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Iraq’s Oil Revenue Projected At $48Bn In 2010 Budget
...conservative oil price assumptions, the external current account and the overall balance of payments are expected to remain in deficit in 2010 and 2011. At the same time Iraq’s fiscal position is projected to record significant but declining deficits in both these years, before returning to su...
Volume: 53Issue: 11Published at Mon, 15 Mar 2010 -
MEES Agenda: Bahrain Pushes Ahead With Oil And Gas Development
...be made at year-end or in early 2011. Assessment work continues on whether it should be a floating LNG regasification facility, along the lines of Kuwait’s floating LNG import unit, or a fixed plant. Shell has set up a large Dubai-based trading operation, in part to service these types of deals. Th...
Volume: 53Issue: 11Published at Mon, 15 Mar 2010 -
EIA Boosts 2010 Demand Forecast To 1.5Mn B/D On Expected Economic Growth
...is spring, rising to an average of about $82/B by the end of the year and to $85/B by the end of 2011.” The EIA said it does not expect OPEC to change its production target of 24.845mn b/d during its mid-March ministerial meeting and added that it expects to see a slight decrease in OPEC surplus cr...
Volume: 53Issue: 11Published at Mon, 15 Mar 2010 -
AIOC Approves Chirag Oil Project, Sees Additional 360Mn Barrels
...ucasus to the Turkish Mediterranean coast. The Azerbaijani government estimates that crude output from the ACG fields now producing will reach 44.8mn tons (896,000 b/d) in 2010, 46.8mn tons (936,000 b/d) in 2011, and 44.6mn tons (892,000 b/d) in 2012. AIOC consortium partners in ACG are: BP (operator, 34...
Volume: 53Issue: 11Published at Mon, 15 Mar 2010 -
Iranian Parliament Approves Outlines Of 2010-11 Budget
...bt Repayment ($Bn) 1388 (2009-10) 6.189 1389 (2010-11) 5.739 1390 (2011-12) 2.333 1391 (2012-13) 2.023 1392 (2013-14) onwards 5.817...
Volume: 53Issue: 11Published at Mon, 15 Mar 2010 -
Turkey Ratifies Nabucco Intergovernmental Agreement
...nal investment decision on the €7.9bn project, designed to carry 31 bcm/year of gas into East and Central Europe. Construction is to begin in 2011 and first gas from the Caspian region should pass through the pipeline in 2014-15. Turkey’s prolonged negotiations with Azerbaijan over the price of gas th...
Volume: 53Issue: 11Published at Mon, 15 Mar 2010 -
Libya’s Hydrocarbon Revenue Projected At $40Bn In 2010 Budget
...ar development plan for 2010-12, with a total outlay of LD84,043mn ($66,701mn). Yearly allocations under the plan, which is included in the budget law, consist of LD29,348mn ($23,292mn) for 2010, LD27,705bn ($21,988mn) for 2011 and LD26,991bn ($21,421mn) for 2012. Libya Opens Door To Foreign Banks Th...
Volume: 53Issue: 10Published at Mon, 08 Mar 2010 -
MENA Defense Spending Declines As Percentage Of GDP, Says IISS
...er the previous decade, with payments increasing to $3.1bn annually by 2011. However, continuing tensions between the government and the Israeli Defense Force (IDF) in the face of the global economic crisis saw a compromise reached whereby the government’s defense expenditure was cut by 2% in 20...
Volume: 53Issue: 10Published at Mon, 08 Mar 2010 -
Morocco Mildly Impacted By Global Financial Crisis, Says IMF
...ans to return to fiscal consolidation beginning in 2011. “This will be important to stabilize the public debt-to-GDP ratio, preserve low borrowing costs in the economy, and facilitate the implementation of monetary policy,” the IMF said....
Volume: 53Issue: 10Published at Mon, 08 Mar 2010 -
Petrochemicals Hub Planned For Egypt’s 'Ain Sukhna
...nancing (advised by Royal Bank of Scotland) is expected to reach financial close this year, with startup of the facility planned for 2013, while the other two (advised by HSBC) will seek financing in 2011 or 2012, and start operating three years later. While the projects will initially focus on ex...
