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UAE Makes Progress On Nuclear Plant, Iran’s Bushehr Off-Line
...nce it started operation in September 2011. The latest shutdown, which began in February, is for repairs to the turbine generator. The plant had only been operating for about a month, following a protracted outage for repairs after debris was found in the reactor housing. Atomic Energy Or...
Volume: 56Issue: 13Published at Fri, 29 Mar 2013 -
Libya To Transfer $2Bn To Egypt
...13 from over $36bn before the January 2011 revolt. ...
Volume: 56Issue: 13Published at Fri, 29 Mar 2013 -
Algeria Looking To Generate Extra 2.8GW This Summer
...turning late from maintenance, which reduced availability to 83% of installed capacity. Mr Yousfi estimated Algeria’s total electricity generating capacity at 11.39gw at the end of 2011, of which 8.50gw was operated by state generator Sonelgaz and 2.89gw by independent generators. He did not detail th...
Volume: 56Issue: 13Published at Fri, 29 Mar 2013 -
Syrian Pound Slides On “Malicious War”
...th Iran, which had extended a $1bn line of credit to Syria. Foreign exchange reserves, which stood at $18bn in March 2011, may have fallen to $5.6bn at the end of 2012 (MEES, 15 March). Meanwhile Syria has issued an Economic Crimes Law aimed at combating corruption and theft, preventing the de...
Volume: 56Issue: 13Published at Fri, 29 Mar 2013 -
IMF Sees Iraq’s Growth At 9% In 2013
...12 % Change 2011 2010 Total Revenue 119,297 102,327 16.6 80,935 61,735 Total Expenditure 138,425 117,123 18.2 96,663 84,657 Capital 55...
Volume: 56Issue: 13Published at Fri, 29 Mar 2013 -
Sadara Gets Go Ahead To Offer Sukuk To Finance $20Bn Project
...tober 2011 (MEES, 17 October 2011). Ultimately, the two sponsors will decide on the size of the offer based on the price they pay for the debt. Typically as the offer size climbs, the pricing the issuer will pay to investors also rises, so the sponsors will need to determine whether taking more of the Su...
Volume: 56Issue: 12Published at Fri, 22 Mar 2013 -
Oil Price Assumptions Jump In 2013 Budgets
...crease their prices by jumps in expenditure due to the stimulus programs put in place to appease Arab Spring protestors. Higher market prices are also spurring on the tendency to adopt higher budgeted prices. The OPEC basket was at a yearly average of $109.45/B last year, compared to 2011’s $107.46/B and pr...
Volume: 56Issue: 12Published at Fri, 22 Mar 2013 -
Naimi Hails Asia Relationship
...tal exports in 2002 to 62% in 2011 (MEES, 2 November 2012). Asia’s growing oil demand was built on the foundations of sound economic policy, Mr Naimi argued. “Advanced Western economies could learn many lessons from Asia’s economic prudence and fiscal management, particularly when it comes to debt ac...
Volume: 56Issue: 12Published at Fri, 22 Mar 2013 -
Saudi Arabia Adds Projects To ‘Difficult’ Gas Challenges
...cluding the Ministry of Petroleum and the Ministry of Industry and Trade,” Samir al-Jishi, general manager for strategy and business development at Saudi International Petrochemicals Company said on 19 March. “A decision on this was expected in 2011. This was then postponed to 2012 and then to 20...
Volume: 56Issue: 12Published at Fri, 22 Mar 2013 -
Iraq Operators Struggle To Meet Start-Up Schedules
...ke much more oil. Two 850,000 b/d Single Point Mooring (SPM) buoys were brought into service early last year. Iraq managed to export in peak months of July and August 2012 a good 500,000 b/d above 2011’s average of 1.71mn b/d from the south. However, while loading has been taking place from bo...
