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Saudi Economy To Get A Boost From Mortgage Law Approval
...udis. The Saudi authorities are tackling the problem through a combination of building more affordable housing in addition to expanding financing options. They want to raise home ownership from the current rate of less than 60% to 80% by 2024 (MEES, 28 March 2011). “Widening home ownership has broader ec...
Volume: 55Issue: 28Published at Mon, 09 Jul 2012 -
Marib Pipeline To Resume Pumping After Nine-Month Closure
...work with the tribes in the volatile Marib region to repair the pipeline that has been closed since October 2011 (MEES, 4 June). “If the situation will be OK after the completion of the repairs, the first cargo will arrive at the refinery in Aden by the end of the month,” the ministry sa...
Volume: 55Issue: 28Published at Mon, 09 Jul 2012 -
Is The Anticipated Rise In Long Term Oil Price Inevitable?
...rld Energy Outlook 2011. 2. J Benes et al, ‘The Future of Oil: Geology versus Technology’, IMF, WP/12/109, May 2012. 3. J Currie et al, ‘Commodity Prices and Volatility: Old Answers to New Questions’, Goldman Sachs, Global Economics Paper No. 194, 30 March 20...
Volume: 55Issue: 28Published at Mon, 09 Jul 2012 -
New Egyptian Government Faces Daunting Energy Challenge
...noup al-Wadi, as potential candidates. The two have both been previously linked to the post (MEES, 4 April 2011). Pretty much everything else about the policies and future cabinet membership of the country is unknown, including whether Mr Mursi’s swearing in ceremony will take place on 30 Ju...
Volume: 55Issue: 27Published at Mon, 02 Jul 2012 -
Thin Exploration Returns Leave Libya Reliant On EOR-Fuelled Expansion
...ismic 13.7 0.3 Major discoveries. Libya's state investment authority (LIA) bought Verenex's stake in 2009. Medco took over operatorship in 2010. Development plans for 50,000 b/d production from 2015 approved Dec 2011. (Verenex originally submitted development pl...
Volume: 55Issue: 27Published at Mon, 02 Jul 2012 -
China’s Crude Imports Reach Record 25.5Mn Tons In May
...ports 2011-12 Imports 2012 2011 Imports May Apr Mar Feb Jan Total De...
Volume: 55Issue: 27Published at Mon, 02 Jul 2012 -
Bahrain $1.5Bn Bond Oversubscribed
...ghter end of pricing guidance suggesting strong demand. It is also lower than the level seen for Bahrain’s November $750mn sovereign sukuk issue which was priced at 450 bps over mid swaps (MEES, 28 November 2011). It indicates that investor appetite has improved as the unrest which Bahrain saw last year ha...
Volume: 55Issue: 27Published at Mon, 02 Jul 2012 -
TANAP Framework Agreement Signed By Turkey And Azerbaijan
...quirements for the receipt of 6 bcm/y of gas from Shah Deniz 2 via TANAP. The TANAP pipeline, which was announced in November 2011, is intended to become operational by 2018 and expected to cost around $7bn. Turkey’s Botas and Azerbaijan’s Socar are the initial shareholders, with respective stakes of 20% and 80...
Volume: 55Issue: 27Published at Mon, 02 Jul 2012 -
Turkmen Exports Via BTC Increasing, Socar Data Indicates
...though Iran subsequently looked to resume the swaps trade. In 2010 1.3mn tons (26,100 b/d) of Turkmen oil was exported through BTC, rising in 2011 to 2.1mn tons (43,200 b/d). Exports for the first half of 2012 have already reached 1.4mn tons (56,000 b/d). ...
Volume: 55Issue: 27Published at Mon, 02 Jul 2012 -
BP Starts Up Offshore Seth Field Adding 170Mn CFD To Egyptian Gas Output
...mpleted in 2011 with the completion of new compression capacity. In addition to the Seth start up this was necessitated by a 30% hike in El Temsah production to around 11bcm for 2011 with the start-up of production at the Denise B field which in turn followed 2010’s start-up of 1.6 bcm/y of production at co...
