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New Yemen Oil Minister Faces Security Challenge
...men has been in turmoil since last year’s uprising which ended with the stepping down of the former president in November 2011. Repairs At Yemen’s Marib Pipeline Complete, Oil Resumes Flow Crude oil has meanwhile began to flow through Yemen’s main crude export pipeline fo...
Volume: 55Issue: 38Published at Fri, 14 Sep 2012 -
Gulf Tension Spurs Oil Defenses, UAE Struggles With Hormuz Pipeline
...traordinary.” The kingdom spent $33bn on US weapons in 2011, making it the world’s leading importer of US arms. Last year the US also sold missile defence batteries, radars, helicopters and fighter jets to Oman and the UAE. The US Defence Security Cooperation Agency has said it expects to sell more weapons to Qa...
Volume: 55Issue: 38Published at Fri, 14 Sep 2012 -
OPEC Sees Fundamentals Steady Amid Market Turbulence
...EC IEA OPEC IEA OPEC IEA OPEC IEA 2012 2011 2011...
Volume: 55Issue: 38Published at Fri, 14 Sep 2012 -
Crude Oil Formulas/Posted Prices ($/B)
...L PRICES Crude Oil Formulas/Posted Prices ($/B) Iran (+ / - Adjustment Factor; $/B) 2012 2011 Oct Se...
Volume: 55Issue: 38Published at Fri, 14 Sep 2012 -
Iran Claims Gas Transit Agreement with Turkey and Turkmenistan
...lmaz, who represented the NATO-member country in the recent Non-Aligned Movement summit in Tehran, discussed increasing Iranian gas exports to Turkey. They have been in an uptrend and in 2011 climbed to 8.4 bcm from an estimated 7.7 bcm the previous year. Eventually the gas could transit the extension of...
Volume: 55Issue: 38Published at Fri, 14 Sep 2012 -
Saudi Aramco Preparing For Riyadh Refinery Clean Fuels Upgrade
...eeler SOFCON consortium was awarded a contract for the FEED and project management services in July 2011. It comprises a subsidiary of Foster Wheeler’s Engineering and Construction Group and A Al-Saihati, A Fattani & O Al-Othman Consulting Engineering Company (SOFCON). Project Scope Fo...
Volume: 55Issue: 38Published at Fri, 14 Sep 2012 -
Syria’s PEEGT Extends Deadlines For Power Plant Tenders
...gust 2011. The deadline for Zara bidding has been put back from early July to 10 December and for the Traifawi plant the deadline has been changed from late August to end-September. According to the Syria Report of 4 September: “Although PEEGT did not provide explanations, the extensions ar...
Volume: 55Issue: 38Published at Fri, 14 Sep 2012 -
MOL Looks To KRG And Oman To Fuel Output Growth
...L enjoys “excellent cooperation” with the authorities, Mr Tatai says. This cooperation is no doubt smoothed by the fact that the Oman Oil Company acquired 7% of MOL in 2008 within the framework of a strategic partnership between the two companies. Fifty percent of MOL’s $3bn 2011 ea...
Volume: 55Issue: 38Published at Fri, 14 Sep 2012 -
Vegas Starts Egypt Production
...eady” at around nine months. But the fact that the company has rapidly ramped up production means the sum outstanding has continued to mount, hitting a whopping $214mn by the end of June, MEES understands. TransGlobe has collected $135mn from EGPC since January 2011, including $57m for the fi...
Volume: 55Issue: 38Published at Fri, 14 Sep 2012 -
Opposition Sees Imminent Collapse Of Syrian Economy
...serves at the start of the political turmoil in March 2011, according to officials and other analysts (MEES, 25 July 2011). Dr Qadi also noted that “the Syrian regime had obstructed the mechanisms of supply and demand before the revolution through monopoly, corruption, and the absence of an...
Volume: 55Issue: 38Published at Fri, 14 Sep 2012 -
Oil Price Slumps And OPEC’s Impossible Dilemma
...an idea that only four or five years ago would have been regarded as lunatic. The in-joke last year among oil market watchers was that North Dakota would be the next member of OPEC. In 2011, North Dakota produced more oil than OPEC’s Ecuador! Thus the dilemma is simple. OPEC co...
Volume: 55Issue: 38Published at Fri, 14 Sep 2012 -
Baghdad Threatens Kurds With $3bn Budget Bill
...er The committee is basing discussions on a draft law agreed in February 2007 and favored by the Kurds. But the initiative bears striking similarities to a failed 2011 effort. The powerful Mr Shahristani, who has headed the oil sector since 2006, has defied all attempts to impose any solution that gi...
Volume: 55Issue: 37Published at Fri, 07 Sep 2012 -
Gulf Projects To Import Gas Move At Different Speeds
...commit to long-term LNG contracts or if it will buy more spot cargoes after 2015 when it expects demand to start rising. Dubai’s 2011 tariff hike is unusual in the Gulf, where electricity is heavily subsidized. Although most Gulf countries, with the exception of Bahrain, saw little impact from the Ar...
Volume: 55Issue: 37Published at Fri, 07 Sep 2012 -
Refinery Restart Offers Hope To Libya’s Sirte Basin Producers
...the plant is moving ahead. Ras Lanuf Restart The 220,000 b/d Ras Lanuf refinery restarted on 31 August for the first time since February 2011. Traders report already seeing export cargoes of fuel oil and naphtha on offer for September. The plant was the site of heavy fighting during 2011, bu...
Volume: 55Issue: 37Published at Fri, 07 Sep 2012 -
Iran’s Bushehr At Full Capacity, MENA States Pursue Nuclear Programs
...st October the Bushehr nuclear power plant was connected to the country’s national grid for the first time (MEES, 17 October 2011). The output of the power plant has been gradually increased up to 50% and then 75% of full capacity and tests have been carried out at every stage to check the safety of th...
Volume: 55Issue: 37Published at Fri, 07 Sep 2012 -
OPEC Output Surge Fails To Rein In Prices
...me Japanese buying and a 150,000-200,000 b/d reported rise in Turkish purchases ended Iran’s output rout, although analyst consensus was that the majority of these new exports came from oil in storage rather than new production. OPEC Crude Oil Production August 2011 – August 2012 (MEES Es...
Volume: 55Issue: 37Published at Fri, 07 Sep 2012 -
Hopes High For Oil Restart As Sudans Return To Talks
...venues was one of the main issues left unresolved when the South broke away from Sudan in July 2011, taking with it around 75% of Sudan’s historical oil reserves (MEES, 9 July 2011). The two sides had since been locked in a bitter dispute which came to a head in late January, when the South shut down its 35...
Volume: 55Issue: 37Published at Fri, 07 Sep 2012 -
Saudi Crude Prices Raised To Asia And US, Cut To Europe
...CI) 2012 2011 Oct Sep Aug Jul Jun May Apr Mar Fe...
Volume: 55Issue: 37Published at Fri, 07 Sep 2012 -
Japan’s Crude Imports Rise In July, Iran Supply Cut To Zero
...ude Oil Imports, July 2012 (B/D) Source July 2012 June 2012 July 2011 Middle East 2,853,100 2,718,694 3,...
Volume: 55Issue: 37Published at Fri, 07 Sep 2012 -
Tilt To Exports In Israel’s Planned Gas Strategy
...tends to establish a LNG plant with an initial production capacity of 5mn tons/year at Vasilikos, drawing from resources discovered in Cyprus’ Block 12 by Noble Energy in December 2011. The Vasilikos LNG facility concept came from Israel’s Delek Group in January 2011, shortly after the discovery of the Le...
Volume: 55Issue: 37Published at Fri, 07 Sep 2012