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China Offers Insurance To Iran Oil Shippers, Withdraws From Pipeline Finance
...ear if China will use a national re-insurer or seek assistance from non-US allied nations in the Asia-Pacific area. However, Beijing has signaled that it will do its outmost to sustain at least its 2011 level of imports. These accounted, according to the US Energy Information Administration, for 22% of...
Volume: 55Issue: 13Published at Mon, 26 Mar 2012 -
India To Exempt Rupee Oil Payments To Iran From Taxation
...uivalent value in their local currency by designated Iranian banks, which will be paid in local currency by Iranian importers of Indian goods.” India paid Iran around $12.7bn in 2011 to cover 12% of its final oil needs. Indian exports to Iran are primarily agricultural products, accounting for al...
Volume: 55Issue: 13Published at Mon, 26 Mar 2012 -
Irbil Threatens To End Export Deal Amid Rising Oil Tensions With Baghdad
...G,” the Kurds said, accusing federal authorities of not paying anything since May 2011. Baghdad “owes the KRG more than $1bn for revenues accrued in 2011. Furthermore, not a single dollar has been received for exports in 2012,” the KRG said. Reaching an agreed 175,000 b/d KRG export commitment was ce...
Volume: 55Issue: 13Published at Mon, 26 Mar 2012 -
Delek Announces LNG Deal With Gazprom
...e offshore Tamar gas field signed a memorandum of understanding (MOU) with South Korea’s Daewoo Shipbuilding and Marine Engineering (DSME) concerning the use of a floating LNG (FLNG) plant in the development of Tamar (MEES, 28 November 2011). The Delek statement said that in reference to the DSME ag...
Volume: 55Issue: 13Published at Mon, 26 Mar 2012 -
Kuwait To Raise Budget Expenditure By 13.4% In 2012-13
...KUWAIT Kuwait To Raise Budget Expenditure By 13.4% In 2012-13 Kuwait’s budget for fiscal year 2012-13, which starts on 1 April, is projecting a 13.4% increase in total expenditure to KD22bn ($79.0bn) from KD19.4bn ($69.7bn) in 2011-12, the head of Kuwaiti parliament’s budget co...
Volume: 55Issue: 13Published at Mon, 26 Mar 2012 -
Cyprus And Lebanon Discuss Lebanon-Israel Maritime Dispute
...ying. “We should work closely together to achieve the greatest benefit for both our countries.” In August 2011, Lebanese Foreign Minister 'Adnan Mansur said that the delimitation agreement between Cyprus and Israel was “a violation of Lebanon’s sovereignty and economic rights and threatens pe...
Volume: 55Issue: 13Published at Mon, 26 Mar 2012 -
Sadara Financing Stays Focused on ECAs, Saudi Lenders
...mpleted last year. Pricing was at 130-200 basis points (bps) over the 16-year tenor on the commercial bank tranche (MEES, 19 December 2011). This was close to the levels secured by the Satorp 400,000 b/d export refinery in Saudi Arabia, sponsored by Saudi Aramco and French oil major Total. Satorp reported 18...
Volume: 55Issue: 13Published at Mon, 26 Mar 2012 -
SEC Plans To Issue First International Sukuk
...ow strong appetite, possibly influencing pricing in other regions. SEC said in 2010 it was considering tapping international debt markets in a bid to fund a five-year investment program estimated at SR150bn ($40bn). But international markets were volatile through much of 2011 due to the Eurozone debt cr...
Volume: 55Issue: 13Published at Mon, 26 Mar 2012 -
Towards Convergence Of Sustainable Energy Pathways
...OIL PRICES/OPEC Towards Convergence Of Sustainable Energy Pathways By Noé van Hulst Dr van Hulst is Director of the new Energy Academy Europe (EAE), based in Groningen, the Netherlands. He was Secretary-General of the International Energy Forum (IEF) from 2008 through 2011...
