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Putin Questions Viability Of Blue Stream Expansion (14)
...ansportation System (KCTS). The feasibility study is to be completed by mid-August 2011. Phase 1 of KCTS envisages the delivery of up to 450,000 b/d of oil across the Caspian Sea in tankers for onward delivery via the Baku-Tbilisi-Ceyhan pipeline, beginning in 2013 (MEES, 7 June). Kazakh state firm Ka...
Volume: 53Issue: 24Published at Mon, 14 Jun 2010 -
Aegean And Groundstar Revise West Kom Ombo Farm-In Terms (15)
...quired over a large part of the block. The Greek company had initially committed to drill two wells by September 2011 (MEES, 17 May). The additional wells will help evaluate the potential of the block beyond what the current exploration phase would allow, and increase the chance of commercial discovery on...
Volume: 53Issue: 24Published at Mon, 14 Jun 2010 -
Dubai To Offset Abu Dhabi-Led UAE Growth, Samba Says
...Middle East Economic Survey VOL. LIII No 24 14-Jun-2010 UAE Dubai To Offset Abu Dhabi-Led UAE Growth, Samba Says Growth prospects in the UAE for 2010 and 2011 are mixed, Samba Financial Gr...
Volume: 53Issue: 24Published at Mon, 14 Jun 2010 -
Citigroup Says Dubai GDP Growth Spurred By Non-Real-Estate Sector
...4.7% in 2011 to Dh266bn ($72bn), on the back of the global and regional economic recovery and competitive advantages in its non-real-estate sector, Citigroup said in its latest Macro View Report. By 2012, GDP is expected to grow by 6.3% to Dh282.8bnn ($77bn), but while its growth dynamics remain ro...
Volume: 53Issue: 24Published at Mon, 14 Jun 2010 -
Middle East Poised For Multi-Billion Barrel Heavy Oil Expansion
...gent basis. And through this mechanism, which we started in 2006, we got an extraordinary budget of $200mn; we were able to add 500mn cfd to the gas availability in Bahrain, which should come on stream in 2011,” he said. But this 500mn cfd will largely be used to offset declines, until the Awali as...
Volume: 53Issue: 23Published at Mon, 07 Jun 2010 -
Cash Shortage Delays Iran Gas Pipeline, Pakistan Pursuing LNG Imports
...going ahead with liquefied natural gas (LNG) imports and is in talks with Qatar, which is diverting LNG into the Asia-Pacific market during the global gas glut. However, Pakistan’s first planned LNG terminal, which was due to open in Karachi by the end of 2011, has been delayed by the Supreme Co...
Volume: 53Issue: 23Published at Mon, 07 Jun 2010 -
Active MENA Project Finance Sector Grapples With Funding Challenges
...rel Breda, GDF Suez’s Head of Acquisitions, Investments and Financial Advisory, MENA and India. “They do not reflect the cost of funding, but instead the limited number of banks in the market,” he said. While he sees some improvement, he predicts that in 2011 market conditions will be similar. “On th...
Volume: 53Issue: 23Published at Mon, 07 Jun 2010 -
KMG Sees KCTS As Main Export Route For Kashagan Crude
...tober 2009). Azeri Minister of Energy Natiq Aliyev told the conference that BTC’s transit capacity will be boosted to 1.6mn b/d by late 2011 to handle the KCTS volumes, from the current 1.2mn b/d. Deliveries via KCTS are expected to rise to 500,000 b/d by 2015, and to be expanded to 760,000 b/d by 20...
Volume: 53Issue: 23Published at Mon, 07 Jun 2010 -
EU And Jordan Agree Aid Package Of €223Mn For 2011-13
...Middle East Economic Survey VOL. LIII No 23 7-Jun-2010 JORDAN EU And Jordan Agree Aid Package Of €223Mn For 2011-13 The European Union (EU) will extend to Jordan a financial assistance pa...
Volume: 53Issue: 23Published at Mon, 07 Jun 2010 -
NBK Projects 3% Kuwaiti Growth In 2010
...n-oil sector, with faster growth expected in 2011 and beyond as new government projects gradually come on line, the National Bank of Kuwait (NBK) has said in its latest economic brief. “Data for the first few months of this year support this view of gradual improvement, and we expect the 2010 pace of...
