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IMF Approves $6.2Bn Credit Line For Morocco
...ecautionary and Liquidity Line (PLL), which was added to the IMF’s lending toolkit in 2011. According to the IMF, the PLL “will provide a useful insurance against external shocks in light of the heightened uncertainty worldwide, and allow the authorities to continue with their home-grown reform agenda aimed at...
Volume: 55Issue: 33Published at Mon, 13 Aug 2012 -
IMF Cautions Saudi Arabia About Overspending
...ills.” The directors commended Saudi Arabia’s efforts to support the global economy in 2011 by raising oil production to help in stabilizing global oil markets and praised its commitment to provide $15bn in additional resources for the IMF which has contributed to world stability. The IMF noted that hi...
Volume: 55Issue: 33Published at Mon, 13 Aug 2012 -
Syria Turns To Russia And Iran To Beat International Sanctions
...untry Risk Weekly Bulletin of 2 August quotes the Institute of International Finance (IIF) estimate that capital flight from Syria between March 2011 and July 2012 had topped $10.5bn, equivalent to about 21% of GDP. At the beginning of the crisis the Central Bank of Syria (CBS) put its foreign exchange re...
Volume: 55Issue: 33Published at Mon, 13 Aug 2012 -
Shell Finalizes Algerian Shale Deal
...rgeting 4 bcm/y plateau production. Total submitted a development plan in July 2011, which envisaged 2015 start-up, although this has yet to be approved. Algeria says that planned revisions to the country’s hydrocarbon law – expected before the end of the year – will incentivize unconventional exploration (ME...
Volume: 55Issue: 32Published at Mon, 06 Aug 2012 -
Construction Of Third Turkmen-Chinese Gas Pipeline To Begin In September
...eratorship and timetable of the project, Chinese state firm CNPC is expected to build, finance and operate the pipeline. Shipments of Turkmen gas began in December 2009, with volumes set to reach 45 bcm/y by the end of 2012, an increase of 45% from 2011. ...
Volume: 55Issue: 32Published at Mon, 06 Aug 2012 -
Egypt’s International Reserves Edge Higher, CPI Down
...YPT Egypt’s International Reserves Edge Higher, CPI Down After tumbling markedly in 2011 and the early part of this year, Egypt’s net international reserves started to edge higher in the second quarter, according to Central Bank of Egypt (CBE) data. The most recent data shows this trend co...
Volume: 55Issue: 32Published at Mon, 06 Aug 2012 -
Iranian Court Sentences Four To Death In $2.6Bn Fraud Case
...AN Iranian Court Sentences Four To Death In $2.6Bn Fraud Case An Iranian court has sentenced four defendants to death for their involvement in the $2.6bn embezzlement case discovered in September 2011, judiciary spokesman Gholamhossein Mohseni-Ejeihi announced on 30 July. The embezzlement case, co...
Volume: 55Issue: 32Published at Mon, 06 Aug 2012 -
Kuwaiti Tanker Fleet Set For Nine-Vessel Expansion In 2014-15
...14, saw the delivery of two more VLCCs in June and October 2011, and two products tankers in February and April 2012. The fourth and last stage of KOTC’s fleet expansion, Mr Khashti said, will take place between 2014 and 2018 and should see the purchase of five additional double-hulled 50...
Volume: 55Issue: 32Published at Mon, 06 Aug 2012 -
Qatar Petroleum To Issue $1.28Bn ‘Samurai’ Bond
...sued a $650mn five-year US dollar-denominated Eurobond, although the state of Qatar recently raised $4bn when it priced a sovereign sukuk (MEES, 16 July). Also, Qatari companies such as LNG producer RasGas have tapped international debt markets. QP’s 2006 bond was for $650mn with a maturity date of 30 May 2011...
Volume: 55Issue: 32Published at Mon, 06 Aug 2012 -
Saipem Wins $250Mn Contract Amid Regional Drilling Boom
...5 2011 55 12 67 253 39 291 2012 Q1 59 16 75 26...
