of increase in the private sector lagged public sector credit and rose by a more modest annualized 6.6% to QR196.6bn ($53.99bn) in February 2011,” according to the study. In Saudi Arabia, overall lending in 1Q11 was 5.6% ahead of the corresponding period a ye...
Volume: 54Issue: 19Published at Mon, 09 May 2011 -
Saudi Hydrocarbon Sector Optimism Strong In 2Q11, NCB Says
...e Saudi government, the rise in oil output is also expected to heighten the prospects for GDP growth in 2011. Accordingly, the BOI said that the hydrocarbon sector was expecting a rise in demand levels in the second quarter of this year, while the BOI for the volume of sales for 2Q11 re...
Volume: 54Issue: 19Published at Mon, 09 May 2011 -
QEWC Cancels Plans To Build Two 450MW Power Plants In Syria
...mpanies had signed an agreement for the joint development, financing, construction and operation of the two power plants. The combined cycle plants were to be built at Sweidieh in the industrial city of Adra, close to oil fields in northeastern Syria. The work was expected to begin before April 2011 an...
Volume: 54Issue: 19Published at Mon, 09 May 2011 -
ENOC Expects To Spend $735Mn On Fuel Subsidies In 2011
...Middle East Economic Survey VOL. LIV No 19 9-May-2011 UAE ENOC Expects To Spend $735Mn On Fuel Subsidies In 2011 The Emirates National Oil Company (ENOC) – one of two fuel marketing and distribution companies in Dubai – revealed on 30 April that it expects to spend a total of AE...
Volume: 54Issue: 19Published at Mon, 09 May 2011