Volume: 53Issue: 23Published at Mon, 07 Jun 2010 -
MENAP Oil Importers’ Recovery Slower Than Average For Developing Countries, IMF Says
...pected to rebound to 4.2% in 2010 and 4.6% in 2011 (the same as the 2008 figure), from 2.3% last year. Dealing with the legacy of the global financial crisis, including the Dubai debt restructuring and recent shocks in Greece, will be the main priority, the report said. Though the effects of Dubai and Gr...
Volume: 53Issue: 23Published at Mon, 07 Jun 2010 -
Design Work For New Bahraini-Saudi Pipeline To Start In 2011
...Middle East Economic Survey VOL. LIII No 23 7-Jun-2010 REGIONAL Design Work For New Bahraini-Saudi Pipeline To Start In 2011 Engineering design for the long-envisaged oil pipeline be...
Volume: 53Issue: 23Published at Mon, 07 Jun 2010 -
CI Downgrades Saudi Hollandi Bank’s Financial Strength Rating
...tios all increased. CI believes that, barring a slowdown in the Saudi economy, SHB has the capacity to repair its asset quality in 2010. While that may involve only a small improvement in net profitability over last year, it could put the bank on a sound footing to resume real growth in net profit in 2011....
Volume: 53Issue: 23Published at Mon, 07 Jun 2010 -
Growing Concern Over Potential Restructuring Of Dubai Holding Debt
...ip building subsidiary Drydocks World, meanwhile, told Reuters on 31 May that it was in talks with banks to restructure $1.7bn in debt maturing in November 2011. The company was not a part of its parent company’s debt restructuring agreement, and expects talks to be concluded over the next few mo...
Volume: 53Issue: 23Published at Mon, 07 Jun 2010 -
SEC Mulls Issuing International Paper After Sukuk Success
...id. He suggests that the company will issue more Sukuk (all three are of the al-Istithmar type) in the Kingdom if needed, and while he does not expect to tap the market again this year, a 2011 foray is a possibility. Tenors in the Saudi market are not usually long, so it was a challenge to go out to se...
Volume: 53Issue: 22Published at Mon, 31 May 2010 -
Independents Growing In Importance For Gulf Oil And Gas Developments
...s long-standing target of 50,000 boed output and proven and probable reserves equivalent to 300mn boe by year end. To achieve this it would have to buy producing assets. At the same time, efforts to be listed in London and Kuwait have been put back to the start of 2011. Some industry analysts doubt th...
Volume: 53Issue: 22Published at Mon, 31 May 2010 -
Turkmenistan To Build East-West Gas Pipeline Without Outside Help
...leged overstating of production costs by the consortium, which could have led to a $1.3bn fine. ChevronTexaco Vice-President Ian MacDonald told a conference on 20 May that a decision to expand the production of Kazakhstan’s Tengiz oil field could be taken in 2011. A proposed $3bn expansion would ad...
Volume: 53Issue: 22Published at Mon, 31 May 2010 -
Maan Solar Power Project Launched By Jordanian/Italian Consortium
...alian firm Solar Ventures on 19 May unveiled plans for a solar power plant to produce 100mw by about 2012, capable of expansion to more than 200mw. The Shams Maan project will cost up to $400mn, and its construction is slated to begin in 2011. The consortium is currently examining the photovoltaic te...
Volume: 53Issue: 22Published at Mon, 31 May 2010 -
IMF Says Regional Oil Exporters’ Growth Remains Below Pre-Crisis Levels
...ck up in 2010 and 2011, amid strengthening oil demand and production increases, though not to pre-crisis levels, the IMF has said in its Regional Economic Outlook for May 2010. Such positive factors, the report says, are expected to be slightly offset by pressures in the banking system and low credit gr...
Volume: 53Issue: 22Published at Mon, 31 May 2010 -
EFG-Hermes Pledges €15mn To InfraMed Infrastructure Fund
...€100mn or 20% of the fund’s total commitment to investments in each of Egypt and Morocco alongside InfraEgypte and InfraMaroc. InfraMed’s sponsors will target a first close for InfraEgypte and InfraMaroc in the first quarter of 2011....
Volume: 53Issue: 22Published at Mon, 31 May 2010