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Algeria Details Power Generation Capacity Expansion Plans
...me period. The expansion plans follow a recent series of outages as peak summer demand hit new records. Demand hit a record 10.06gw on 4 August, more than 14% over the 2011 maximum. However, supply was unable to keep pace, forcing Sonelgaz to instigate a series of rolling power cuts with co...
Volume: 55Issue: 36Published at Mon, 03 Sep 2012 -
Kuwait Realizes $47Bn Budget Surplus
...er. Public expenditure meanwhile was around KD17bn ($60.2bn), some 12.4% below the KD19.4bn ($69.7bn) initially projected by the 2011-12 budget (MEES, 26 March). “It is a record surplus. Ninety-five per cent or thereabouts of revenues come from oil, and oil prices have been very well supported ab...
Volume: 55Issue: 36Published at Mon, 03 Sep 2012 -
Kufpec Expands Australian Presence With Offshore Oil Concession Award
...2011, and four assets that are still in the development stage. It also holds a 7% stake in the $29bn Chevron-operated Wheatstone LNG project in Western Australia, which in May this year reached a deal to sell upwards of 80% of its output to Japan’s Tohoku Electric Power Company. First gas, ac...
Volume: 55Issue: 36Published at Mon, 03 Sep 2012 -
Egypt Reconsiders Borrowing From The IMF
...ssibility in June (MEES, 4 July). Reports from Egypt quote well informed sources that the government, together with the Supreme Council of the Armed Forces are looking into borrowing some $3bn from the IMF to finance the E£134bn ($22.5bn) deficit for fiscal 2011-12. A final decision on this issue is ex...
Volume: 54Issue: 39Published at Mon, 26 Sep 2011 -
Apache Announces Discovery And Production Well Test Results In Western Desert
...quired the Abu Gharadig field in 2010. The Tayim South 1-X well is the highest oil rate completion Apache has tested since it began operating in the Western Desert in 1996 and is the latest in a series of discoveries in the Faghur Basin. Apache has drilled 13 exploratory wells in the area during 2011...
Volume: 54Issue: 39Published at Mon, 26 Sep 2011 -
GE Signs Agreement To Build 2.25GW Power Plants
...owth in electricity demand from 2009 to 2010, and this is expected to continue at a rate of approximately 11% a year over the next five years. In April, Egypt allocated £E20bn ($3.36bn) for the electricity sector in fiscal year 2011-12 (MEES, 18 April). In order to meet the projected demand for el...
Volume: 54Issue: 39Published at Mon, 26 Sep 2011 -
Jordan Replaces Its Central Bank Governor
...corruption had caused a major drop in productivity and that foreign direct investment had dropped by JD1.5bn ($2.1bn) in 2011. Protesting the forced resignation, his mother Leila Sharaf, who is a member of the Upper House, or Senate, resigned saying, “I do not wish to serve in a government of co...
Volume: 54Issue: 39Published at Mon, 26 Sep 2011 -
Jordan Announces Price Decreases For Some Petroleum Products
...se in oil prices and the disruption of Egyptian gas supplies to Jordan at preferential prices in the aftermath of the Egyptian revolution. According to official statistics, the country’s energy import bill – crude oil, products and electricity – in the first half of 2011 rose by 74% to JD...
Volume: 54Issue: 39Published at Mon, 26 Sep 2011 -
Kuwait Closes 2010-11 Budget With $19Bn Surplus
...Middle East Economic Survey VOL. LIV No 39 26-Sep-2011 KUWAIT Kuwait Closes 2010-11 Budget With $19Bn Surplus Kuwait closed its fiscal year 2010-11 (1 April 2010-31 March 2011) with a remarkable surplus of KD5.3bn ($19.20bn) before the transfer to the Reserve Fund for Future Ge...
Volume: 54Issue: 39Published at Mon, 26 Sep 2011 -
Omani Crude Oil Production Edges Up 2.9% In August
...mp over 900,000 b/d of oil through 2011, and was targeting an average of 1mn b/d in 2012 for the first time in its history. “Our ambition is to attain an output target of 1mn b/d for the first time… this is a strategy and an objective which we are working to achieve.” ...
