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NBK Says Kuwaiti GDP Recovery On Track After Sharp Fall In 2009
...r GDP to grow 18% this year – by 3.0% in real terms and a stronger 4.3% in 2011. The improvement should come as more large projects come on line. (Official figures for real GDP in 2009 have not yet been released).” With oil representing 46% of GDP in 2009, NBK says the Kuwaiti economy still needs to...
Volume: 53Issue: 34Published at Mon, 23 Aug 2010 -
Lebanese Parliament Ratifies Offshore Hydrocarbons Law
...fshore Israel and plans to soon begin exploration in the Leviathan structure, where potential reserves are estimated at 16 trillion cu ft (MEES, 16 August). The new law is intended to regulate the process of surveying, exploration and production of hydrocarbons in the offshore. By the end of 2011, Le...
Volume: 53Issue: 34Published at Mon, 23 Aug 2010 -
Nareva Awarded Morocco Wind Park Construction Contract
...the project and construction start and end dates would be revealed in the coming weeks. The facility is expected to be completed by the end of 2011 and is part of a wider MD31.5bn ($3.64bn) program to install 2.0gw of wind power capacity by 2020. The kingdom plans for renewable energy to make up to...
Volume: 53Issue: 34Published at Mon, 23 Aug 2010 -
China To Build Four Large Ships For Oman
...pected to be delivered in 2011 and the remaining two in 2012. The agreement was signed by the Omani Minister of National Economy Ahmad Makki and the chairman of the bank Li Ruogu. Mr Makki said that he looks forward to more participation by Chinese companies in Omani projects already underway, such as th...
Volume: 53Issue: 34Published at Mon, 23 Aug 2010 -
GDF Suez/IP Merger Gives Company 14.7GW Combined Middle East Power Capacity
...GDF Suez Bahrain Al-Dur 1 1,230 50 2011 Bahrain Al-Hidd* 938 30 2007 Bahrain Al-Ezzel 950 45 2006 Saudi Arabia Marafiq 2,750 20 2009 Oman Al-Ma...
Volume: 53Issue: 34Published at Mon, 23 Aug 2010 -
KRG Investors Maneuver Ahead Of Hoped-For Oil Breakthrough
...w wells. The UK-based independent aims to drill three appraisal wells and one exploration well through to early 2011. Sources say Korea’s state-owned KNOC has also discovered gas, but testing has not been completed. And UK independent Sterling Energy tested for gas at its first well, but had to stop dr...
Volume: 53Issue: 33Published at Mon, 16 Aug 2010 -
Egyptian Refinery Takes Top Spot In African Project Financing
...lyethylene, methanol and ammonium nitrate projects (MEES, 1 March). The ammonium nitrate project is expected to secure financing this year, with the other two looking to approach lenders in 2011 or 2012. While they will focus on export markets, the sponsor hopes that they will ultimately provide feedstock for fu...
Volume: 53Issue: 33Published at Mon, 16 Aug 2010 -
IEA Raises Forecast For 2010 And 2011 Crude Oil Demand
...Middle East Economic Survey VOL. LIII No 33 16-Aug-2010 IEA Raises Forecast For 2010 And 2011 Crude Oil Demand The International Energy Agency (IEA) revised upward its forecast for global oi...
Volume: 53Issue: 33Published at Mon, 16 Aug 2010 -
EIA Forecast Sees 2010, 2011 Demand Growth Largely Unchanged
...Middle East Economic Survey VOL. LIII No 33 16-Aug-2010 EIA Forecast Sees 2010, 2011 Demand Growth Largely Unchanged The Energy Information Administration (EIA) of the US Department of En...
Volume: 53Issue: 33Published at Mon, 16 Aug 2010 -
Pakistan Moves Slowly On Iran Gas Pipeline And Qatari LNG Imports
...obably involve a floating storage and regasification unit (FSRU), MEES understands. It is unlikely to be operational by the target year of 2011. Furthermore, one of the 4Gas shareholder companies is in Chapter 11 bankruptcy, but it us unclear how this affects the whole project. GDF Suez and Shell are mo...
