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Praise For Egyptian Joint Ventures’ Performance
...the Gulf of Suez, whilst Agiba produces mostly from the Western Desert (MEES, 28 May) These six joint ventures produced a total of 489,000 b/d for the 2011-12 financial year (July 2011 to June 2012), accounting for over 70% of Egypt’s oil production and over 50% of gas output (see ta...
Volume: 55Issue: 33Published at Mon, 13 Aug 2012 -
Western Zagros Gets New Investment
...alakan block, operated by the UAE’s New Age. Western Zagros, which already has an investment from the UAE’s TAQA (MEES, 7 November 2011), also announced that Gazprom Neft had made its contractual payment of Can$83mn as part of its recent purchase of the 40% third party non-operator stake in We...
Volume: 55Issue: 33Published at Mon, 13 Aug 2012 -
IMF Finalizes $2Bn Standby Arrangement For Jordan
...mpany (NEPCO) to increase to 4.9% of GDP in 2011 from 0.8% in 2010. As a result of the economic shocks growth slowed significantly, investor confidence weakened, and the external current account deficit (including grants) widened to 12% of GDP in 2011 from 7% in 2010, Ms Kostial said. Ac...
Volume: 55Issue: 33Published at Mon, 13 Aug 2012 -
Lebanon’s Economy Hit By Power Crisis and Syrian Turmoil
...nances. EDL’s subsidies cost the government $1-1.5bn per year, widening the fiscal deficit, which Citi expects to hit 7.9% of GDP in 2012 from 5.7% in 2011. Lebanon Complies With International Sanctions Against Syria Central Bank of Lebanon (CBL) Governor Riad Salamah told the daily al-Ha...
Volume: 55Issue: 33Published at Mon, 13 Aug 2012 -
IMF Approves $6.2Bn Credit Line For Morocco
...ecautionary and Liquidity Line (PLL), which was added to the IMF’s lending toolkit in 2011. According to the IMF, the PLL “will provide a useful insurance against external shocks in light of the heightened uncertainty worldwide, and allow the authorities to continue with their home-grown reform agenda aimed at...
Volume: 55Issue: 33Published at Mon, 13 Aug 2012 -
IMF Cautions Saudi Arabia About Overspending
...ills.” The directors commended Saudi Arabia’s efforts to support the global economy in 2011 by raising oil production to help in stabilizing global oil markets and praised its commitment to provide $15bn in additional resources for the IMF which has contributed to world stability. The IMF noted that hi...
Volume: 55Issue: 33Published at Mon, 13 Aug 2012 -
Syria Turns To Russia And Iran To Beat International Sanctions
...untry Risk Weekly Bulletin of 2 August quotes the Institute of International Finance (IIF) estimate that capital flight from Syria between March 2011 and July 2012 had topped $10.5bn, equivalent to about 21% of GDP. At the beginning of the crisis the Central Bank of Syria (CBS) put its foreign exchange re...
Volume: 55Issue: 33Published at Mon, 13 Aug 2012 -
Fiscal Break-Even Prices Revisited: What More Could They Tell Us About OPEC Policy Intent?
...vernments’ fiscal take, discount factor and long term population dynamics. They are calibrated as summarized in Table 1 and briefly expounded upon below. Table 1: Basic Assumptions For OPEC Revenue Simulations Reference Date: 2011 Assumptions Re...
Volume: 55Issue: 33Published at Mon, 13 Aug 2012 -
KRG/Baghdad Oil Dispute At Crisis Point
...uld make it or break it. Rafiq Latta reports. Baghdad’s ban on investments in the Kurdish upstream managed to deter majors from investing until ExxonMobil defied the federal Ministry of Oil to take six KRG blocks last October (MEES, 21 November 2011). At that time the Kurds and their su...
Volume: 55Issue: 32Published at Mon, 06 Aug 2012 -
Egypt Unveils Its 2012-13 Budget Amid Political And Economic Uncertainties
...d a half after the overthrow of the Husni Mubarak regime in January 2011. Egypt has suffered perennially from a number of structural economic problems which are unlikely to be resolved in the short or medium term by the new political system in the country. President Muhammad Mursi, the first de...
