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WB Backs $600Mn Power Project
...ypt’s 2011-13 political and economic upheavals. Investments have not kept pace with 6%/y demand growth and there have been rolling blackouts and frequent service interruptions. This has particularly hit small enterprises and households. The project is part of a program of investment in power ge...
Volume: 56Issue: 27Published at Fri, 05 Jul 2013 -
Jordan Hit By Syrian Overspill, Moody’s Downgrades Two Notches
...the upward trend in general government debt, which Moody’s says increased by almost 10 percentage points of GDP between 2011 and 2012. The agency expects the debt-to-GDP ratio to reach close to 90% in 2014. This echoes IMF predictions, although the IMF predicts the ratio will then ease to 80% by 20...
Volume: 56Issue: 27Published at Fri, 05 Jul 2013 -
Iran: New President Faces Soaring Inflation, Other Economic Challenges
...ficit which needs to be financed by borrowing from the CBI. The IMF predicted an Iranian deficit equivalent to 3.5% of GDP for 2013, up from 2.3% of GDP last year and a surplus equivalent to 4% of GDP for 2011 (see graph 3) A senior deputy in the Iranian parliament Ahmad Tavakoli has called on pa...
Volume: 56Issue: 27Published at Fri, 05 Jul 2013 -
Benchmark Crude Prices
...12 2011 WTI 101.14 95.92 96.66 95.79 94.75 94.17 94.42 94.18 95...
Volume: 56Issue: 27Published at Fri, 05 Jul 2013 -
South Tunisia Gas Development Close To Go-Ahead Despite ENI Departure
...y operator in the south of the country – last month started development work at Nawara and is also looking at first volumes from 2016. Proposed Nawara volumes were doubled in late 2011 to accommodate the feed-in of the Cherouq discovery following OMV’s February 2012 takeover of US firm Pioneer’s Tu...
Volume: 56Issue: 26Published at Fri, 28 Jun 2013 -
Iraq Faces Summer Power Crunch Despite Progress On $75Bn Mega-Plan
...arged Electricity stands out in Iraq’s highly politically-charged environment as the single most controversial sector. It has proved a graveyard for politicians, with successive ministers getting the sack in 2010 and 2011 (MEES, 3 October 2011). There have been major mistakes, including the 2008-09 GE/Si...
Volume: 56Issue: 26Published at Fri, 28 Jun 2013 -
Qatar Plans First IWPP Project In Five Years
...ectricity and Water Company (QEWC) estimates Qatar’s total electricity capacity at 8.77gw and desalination capacity at 327mn gal/day. Qatar’s previous IWPP project was the QR14bn ($3.8bn) Ras Laffan C plant, inaugurated in mid-2011 (MEES, 6 June 2011). The plant has capacity to generate 2.73gw of el...
Volume: 56Issue: 26Published at Fri, 28 Jun 2013 -
Seoul Seeks To Sate Mideast Supply Needs
...er Seoul’s oil imports appear unassailable. Predictably, US-led sanctions on Tehran have eroded Iranian crude import volumes. Jan-May 2013 average of 146,000 b/d is sharply down on 2011’s 251,000 b/d, but only marginally on last year’s 154,000 b/d (see table 2). Purchases from the UAE have made st...
Volume: 56Issue: 26Published at Fri, 28 Jun 2013 -
Egyptian Army Hints At Intervention As Country Remains Divided
...e side of the government. In early February 2011, just after the departure of Mr Mubarak, the White House said a new Egyptian government should “include a whole host of important non-secular actors,” a clear reference to the Brotherhood, and now the US ambassador to Egypt, Anne Peterson, has come un...
Volume: 56Issue: 26Published at Fri, 28 Jun 2013 -
Analysis: Will New Amir Era Usher In QP Restructuring?
...cember 2011). In addition to a recent 2.5tcf Wintershall find in Block 4N, Qatar has two other sources of gas available without the moratorium being lifted: surplus gas from the 1.5bn cfd Barzan project; and a 500mn cfd cushion field beneath Dukhan oil field. The cushion field was taken out of pr...
