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Political Comment (15 August 2011)
...Middle East Economic Survey VOL. LIV No 33 15-Aug-2011 Political Comment (15 August 2011) In a damaging blow to Syria's increasingly beleaguered President Bashar al-Asad, King 'Abd Allah of Saudi Arabia has publicly denounced events on Syria as unacceptable and recalled th...
Volume: 54Issue: 33Published at Mon, 15 Aug 2011 -
Economic Development Of The MENA Petroleum Producing Countries
...oduction, but will definitely peak and start to decline in 10-20 years. In 2011, the oil and gas revenues in the MENA region will be close to $1 trillion. While $100bn, just 10%, will be spent on petroleum industry projects, the remaining $900bn will fund the fiscal budgets of the producing countries. If...
Volume: 54Issue: 33Published at Mon, 15 Aug 2011 -
Kuwait Ministry Probe Into Shell Deal Secures Passage Of Record Budget
...scal year 2011-12, which started last April, was passed at the end of June. It includes an increase of 19% in spending from last year. Oil revenue for 2011-12 is set at KD12.31bn ($44.93bn) up from KD8.62bn ($31.57bn) in 2010-11. Its passage triggered demands by some members of parliament to look in...
Volume: 54Issue: 32Published at Mon, 08 Aug 2011 -
FDI Flows Drop Despite Economic Recovery, Says UNCTAD
...ile global industrial output and world trade are already back to their pre-crisis levels, according to the United Nations Conference on Trade and Development (UNCTAD). In its World Investment Report 2011, UNCTAD estimates that global FDI will recover to its pre-crisis level in 2011, increasing to $1....
Volume: 54Issue: 32Published at Mon, 08 Aug 2011 -
Japanese Crude Oil Imports Slide Again In June To 3.046Mn B/D
...be the top crude supplier to Japan, with shipments of 919,555 b/d during June, down from 1.025mn b/d in May. Crude imports from the UAE rose during June to 894,078 b/d, compared to 794,917 b/d in May. Japanese Crude Oil Imports, June 2011 (B/D) Source June 2011 Ma...
Volume: 54Issue: 32Published at Mon, 08 Aug 2011 -
Saudi Crude Prices Mainly Raised For September Deliveries
...nus $0.25/B in late July compared to ADNOC minus $0.50/B in late June. Qatar Marine sold at QP minus $0.20/B at the end of last month, compared to QP minus $0.55/B at the end of June. The formulas for September 2011 and the previous 12 months for deliveries to the US, Europe and the Far East – on...
Volume: 54Issue: 32Published at Mon, 08 Aug 2011 -
Saudi LPG Prices Raised For August
...0.00 735.00 2011 1 Jan 935.00 920.00 1 Feb 505.00 505.00 1 Feb 735.00 735.00 1 Feb 820.00 810.00 1 Mar 470.00 45...
Volume: 54Issue: 32Published at Mon, 08 Aug 2011 -
Crude Oil Formulas/Posted Prices
...Middle East Economic Survey VOL. LIV No 32 8-Aug-2011 Crude Oil Formulas/Posted Prices ($/B) Abu Dhabi ($/B) 2011 2010 Jul Jun May Apr Mar Feb Jan Dec No...
Volume: 54Issue: 32Published at Mon, 08 Aug 2011 -
IFC Approves $250Mn Investment Package For OCI
...ypt and the wider region. EFC aims to increase its production significantly by 2012. IFC invested $1.5bn in the Middle East and North Africa in the 2011 fiscal year. It also helped mobilize funds from other international financial institutions (MEES, 13 June). IFC expects to continue to increase it...
Volume: 54Issue: 32Published at Mon, 08 Aug 2011 -
IRGC General Approved By Majlis As Iran’s New Petroleum Minister
...rd to win over a bureaucracy that is extremely cautious regarding both the IRGC and Khatam al-Anbiya. And domestic issues will not be his only problem: the new oil minister will take over as President of OPEC during Iran’s 12-month tenure, which expires in December 2011; but he is among the Ir...