Volume: 56Issue: 12Published at Fri, 22 Mar 2013 -
Attack Heightens KRG Security Fears
...an-Claude Gandur, former owner of Addax Petroleum, took over operatorship of Hawler from Russia’s Norbest in August 2011. It has a 65% stake, with Korea’s KNOC holding 15% and the KRG 20% in the block, which lies just to the west of the KRG capital of Irbil. Oryx has also been one of the firms li...
Volume: 56Issue: 12Published at Fri, 22 Mar 2013 -
Yemen Prequalifies Nine Companies Ahead Of Block Awards
...dustry and reverse declining output – a trend seen since the early 2000s. BP estimated Yemen’s 2011 average production at 228,000 b/d, down 24% from the 2010 figure of 301,000 b/d and 50% from 2001’s 455,000 b/d. However, oil sector initiatives have been repeatedly compromised by the still-vo...
Volume: 56Issue: 12Published at Fri, 22 Mar 2013 -
Moody’s: Petronas To Benefit Most From Sudan’s Oil Restart
...dan to a restart of Southern oil exports through the north, ending a near 14-month shutdown caused by a disagreement over oil transit fees (MEES, 15 March). Crude production in the two Sudans accounted for about 7% of Petronas’ total output in 2011, Mr Wong said, whereas it accounted for less than 4% of...
Volume: 56Issue: 12Published at Fri, 22 Mar 2013 -
SAMA Projects 4.2% GDP Growth In 2013
...at the public debt fell to below SR100bn ($27bn), representing less than 4% of GDP. The kingdom also realized the highest ever balance of payments surplus of SR670bn ($179bn). The inflation rate fell to 4.6% in 2012 from 5% in 2011, with the main component of inflation being rents and the cost of fo...
Volume: 56Issue: 12Published at Fri, 22 Mar 2013 -
Syria Reiterates Need To Eliminate Fuel Subsidies
...ere prices are higher. This is not the first time that a minister has called for the elimination of subsidies – other ministers advocated the removal of the energy subsidies before the beginning of the civil war in Syria two years ago (MEES, 1 August 2011). Mr ‘Abbas pointed out that the “un...
Volume: 56Issue: 12Published at Fri, 22 Mar 2013 -
S&P: Gulf Banks Continue Recovery
...erage unweighted risk-adjusted capital (RAC), according to S&P’s framework, of about 12%-13% as of 31 December 2012. This is about five percentage points higher than the unweighted average of 6.9% for the 100 largest banks that S&P rates, based on data ranging from year-end 2011 to 30 June, 2012. As Eu...
Volume: 56Issue: 12Published at Fri, 22 Mar 2013 -
Iran-Pak ‘Peace Pipeline’ Progress Raises Stakes in New ‘Great Game’
...kistan Energy Yearbook 2011....
Volume: 56Issue: 11Published at Fri, 15 Mar 2013 -
Saudi Aramco Eyes 550,000 B/D Expansion
...ready stands at 1.4mn b/d. And unlike the bulk of Saudi Arabia’s crude production, Khurais, 250km southwest of Riyadh, pumps oil westwards to Yanbu’. So Khurais exports would keep flowing even in the event of a disruption of Straits of Hormuz traffic (MEES, 28 February 2011). Khurais has proven reserves of...
Volume: 56Issue: 11Published at Fri, 15 Mar 2013 -
Kuwait Moves 4Mn B/D 2020 Crude Target Back To 2030
...en producing since 1946. KOC keeps output between 1.4-1.5mn b/d, MEES learns. KOC carried out a successful 20-month pilot water injection scheme, which finished in July 2011 (MEES, 27 June 2011). This injected effluent and aquifer water into Burgan’s Wara reservoir, giving a better un...
Volume: 56Issue: 11Published at Fri, 15 Mar 2013 -
Bahrain LNG Terminal Decision Approaches
...rips the liquid components – propane, butane and naphtha. Oxy’s Production Sharing Agreement for deep gas exploration began in 2011 with geological and geophysical studies to determine optimal drill sites. The first well is expected to be drilled in 1Q14. In addition, high te...
Volume: 56Issue: 11Published at Fri, 15 Mar 2013