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Sukuk Investors Provide $2Bn To Sadara Project
...port refinery was the first in Saudi Arabia ever to issue Sukuk for a project in October 2011, but this replaced other financing that had already been received. Sadara said that the floating rate Sukuk, which carry a 16 year maturity, will pay investors 95 basis points (bps) over the Saudi in...
Volume: 56Issue: 14Published at Fri, 05 Apr 2013 -
Qatar Boosts 2013-14 Budget Expenditure
...total revenue. Latest data on actual budget statistics show that oil and gas revenue in 2011-12 represented 69.6% (around $42bn) of total revenue (Table 2). But this figure is expected to rise significantly as Qatar’s North Field developments have diversified the revenue stream away from crude ou...
Volume: 56Issue: 14Published at Fri, 05 Apr 2013 -
Oman Warns Of Imminent Belt Tightening
...ring and global financial crisis. The Omani government boosted spending on both welfare and job creation initiatives in 2011 in an attempt to quell the social unrest that threatened to destabilize the country in the wake of the Arab Spring. The authorities also took to spending heavily on cr...
Volume: 56Issue: 14Published at Fri, 05 Apr 2013 -
Egypt Hopes Subsidy Reforms Will Hasten IMF Deal
...12 but still 30% down on pre-Revolution levels. Suez Revenues Down One key pillar of the Egyptian economy which had held up is Suez canal revenues, which were at close to record levels for both 2011 and 2012 ($5.22bn and $5.13bn respectively – MEES, 1 February).The canal had been one el...
Volume: 56Issue: 14Published at Fri, 05 Apr 2013 -
Yemen Chases Further IMF Aid
...viving its economy for sustainable growth,” World Bank vice president for MENA Inger Andersen said of the apparent ‘bottleneck.’ Yemen in February recently set up a department to secure more of the $7.5bn pledged, but progress appears to still be lagging. 2011 GDP PER CAPITA FOR SELECTED MENA CO...
Volume: 56Issue: 14Published at Fri, 05 Apr 2013 -
Bahrain’s Economy Falters On Weak Hydrocarbons Production
...Bahrain’s hydrocarbon sector production fell by around 7% year-on-year, reducing its contribution to GDP from 28% in 2011 to just 25% in 2012. While the country’s hydrocarbon sector underperformed in 2012, the financial and real estate sectors rebounded slightly following a year of decline due to po...
Volume: 56Issue: 14Published at Fri, 05 Apr 2013 -
Iran’s Economy Facing a Challenging Year
...dden surge in consumer prices, however, is clearly attributable to the drastic plunge in the free market value of the rial—from about $1=IR12,000 in December 2011 to about $1=IR34,000 in recent days. The national currency, which had been distinctly overvalued for years and in desperate need of ad...
Volume: 56Issue: 14Published at Fri, 05 Apr 2013 -
Japanese crude oil imports, January & February 2013 (‘000 b/d)
...2012 2011 MIDDLE EAST 2,908.00 3,365.70 -457.7 3,148.50 82.3 - 3,204.70 -296.7 3044.7 3098.1 Saudi Arabia 971.7 1,...
Volume: 56Issue: 14Published at Fri, 05 Apr 2013 -
Benchmark Crude Prices & Saudi Aramco Contract Prices For LPG Exports
...OIL PRICES Benchmark Crude Prices (S/B) 4-Apr 25- 28 Mar 18- 22 Mar 13-Mar 13-Feb Q1 2013 Q4 2012 2012 2011 WTI 93...
Volume: 56Issue: 14Published at Fri, 05 Apr 2013 -
Oryx IPO Bid Reveals Controversial Wasit Oil Deals
...IRAQ Oryx IPO Bid Reveals Controversial Wasit Oil Deals Geneva-based independent Oryx Petroleum has signed three oil deals directly with the Wasit Provincial Government, bypassing the central Iraqi government in Baghdad. The 13deal was done back in December 2011. Rumors of the deal – an...
