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Egypt Resumes Gas Delivery To Jordan And Israel
...out 20% of contracted levels on 19 November. Supply disruptions have resulted in Israel failing to receive gas from Egypt for about 230 days so far during 2011. Israel is facing a shortage of gas supplies during 2012 (MEES, 24 October) and is in the process of developing the offshore Tamar gas fi...
Volume: 54Issue: 48Published at Mon, 28 Nov 2011 -
AMF Signs $470Mn Loan Agreement With Egypt
...Middle East Economic Survey VOL. LIV No 48 28-Nov-2011 EGYPT AMF Signs $470Mn Loan Agreement With Egypt The Arab Monetary Fund (AMF) will lend Egypt $470mn to support the country’s budget deficit in 2011-12, under a loan agreement signed on 16 November. The first tranche of th...
Volume: 54Issue: 48Published at Mon, 28 Nov 2011 -
Minister Advises Iranians To Avoid Foreign Exchange And Gold
...change as inflation continued to edge upwards since the implementation of the subsidy reform plan in December 2010 (MEES, 27 December 2010). The latest year-on-year inflation rate for the month of October rose to 19.1% according to the CBI, up from 10.8% in January 2011 (MEES, 14 November, 7 Fe...
Volume: 54Issue: 48Published at Mon, 28 Nov 2011 -
NEPCO And Chinese Company Sign MOU For Shale Oil Power Plant In Jordan
...rdan is keen on developing domestic sources of energy as it depends to the tune of around 90% on imports to meet its needs. The repeated disruption in Egyptian gas supplies to Jordan in 2011 because of the sabotage of the Arab Gas Pipeline (AGP) has denied Jordan a cheap source of energy to ge...
Volume: 54Issue: 48Published at Mon, 28 Nov 2011 -
S&P Lowers Jordan’s Long Term Local Currency Rating
...firmed the short term local currency rating at B. The outlook was said to be negative. The rating agency also affirmed the kingdom’s BB/B long and short term foreign currency sovereign credit ratings. An S&P statement said: “Like many other Arab countries in 2011, Jordan is under public pressure to me...
Volume: 54Issue: 48Published at Mon, 28 Nov 2011 -
IMF Says Lebanon’s Economy Picking Up With Projected Growth Of 3-4% In 2012
...Middle East Economic Survey VOL. LIV No 48 28-Nov-2011 Lebanon IMF Says Lebanon’s Economy Picking Up With Projected Growth Of 3-4% In 2012 Latest indicators about Lebanon’s economy are pointing to some pick-up in activity, with growth projected at 1-2% in 2011, well be...
Volume: 54Issue: 48Published at Mon, 28 Nov 2011 -
TPAO And Shell Sign Farm-In Accord For Offshore Antalya Blocks
...til 2023. He said total energy demand during 2011 is expected to total 125-130mn tons of oil equivalent....
Volume: 54Issue: 48Published at Mon, 28 Nov 2011 -
TAQA’s $9Bn Note Program Secures A- Rating From S&P
...turity of about Dh5bn ($1.5bn) due in October 2012, taking advantage of the current low interest rate environment. The current rating on TAQA factors in a small benchmark issuance under the program in the last quarter of 2011. S&P said it rates the MTN program one notch below TAQA’s corporate credit ra...
Volume: 54Issue: 48Published at Mon, 28 Nov 2011 -
Nexen Confirms Exit From Yemen’s Masila Oil Field
...cense for the field. “Nexen reports that it has been informed by the government of Yemen that its application to extend the production sharing agreement (PSA) on Block 14 (Masila) has not been accepted,” the company said in a statement. “As a result, the PSA will expire on 17 December 2011. The bl...
Volume: 54Issue: 48Published at Mon, 28 Nov 2011 -
Political Comment (28 November 2011)
...Middle East Economic Survey VOL. LIV No 48 28-Nov-2011 Political Comment (28 November 2011) Syria ignored the 19 November Arab League deadline for it to accept the League's peace plan, and the League responded with a new and shorter deadline that was due to expire as MEES went to...
