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Iran’s Subsidy Reform: RIP
...ants to individual consumers on the basis of need was found impractical, and everyone in a family was given the same amount of cash (MEES, 20 June 2011). Unhappy about the government’s undue haste in raising prices much faster than provided for in the law, dissatisfied with uniform mo...
Volume: 55Issue: 51Published at Fri, 14 Dec 2012 -
IIF Projects 3.5% Drop In Iran’s GDP In 2012
...IRAN IIF Projects 3.5% Drop In Iran’s GDP In 2012 Iran’s GDP in 2012 is expected to shrink by 3.5% from a positive growth of 1.2% in 2011, the Washington-based Institute of International Finance (IIF) has said in a report on the MENA region. The IIF noted that we...
Volume: 55Issue: 51Published at Fri, 14 Dec 2012 -
Politics Threatens To Bust Kurdish Oil Investment Boom
...xt? Every province will want to do the same thing. Imagine Basra? You know it would then be Game Over.” KRG Oil Production Profile (‘000 b/d) Block/Field Operator 2011 Average Production Cu...
Volume: 55Issue: 50Published at Fri, 07 Dec 2012 -
Eni Returns To Libyan Exploration Drilling
...s been eager to tout its commitment to Libya post-revolution. It was the first international company to resume production in Libya in September 2011 (at Bu Attifel), the first to lift force majeure in December 2011 and the first to resume offshore exploration activities in February 2012. The latter wa...
Volume: 55Issue: 50Published at Fri, 07 Dec 2012 -
Output Ratchets Up Ahead Of Vienna Meeting
...mpares with 9.3mn b/d in 2011, when Riyadh stepped in to compensate for lost Libyan production, and 8.5mn b/d in 2010. But Iraq has been the biggest beneficiary of lost Iranian market share on the back of US and EU sanctions (MEES, 30 November). Iraqi output in November notched up an eighth successive mo...
Volume: 55Issue: 50Published at Fri, 07 Dec 2012 -
Crude Official Selling Prices, Benchmark Crude Prices & Official Iraqi Oil & Gas Data
...46 Benchmark Crude Prices* 06 Dec 26-30 Nov 19-23 Nov Nov Oct Q3 2012 Q2 2012 2011...
Volume: 55Issue: 50Published at Fri, 07 Dec 2012 -
Yemen Launches Offensive Against Pipeline Saboteurs
...d gas installations have been the target of choice for tribal and Islamic militants since anti-government protests created a power vacuum in early 2011. The militants are thought to be using such acts of sabotage to pressure the government into both distributing handouts and releasing a number of tr...
Volume: 55Issue: 50Published at Fri, 07 Dec 2012 -
Weak Global Economy Continues To Weigh On Saudi Petchems
...mmercial operations for most of its plants in October 2011. In August this year it began commercial operations at its amines plant, and at the end of September announced that it had started trial operations at its low density polyethylene plant. Yansab, which is 51% owned by SABIC, said that the 10...
Volume: 55Issue: 50Published at Fri, 07 Dec 2012 -
MENA Refinery/Petchem Expansion Plans Moving Ahead
...erated 40,000 b/d Irbil refinery and a major upgrade to the 34,000 b/d Bazian refinery. The first 20,000 b/d addition to Irbil should be on stream by the beginning of next year, slightly behind the original schedule (MEES, 24 October 2011), to be followed by a second 20,000 b/d unit within a couple of mo...
Volume: 55Issue: 50Published at Fri, 07 Dec 2012 -
Qatar Launches Solar Program To Conserve North Field
...lar plants, as its much-vaunted Masdar clean energy initiative stalls. Doha wants to conserve its gas reserves in the North Field, which faces complex challenges, including pressure drops (MEES, 12 December 2011). Qatar is unlikely to end the moratorium on further development when the study in...
