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CBK Governor Resigns Over Kuwait’s Expansionary Fiscal Policy
...rliamentary elections. Kuwait Records $40Bn Budget Surplus Till December 2011 Kuwait has in the past years projected budget deficits by understating its revenues and overstating its expenditure. But this has failed to materialize and Kuwait instead ends up with a substantial surplus. In the first ni...
Volume: 55Issue: 08Published at Mon, 20 Feb 2012 -
Lebanese Banks Abide By US And EU Sanctions Against Syria
...nctions include a freeze on all assets of the Syrian government held in Arab countries, a halt in transactions with the Central Bank of Syria (CBS) and the Commercial Bank of Syria and an end to Arab government funding for projects in Syria (MEES, 5 December 2011). More recently, on 12 February the League re...
Volume: 55Issue: 08Published at Mon, 20 Feb 2012 -
APICORP Raises $667Mn From Saudi Banks
...vironment in 2012,” said Mr Nuami, noting that it will also help “withstand potential sudden shocks in the global financial system.” At 51% APICORP’s capital adequacy, after covering callable capital approved in May 2011, is one of the highest amongst MENA banks. Posting an 86% hike in 4Q11 profits to over $57...
Volume: 55Issue: 08Published at Mon, 20 Feb 2012 -
Akenerji Awards Turbine/Generator Contract To GE
...rkey’s installed generation capacity of 53gw, the GE statement said. Turkey’s electricity demand is expected to increase at an annual rate averaging 6% between now and 2018. Demand rose by 8% in 2011 over 2010, according to GE, which added that Turkey’s generating capacity is expected to rise to more th...
Volume: 55Issue: 08Published at Mon, 20 Feb 2012 -
TAQA Expands Presence In North Sea As 2011 Profits Slump
...UAE TAQA Expands Presence In North Sea As 2011 Profits Slump The UK arm of state-owned Abu Dhabi National Energy Company (TAQA) has announced its purchase of a 50% stake in an oil field offshore Scotland. With the signing of two farm-in agreements on 13 February with a subsidiary of Ab...
Volume: 55Issue: 08Published at Mon, 20 Feb 2012 -
Strike Action Halts Masila Oil Production
...fore being replaced by PetroMasila in December. In November the Yemeni authorities declined to renew Nexen’s operating license for the 35,000 b/d Masila field, handing operations from 17 December 2011 to a newly created Yemeni national operating company PetroMasila (MEES, 28 November 2011). “The wo...
Volume: 55Issue: 08Published at Mon, 20 Feb 2012 -
End To $3Bn-Plus Anadarko-Algeria Arbitration ‘Imminent’
...the company’s 2011 results announcement, Anadarko CEO Jim Hackett said that he expected a decision from the Paris-based International Chamber of Commerce over the “exceptional profits” tax, applied from 1 August 2006 and applicable when Brent crude prices are over $30/B. Both Anadarko and its Da...
Volume: 55Issue: 07Published at Mon, 13 Feb 2012 -
Nabucco Submits Environmental Study To Ankara
...d Greek authorities in 2011, whereas the Interconnector Turkey-Greece-Italy (ITGI) pipeline group has already secured environmental permits from both Italy and Greece. In related news, on 7 February EU Energy Commissioner Guenther Oettinger noted that he expected that an “agreement on gas de...
Volume: 55Issue: 07Published at Mon, 13 Feb 2012 -
Turkmenistan Reports Increase In Annual Oil And Gas Output
...CASPIAN Turkmenistan Reports Increase In Annual Oil And Gas Output The Deputy Prime Minister of Turkmenistan responsible for oil and gas, Baymyrat Hojamuhammedov, told a cabinet meeting on 4 February that the country had significantly increased its oil and gas production during 2011. Mr...
Volume: 55Issue: 07Published at Mon, 13 Feb 2012 -
TPAO To Spud First Ever Onshore Well In Northern Cyprus
...ES, 5 December 2011). Last November when the agreement between the Turkish-Cypriots and TPAO was signed, Mr Yildiz said: “We will have completed preliminary studies in two-three months, after which we will begin test drilling. There is no guarantee that there is oil or natural gas there, but this is a se...