Volume: 54Issue: 32Published at Mon, 08 Aug 2011 -
Jordan Expects To Continue Importing Egyptian Gas, But Is ‘Studying All Options’
...cessary logistical arrangements for the fuel oil, Dr Tuqan noted. The government is also considering the import of LNG via a terminal in 'Aqaba. For this purpose it is soliciting proposals for an LNG regasification terminal at the Red Sea Port from interested firms, and set a deadline for 13 July 2011 as...
Volume: 54Issue: 32Published at Mon, 08 Aug 2011 -
Syrian Oil Production Averaged 387,250 B/D In First Half 2011
...Middle East Economic Survey VOL. LIV No 32 8-Aug-2011 syria Syrian Oil Production Averaged 387,250 B/D In First Half 2011 Syria’s crude oil production in the first half of 2011 totaled 70.092mn barrels, or 387,250 b/d, a slight increase from 386,268 b/d in the corresponding pe...
Volume: 54Issue: 32Published at Mon, 08 Aug 2011 -
S&P Revises Tunisia Outlook To Negative, Sees Downside Risks Persisting
...onomic outlook is clouded by uncertainties,” S&P said. This was attributed partly to the fact that the caretaker government does not currently have the mandate to either articulate or implement mid-term policies. The agency noted that its baseline scenario predicts growth of around 1% of GDP in 2011, st...
Volume: 54Issue: 32Published at Mon, 08 Aug 2011 -
Nexen Pursues Renewal Of Masila Licenses
...ES. According to a Reuters report, under existing agreements Nexen has the right to produce oil from the Masila field until December 2011. “The company is reportedly negotiating a five-year extension because it still sees significant value in the mature field,” it added. Nexen consortia produce ab...
Volume: 54Issue: 32Published at Mon, 08 Aug 2011 -
Political Comment (8 August 2011)
...Middle East Economic Survey VOL. LIV No 32 8-Aug-2011 Political Comment (8 August 2011) The trial of former Egyptian President Husni Mubarak and his two sons has begun. The UN Security Council has issued a statement expressing “concern” at the “deteriorating situation” in Sy...
Volume: 54Issue: 32Published at Mon, 08 Aug 2011 -
Rhetoric Versus Reality
...e author and do not represent those of the Iranian Ministry of Petroleum. High oil prices have been blamed as one of the factors preventing global economic recovery. Some analysts argue that the 8 June 2011 OPEC Ministerial Conference’s lack of an agreement to increase the production ceiling ca...
Volume: 54Issue: 32Published at Mon, 08 Aug 2011 -
Feedstock Questions Remain As Aramco, Dow Commit To ‘Largest’ Ever Petchem Project
...pire at the end of 2011. A New Environment “You know all the Saudi industrialists have looked upon this Dow deal as excellent news. Why would Dow sign for $4/mn BTU?” argues one industrialist. “I really can’t see why the Kingdom would lose its comparative advantage and destroy its industry,” he co...
Volume: 54Issue: 31Published at Mon, 01 Aug 2011 -
Egypt Grapples To Support Energy Sector; Reshuffle Delays Musturud
...e economic relations with Egypt are deteriorating. Israel needs to search for alternative sources of energy, the minister said. State-owned Egyptian General Petroleum Corporation (EGPC) will invest $1.2bn in the current fiscal year from July 2011 to July 2012 (MEES 25 July). It intends to drill 18...
Volume: 54Issue: 31Published at Mon, 01 Aug 2011 -
Gulf LNG Producers Facing Greater Competition From Australia In Asia-Pacific
...sin LNG prices. Qatargas – Major LNG Contracts (as of July 2011) Date Buyer(s) Volume (Mn T/Y) Start Date Term (years) Status Ma...
Volume: 54Issue: 31Published at Mon, 01 Aug 2011 -
WTI Remains In High $90/B Range As Markets Await US Debt Limit Plan
...3.87/B, $0.38/B more than last week’s price and $40.07/B above a year ago. Settlement Prices For Benchmark Crudes ($/B) Date 2011 Nymex WTI ICE Brent DME Oman ICE Dubai OPEC Ba...
Volume: 54Issue: 31Published at Mon, 01 Aug 2011