Volume: 55Issue: 13Published at Mon, 26 Mar 2012 -
Iran Tensions Cast Shadow Over IEF Meeting
...continued. According to MEES calculations there has been some loss of Iranian production, with estimated February output of 3.46mn b/d down on the 2011 average of 3.59mn b/d. Production losses are only part of the issue. “It is costing twice as much to get anything done. Drilling, oil services, fi...
Volume: 55Issue: 12Published at Mon, 19 Mar 2012 -
Sonatrach In $6.6Bn Windfall Tax Resolution With Anadarko And Maersk
...8 6.6 For Comparison: 2011 TPE In...
Volume: 55Issue: 12Published at Mon, 19 Mar 2012 -
Noble Confirms Cyprus Resource, Assessing Site For Proposed LNG Plant
...kes reports. Noble Energy has reconfirmed its resource estimate for the December 2011 discovery at Cyprus’s Block 12 A-1 well at 7 tcf (198 bcm) following the release of an independent estimate by consultants Netherland Sewell and Associates (NSAI) in early March that put reserves at 5.1 tc...
Volume: 55Issue: 12Published at Mon, 19 Mar 2012 -
Kuwait Burns Crude, Turns To Renewables, To Meet Fuel Challenge
...ntracts are $14-14.7/mn BTU and rise with oil prices. In a research note Bloomberg New Energy Finance said that the cheapest PV power plant in 2010 could be built at $3.14/w. In its model a 1gw PV plant built in 2011 over 20 years was competitive against real oil prices rising from $80/B to $12...
Volume: 55Issue: 12Published at Mon, 19 Mar 2012 -
IEA Forecast Little Changed With 2012 Demand Seen At 89.9Mn B/D
...e latest issue of the monthly Oil Market Report (OMR), released on 14 March, cited the IMF’s January World Economic Outlook, which said global economic growth would decelerate to 3.3% in 2012, from 3.8% in 2011 and 5.2% in 2010. “Having risen to 89.1mn b/d in 2011, global oil consumption is forecast to...
Volume: 55Issue: 12Published at Mon, 19 Mar 2012 -
Crude Oil Formulas/Posted Prices
...OIL PRICES/OPEC Crude Oil Formulas/Posted Prices ($/B) Iran (+ / - Adjustment Factor; $/B) 2012 2011 Apr Mar Fe...
Volume: 55Issue: 12Published at Mon, 19 Mar 2012 -
Anadarko Reaffirms Algerian Commitment Following Tax Deal
...gerian operations in 2011, boosted by record Saharan Blend prices, with “very low” lease operating expenses of around $2/B, according to Chuck Meloy, Anadarko’s senior vice-president for worldwide operations. Speaking to investors on 13 March, Mr Meloy added that these “great margins” just got “co...
Volume: 55Issue: 12Published at Mon, 19 Mar 2012 -
Russia To Persist With Burgas-Alexandroupolis Pipeline Project
...risov announced the decision of his government to withdraw from the project, citing an ostensible lack of financial viability (MEES, 12 December 2011). ...
Volume: 55Issue: 12Published at Mon, 19 Mar 2012 -
Cyprus Electricity Authority Signs Loan Deal With EIB For Power Station Reconstruction
...used to the Vasilikos power station in July last year as the result of a munitions explosion at the nearby Mari naval base (MEES, 1 August 2011). A statement released by the bank said the money would be used for a new production unit to enhance electricity supply in Cyprus. The explosion destroyed 79...
Volume: 55Issue: 12Published at Mon, 19 Mar 2012 -
Turkey Sends Mixed Signals On Iranian Energy Ties
...rkey imports around 200,000 b/d of Iranian oil, almost one-third of its consumption. Yet Tupras, Turkey’s sole refiner, which depended on Iran for almost 50% of its crude imports in 2011, cut its Iranian oil imports in December, according to data published on 8 March by Turkey’s energy re...
Volume: 55Issue: 12Published at Mon, 19 Mar 2012 -
Sasol Seeks Buyers For Stake In Iranian Petrochemical Plant
...uth Africa imported around 100,000 b/d of Iranian crude in 2011. ...
Volume: 55Issue: 12Published at Mon, 19 Mar 2012