Volume: 53Issue: 09Published at Mon, 01 Mar 2010 -
Sonatrach Plans To Expand Refining Capacity To 40Mn Tons/Year By 2016
...erations, including current projects such as LNG plants in Arzew and Skida,” the CEO said. Algeria has four refineries and is planning to build a new 300,000 b/d capacity refinery at Tiaret. This was originally intended to be brought on-stream in 2011 (MEES, 26 October 2009)....
Volume: 53Issue: 09Published at Mon, 01 Mar 2010 -
Abu Dhabi’s ADCO Targets 1.8Mn B/D Oil Capacity
...heduled for 2011 start-up, will now come on stream in 2015. Zadco is also looking to boost capacity at its Satah field by around 10,000 b/d to 25,000 b/d by 2013. Meanwhile Abu Dhabi’s other offshore operator, ADMA-OPCO, is looking at expansion at its Umm al-Lulu field and has also studied a major ca...
Volume: 53Issue: 08Published at Mon, 22 Feb 2010 -
GCC Electricity Grid Connection On Track, Bahrain’s EWA Says
...Middle East Economic Survey VOL. LIII No 8 22-Feb-2010 REGIONAL GCC Electricity Grid Connection On Track, Bahrain’s EWA Says The UAE is on track to connect to the GCC power grid by early 2011, with Oman to follow, 'Abd al-Majid al-'Awadhi, CEO of Bahrain’s El...
Volume: 53Issue: 08Published at Mon, 22 Feb 2010 -
Jadwa Sees Government Spending Pushing Saudi Economic Growth In 2010
...ill in place, Saudi interest rates will thus remain low. “For the moment very low interest rates are also appropriate in Saudi Arabia, as they are an important condition for the revival of bank lending,” said Jadwa. Jadwa expects the global economy to pick up in 2011, especially in Asia’s em...
Volume: 53Issue: 08Published at Mon, 22 Feb 2010 -
Declining Oil Revenues A Challenge To Yemen’s 2010 Budget
...scription 2010 2009 Change 2011P* 2012P* Total Revenue 1,520,412 1,537,168 -1.1 1,465,848 1,517,546 Foreign Borrowing 63,331 82,330 -23...
Volume: 53Issue: 08Published at Mon, 22 Feb 2010 -
Iraq’s Regions Look To Reap Rich Oil Dividend
...iji refinery, the focus is on improving product quality and gasoline output, rather than distillation capacity. There have been some delays. It had been hoped to boost gasoline output from 6,000 cmd (37,740 b/d) to 10,000 cmd (63,000 b/d) by mid-2010, but now this will only happen in 2011, Mr Sham'a sa...
Volume: 53Issue: 07Published at Mon, 15 Feb 2010 -
Gulf Bond Issuers Spooked By Greek Debt Woes
...anwhile, a public debt office being set up by the UAE’s Ministry of Finance is not expected to sell bonds until 2011. Abu Dhabi could go ahead and launch bonds, but anything outside of its remit would have a difficult passage, said market observers. “Dubai will have to a lot of work to do to get back the tr...
Volume: 53Issue: 07Published at Mon, 15 Feb 2010 -
EIA Sees Improving Global Oil Outlook In 2010-11
...Middle East Economic Survey VOL. LIII No 7 15-Feb-2010 EIA Sees Improving Global Oil Outlook In 2010-11 The Energy Information Administration (EIA) of the US Department of Energy said the world oil market “should gradually tighten in 2010 and 2011, as the global economic recovery co...
Volume: 53Issue: 07Published at Mon, 15 Feb 2010 -
EIA Sees Improving Global Oil Outlook In 2010-11
...Middle East Economic Survey VOL. LIII No 7 15-Feb-2010 2010 A Bridge Between 2009 Demand And 2011 Supply, Says Barclays Capital 2010 is expected by Barclays Capital to be a bridging year between demand-side weakness of 2009 and supply-side tightness in 2011. In its Global Energy Ou...
Volume: 53Issue: 07Published at Mon, 15 Feb 2010 -
Bulgaria Ratifies Nabucco Agreement, Hungary Gets Serious On South Stream
...cision is due to be made in the last quarter with construction to begin in 2011 (MEES, 14 December 2009). The project has been delayed by a failure to secure gas supply agreements, although Azerbaijan and Iraq appear to be the most likely future suppliers at this time. Last December, RWE said it hoped to si...
Volume: 53Issue: 06Published at Mon, 08 Feb 2010