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Syria Extends Deadline For IOCs Qualifying For Offshore Bidding
...alify for the participation in international bidding for three offshore blocks. The closing date for the submission of tenders remains unchanged at 5 October 2011. The licensing round for the three offshore blocks with a total area of 9,038 sq km was launched on 24 March (MEES, 2 April). Syria’s Ge...
Volume: 54Issue: 29Published at Mon, 18 Jul 2011 -
Gulfsands Discovers ‘High Quality’ Reservoirs With Two Wells
...its update that average oil production from both fields combined in June was in excess of 21,000 b/d and that output is expected to rise to approximately 24,000 b/d by the end of 2011, with the drilling and tie-in of additional development and delineation wells and via minor upgrades and de-bo...
Volume: 54Issue: 29Published at Mon, 18 Jul 2011 -
AFPC Production Unaffected By Pipeline Blast
...is could not be verified. AFPC in the first quarter of 2011 produced 91,611 b/d of oil and 881 b/d of condensate (MEES, 16 May)....
Volume: 54Issue: 29Published at Mon, 18 Jul 2011 -
Bahrain’s Banking Chief Denies Exit Of Foreign Banks
...e Bahrain News Agency on 1 July, the governor affirmed that major international banks, which are active in the kingdom or using Bahrain as a base for their regional operations, were carrying out their activities normally. He added that since the beginning of 2011, the CBB had licensed eight new ba...
Volume: 54Issue: 28Published at Mon, 11 Jul 2011 -
Egypt’s Higher Military Council Approves 2011-12 Budget
...Middle East Economic Survey VOL. LIV No 28 11-Jul-2011 EGYPT Egypt’s Higher Military Council Approves 2011-12 Budget The Higher Military Council (HMC) headed by Field Marshall Husain al-Tantawi on 30 June approved the 2011-12 draft budget after it was amended by the Egyptian ca...
Volume: 54Issue: 28Published at Mon, 11 Jul 2011 -
UAE Allocates $3Bn Aid Package To Egypt
...fferent projects in Egypt. The Egyptian Ministry of Finance has doubled the amounts of expected grants in 2011‐12 to E£9.974bn ($1.671bn) and said that these would be mainly used to finance investment projects geared towards development (MEES, 4 July). Qatar and Saudi Arabia have already agreed to pr...
Volume: 54Issue: 28Published at Mon, 11 Jul 2011 -
BSF Sees Saudi Economic Indicators Pointing To Continued Growth
...134bn ($35.7bn) during the first five months of the year to their highest ever level of SR1,802.5bn ($480.7bn) in May 2011. This, the report says, could likely be attributed to both “robust oil revenues and possibly a higher return on the Saudi Arabian Monetary Agency’s (SAMA’s) investments.” SAMA’s de...
Volume: 54Issue: 28Published at Mon, 11 Jul 2011 -
Yildiz Reappointed Energy Minister In New Turkish Cabinet
...riatic Pipeline (TAP) and the Interconnector-Turkey-Greece-Italy (ITGI) are vying for contracts to transport the gas. Construction of the pipelines depends on which companies are awarded the contacts by Azerbaijan, and that is not expected to take place until the end of 2011....
Volume: 54Issue: 28Published at Mon, 11 Jul 2011 -
Dubai’s Outstanding Debt Estimated At $31.4Bn Despite Positive Economic Trends
...tes and takes measures to strengthen its fiscal accounts,” it noted. The high level of Dubai GRE debt, estimated at $77bn, remains a risk as the government may be pushed into absorbing further liabilities. “With total Dubai Inc repayments exceeding $30bn in 2011-12, restructuring, refinancing and ne...
Volume: 54Issue: 28Published at Mon, 11 Jul 2011 -
Egypt Has No Need For World Bank And IMF Loans For Now
...sted on its website. But Egypt will maintain its technical cooperation with these two organizations and benefit from their expertise. The statement notes that the government amended the draft 2011-12 budget approved on 1 June (MEES, 13 June), following a “social dialogue” which took place between th...