Volume: 56Issue: 13Published at Fri, 29 Mar 2013 -
‘New Eni’ Reduces North African Exposure
...versification' Having recently sold much of its downstream and services business, Eni will increase the share of its capital expenditure (capex) devoted to the upstream from 48% in 2011 and 54% for 2012 to 61% by 2016. However the North Africa share of the upstream total will fall from 23% for 2012 to 17% for 20...
Volume: 56Issue: 13Published at Fri, 29 Mar 2013 -
Benchmark Crudes, Saudi Arabia - Economic Data & Saudi Arabia Export Revenue
...OIL PRICES Benchmark Crude Prices* 28-Mar 18- 22 Mar 11- 15 Mar 13-Feb 13-Jan Q4 2012 Q3 2012 2012 2011 WTI 97.23 93.11 92.72 95...
Volume: 56Issue: 13Published at Fri, 29 Mar 2013 -
Sudans Readying For Southern Oil Restart
...id in Juba on 26 March. He said the producing oil companies in the South were currently in the process of resolving any remaining technical issues that could prevent the country from reclaiming its place among Africa’s key oil exporters. South Sudan seceded from Sudan in July 2011, ta...
Volume: 56Issue: 13Published at Fri, 29 Mar 2013 -
Yemen Offers 15 More Blocks
...men’s 2011 average production at 228,000 b/d, down 24% from the 2010 figure of 301,000 b/d, and off 50% from 455,000 b/d in 2001.) Sustained attacks on the country’s oil pipelines and power lines however have compromised government efforts thus far, prompting the authorities to launch a major of...
Volume: 56Issue: 13Published at Fri, 29 Mar 2013 -
PetroTel Expands Oman Portfolio
...nistry of Oil and Gas (MOG) on 26 March, for a 100% working interest in Blocks 39 and 67, both of which were made available as part of a bid round in August 2010. With this acquisition, PetroTel brings its number of Omani assets to four, after winning the adjoining Blocks 17 and 40 in 2009 and 2011 re...
Volume: 56Issue: 13Published at Fri, 29 Mar 2013 -
Juba Clings To Pipeline Plan
...smissed as invalid. Juba felt it had the right to renegotiate deals signed before it gained independence in July 2011. Total has held a 32% stake in the license for more than 30 years, but has been unable to carry out any significant exploration during due to the violence that continues to grip the re...
Volume: 56Issue: 13Published at Fri, 29 Mar 2013 -
UAE Makes Progress On Nuclear Plant, Iran’s Bushehr Off-Line
...nce it started operation in September 2011. The latest shutdown, which began in February, is for repairs to the turbine generator. The plant had only been operating for about a month, following a protracted outage for repairs after debris was found in the reactor housing. Atomic Energy Or...
Volume: 56Issue: 13Published at Fri, 29 Mar 2013 -
Libya To Transfer $2Bn To Egypt
...13 from over $36bn before the January 2011 revolt. ...
Volume: 56Issue: 13Published at Fri, 29 Mar 2013 -
Algeria Looking To Generate Extra 2.8GW This Summer
...turning late from maintenance, which reduced availability to 83% of installed capacity. Mr Yousfi estimated Algeria’s total electricity generating capacity at 11.39gw at the end of 2011, of which 8.50gw was operated by state generator Sonelgaz and 2.89gw by independent generators. He did not detail th...
Volume: 56Issue: 13Published at Fri, 29 Mar 2013 -
Syrian Pound Slides On “Malicious War”
...th Iran, which had extended a $1bn line of credit to Syria. Foreign exchange reserves, which stood at $18bn in March 2011, may have fallen to $5.6bn at the end of 2012 (MEES, 15 March). Meanwhile Syria has issued an Economic Crimes Law aimed at combating corruption and theft, preventing the de...
Volume: 56Issue: 13Published at Fri, 29 Mar 2013