Volume: 54Issue: 48Published at Mon, 28 Nov 2011 -
The Threats To Oil Market Stability
...not solved yet. The economic data released in the United States is not promising. US Federal Reserve officials now expect the US economy to grow by a tepid 2.5-2.9% next year, down from the rosier 3.3-3.7% which was expected in June 2011. They see the unemployment rate going no lower than 8....
Volume: 54Issue: 48Published at Mon, 28 Nov 2011 -
ExxonMobil-KRG Oil Deals Send Seismic Shock Through KRG-Baghdad Relations
...ast tripling electricity provision there. Pointing to World Bank statistics, Mr Salih noted that GDP per capita had grown almost 1,500% in the last nine years, from $375 dollars in 2002 to estimates of “at least” $5,500. “In 2002, the annual budget of Kurdistan was $100mn. In 2011, we had $10bn of go...
Volume: 54Issue: 47Published at Mon, 21 Nov 2011 -
East Mediterranean Energy Potential Under Spotlight At Cyprus Conference
...ars, he added. A total of nine wells were drilled in 2011 and a further 12 wells are planned for 2012-13. Israel has proven natural gas reserves of 277 bcm (9.8 tcf) and a possible total of 730 bcm (25.8 tcf), he said, adding that estimated reserves could be as high as 60-70 tcf of gas and 1bn barrels of...
Volume: 54Issue: 47Published at Mon, 21 Nov 2011 -
Hawrami: ‘Let Parliament Rule On Oil Policy Differences’
...nanza and has been the driving force behind the autonomous region’s ambitious and controversial oil policy. The KRG is producing in excess of 200,000 b/d, and has recently committed to raise oil exports to 175,000 b/d next year from its 2011 commitments of 100,000 b/d. Dr Hawrami talked to Rafiq La...
Volume: 54Issue: 47Published at Mon, 21 Nov 2011 -
WTI Tops $100/B, Falls Back On Eurozone Worries
...ice on 11 November was $111.87/B, $4.01/B more than the previous week’s price and $26.33/B above a year ago. Settlement Prices For Benchmark Crudes ($/B) Date 2011 Nymex WTI ICE Brent DME Oman ICE Dubai OPEC Basket 11 No...
Volume: 54Issue: 47Published at Mon, 21 Nov 2011 -
China’s Crude Oil Imports Rise In October
...ptember imports of 20.45mn tons (4.82mn b/d) and they are 26.9% over October 2010 crude imports of 16.39mn tons (3.86mn b/d). During the January-October 2011 period, China has imported a total of 207.57mn tons of crude oil. Total crude oil imports during 2010 amounted to 239.31mn tons (4.79mn b/d). Ch...
Volume: 54Issue: 47Published at Mon, 21 Nov 2011 -
Crude Oil Formulas/Posted Prices
...Middle East Economic Survey VOL. LIV No 47 21-Nov-2011 Crude Oil Formulas/Posted Prices ($/B) Iran (+ / - Adjustment Factor; $/B) 2011 2010 Dec No...
Volume: 54Issue: 47Published at Mon, 21 Nov 2011 -
Noble Assesses East Mediterranean Prospects, Puts Aphrodite At 3-9 TCF
...800ms (MEES, 26 September). In a report released prior to its 2011 analysts conference in Houston, Noble gave an update on its current status of operations in the eastern Mediterranean, where it has made significant discoveries at the Tamar and Leviathan fields offshore Israel and has worked to en...
Volume: 54Issue: 47Published at Mon, 21 Nov 2011 -
Jordan Concerned About Irregular Supply Of Egyptian Gas
...ed 300mn cfd for regular operation. The country’s budget deficit has risen sharply in 2011 because of the fall in the supply of Egyptian gas and the need to replace it with more expensive fuel oil for power generation, and the energy bill is expected to rise to a record level of around JD4bn ($5....
Volume: 54Issue: 47Published at Mon, 21 Nov 2011 -
Kuwait Inflation To Average 4.7% In 2011, Says NBK
...Middle East Economic Survey VOL. LIV No 47 21-Nov-2011 KUWAIT Kuwait Inflation To Average 4.7% In 2011, Says NBK Consumer price inflation (CPI) will average 4.7% for 2011 and stay steady, moving slightly lower to 4.4% in 2012, said National Bank of Kuwait in its latest Ec...
Volume: 54Issue: 47Published at Mon, 21 Nov 2011