Volume: 54Issue: 27Published at Mon, 04 Jul 2011 -
Iran Raises Oil Price Assumption To $95/B In 2011-12
...Middle East Economic Survey VOL. LIV No 27 4-Jul-2011 IRAN Iran Raises Oil Price Assumption To $95/B In 2011-12 Iran has revised its oil price assumption in the 2011-12 budget to $95/B from the previous price of $81.50/B, Iran’s Minister of Economic Affairs and Finance Sh...
Volume: 54Issue: 27Published at Mon, 04 Jul 2011 -
Fitch Affirms NBK Rating On Benefits Of ‘Flight To Safety’ By MENA Investors
...rica region, NBK had been benefitting from a “flight to safety” by investors, resulting in a strong and stable deposit base – both corporate and retail. The agency added that net income was continuing on its growth path in 1Q11, with the bank expecting to generate “sound profits” throughout 2011, in...
Volume: 54Issue: 27Published at Mon, 04 Jul 2011 -
Oman Expecting Economic Growth Of 5% For 2011
...Middle East Economic Survey VOL. LIV No 27 4-Jul-2011 oman Oman Expecting Economic Growth Of 5% For 2011 Oman’s economy is projected to grow by approximately 5% this year, on the assumption that oil prices stay at current levels, Minister of Finance Darwish al-Balushi said on 29...
Volume: 54Issue: 27Published at Mon, 04 Jul 2011 -
US Sanctions Syrian And Iranian Security Forces For Syrian Crackdown
...madi Moghadam, and his deputy Ahamd Reza Radan as sanctions targets. The latter traveled to Damascus in April 2011 and provided expertise to the government in cracking down on the Syrian people, the department noted. An advisor to Iran’s Minister of Foreign Affairs, Ramin Mehanparast, rejected we...
Volume: 54Issue: 27Published at Mon, 04 Jul 2011 -
US Treasury Imposes Sanctions On IRISL Affiliated Companies
...unty to illegally access the US financial system.” The District Attorney’s Office said that IRISL used fake companies to dupe New York based banks into processing wire payments of more than $60mn between September 2008 and January 2011. With the latest action, a total of 121 companies and in...
Volume: 54Issue: 26Published at Mon, 27 Jun 2011 -
NIOC Warns CNPC Over Lack Of Progress On South Pars 11
...uth Pars Phase 11, if CNPC does not fulfill the terms of the agreement, which called for the initiation of project development within the first half of 2011, Mehr News Agency reported on 17 June. CNPC replaced Total as the developer of South Pars Phase 11, but has informed NIOC that it “has been fa...
Volume: 54Issue: 26Published at Mon, 27 Jun 2011 -
NIOPDC Announces Increase In Strategic Fuel Reserves
...serves by 1.5bn liters during the Iranian year ending on 20 March 2011. Iran currently has 13bn liters of various oil products in storage, Mr Salari said. He added that “before the implementation of gasoline rationing and the subsidy reform plan, Iran was forced to import 27mn liters/day of fuel,” ac...
Volume: 54Issue: 26Published at Mon, 27 Jun 2011 -
Moody’s Downgrades NBK Ratings, Assigns Stable Outlook
...wngrades to three main factors: expectations that the bank would experience asset quality pressure in 2011, arising from its operations in countries experiencing political unrest; the latent credit risk in the Kuwaiti banking system; and expectation that the imminent government spending increases will li...
Volume: 54Issue: 26Published at Mon, 27 Jun 2011 -
Cost Estimate For BP’s Oman Tight Gas Fields Rises 50% To $15Bn
...livered its first gas in March. Seven wells have been successfully tested, and BP Oman is planning to add two additional wells by the end of 2011. EWT allows assessment of the long term production performance – particularly important in tight gas fields to understand well decline behavior and the nu...
Volume: 54Issue: 26Published at Mon, 27 Jun 2011 -
DEWA Doubles Size Of Planned Coal-Fired Power Plant
...rlier forecast: “I expect 5% of growth [in 2011], but then it could be 7%. The peak demand (growth) last year we thought would be 6% and then it came to 9.6%.” Dubai expects to have nearly 10gw of power production capacity by the end of 2011. In May DEWA selected McKinsey & Company as a consultant fo...
Volume: 54Issue: 26Published at Mon, 27 Jun 2011