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Dubai To Be More Cautious In GRE Support, S&P Says
...andard & Poor’s Ratings Services (S&P) reports. The ratings agency estimates a total debt of $80-90bn owed by the emirate’s government and its related GREs, the majority of which will be due in 2011 and 2012. Cumulative debt repayments over the next three years for Dubai-based GREs are speculated to am...
Volume: 52Issue: 44Published at Mon, 02 Nov 2009 -
EU Calls For Ceasefire, Reforms In Yemen
...rliament and parliamentary groups as part of efforts to improve the electoral system, following the failure of the ruling party and opposition to agree to the holding 2009 elections. The council called for elections in 2011. “The EU will continue to accompany Yemen on this difficult reform path and of...
Volume: 52Issue: 44Published at Mon, 02 Nov 2009 -
Political Comment (2 November 2009)
...mid-2010 and withdraw altogether by the end of 2011. 'Abbas Sets Election Date In a move which probably signals the demise of Egyptian attempts to end to the rift at the heart of the Palestinian movement by mediating a rapprochement between Fatah and Hamas, Palestinian President (and Fatah le...
Volume: 52Issue: 44Published at Mon, 02 Nov 2009 -
Sonatrach Shortlists Firms For Tiaret And Algiers Refinery Projects
...ing on-stream in 2011, but which now looks unlikely to be completed before 2014 at the earliest. Sonatrach’s head of downstream 'Abd al-Hafid Feghouli told MEES in November last year that the company expected to see the project’s total costs reduced from $6bn to $5bn, due to the fall in co...
Volume: 52Issue: 43Published at Mon, 26 Oct 2009 -
Political Comment (26 October 2009)
...r troop withdrawals, which calls for an end to combat missions by 31 August 2010 and the removal of all US forces by the end of 2011. Obama Engages With Sudan On 19 October President Barack Obama launched what could be a new era of engagement in Washington's problematic relations with Kh...
Volume: 52Issue: 43Published at Mon, 26 Oct 2009 -
Producing Countries Deliberate Higher Crude Prices For 2010 Budgets
.../B from this year’s $41/B, and is forecasting that Urals crude, its export grade, will reach $59/B in 2011 and $60/B in 2012. Nigeria has adopted $50/B, up from $45/B this year, and Finance Minister Mansur Muhtar has said he sees scope to hike this further if energy prices continue to remain hi...
Volume: 52Issue: 42Published at Mon, 19 Oct 2009 -
UK Treasury Orders Financial Firms To Stop Trading With Bank Mellat, Iran Shipping Lines
...ansfer 80% of the once wholly state-owned bank into private hands by late 2011....
Volume: 52Issue: 42Published at Mon, 19 Oct 2009 -
BofA Merrill Lynch Predicts Strong GCC Growth
...see an average real GDP growth of 8.01% in 2010, mostly due to its expansion in LNG capacity. As the non-oil sectors will likely be the main drivers of Qatari growth beyond 2011, the firm posits an unclear picture for the country’s long-term growth due to falling inflation (caused by a st...
Volume: 52Issue: 42Published at Mon, 19 Oct 2009 -
UAE To See Modest Economic Recovery in 2010, NBK Projects
...fice space by 50% by 2011. Inflation, meanwhile, is expected to remain low, perhaps below the estimated 2009 figure of 1.9%, due to much lower growth in labor costs, depressed housing rents, and a competitive retail market. A rise in UAE interest rates is also thought to be unlikely, due to the su...
Volume: 52Issue: 42Published at Mon, 19 Oct 2009 -
Ras Tanura Petrochemical Complex Expected To Cost $23-26Bn
...e London meeting the partners continued to thrash out all details of the agreements necessary to push ahead. However, with a project of this size, the lead times are long and the sponsors (advised by Royal Bank of Scotland and Riyad Bank) are not expected to seek financing until 2011. Before Ra...