Volume: 56Issue: 26Published at Fri, 28 Jun 2013 -
Firm Oil Prices And Capital Inflows Boost UAE Growth, Says IMF
...lated to Dubai World and Nakheel which will begin to mature in 2015-16. Abu Dhabi 2012 GDP Estimated At $248Bn The GDP of the largest emirate in the UAE federation, Abu Dhabi, rose by 7.7% in 2012 to Dh911.6bn ($248bn) at current prices from Dh846.7bn ($231bn) in 2011, according to fi...
Volume: 56Issue: 26Published at Fri, 28 Jun 2013 -
Algeria’s Natural Gas Policy: Beware Of The Egypt Syndrome!
...ose of electricity for that matter) since December 2005. As far as ARH is concerned, it managed, as explained in the Box on p19, to amend the relevant decree to adjust the indexation formula upward but the supply price it last notified in 2011 was kept below what the new formula actually suggested (Fi...
Volume: 56Issue: 26Published at Fri, 28 Jun 2013 -
Benchmark Crude Prices
...12 2011 WTI 97.05 96.66 96.31 94.75 92.09 94.42 88.25 94.18 95...
Volume: 56Issue: 26Published at Fri, 28 Jun 2013 -
KRG Drops Turkish Six-Block Bombshell; Disputed Areas Included
...nguard of the rush north with a six block mega-deal in late 2011. ‘Major Bilateral Energy Deal’ The deals were confirmed the following day by Kurdish Natural Resources Minister, Ashti Hawrami, who also said they were part of a wider Turkish-KRG energy deal, which includes direct KRG-Turkey pi...
Volume: 56Issue: 25Published at Fri, 21 Jun 2013 -
Saudi Mega-Projects Take Shape As Sadara Completes Financing
...cember 2014. IPC in June 2012 obtained a SR1.4bn ($373mn) loan from four Saudi banks and in November 2011 a SR600mn ($160mn) loan from Saudi Industrial Development Fund (SIDF). Meanwhile, on 13 June US plastics firm Invista announced an exclusive agreement with Petrochemical Conversion Company (PC...
Volume: 56Issue: 25Published at Fri, 21 Jun 2013 -
Qatari Solar Plans: Dark Clouds Gather
...09 and 2011, the sector’s relatively small size would still let Qatar hit its renewable energy target. This would require about 1.5gw of production capacity (MEES, 28 May). Solar plants only take two years to build. Doha wants to conserve its gas reserves in the North Field, which faces complex ch...
Volume: 56Issue: 25Published at Fri, 21 Jun 2013 -
Cautious Optimism Reigns Supreme Following Election Of Rohani
...cently as in June 2011 (see graph 2). This decline – which could continue should the Western sanctions machine carry on in its current vein – has forced Iran into storing up to 30mn barrels of its crude oil at sea, according to London-based EA Gibson Shipbrokers, as sanctions prevent Iran from im...
Volume: 56Issue: 25Published at Fri, 21 Jun 2013 -
Korea’s KNOC In Line For ADCO Stake Despite Limited Experience
...12. Source: Company Annual Reports, media reports Defense Ties South Korea is also a growing defense partner of the UAE, having sent a contingent of troops to train UAE forces in 2011. South Korean firms have sold drone aircraft to the UAE, which is also in talks to buy South Korean-bu...
Volume: 56Issue: 25Published at Fri, 21 Jun 2013 -
Petrofac Wins ADCO Contract
...s processing plant. In addition to allowing increased quantities of crude to be extracted, injecting CO₂ will allow currently-reinjected natural gas to be sent to the grid to ease the emirate’s annual summer gas shortage, which exceeds 2bn cfd (MEES, 2 May 2011). The Petrofac award comes as...
Volume: 56Issue: 25Published at Fri, 21 Jun 2013 -
GCC Measures Against Hizbollah Could Undermine Lebanese Economy
...banese GDP Growth Cut To 2% In its latest Global Economic Prospects the World Bank revised Lebanon’s real GDP growth in 2013 downward to 2% from 2.8% in January. It is now estimating growth at 1.5% in both 2011 and 2012 and is projecting a rise to 2.3% in 2014 and possibly 4.0% in 2015. The World Ba...
Volume: 56Issue: 25Published at Fri, 21 Jun 2013