Volume: 55Issue: 27Published at Mon, 02 Jul 2012 -
EU Sanctions Hit Iran Crude, No Reprieve For Tanker Insurance
...pan. At the same time, Japan has reduced its crude imports from Iran: the Ministry of Finance said that they were down 46.5% in May to 106,000 b/d versus May 2011. India is taking a different route and using Iranian ships with Iranian cover, although experts have questioned how payments could be made in...
Volume: 55Issue: 27Published at Mon, 02 Jul 2012 -
CNPC’s South Pars Phase 11 Project Frozen
...IRAN CNPC’s South Pars Phase 11 Project Frozen The National Iranian Oil Company (NIOC) has frozen China National Petroleum Corporation’s (CNPC’s) $4.7bn contract to develop South Pars Phase 11. In June 2011 it warned CNPC it would cancel the project if it does not fulfill the te...
Volume: 55Issue: 27Published at Mon, 02 Jul 2012 -
Ex-Im To Provide $3Bn To Sadara Petchem Project
...ll want to undercut a recent benchmark – the Qatar Petroleum/ExxonMobil 1.4bn cfd gas/NGL Barzan gas project. Costing $10bn, it was the largest project financing completed last year and secured pricing of 130-200 bps over the 16-year tenor on the commercial bank tranche (MEES, 19 December 2011...
Volume: 55Issue: 27Published at Mon, 02 Jul 2012 -
3.3Mn T/Y Saudi Polymers Company Project Starts Up
...SAUDI ARABIA 3.3Mn T/Y Saudi Polymers Company Project Starts Up The Saudi Polymers Company (SPC) project in Jubail, which includes the construction of an olefins cracker, has started operations. The sponsors had originally been targeting the first quarter of 2011, and then the da...
Volume: 55Issue: 27Published at Mon, 02 Jul 2012 -
Sudan Government Holds Firm On Subsidy Cuts As Protests Continue
...ar, losing with it around three-quarters of its oil revenues which, prior to the secession, made up the lion’s share of the country’s revenues. The two sides have been locked in talks since, over a number of issues including the sharing of oil revenues (MEES, 11 July 2011), but have as yet been unable to...
Volume: 55Issue: 27Published at Mon, 02 Jul 2012 -
Greece And The Eurozone: Options And Challenges
...n Greek Competitiveness,’ (http://krugman.blogs.nytimes.com/2012/06/17/long-run-greek-competitiveness/). 2. S Hammoudeh, ‘What Should a European Country Do Before Exiting the Eurozone?’, (MEES, 14 November 2011)....
Volume: 55Issue: 27Published at Mon, 02 Jul 2012 -
Abu Dhabi Invites IOCs To Prequalify – Partex’s 2% Stake Up For Grabs
...pability to bury 1mn tons/year of CO2 through injection by 2015. KNOC’s Exploration and Production Technology Institute is researching CO2 flooding with overseas laboratories. CNPC lacks proprietary technology, but has some experience from EOR pilot projects. It says in its annual report: “In 2011...
Volume: 55Issue: 26Published at Mon, 25 Jun 2012 -
Kuwait’s Previous Parliament Reinstated, Shell And K-Dow Probes Continue
...lp develop northern Jurassic gas fields (MEES, 8 August 2011). The investigation, which continued under the following parliament, includes whether Shell has operational or management control over the planned 1bn cfd sour gas project in Umm Niga and Sabriyah gas fields, and if KOC followed its own pr...
Volume: 55Issue: 26Published at Mon, 25 Jun 2012 -
Oman Anticipates More LNG Exports On Back Of BP Upstream Output
...oject starts ramping up end-2016/early 2017, Nick Wilson writes. In its 2011 annual report published in May, OLNG says although its exports by volume declined 2%, its revenue rose 26.47% compared to the year before from $3.13bn to $3.96bn due to a 31% rise in prices. OLNG’s sales are in Asia-Pa...
Volume: 55Issue: 26Published at Mon, 25 Jun 2012 -
South Sudan Makes Progress On Proposed Kenya Pipeline
...scuss ways in which the government could repay the firm for its work in the long run. Following the South’s secession from Sudan on 9 July 2011, the two sides have been locked in a dispute over a number of issues including the sharing of oil revenues, the position of the 1,800km border and the di...
Volume: 55Issue: 26Published at Mon, 25 Jun 2012