Volume: 52Issue: 41Published at Mon, 12 Oct 2009 -
Pressure Mounting On Iran’s Energy Sector, Despite Closer Ties With China
...nsultant Mehdi Varzi. “Iran has had to go further and further east. So Chinese companies have come in, Russian companies have said they’re going to commit themselves. But the whole process is very belated… The Iran LNG project is supposed to come on-stream in 2011. I would say that it can only come on-st...
Volume: 52Issue: 40Published at Mon, 05 Oct 2009 -
Jordan Signs Agreement For Qatraneh Power Project
...10, while the second combined cycle phase will become operational in August 2011. Jordan needs to increase generation capacity by around 300mw annually to meet rising electricity demand, according to the Ministry of Energy and Mineral Resources strategic plan....
Volume: 52Issue: 40Published at Mon, 05 Oct 2009 -
Emerging Market Sovereign Credit Resilient To Recent External Shocks, Says S&P
...sitive real per capita income growth in 2009, while eight will continue to contract in 2010. The fiscal position of almost every government will be worse than that of the preceding five years as automatic stabilizers operate. Comparing 2007 with 2011, government debt levels are expected to increase by...
Volume: 52Issue: 40Published at Mon, 05 Oct 2009 -
Libya Agrees To Buy Verenex At A Discount After Blocking Chinese Deal
...visages bringing the discoveries made there on-stream by 2011 at an initial rate of 50,000 b/d of oil and 60mn cfd of gas. Along with its partner in the concession, Indonesia’s Medco Energi, which holds a 50% working interest, Verenex has spent $320mn on its exploration activities. A senior Medco of...
Volume: 52Issue: 39Published at Mon, 28 Sep 2009 -
Egypt In Upstream Gas Push, With Eight Development Projects Worth $2.2bn
...ctor, which represents 56% of demand, followed by the industrial sector with 29%. Household consumption is also on the rise, with a plan currently being implemented to provide 1.5mn housing units with natural gas by 2011 and 5.5mn housing units by 2015. As part of this plan, the Upper Egypt gas pi...
Volume: 52Issue: 38Published at Mon, 21 Sep 2009 -
GE And Hyundai Win $2.65Bn Contract To Build 2GW Power Plant at Sabiya
...nerators and a plant control system, as well as long-term services. Hyundai will undertake engineering, procurement and construction. The Sabiya plant is scheduled to come on line in two phases: 1.3gw of capacity will be connected to the Kuwaiti grid in 2011, with a further 700mw in 2012. Natural gas wi...
Volume: 52Issue: 38Published at Mon, 21 Sep 2009 -
Sudan’s Oil Figures Challenged, Minister Expects 520,000 B/D Output In Coming Months
...take place next year, and the referendum on independence for the south in 2011, mistrust between the north and south is not showing any sign of diminishing, especially given that Sudan’s oil production is expected to rise. Celebrating the tenth anniversary of Sudan’s debut as an oil producer, th...
Volume: 52Issue: 38Published at Mon, 21 Sep 2009 -
ESI Signs $474Mn Contract With Danielli For New Rolling Mill
...ction beams, columns and sheet piles. The new mill will raise ESI total capacity to 3mn t/y by 2011. The company is also considering boosting its capacity further to 6.5mn t/y by 2013-14 through capacity expansions and acquisitions. With regard to the latter, ESI’s Chairman of the Board Husain al-Nu...
Volume: 52Issue: 38Published at Mon, 21 Sep 2009 -
Basri Proposes New Approach To Budget Planning In Iraq
...under 20% of it value in 2009, according to Dr Basri’s scenario. Iraq Budget Projections: 2010-14 ($Mn) 2009 2010 2011 2012 2013 2014 Oil Revenue 36,000 49,680 58,500 69,984 83...
Volume: 52Issue: 37Published at Mon, 14 Sep 2009 -
ERC Targets Early 2010 Financial Close For Musturud Refinery Upgrade
...stream in 2011 at a cost of $2.25bn....
Volume: 52Issue: 37Published at Mon, 14 Sep 2009