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Saudi Aramco Attracts 28 Banks To $4Bn Credit Facility
...e $1bn is a 364-day dollar-denominated facility (which any bank can cancel at 30 days notice). The banks signing up to the dollar tranche of the $3bn facility are also participants in the 364-day facility. The latest deal, which replaces the last revolving credit facility expiring in 2011, re...
Volume: 53Issue: 46Published at Mon, 15 Nov 2010 -
SEC Invites Bids For Qurayah Power Project
...e company, adding that the remaining 50% will be owned by SEC. The project company will sell its power output to SEC under a 20-year power purchase agreement, it added. Bids are due to be submitted to SEC on 28 February 2011. The project should be completed and should achieve full commercial op...
Volume: 53Issue: 46Published at Mon, 15 Nov 2010 -
Norway’s Statkraft To Build Kargi Hydropower Plant
...dget for exploration in the Black Sea for 2011 will exceed $1bn. Turkey has agreements with Statoil, Chevron, Petrobras and ExxonMobil covering offshore Black Sea exploration projects (MEES, 25 October, 27 September). TransAtlantic Petroleum on 10 November announced that it has entered an...
Volume: 53Issue: 46Published at Mon, 15 Nov 2010 -
UAE 2011 Federal Budget Projected To Fall
...Middle East Economic Survey VOL. LIII No 46 15-Nov-2010 UAE UAE 2011 Federal Budget Projected To Fall The UAE cabinet on 7 November approved a three-year federal budget of Dh122bn ($33...
Volume: 53Issue: 46Published at Mon, 15 Nov 2010 -
OPEC Sees Future Riven With Uncertainty Despite Tentative Economic Recovery
...finery closures, and the talk of re-openings, appears to contradict the stark realities of refining, especially in the industrialized regions of the world.” OPEC World Oil Outlook 2010 (Mn B/D) 2010 2011 2012 2013 2014 2015 20...
Volume: 53Issue: 45Published at Mon, 08 Nov 2010 -
Egypt Poised To Hit GDP Growth Target, But Long Term Challenges Linger
...ctor activity and lower the country’s deficit, as well as the revitalization of external demand through global economic recovery. Reforms targeting energy subsidization for companies, meanwhile, may not be fully implemented until after 2011’s general election. Though the impact of the global ec...
Volume: 53Issue: 45Published at Mon, 08 Nov 2010 -
Ukraine To Relaunch LNG Project
...ev was planning to relaunch in early 2011 a plan to construct the country’s first LNG regasification terminal that “will allow [by 2016] 10 bcm/year of gas or 20% of our gas balance to be imported.” He said that he project is estimated to cost around $4bn and will be developed on a build-own-op...
Volume: 53Issue: 45Published at Mon, 08 Nov 2010 -
Noble Energy To Drill Offshore Cyprus After October 2011 Under PSC Terms
...Middle East Economic Survey VOL. LIII No 45 8-Nov-2010 CYPRUS Noble Energy To Drill Offshore Cyprus After October 2011 Under PSC Terms MEES learns that Noble Energy is obliged un...
Volume: 53Issue: 45Published at Mon, 08 Nov 2010 -
Kuwait Struggles To Boost Gas And Northern Fields Condensate
...the first quarter 2011, he said, and 600mn cfd by 2013 – on target with the original schedule. Shell joined the project under an Enhanced Technical Service Agreement earlier this year. Doubts remain, however, about whether the project, which has been delayed three years, will meet the de...
Volume: 53Issue: 45Published at Mon, 08 Nov 2010 -
Oman Bases 2011 Budget On $58/B Oil
...Middle East Economic Survey VOL. LIII No 45 8-Nov-2010 OMAN Oman Bases 2011 Budget On $58/B Oil Oman’s 2011 budget will be based on an oil price assumption of $58/B, according to a de...
Volume: 53Issue: 45Published at Mon, 08 Nov 2010 -
Shell Marks Progress On Offshore Installations For Pearl GTL Project
...d will be left unmanned during normal operations, with all natural gas processing occurring onshore. Shell expects to get first production from the first of its two 70,000 b/d GTL trains by early 2011, using gas from the North Field. Full operations are expected to commence by 2012, at which po...
Volume: 53Issue: 45Published at Mon, 08 Nov 2010 -
APICORP Posts 42% Net Income Rise In First Nine Months
...id. “We see MENA energy capital investments recovering quickly from the post-crisis contraction with investment potential rising to $615bn in the 2011-15 period.” The bank’s first bond denominated in Saudi riyals, of SR2bn ($533bn) value, was oversubscribed by three times in October (MEES, 25 Oc...
Volume: 53Issue: 45Published at Mon, 08 Nov 2010 -
Iran Boosts Domestic Gasoline Production
...untry’s gasoline production capacity will rise by 188,700 b/d before the end of the current Iranian year on 20 March 2011 (MEES, 25 October). But few outside Iran’s political system take the government’s claims seriously. Consequences For Domestic Petrochemical Industry Any increase in production is...
Volume: 53Issue: 44Published at Mon, 01 Nov 2010 -
Sanctions Slow Iran’s Condensate Export Growth
...scounted price to Iran.” Iran Base-Case Condensate Supply Outlook (‘000 B/D) 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 Current Pr...
Volume: 53Issue: 44Published at Mon, 01 Nov 2010 -
SABIC Sees Good Appetite For First International Bond Issue
...om 2011 onward, according to S&P’s calculations....
Volume: 53Issue: 44Published at Mon, 01 Nov 2010 -
Crude Price Stability Depends On Saudi Arabia, Says CGES
...10 1Q11 2Q11 3Q11 4Q11 2009 2010 2011 World Oil Demand 86.9 86.7 87.5 87.5 87.8 88.5 84.7 86.6 88.0 Non-OPEC Supply 52.3 52...
Volume: 53Issue: 44Published at Mon, 01 Nov 2010 -
Russia, Turkmenistan Decide to Postpone Pre-Caspiysky Gas Pipeline
...e to the drastic fall in European demand for gas, as a result of the global economic downturn. Mr Sechin, who is understood to have offered Turkmengaz an increase of only 2 bcm/y for 2011 over existing import quantities of around 10 bcm/y, noted that the project’s delay is temporary and its fu...
Volume: 53Issue: 44Published at Mon, 01 Nov 2010 -
Russia, Bulgaria Agree To Establish South Stream Joint Venture By Mid-November
...at called for the joint venture’s set up by February 2011 at the latest. The agreement stipulates that 17 bcm/y of the gas carried by South Stream would be delivered into the existing Bulgarian National Gas System which will remain under Bulgarian control. In July Bulgaria’s Energy Minister Tr...
Volume: 53Issue: 44Published at Mon, 01 Nov 2010 -
Russia, Greece Set Up Joint Committee on Burgas-Alexandroupolis
...e statement, adding: “The company’s 2011 work program aims at detailed study and volumetrics in order to put the discovery into operation in the near future.” KMG EP’s oil output has increased by 15% during the January-September 2010 period to 9.946mn tons (270,000 b/d). UK-based Ma...
Volume: 53Issue: 44Published at Mon, 01 Nov 2010 -
Alstom Signs Contract To Rehabilitate Najaf’s Power Plant
...ntract with Iraq to rehabilitate a unit with a capacity of 180mw at the gas-fired power plant at Najaf. The plant consists of three GT13D gas turbines. The unit, which has been out of operation for five years, is expected to be reconnected to Iraq’s electricity grid by the summer of 2011. The company si...
Volume: 53Issue: 44Published at Mon, 01 Nov 2010