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Shahristani Pledges ‘Acceptable’ Expansion After Fawqa Well Standoff
...en 2011 is going to increase sufficiently to disrupt the balance in the supply and demand in the world market,” Dr Shahristani said. “As for the impact on OPEC, of course we have to discuss this important issue once there is the capacity in Iraq in the coming few years and agree on criteria that are ac...
Volume: 53Issue: 01Published at Mon, 04 Jan 2010 -
Dubai’s Problems Persist After Latest Abu Dhabi Lifeline
...ar and in 2011. ADIA was one of a number of SWFs that supported Citi when it faced huge losses resulting from the financial crisis. Fitch Puts Five Dubai-Based Banks On Negative Watch, Moody’s Conducts Review Fitch Ratings said on 16 December it had kept the individual ratings of five Dubai-ba...
Volume: 52Issue: 51/52Published at Mon, 28 Dec 2009 -
Gulf Project Finance Activity Gathering Momentum
...velopment Fund (SIDF). Launching a bond remains a possibility, MEES understands, although this would break new ground for a Saudi refinery project. The massive Ras Tanura project sponsored by Saudi Aramco and US firm Dow Chemical is not expected to seek funding until 2011, although this petrochemical ci...
Volume: 52Issue: 51/52Published at Mon, 28 Dec 2009 -
Doha Rules Out New Gas Export Projects Post-Moratorium
...esented challenges. Excess water may have been an issue with Train 4, MEES understands. Qatari sources reject suggestions that any geological factor has changed policy, such as the extension to the moratorium, which was to have been lifted in 2011. “There has been no change,” said Mr Kaʹabi. “The mo...
Volume: 52Issue: 50Published at Mon, 14 Dec 2009 -
Debt Crisis Threatens To Undermine Dubai’s Independence
...bn in 2011, MEES understands. Also, Dubai typically runs a big current account deficit, which at the first six months of this year was around Dh8bn ($2.1bn). The information released in October this year with a Dubai sukuk offering suggested that the cash based nature of Dubai’s public finances re...
Volume: 52Issue: 49Published at Mon, 07 Dec 2009 -
OPEC Output Hits Post-Oran High Amid Tepid Demand, Buoyant Prices
...stem and revenue streams. Towards the end of next year, new production from Iraq will start to come on stream. Significant increments are also due from Angola and Nigeria in 2011. OPEC will need to start working in 2010 on these issues and Luanda might prove the place to start. Should prices slip sh...
Volume: 52Issue: 49Published at Mon, 07 Dec 2009 -
Looming Gas Glut And Upstream Constraints Hamper North African Export Plans
...e new 4.5mn tons/year Skikda LNG plant, one of the two new LNG projects currently being implemented in Algeria. September 2011 was the start-up date initially proposed by the project’s operator KBR, although this had been put back to the second half of 2012. Egypt’s Orascom Construction and Fr...
Volume: 52Issue: 48Published at Mon, 30 Nov 2009 -
UAE Leads Gulf Renewable Energy Drive, But Emissions Challenge Looms
...ans than Abu Dhabi, but are nevertheless starting to embrace the sector. Saudi Aramco and Japanese refining company Showa Shell agreed mid-year to build a 10mw solar pilot project in the Kingdom. If this is successful when completed in 2011, it could be expanded into a much larger project, es...
Volume: 52Issue: 47Published at Mon, 23 Nov 2009 -
Regional Implications For BG’s Renegotiated Gas Price In Oman
...cautiously optimistic, but there will be more clarity in 2011 and 2012, when BG and BP have confirmed their positions,” he said. On the LNG side, BP’s contract to lift 800,000 tons/year expires at the end of 2009, and this will free up more gas for domestic use, and take idle LNG capacity fr...
Volume: 52Issue: 46Published at Mon, 16 Nov 2009 -
North Africa Embraces Renewable Energy
...0mw in Egypt, with another 120mw of capacity under construction. The Egyptian Wind Energy Association estimates that the country will be have the capacity to generate 1.05gw from wind power by 2011. But even if these projects are realized, in the short term wind power will contribute just a small fr...