Volume: 55Issue: 50Published at Fri, 07 Dec 2012 -
Eni Rocked By Algeria Corruption Probe
...June 2011). The Iraqi part of the investigations relates to Eni’s contract to spend $18bn raising production at the giant Zubair field from the current 270,000 b/d to 1.2mn b/d by 2017 (though there is likely to be some slippage on both volumes and date). Eni has maintained a code of si...
Volume: 55Issue: 50Published at Fri, 07 Dec 2012 -
Damascus Fighting Strains Syria’s Frail Economy
...ovide the necessary services and utilities for its own people. Last week Damascus faced the worst power cuts since the beginning of the revolt in March 2011, with reported outages of seven to nine hours per day. Officials from the ministry of electricity have blamed the power shortages on “sa...
Volume: 55Issue: 50Published at Fri, 07 Dec 2012 -
Iran’s NDF Holds $43Bn In Reserves
...mpany (IOOC) with $1.5bn through to August 2013 to help it boost production by 175,000 b/d (MEES, 23 November). NDF was established in 2011 under the aegis of the fifth five-year development plan (2010-15) with the aim of transforming oil and gas revenue into productive investments for future ge...
Volume: 55Issue: 50Published at Fri, 07 Dec 2012 -
EBRD Makes Initial Egyptian Investment
...2011’s political upheavals with the aim of kick-starting post Arab Spring investment (MEES, 28 May). In September the EBRD announced its first investments in in Tunisia, Jordan and Morocco as part of plans to allocate €200mn by the end of 2012. Regional investments are slated to climb to as...
Volume: 55Issue: 50Published at Fri, 07 Dec 2012 -
Yemen Fuel Crisis Looms
...ntinues to be targeted in this way. Yemen’s oil and gas installations have been the target of choice for tribal and Islamic militants since anti-government protests created a power vacuum in early 2011. Yemen has had to contend with twelve separate attacks on its oil and gas pipelines since the st...
Volume: 55Issue: 49Published at Fri, 30 Nov 2012 -
South Tunisia Gas Development Pushed Back
...i a sixth. Proposed Nawara volumes were last year doubled to accommodate the feed-in of the Cherouq discovery following OMV’s February 2011 takeover of the Tunisian assets of US firm Pioneer. This deal made OMV the key operator in southern Tunisia and added 5,000 b/d to OMV’s flagging ex...
Volume: 55Issue: 49Published at Fri, 30 Nov 2012 -
Saudi Crude Burning For Power Continues To Rise
...rget, it will struggle to keep pace with power sector demand. According to data given by Saudi Arabia to Joint Oil Data Initiative (JODI), Saudi direct crude oil burning in power stations rose 3.7% to 779,000 b/d in the peak month of August from 751,000 b/d in August 2011 – although some an...
Volume: 55Issue: 49Published at Fri, 30 Nov 2012 -
Egypt Faces Critical Days
...E£69.614bn ($11.39bn) from E£47.218bn ($7.73bn) in the corresponding period of fiscal year 2011-12, the November issue of The Financial Monthly, published by the Egyptian Ministry of Finance said. Cairo is badly depending on a $4.8bn loan from the IMF to breathe some confidence back into the ec...
Volume: 55Issue: 49Published at Fri, 30 Nov 2012 -
Saudi Mulls London Arbitration Center
...ternational bank creditors, have largely been fought in London, the Cayman Islands, New York, and other jurisdictions (MEES, 31 October 2011). After three years of legal wrangling with the two parties, international banks are still owed over $12bn. There is a reluctance to fight claims in Saudi courts by in...
Volume: 55Issue: 49Published at Fri, 30 Nov 2012 -
Oman Announces Record 2013 Budget
...presenting 15% of revenue and 5% of GDP, up from the projected deficit of OR1.2bn ($3.12bn) in 2012. The budget was drawn up in line with the objectives of the eighth five-year development plan 2011-15, Mr Balushi noted. The minister explained that while the 29% increase in expenditure will be a record le...
Volume: 55Issue: 49Published at Fri, 30 Nov 2012