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CBS Governor Says Syrian Pound’s Black Market Rate Is Imaginary
...cal currency, which had fallen by 16% from the level prevailing in March 2011 at the start of the political uprising. The black market rate of the pound has fallen by more than 20%. He attributed the rise in the value of the dollar vis-à-vis the pound to the steep fall in the value of the euro vi...
Volume: 54Issue: 51Published at Mon, 19 Dec 2011 -
Political Comment (19 December 2011)
...Middle East Economic Survey VOL. LIV No 51 19-Dec-2011 Political Comment (19 December 2011) Russia has unexpectedly softened its opposition to Security Council intervention in Syria. As the US prepares to end its military presence in Iraq, President Obama has expressed op...
Volume: 54Issue: 51Published at Mon, 19 Dec 2011 -
Federal Oil And Gas Law: Viability, Coherence And Functioning Perspectives
...tween the federal and Kurdistan Regional Government (KRG) delegations held in Baghdad in the last days of October 2011 resulted in an agreement to base their discussions over the federal oil and gas law on the February 2007 version. Detailed assessments of the February 2007 draft of the law have be...
Volume: 54Issue: 51Published at Mon, 19 Dec 2011 -
OPEC Communiqué: 160th Meeting Of The OPEC Conference Concludes
...Middle East Economic Survey VOL. LIV No 51 19-Dec-2011 OPEC Communiqué: 160th Meeting Of The OPEC Conference Concludes Vienna, Austria, 14 December 2011 The 160th meeting of the Conference of the Organization of the Petroleum Exporting Countries (OPEC) convened in Vienna, Au...
Volume: 54Issue: 51Published at Mon, 19 Dec 2011 -
Saudi Arabia Flexes Capacity Muscle To Lift OPEC Output To Three-Year High
...10 – November 2011 (MEES Estimates – ‘000 B/D) 2011 2010 Nov Oct Sep Aug Jul Jun May Apr Mar Feb Jan Dec Nov Algeria 1,250 1,...
Volume: 54Issue: 50Published at Mon, 12 Dec 2011 -
Iraqi Oil Sector Faces Year Of Challenge And Promise
...ojects are set to hit key milestones or begin. However, the massive planned oil industry expansion comes amid a sharp deterioration in oil relations between Baghdad and Irbil in the wake of October’s ExxonMobil upstream agreement with the Kurds, writes Rafiq Latta. While 2011 began with the re...
Volume: 54Issue: 50Published at Mon, 12 Dec 2011 -
EIA Again Trims Crude Demand Projections As Demand Risks Persist
...Middle East Economic Survey VOL. LIV No 50 12-Dec-2011 EIA Again Trims Crude Demand Projections As Demand Risks Persist The US Energy Information Administration (EIA) has again reduced its forecast for global crude oil and liquid fuels consumption for 2011 and 2012. It said in th...
Volume: 54Issue: 50Published at Mon, 12 Dec 2011 -
Saudi Crude Prices Raised To Far East And Europe
...llows ($/B): US (Price Reference ASCI) 2012 2011 Jan Dec Nov Oct Sep Aug Jul Jun May Apr Mar Feb Jan Arab Light (32-36°) -0.05 -0....
Volume: 54Issue: 50Published at Mon, 12 Dec 2011 -
Crude Oil Formulas/Posted Prices
...Middle East Economic Survey VOL. LIV No 50 12-Dec-2011 Crude Oil Formulas/Posted Prices ($/B) Abu Dhabi ($/B) 2011 2010 Nov Oct Sep Aug Jul Jun May Apr Ma...
Volume: 54Issue: 50Published at Mon, 12 Dec 2011 -
Egypt’s Military Lends Central Bank $1Bn
...bn at the end December 2010. The reduction in the reserves has been attributed to the outflow of capital since February 2011 and the liquidation of portfolio positions on the stock exchange by foreign investors, economic experts maintain. Meanwhile, Egypt is still uncertain about the need to bo...
