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Libya Agrees To Buy Verenex At A Discount After Blocking Chinese Deal
...visages bringing the discoveries made there on-stream by 2011 at an initial rate of 50,000 b/d of oil and 60mn cfd of gas. Along with its partner in the concession, Indonesia’s Medco Energi, which holds a 50% working interest, Verenex has spent $320mn on its exploration activities. A senior Medco of...
Volume: 52Issue: 39Published at Mon, 28 Sep 2009 -
Egypt In Upstream Gas Push, With Eight Development Projects Worth $2.2bn
...ctor, which represents 56% of demand, followed by the industrial sector with 29%. Household consumption is also on the rise, with a plan currently being implemented to provide 1.5mn housing units with natural gas by 2011 and 5.5mn housing units by 2015. As part of this plan, the Upper Egypt gas pi...
Volume: 52Issue: 38Published at Mon, 21 Sep 2009 -
GE And Hyundai Win $2.65Bn Contract To Build 2GW Power Plant at Sabiya
...nerators and a plant control system, as well as long-term services. Hyundai will undertake engineering, procurement and construction. The Sabiya plant is scheduled to come on line in two phases: 1.3gw of capacity will be connected to the Kuwaiti grid in 2011, with a further 700mw in 2012. Natural gas wi...
Volume: 52Issue: 38Published at Mon, 21 Sep 2009 -
Sudan’s Oil Figures Challenged, Minister Expects 520,000 B/D Output In Coming Months
...take place next year, and the referendum on independence for the south in 2011, mistrust between the north and south is not showing any sign of diminishing, especially given that Sudan’s oil production is expected to rise. Celebrating the tenth anniversary of Sudan’s debut as an oil producer, th...
Volume: 52Issue: 38Published at Mon, 21 Sep 2009 -
ESI Signs $474Mn Contract With Danielli For New Rolling Mill
...ction beams, columns and sheet piles. The new mill will raise ESI total capacity to 3mn t/y by 2011. The company is also considering boosting its capacity further to 6.5mn t/y by 2013-14 through capacity expansions and acquisitions. With regard to the latter, ESI’s Chairman of the Board Husain al-Nu...
Volume: 52Issue: 38Published at Mon, 21 Sep 2009 -
Basri Proposes New Approach To Budget Planning In Iraq
...under 20% of it value in 2009, according to Dr Basri’s scenario. Iraq Budget Projections: 2010-14 ($Mn) 2009 2010 2011 2012 2013 2014 Oil Revenue 36,000 49,680 58,500 69,984 83...
Volume: 52Issue: 37Published at Mon, 14 Sep 2009 -
ERC Targets Early 2010 Financial Close For Musturud Refinery Upgrade
...stream in 2011 at a cost of $2.25bn....
Volume: 52Issue: 37Published at Mon, 14 Sep 2009 -
Nord Stream Expects Bank Responses In Early October
...et about 25% of this additional requirement by connecting the European gas pipeline network to Russia, which boasts the world’s largest gas reserves. Nord Stream’s first of two parallel pipelines will be operational in 2011. Each line is approximately 1,220km long, with a capacity to transport so...
Volume: 52Issue: 37Published at Mon, 14 Sep 2009 -
Syria Has No Surplus Gas For Export At Present
...cond half of 2010. The Jihar Gas Project is expected to start up in 2011 with full production capacity of 3.7mn cmd. Syria Prepares For Egyptian Gas Flow To Lebanon Meanwhile, Syrian oil sources report that preparations are underway in Syria for the flow of Egyptian gas to Lebanon from AGP, wi...
Volume: 52Issue: 37Published at Mon, 14 Sep 2009 -
UAE Central Bank Targets Cheaper Interbank Lending
...both national and foreign banks and are subject to review at the beginning of 2011. In October last year, the Ministry of Finance had stipulated Tier one capital ratio of 11% by end June 2009 and 12% by end June 2010. Fitch Ratings said that the clarification by the central bank appears to ha...