Volume: 55Issue: 07Published at Mon, 13 Feb 2012 -
BG Shifts Egyptian Focus To Eastern Delta
...EGYPT BG Shifts Egyptian Focus To Eastern Delta UK firm BG is looking to the Eastern Nile Delta to provide the cornerstone of its future development in the country. In a 9 February presentation to mark the release of the company’s 2011 results, BG Chairman Frank Chapman gave the East De...
Volume: 55Issue: 07Published at Mon, 13 Feb 2012 -
Jordan Seeks Alternatives To Egyptian Gas
...JORDAN Jordan Seeks Alternatives To Egyptian Gas Jordan is pressing on with plans to find alternatives to Egyptian gas, whose supply has been severely restricted in 2011, because of frequent attacks on the Arab Gas Pipeline (AGP) carrying the gas to Jordan. Jordanian Minister of En...
Volume: 55Issue: 07Published at Mon, 13 Feb 2012 -
IMF: Economic Outlook For Qatar Favorable Despite External Risks
...ES, 12 December 2011). Turning to finance, Qatar’s headline inflation figures are forecast to remain subdued in the near future. The IMF warns that the country’s expansionary fiscal stance in 2011-12 warrants careful monitoring of aggregate demand to ward off any potential risk of inflation. “Fi...
Volume: 55Issue: 07Published at Mon, 13 Feb 2012 -
Trafigura Caught Up In Sudan Oil Row As It Ships Disputed Cargo
...spute over ownership of the consignment. The vessel carrying the oil is one of four tankers the Government of South Sudan has alleged contains oil that had effectively been “looted” by the North amid growing tensions between the two sides over oil transit fees (MEES, 5 December 2011). In his address to th...
Volume: 55Issue: 07Published at Mon, 13 Feb 2012 -
Mayyala Says CBS Will Defend Syrian Pound
...in March 2011, when political disturbances started. But the value of the local currency on the black market is lower at more than $1=S£70. The governor’s recent remarks seem to contradict earlier reports that Syria would slowly move to a managed float by allowing local banks and money changers in...
Volume: 55Issue: 07Published at Mon, 13 Feb 2012 -
Turkey Plans To Reduce Use Of Gas For Electricity Generation, Says Energy Minister
...gineering and Construction and Korea South-East Power Corporation concerning the construction of a coal-burning power station at Tufanbeyli. The first stage of the two-stage project is estimated to be worth $2bn. Turkey’s consumption of natural gas was nearly 40bn cu ms during 2011 and demand has been ex...
Volume: 55Issue: 07Published at Mon, 13 Feb 2012 -
Investors Snap Up $1Bn Of Dolphin Energy Bonds
...der book of around $9bn, the bonds were the first conventional paper to come out of the Gulf this year after a handful of Sukuk hit the market in January. Market conditions have started to improve after the escalating Eurozone crisis virtually shut the bond issue ‘window’ in the latter part of 2011, an...
Volume: 55Issue: 07Published at Mon, 13 Feb 2012 -
IMF Sees Algeria’s GDP Growth At 2.5% In 2011 And 3.5% In 2012
...ALGERIA IMF Sees Algeria’s GDP Growth At 2.5% In 2011 And 3.5% In 2012 Algeria’s growth in 2011 is estimated to have remained solid and higher oil prices have strengthened the country’s external balance and boosted its fiscal revenue, the International Monetary Fund (IMF) said on 27 Ja...
Volume: 55Issue: 06Published at Mon, 06 Feb 2012 -
Dana Egypt Production Slides On Non-Payment Standoff
...EGYPT Dana Egypt Production Slides On Non-Payment Standoff UAE-listed Dana Gas saw 2011 production flat-line as the company scaled back Egyptian drilling in response to non-payment of revenues from the Egyptian authorities. The company’s Egyptian production finished the year at 38...
Volume: 55Issue: 06Published at Mon, 06 Feb 2012 -
Iran Raises Its Budget Oil Price To $85/B For 2012-13
...slightly higher than the current year’s oil price of $80/B (MEES, 28 February 2011). Prior to the submission of the draft budget, the agency projected oil revenue in 2001-13 at $57bn based on an oil price of $85/B. Mr Ahmadinejad said that the new budget proposes a 5.6% drop in government sp...
Volume: 55Issue: 06Published at Mon, 06 Feb 2012