Volume: 53Issue: 33Published at Mon, 16 Aug 2010 -
Crude Prices Break Through $80/B Mark
...velopments across the Middle East – particularly Lebanon – are beginning to gain some additional market attention. Barclays Capital said it had pared its US oil demand forecast to 230,000 b/d in 2010 and 220,000 b/d in 2011. In its Weekly Petroleum Status Report, released on 4 August, the EIA said US co...
Volume: 53Issue: 32Published at Mon, 09 Aug 2010 -
Nabucco Confirms Final Investment Decision Set For 4Q 2010
...ring the fourth quarter of 2010. Speaking at a press conference in Vienna on 4 August, Werner Auli, the head of OMV’s Oil and Gas division said the FID for the project, which has weathered a number of delays, would either be made in the fourth quarter of 2010 or the first quarter of 2011 “at the la...
Volume: 53Issue: 32Published at Mon, 09 Aug 2010 -
Dragon Oil Output Averages 46,420 B/D In 1H 2010
...diterranean. During the first half of 2010, Dragon completed six new development wells, three workovers and one sidetrack. It also awarded a contract for the lease and management of a new Super M2 jack-up rig to be deployed in the fourth quarter of 2011. Also, contracts were awarded for the construction of two ne...
Volume: 53Issue: 32Published at Mon, 09 Aug 2010 -
Dana Petroleum Makes New Egypt Oil Discovery
...e PSC, followed by more drilling in 2011. Dana said that the findings confirmed the PSC as a “very attractive” area to develop, with it estimating that the two discoveries have proven initial reserves of 10-12mn barrels of oil with a potential for considerable upside. The firm has submitted a pr...
Volume: 53Issue: 32Published at Mon, 09 Aug 2010 -
Beach Energy To Acquire Onshore Egyptian Interest From KEC
...nuary 2011, following approval by Egyptian authorities. The Abu Sennan acreage covers about 1,600 sq km in the Western Desert, and contains numerous oil prospects, four of which have been approved by authorities for drilling. The first 12-month drilling program on the block is set to commence in two mo...
Volume: 53Issue: 32Published at Mon, 09 Aug 2010 -
Saudi Aramco-Dow Petchem Project Costs Still Pegged At Over $20Bn
...moving to Jubail,” explained a source with knowledge of the project, noting that the new site can also provide power and port facilities. A number of process units have therefore been dropped from the initial plan, including a cracker, MEES understands. FEED Completion Scheduled For Mid 2011...
Volume: 53Issue: 32Published at Mon, 09 Aug 2010 -
IMF Approves $370Mn Loan To Support Economic Reform
...10 2011 2012 2013 (Change in %) Production and Prices Real GDP at Market Prices 3.2 3.3 3.6 3.9 8 4.1 4.1 4.4 Real Non-Hydrocarbon GDP 4.7 5.3 4.8 4....
Volume: 53Issue: 32Published at Mon, 09 Aug 2010 -
Growing Oil Power Reshaping Iraq's Future
...aq must allocate 40% of total oil revenues in the years 2011-15 and at least 70% from 2016 on to finance the required physical, social, and environmental projects. ...
Volume: 53Issue: 32Published at Mon, 09 Aug 2010 -
FDI Flows Can Boost International Economic Recovery, Says UNCTAD
...rld Investment Report 2010. Global FDI inflows declined by 16% in 2008, and fell a further 37% to $1,114bn in 2009, while outflows declined by 43% to $1,101bn. However, the study highlights a promising outlook: flows worldwide are expected to recover slightly in 2010, with a stronger recovery in 2011 an...
Volume: 53Issue: 31Published at Mon, 02 Aug 2010 -
Barclays Capital Sees WTI Averaging $92/B In 2011
...Middle East Economic Survey VOL. LIII No 31 2-Aug-2010 Barclays Capital Sees WTI Averaging $92/B In 2011 “The oil market is currently in a state of disequilibrium,” Barclays Capital stated in...
Volume: 53Issue: 31Published at Mon, 02 Aug 2010