Volume: 52Issue: 46Published at Mon, 16 Nov 2009 -
Tunisia Touts Export Potential, As Gas Projects Unfold
...aring and producing 500 b/d of condensate. Sidetrack drilling is due to be completed in mid-2010, with the gas lift coming into effect in 2011....
Volume: 52Issue: 45Published at Mon, 09 Nov 2009 -
Qatar Rolls Out The LNG Mega-Trains
...the $12-18bn range given when the project was launched in 2006. Construction is 70% complete, says the QP source. “But it is not linear, the last 30% is going to be the hardest,” he says. Shell had hoped for start-up by late 2010, but this is believed to have slipped into early 2011, says the so...
Volume: 52Issue: 44Published at Mon, 02 Nov 2009 -
Producing Countries Deliberate Higher Crude Prices For 2010 Budgets
.../B from this year’s $41/B, and is forecasting that Urals crude, its export grade, will reach $59/B in 2011 and $60/B in 2012. Nigeria has adopted $50/B, up from $45/B this year, and Finance Minister Mansur Muhtar has said he sees scope to hike this further if energy prices continue to remain hi...
Volume: 52Issue: 42Published at Mon, 19 Oct 2009 -
Ras Tanura Petrochemical Complex Expected To Cost $23-26Bn
...e London meeting the partners continued to thrash out all details of the agreements necessary to push ahead. However, with a project of this size, the lead times are long and the sponsors (advised by Royal Bank of Scotland and Riyad Bank) are not expected to seek financing until 2011. Before Ra...
Volume: 52Issue: 41Published at Mon, 12 Oct 2009 -
Pressure Mounting On Iran’s Energy Sector, Despite Closer Ties With China
...nsultant Mehdi Varzi. “Iran has had to go further and further east. So Chinese companies have come in, Russian companies have said they’re going to commit themselves. But the whole process is very belated… The Iran LNG project is supposed to come on-stream in 2011. I would say that it can only come on-st...
Volume: 52Issue: 40Published at Mon, 05 Oct 2009 -
Basri Proposes New Approach To Budget Planning In Iraq
...under 20% of it value in 2009, according to Dr Basri’s scenario. Iraq Budget Projections: 2010-14 ($Mn) 2009 2010 2011 2012 2013 2014 Oil Revenue 36,000 49,680 58,500 69,984 83...
Volume: 52Issue: 37Published at Mon, 14 Sep 2009 -
UAE Central Bank Targets Cheaper Interbank Lending
...both national and foreign banks and are subject to review at the beginning of 2011. In October last year, the Ministry of Finance had stipulated Tier one capital ratio of 11% by end June 2009 and 12% by end June 2010. Fitch Ratings said that the clarification by the central bank appears to ha...
Volume: 52Issue: 36Published at Mon, 07 Sep 2009 -
North Africa Forges Ahead With Refinery Upgrades, Expansions More Elusive
...amant that the project will be completed by the second quarter of 2014. However, he concedes that the global financial crisis, which caused difficulties in securing financing and procuring materials, has delayed the project and driven up the costs. It was originally due on stream in 2011 at an estimated co...
Volume: 52Issue: 34Published at Mon, 24 Aug 2009 -
Putin’s Visit To Ankara Signals Partial Shift In Russian Gas Strategy
...vember 2010. This is the second time that Russia has brought forward South Stream project deadlines. Originally work on the Black Sea routing was not intended to start before late 2011 or early 2012. Now Russia appears to be in a hurry. Ukraine, no matter what the composition of the next government in...
Volume: 52Issue: 34Published at Mon, 24 Aug 2009 -
GCC Power Grid Goes Live, Provides Model For Regional Cooperation
...wait, while the line that will link in the UAE is scheduled for completion in 2011, with Oman expected to follow shortly thereafter (see map). The initial connection is a milestone for a project that was planned back in 1991 – construction started in 2004 – and it could usher in a new era of re...
Volume: 52Issue: 30Published at Mon, 27 Jul 2009