Volume: 54Issue: 39Published at Mon, 26 Sep 2011 -
IMF Sees Stalling MENA Growth In 2011
...Middle East Economic Survey VOL. LIV No 39 26-Sep-2011 REGIONAL IMF Sees Stalling MENA Growth In 2011 Commodity price movements and social unrest have adversely affected activity in some MENA economies, the IMF said on 20 September in its latest World Economic Outlook (WEO). Hi...
Volume: 54Issue: 39Published at Mon, 26 Sep 2011 -
Saudi Petchems Output To Grow 32% By 2015, Says NCB
...s 2007 level,” the report said. Based on the monthly averages of 1H11, the value of petrochemical exports is forecast to reach SR99.48bn ($27bn) by the end of 2011. In 2009, the sector’s import volume and value fell by 1.78% and 3.60%, respectively, to reach 3.31mn tons valued at SR41.22bn ($11...
Volume: 54Issue: 39Published at Mon, 26 Sep 2011 -
EU Increases Funding For Yemen Humanitarian Aid
...Middle East Economic Survey VOL. LIV No 39 26-Sep-2011 yemen EU Increases Funding For Yemen Humanitarian Aid The European Union is increasing its humanitarian funding for Yemen by €5mn, bringing the amount of assistance in the country to €20mn for 2011, the European Commission an...
Volume: 54Issue: 39Published at Mon, 26 Sep 2011 -
Algeria’s Forex Reserves Rise To $174Bn By End-June 2011
...Middle East Economic Survey VOL. LIV No 38 19-Sep-2011 ALGERIA Algeria’s Forex Reserves Rise To $174Bn By End-June 2011 Algeria’s foreign exchange reserves rose to $174bn at the end of June, an increase of $11bn from the figure at the end of 2011, the Governor of the Central Ba...
Volume: 54Issue: 38Published at Mon, 19 Sep 2011 -
Total Announces Major Gas Find On Absheron Block
...nuary 2011, are still “too preliminary” to provide an accurate picture of the field’s prospective reserves, a petroleum geologist familiar with the region told MEES that the “topography of the initial results augurs well for the existence of more extensive finds along the northern extension of the fi...
Volume: 54Issue: 38Published at Mon, 19 Sep 2011 -
Head Of Audit Court Claims Iran Owes $13Bn For Funding Of Subsidy Cuts
...said the government had not paid back a number of loans used to fund payments made to compensate for the cost increases. He said the government borrowed IR50 trillion from the central bank, under a loan that was to have been paid off by 19 March 2011 but which is still outstanding. A further IR...
Volume: 54Issue: 38Published at Mon, 19 Sep 2011 -
ESAI Charts Return Of Libyan Crude To Market
...itial ramp up of “easy to return” volumes that will boost production to near 300,000 b/d by the end of 2011. There will be another significant increase by late 2012, and output should cross the 1mn b/d mark in early 2013, ESAI said, adding that production should return to 1.5mn b/d by the end of 20...
Volume: 54Issue: 38Published at Mon, 19 Sep 2011 -
Sohar Aluminium To Assist OPWP To Meet Peak Power Demand
...har Aluminium during May to July 2010 was limited to 138,239mwh as the grid demand reduced substantially following Typhoon Phet,” it added. However, during 2011 the total power exported to the grid for the peak months of May to August was 457,602mwh. Average demand for electricity in Oman is pr...
Volume: 54Issue: 38Published at Mon, 19 Sep 2011 -
Uncertainty Slowing Economic Growth In Palestine, Says World Bank
...a report published ahead of a meeting of international donors scheduled to be held on 18 September. “The IMF has revised the projected real GDP growth rate for 2011 from 9% down to 7%,” noted the report. No significant easing of Israeli restrictions has taken place in 2011, so that the Pa...
Volume: 54Issue: 38Published at Mon, 19 Sep 2011 -
Syrian Crude Production Unaffected By EU Sanctions, Says IEA
...oducts if they originate in or have been exported from Syria (MEES, 12 September). The IEA calculated that Syria produced 332,000 b/d of crude during August. According to the agency, Syria exported an average of 39,000 b/d of Syrian Light crude during 2010 and 25,000 b/d during the first half of 2011...
Volume: 54Issue: 38Published at Mon, 19 Sep 2011