Volume: 54Issue: 50Published at Mon, 12 Dec 2011 -
Iraqi Budget Expenditure In 2012 Projected To Rise By 21%
...Middle East Economic Survey VOL. LIV No 50 12-Dec-2011 IRAQ Iraqi Budget Expenditure In 2012 Projected To Rise By 21% The Iraqi Council of Ministers on 5 December approved a draft budget for 2012 with total expenditure of ID117,000bn ($100.9bn), up 21% from 2011, and a de...
Volume: 54Issue: 50Published at Mon, 12 Dec 2011 -
Moody’s Downgrades Lebanon’s Banking System
...stem. Moody’s explained that the key drivers of credit risk within this system are: slower economic growth, following a sharp GDP deceleration in first half 2011; downside economic risks due to regional political uncertainty, particularly in Syria; and the bank’s asset and loan exposures to other re...
Volume: 54Issue: 50Published at Mon, 12 Dec 2011 -
SEC Awards $300Mn Gas Turbines Contract To GE
...e report observed: “The major contributors to this growth were building materials and other goods that gained 43.4% and 52.6%, respectively. Notably, the newly opened LCs accumulated to SR129.9bn ($34.6bn) in the first three quarters of 2011, representing a 15.5% increase over the corresponding pe...
Volume: 54Issue: 50Published at Mon, 12 Dec 2011 -
China Weighs Into Sudan Oil Row In Attempt To Resolve Impasse
...le to reach an agreement,” Mr Dau explained. Mr Guijin was scheduled to have gone to Khartoum, Sudan’s capital, on 8 December for further talks. South Sudan gained its independence from the North on 9 July after an overwhelming majority of South Sudanese voted to secede in a January 2011 re...
Volume: 54Issue: 50Published at Mon, 12 Dec 2011 -
Shell And Total Cease Operations In Syria
...,500 b/d in August 2011, through early production facilities. But at present production has come down because of current restrictions by the government. It is not certain how other smaller producers in Syria would react to the exit of Shell and Total. Croatia’s INA, which is controlled by Hungary’s MO...
Volume: 54Issue: 50Published at Mon, 12 Dec 2011 -
Political Comment (12 December 2011)
...Middle East Economic Survey VOL. LIV No 50 12-Dec-2011 Political Comment (12 December 2011) Islamists of both the moderate and Salafist varieties have dominated the first round of Egypt's parliamentary elections. Despite the Arab League's intervention, there has been no let-up in...
Volume: 54Issue: 50Published at Mon, 12 Dec 2011 -
Why Iraq’s Numbers Never Add Up: Solving The Mystery
...o decades, and is now old enough to require new control systems and massive revamps (if not outright replacement). The dramatic bomb attack on Baiji in early 2011 did not damage the hydrocracker itself, but did extensive damage to the hydrogen manufacturing plants, thereby taking the hydrocracker do...
Volume: 54Issue: 50Published at Mon, 12 Dec 2011 -
Qatar Raises $5Bn In Bonds, Defying Unstable Market
...kuk, issued a couple of weeks ago, received 275 bps over mid swaps, and Abu Dhabi Islamic Bank’s five-year $500mn Sukuk was at 245 bps over mid swaps, with the $750mn seven-year Bahraini sovereign at 450 bps over mid swaps (MEES, 28 November). Qatar 2009 And 2011 Bond Issues Ma...
Volume: 54Issue: 49Published at Mon, 05 Dec 2011 -
Iran Announces 10,000 B/D GTL Project, But Faces Hurdles
...ES. Currently, South Pars actual gas production is about 7bn cfd of gas – lower than the installed capacity. South Pars sustainable condensate production is estimated at 300,000-310,000 b/d in 2011. South African petrochemical company Sasol, which operates a GTL plant in Qatar, is building a 34...
Volume: 54Issue: 49Published at Mon, 05 Dec 2011 -
Japan’s Crude Oil Imports Slip To 3.4Mn B/D For October
...nistry of Economy, Trade and Industry (METI) on 30 November. Year-on-year imports increased by 0.22% from 3.394mn b/d in October 2010. October 2011 crude imports from the Middle East fell by 10.54% to 2.866mn b/d from 3.204mn b/d in September, while year-on-year Middle East crude imports declined by 2....
Volume: 54Issue: 49Published at Mon, 05 Dec 2011