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Botas Shuts Iran-Turkey Gas Pipeline, NIGC Seeks Compensation
...out a week and that NIGC would examine the possibility of receiving compensation for the interruptions to gas deliveries that occurred throughout 2011. On 25 September NIGC Managing Director Javad Owji had told Iran newspaper that the actual reason behind the Turkish request for technical repairs wa...
Volume: 54Issue: 40Published at Mon, 03 Oct 2011 -
World Bank Urges Iraqi Financial Sector Reform
...eded on a number of fronts, indicates the 244 page-long Republic of Iraq Financial Sector Review, noting that Iraq was last among Arab countries in the survey of Doing Business in the Arab World 2011. Government oil revenues accounted for 60% of the country’s GDP in 2009 and as a result di...
Volume: 54Issue: 40Published at Mon, 03 Oct 2011 -
Jordan To Receive $359Mn In US Grants
...operation Ja'far Hasan said, adding that this amount will be transferred before the end of the year. Other allocations cover $48mn for education, $23.5mn for health and $39.8mn for projects to generate jobs and boost trade and investment. Jordan’s budget deficit in 2011 is projected at JD1,160mn ($1,...
Volume: 54Issue: 40Published at Mon, 03 Oct 2011 -
Qatar The Fastest Growing Economy Worldwide In 2011, Says QNB Capital
...Middle East Economic Survey VOL. LIV No 40 3-Oct-2011 QATAR Qatar The Fastest Growing Economy Worldwide In 2011, Says QNB Capital Qatar will continue to be the fastest growing economy worldwide in 2011 with an estimated real GDP growth of 21%, according to QNB Capital. No...
Volume: 54Issue: 40Published at Mon, 03 Oct 2011 -
Syria Bans Some Imports To Preserve Foreign Exchange
...serves. After six months of political unrest and street violence that has left more than 2,700 dead, and a raft of US and EU sanctions, the economy has begun to show signs of weakness and decline. According to latest IMF projections, the Syrian economy is set to shrink by 2% in 2011, after growing at 3....
Volume: 54Issue: 40Published at Mon, 03 Oct 2011 -
EU Announces More Restrictions On Syria’s Oil Industry
...terprises in Syria that are engaged in the Syrian oil industry sectors of exploration, production or refining and with any subsidiary or affiliate under their control.” Syria produced an average of 387,250 b/d of crude oil and 30.28mn cmd of gas in the first half of 2011 (MEES, 8 August). Shell and To...
Volume: 54Issue: 40Published at Mon, 03 Oct 2011 -
Dubai Plans Major Solar Power Plant
...cretary-General and CEO Najib Za'frani added: “It will be big enough to accommodate this 5% target.” DEWA is aiming to raise Dubai’s power generation capacity to almost 10gw by the end of 2011, but electricity demand is rising rapidly and last year increased by 9.6% rather than the forecast 6% (ME...
Volume: 54Issue: 40Published at Mon, 03 Oct 2011 -
Egypt Reconsiders Borrowing From The IMF
...ssibility in June (MEES, 4 July). Reports from Egypt quote well informed sources that the government, together with the Supreme Council of the Armed Forces are looking into borrowing some $3bn from the IMF to finance the E£134bn ($22.5bn) deficit for fiscal 2011-12. A final decision on this issue is ex...
Volume: 54Issue: 39Published at Mon, 26 Sep 2011 -
Apache Announces Discovery And Production Well Test Results In Western Desert
...quired the Abu Gharadig field in 2010. The Tayim South 1-X well is the highest oil rate completion Apache has tested since it began operating in the Western Desert in 1996 and is the latest in a series of discoveries in the Faghur Basin. Apache has drilled 13 exploratory wells in the area during 2011...
Volume: 54Issue: 39Published at Mon, 26 Sep 2011 -
GE Signs Agreement To Build 2.25GW Power Plants
...owth in electricity demand from 2009 to 2010, and this is expected to continue at a rate of approximately 11% a year over the next five years. In April, Egypt allocated £E20bn ($3.36bn) for the electricity sector in fiscal year 2011-12 (MEES, 18 April). In order to meet the projected demand for el...