Volume: 52Issue: 36Published at Mon, 07 Sep 2009 -
Ex-Im Bank Approves Funding For Al Dur IWPP
...pacity of 1.234gw and a desalination capacity of 48mn gallons/day (218,000 cmd) of water and is due to start initial production in 2010, with full commercial operation to commence in 2011. After recently selling 30% of Al Dur to Bahraini investors (the Social Insurance Organization of Bahrain, In...
Volume: 52Issue: 36Published at Mon, 07 Sep 2009 -
Nile Commercial Bank Rescued Again
...velopments at Nile highlight the problems for the south, which will be holding a referendum on its independence in January 2011, the fact that the authorities have been willing to step in at least illustrates the desire for financial stability. Southern Sudan has a conventional banking system, which is ov...
Volume: 52Issue: 36Published at Mon, 07 Sep 2009 -
EGAS Launches New Bid Round As Ministry Finalizes Gas Price Amendments
...cole McMahon. EGAS is hoping it will boost interest in the bidding round. The company’s chairman Mahmoud Latif said in March that the surge in local demand calls for a hike in Egypt’s gas production to 10bn cfd by 2011, from around 6bn cfd now. This will require as much foreign investment as can be mu...
Volume: 51Issue: 39Published at Mon, 29 Sep 2008 -
Sonatrach Hails LNG Production Landmark
...e at Skikda, with one more being built at each terminal. The 4.5mn tons/year train being built at Skikda by US firm KBR is due for completion in November 2011, while the new 4.7mn t/y facility at Arzew, that Italy’s Snamprogetti and Japan’s Chiyoda recently won the EPC contract for, is to begin op...
Volume: 51Issue: 39Published at Mon, 29 Sep 2008 -
Europe Strengthens Energy Links With Africa, Despite Security Challenges
...rm is developing, and which are now expected to come on-stream in 2011, lie just next to Eni’s existing assets. FCP said earlier this year that the block’s gas processing plant would have an initial planned capacity of 260mn cfd of gas and 20,000 b/d of liquids (MEES, 31 March). Over the last ye...
Volume: 51Issue: 38Published at Mon, 22 Sep 2008 -
A Lesson Learned?
...an current demand. If their demand estimate for 2011 were adjusted downward by the 10% suggested by the 1980s experience, with a resumption of a 1% growth thereafter, the requirements for OPEC crude would be reduced to the point that the OPEC members would again be squabbling and cheating on qu...
Volume: 51Issue: 38Published at Mon, 22 Sep 2008 -
Eni To Purchase First Calgary Petroleums
...tural gas. The Italian major estimates that the acquisition of FCP will increase its reserves by approximately 190mn boe of proven and probable (2P) reserves within its own Algerian portfolio. Production in the block is scheduled to come on-stream in 2011 with a plateau of Eni’s share production re...
Volume: 51Issue: 37Published at Mon, 15 Sep 2008 -
Lukoil To Bring GdF Into Yamala Block Exploration
...ploration phase of the license by 2011. GdF will cover 15% of costs already incurred. The PSA work obligations include the drilling of two wells and the acquisition of 2D and 3D seismic data....
Volume: 51Issue: 37Published at Mon, 15 Sep 2008 -
NIOC To Bring In Chinese Heavy Oil Expertise
...heavy crude oil: “The refinery is at the basic engineering designing phase, with 5% of physical progress completed.” The unit is scheduled to become operational in 2011 (MEES, 14 April 2008)....
Volume: 51Issue: 36Published at Mon, 08 Sep 2008 -
NPC Earmarks 20 Subsidiary Companies For Privatization
...onomic Commission Allocates Extra €370Mn For Completion Of Petrochemical Plants Iran’s Economic Commission has increased funding for the Kavian, Mahabad and Lorestan petrochemical projects in order to ensure their completion by the existing 2011 deadline, Mehr News Agency reported on 3 September. Th...
Volume: 51Issue: 36Published at Mon, 08 Sep 2008