Volume: 55Issue: 32Published at Mon, 06 Aug 2012 -
Algerian Gas Set For Boost From 3.7 BCM/Y Petroceltic Development
...velopment strategy” and that a second farm-out “has the potential to remove funding uncertainty from the project’s development.” It adds that with 2011’s six-well appraisal drilling program having almost doubled mid ‘gas in place’ estimates to over 10 tcf since the Enel deal was struck, a second sale is li...
Volume: 55Issue: 32Published at Mon, 06 Aug 2012 -
Japan’s Crude Imports Lower In June, Supply From Iran Higher
...ports of 3.572mn b/d, but 6.0% higher than for June 2011. The month-on-month decline was attributable to a number of Japanese refineries undergoing seasonal maintenance. As usual, Saudi Arabia was Japan’s largest supplier, contributing 30.5% of imports, followed by UAE (20.1%) and Qatar (10.9%). Imports fr...
Volume: 55Issue: 32Published at Mon, 06 Aug 2012 -
Saudi LPG Prices Increased For August Deliveries
...opane Butane Change Propane Butane 2010 1 Jan 740.00 735.00 2011 1 Jan 93...
Volume: 55Issue: 32Published at Mon, 06 Aug 2012 -
Shell Finalizes Algerian Shale Deal
...rgeting 4 bcm/y plateau production. Total submitted a development plan in July 2011, which envisaged 2015 start-up, although this has yet to be approved. Algeria says that planned revisions to the country’s hydrocarbon law – expected before the end of the year – will incentivize unconventional exploration (ME...
Volume: 55Issue: 32Published at Mon, 06 Aug 2012 -
Construction Of Third Turkmen-Chinese Gas Pipeline To Begin In September
...eratorship and timetable of the project, Chinese state firm CNPC is expected to build, finance and operate the pipeline. Shipments of Turkmen gas began in December 2009, with volumes set to reach 45 bcm/y by the end of 2012, an increase of 45% from 2011. ...
Volume: 55Issue: 32Published at Mon, 06 Aug 2012 -
Egypt’s International Reserves Edge Higher, CPI Down
...YPT Egypt’s International Reserves Edge Higher, CPI Down After tumbling markedly in 2011 and the early part of this year, Egypt’s net international reserves started to edge higher in the second quarter, according to Central Bank of Egypt (CBE) data. The most recent data shows this trend co...
Volume: 55Issue: 32Published at Mon, 06 Aug 2012 -
Iranian Court Sentences Four To Death In $2.6Bn Fraud Case
...AN Iranian Court Sentences Four To Death In $2.6Bn Fraud Case An Iranian court has sentenced four defendants to death for their involvement in the $2.6bn embezzlement case discovered in September 2011, judiciary spokesman Gholamhossein Mohseni-Ejeihi announced on 30 July. The embezzlement case, co...
Volume: 55Issue: 32Published at Mon, 06 Aug 2012 -
Kuwaiti Tanker Fleet Set For Nine-Vessel Expansion In 2014-15
...14, saw the delivery of two more VLCCs in June and October 2011, and two products tankers in February and April 2012. The fourth and last stage of KOTC’s fleet expansion, Mr Khashti said, will take place between 2014 and 2018 and should see the purchase of five additional double-hulled 50...
Volume: 55Issue: 32Published at Mon, 06 Aug 2012 -
Qatar Petroleum To Issue $1.28Bn ‘Samurai’ Bond
...sued a $650mn five-year US dollar-denominated Eurobond, although the state of Qatar recently raised $4bn when it priced a sovereign sukuk (MEES, 16 July). Also, Qatari companies such as LNG producer RasGas have tapped international debt markets. QP’s 2006 bond was for $650mn with a maturity date of 30 May 2011...
Volume: 55Issue: 32Published at Mon, 06 Aug 2012 -
Saipem Wins $250Mn Contract Amid Regional Drilling Boom
...5 2011 55 12 67 253 39 291 2012 Q1 59 16 75 26...
Volume: 55Issue: 32Published at Mon, 06 Aug 2012