Volume: 54Issue: 39Published at Mon, 26 Sep 2011 -
Jordan Replaces Its Central Bank Governor
...corruption had caused a major drop in productivity and that foreign direct investment had dropped by JD1.5bn ($2.1bn) in 2011. Protesting the forced resignation, his mother Leila Sharaf, who is a member of the Upper House, or Senate, resigned saying, “I do not wish to serve in a government of co...
Volume: 54Issue: 39Published at Mon, 26 Sep 2011 -
Jordan Announces Price Decreases For Some Petroleum Products
...se in oil prices and the disruption of Egyptian gas supplies to Jordan at preferential prices in the aftermath of the Egyptian revolution. According to official statistics, the country’s energy import bill – crude oil, products and electricity – in the first half of 2011 rose by 74% to JD...
Volume: 54Issue: 39Published at Mon, 26 Sep 2011 -
Kuwait Closes 2010-11 Budget With $19Bn Surplus
...Middle East Economic Survey VOL. LIV No 39 26-Sep-2011 KUWAIT Kuwait Closes 2010-11 Budget With $19Bn Surplus Kuwait closed its fiscal year 2010-11 (1 April 2010-31 March 2011) with a remarkable surplus of KD5.3bn ($19.20bn) before the transfer to the Reserve Fund for Future Ge...
Volume: 54Issue: 39Published at Mon, 26 Sep 2011 -
Omani Crude Oil Production Edges Up 2.9% In August
...mp over 900,000 b/d of oil through 2011, and was targeting an average of 1mn b/d in 2012 for the first time in its history. “Our ambition is to attain an output target of 1mn b/d for the first time… this is a strategy and an objective which we are working to achieve.” ...
Volume: 54Issue: 39Published at Mon, 26 Sep 2011 -
IMF Sees Stalling MENA Growth In 2011
...Middle East Economic Survey VOL. LIV No 39 26-Sep-2011 REGIONAL IMF Sees Stalling MENA Growth In 2011 Commodity price movements and social unrest have adversely affected activity in some MENA economies, the IMF said on 20 September in its latest World Economic Outlook (WEO). Hi...
Volume: 54Issue: 39Published at Mon, 26 Sep 2011 -
Saudi Petchems Output To Grow 32% By 2015, Says NCB
...s 2007 level,” the report said. Based on the monthly averages of 1H11, the value of petrochemical exports is forecast to reach SR99.48bn ($27bn) by the end of 2011. In 2009, the sector’s import volume and value fell by 1.78% and 3.60%, respectively, to reach 3.31mn tons valued at SR41.22bn ($11...
Volume: 54Issue: 39Published at Mon, 26 Sep 2011 -
EU Increases Funding For Yemen Humanitarian Aid
...Middle East Economic Survey VOL. LIV No 39 26-Sep-2011 yemen EU Increases Funding For Yemen Humanitarian Aid The European Union is increasing its humanitarian funding for Yemen by €5mn, bringing the amount of assistance in the country to €20mn for 2011, the European Commission an...
Volume: 54Issue: 39Published at Mon, 26 Sep 2011 -
Algeria’s Forex Reserves Rise To $174Bn By End-June 2011
...Middle East Economic Survey VOL. LIV No 38 19-Sep-2011 ALGERIA Algeria’s Forex Reserves Rise To $174Bn By End-June 2011 Algeria’s foreign exchange reserves rose to $174bn at the end of June, an increase of $11bn from the figure at the end of 2011, the Governor of the Central Ba...
Volume: 54Issue: 38Published at Mon, 19 Sep 2011 -
Total Announces Major Gas Find On Absheron Block
...nuary 2011, are still “too preliminary” to provide an accurate picture of the field’s prospective reserves, a petroleum geologist familiar with the region told MEES that the “topography of the initial results augurs well for the existence of more extensive finds along the northern extension of the fi...
Volume: 54Issue: 38Published at Mon, 19 Sep 2011 -
Head Of Audit Court Claims Iran Owes $13Bn For Funding Of Subsidy Cuts
...said the government had not paid back a number of loans used to fund payments made to compensate for the cost increases. He said the government borrowed IR50 trillion from the central bank, under a loan that was to have been paid off by 19 March 2011 but which is still outstanding. A further IR...
Volume: 54Issue: 38Published at Mon, 19 Sep 2011