Volume: 55Issue: 32Published at Mon, 06 Aug 2012 -
Yemen’s Aden Refinery Receives First Marib Crude Since October 2011
...men Yemen’s Aden Refinery Receives First Marib Crude Since October 2011 The 150,000 b/d refinery in Yemen’s port city of Aden received its first consignment of Marib crude in around nine months on 28 July, following the restart of operations at the country’s Marib-Ras Issa pipeline last month (ME...
Volume: 55Issue: 32Published at Mon, 06 Aug 2012 -
MOL Expands Kazakhstan Presence
...e Fedorovsky block, made a significant discovery there at the end of 2011 indicating the existence of around 37mn boe, which is primarily gas condensate. KMG EP is Fedorovsky’s operator with a 50% stake. ...
Volume: 55Issue: 31Published at Mon, 30 Jul 2012 -
Dragon Sees Oil Production Increase In Turkmenistan
...0,000 b/d gross production level in 2015,” he added. By June this year Dragon had increased production to 64,200 b/d from a level of 58,000 b/d in the first half of 2011. Since the beginning of this year Dragon has completed 12 wells, including two sidetracks, in Turkmenistan’s Dzheitune (Lam) field. Its op...
Volume: 55Issue: 31Published at Mon, 30 Jul 2012 -
Egypt’s Sinai Gas Pipeline Bombed For 15th Time
... EGYPT Egypt’s Sinai Gas Pipeline Bombed For 15th Time Egypt’s gas pipeline infrastructure in the Sinai Peninsula was bombed for the 15th time since February 2011 on 22 July. Security officials said a truckload of men pulled up next to the pipeline at a location east of al-'Ar...
Volume: 55Issue: 31Published at Mon, 30 Jul 2012 -
Suez Canal Revenue Edges Up, Despite Global Crisis
...YPT Suez Canal Revenue Edges Up, Despite Global Crisis The Suez Canal Authority (SCA) reported on 26 July that revenues rose by 3.6% year-on-year to $5.225bn end of June 2012 compared with $5.043bn end-June 2011. On releasing the results, the SCA commented on the repercussions of the global ec...
Volume: 55Issue: 31Published at Mon, 30 Jul 2012 -
Northern Exports Continue Grim Trajectory
....238 75.63 2011 Average 1.711 0.455 2.166 5.444 1.472 6.916 82.988 104.96 Q4 2010 Av...
Volume: 55Issue: 31Published at Mon, 30 Jul 2012 -
NATO Making Gains In Battle Against Somali Piracy
...mali piracy cost the global economy between $6bn and $6.9bn in 2011, with the shipping industry being forced to cover more than 80.5% of this total. Figures released by the IMB earlier this month showed a sharp fall in the number of pirate attacks in the first half of 2012. Overall, in the fi...
Volume: 55Issue: 31Published at Mon, 30 Jul 2012 -
Turkey Plans To Reduce Natural Gas Use For Power Generation
...untry’s intention to cut consumption of natural gas, which amounted to some 40 bcm in 2011 (MEES, 13 February). Natural gas typically supplies around 53% of Turkey’s power generation needs and it intends to reduce this to 30% by 2023. He said that high output from the country’s hydroelectric plants this ye...
Volume: 55Issue: 31Published at Mon, 30 Jul 2012 -
Mubadala Restructures Energy Assets, Develops Thai Oil Field
...eld output in Tatweer joint venture with Occidental. 2010 Mubadala Oil & Gas Signs memorandum of understanding with Yemen Company for investing and cooperating in oil and gas exploration and production. October 2011...
Volume: 55Issue: 31Published at Mon, 30 Jul 2012 -
Rhourde Yacoub Firms Up Promise
...2011 (MEES, 28 November 2011), but Rhourde Yacoub provided Algeria’s only 2011 discovery by a foreign oil firm (MEES, 20 February). ...
Volume: 55Issue: 30Published at Mon, 23 Jul 2012