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Egyptian Economy Will Continue To Be Impacted By Political Crisis, Says Crédit Agricole
...édit Agricole’s Emerging Market Monthly Roadmap. With ample downside risks and given prevailing conditions, the bank expects GDP growth to slow sharply from 5.2% in 2010 to about 2% in 2011, before it reaccelerates to about 4% in 2012. “The political crisis has had a direct negative economic impact in...
Volume: 54Issue: 19Published at Mon, 09 May 2011 -
Expansion Of CNG Consumption Key To Increased Exports, Says Mirkazemi
...velopment plan (2011-2015) is the continuous expansion of compressed natural gas (CNG) consumption as a substitute for gasoline and other fuel oil products. Mr Mirkazemi said: “By expanding natural gas consumption as the main fuel of the country, there is the possibility to export more oil products.” Th...
Volume: 54Issue: 19Published at Mon, 09 May 2011 -
Iran Plans To Increase Oil Production By 100,000 B/D In 2012
...oduction by 100,000 b/d in the current Iranian year [21 March 2011 – 20 March 2012]. The company has been criticized because of a fall in Iranian oil output of 3.5% in 2010 compared to 2009, the report said. However, Mr Qalebani said that the production increase will come from the Masjed-e-Suleyman, Ya...
Volume: 54Issue: 19Published at Mon, 09 May 2011 -
KRG Announces First Payment For Oil Investors
...n barrels of oil from the Kurdistan region between the start of February 2011 and 27 March,” said KRG Prime Minister Barham Salih. KRG oil exports restarted in February after Irbil and Baghdad agreed a temporary solution to their four-year stand off, whereby foreign oil producers in the KRG would be...
Volume: 54Issue: 19Published at Mon, 09 May 2011 -
GCC Gross Foreign Assets To Reach $1.7 Trillion In 2011, Says IIF
...Middle East Economic Survey VOL. LIV No 19 9-May-2011 REGIONAL GCC Gross Foreign Assets To Reach $1.7 Trillion In 2011, Says IIF Gross foreign assets of the GCC countries in 2011 are projected to rise to $1.7 trillion (against foreign liabilities of $0.5 trillion) and of Arab co...
Volume: 54Issue: 19Published at Mon, 09 May 2011 -
Regional Unrest Has Impacted GCC Financial Markets In 1Q11, Says Saudi NCB
...February 2011. “However, the pace of increase in the private sector lagged public sector credit and rose by a more modest annualized 6.6% to QR196.6bn ($53.99bn) in February 2011,” according to the study. In Saudi Arabia, overall lending in 1Q11 was 5.6% ahead of the corresponding period a ye...
Volume: 54Issue: 19Published at Mon, 09 May 2011 -
Saudi Hydrocarbon Sector Optimism Strong In 2Q11, NCB Says
...e Saudi government, the rise in oil output is also expected to heighten the prospects for GDP growth in 2011. Accordingly, the BOI said that the hydrocarbon sector was expecting a rise in demand levels in the second quarter of this year, while the BOI for the volume of sales for 2Q11 re...
Volume: 54Issue: 19Published at Mon, 09 May 2011 -
QEWC Cancels Plans To Build Two 450MW Power Plants In Syria
...mpanies had signed an agreement for the joint development, financing, construction and operation of the two power plants. The combined cycle plants were to be built at Sweidieh in the industrial city of Adra, close to oil fields in northeastern Syria. The work was expected to begin before April 2011 an...
Volume: 54Issue: 19Published at Mon, 09 May 2011 -
ENOC Expects To Spend $735Mn On Fuel Subsidies In 2011
...Middle East Economic Survey VOL. LIV No 19 9-May-2011 UAE ENOC Expects To Spend $735Mn On Fuel Subsidies In 2011 The Emirates National Oil Company (ENOC) – one of two fuel marketing and distribution companies in Dubai – revealed on 30 April that it expects to spend a total of AE...
Volume: 54Issue: 19Published at Mon, 09 May 2011 -
Botas Looking To Increase Gas Allocation From Shah Deniz 2 By 4 BCM/Y
...pply agreements of June 2010 (MEES, 14 June 2010). Mr Ozgul said that the proposed increase in Shah Deniz 2 supply will be consolidated in the form of a gas purchasing agreement to be signed between Azeri state firm Socar and Botas by 30 June 2011 “at the latest.” He added that “we expect that we wi...
Volume: 54Issue: 18Published at Mon, 02 May 2011 -
China Extends Strategic Influence Over Turkmen Gas
...crease its projected gas imports via the Central Asia to China gas pipeline by 2.7 bcm/y by the end of 2011 compared to an initial estimate of 15 bcm/y. In 2010 the pipeline transported 6 bcm/y to China’s Xinjiang province and around 3.2 bcm/y during the first quarter of 2011. CNPC now plans to expand it...
Volume: 54Issue: 18Published at Mon, 02 May 2011 -
BP And Socar Discuss Exploration Of Shafag-Asiman Block
...reement (PSA), in a meeting in Baku on 27 April. Operator BP and Socar signed the Shafag-Asiman PSA in October 2010, with both companies holding 50% equity. The PSA is valid for 30 years, but has yet to be ratified by the Azeri parliament. It calls for the beginning of exploration work within 2011. The ex...
Volume: 54Issue: 18Published at Mon, 02 May 2011 -
IMF Sees Regional Uprisings Providing Long Term Opportunities, Near Term Pressures
...e foundations for a socially inclusive and more dynamic economic growth model. In the near term however, countries face multiple pressures stemming from higher commodity prices and disruptions to economic activity, the IMF said in its April 2011 Regional Economic Outlook for the Middle East, No...
Volume: 54Issue: 18Published at Mon, 02 May 2011 -
Tough First Quarter For Saudi Private Sector, Says Jadwa
...Middle East Economic Survey VOL. LIV No 18 2-May-2011 SAUDI ARABIA Tough First Quarter For Saudi Private Sector, Says Jadwa The first quarter was a tough one for the private sector in Saudi Arabia, according to the April 2011 Monthly Bulletin published by Jadwa Investment. In to...
Volume: 54Issue: 18Published at Mon, 02 May 2011 -
Topaz Secures Two-Vessel Offshore Support Contract In Nigeria
...geria for the duration of 2011, the company announced on 26 April. Topaz has mobilized two anchor handling tug supply vessels, Topaz Johor and Topaz Jurong, for an eight-month contract to support operations in the Atlas, Mira and Britannia fields offshore Nigeria, on behalf of AXXIS Petroconsultants Lt...
Volume: 54Issue: 18Published at Mon, 02 May 2011 -
Demand For Bahrain Sovereign Debt Remains Strong, Says CBB
...Middle East Economic Survey VOL. LIV No 17 25-Apr-2011 Bahrain Demand For Bahrain Sovereign Debt Remains Strong, Says CBB Demand for Bahrain sovereign debt remained strong during the first quarter of 2011, the Central Bank of Bahrain (CBB) announced on 19 April. The domestic is...
Volume: 54Issue: 17Published at Mon, 25 Apr 2011 -
Socar Offers BP Option To Explore For Further Gas In Shah Deniz And ACG Fields
...peline project for exporting Shah Deniz 2 gas (MEES, 4 April). Mr Usifzade also told reporters that Socar was looking to sign an agreement with BP by the end of 2011 for the production of gas from reservoirs below those already being produced in the ACG complex. BP is operator and 34.14% interest ho...
Volume: 54Issue: 17Published at Mon, 25 Apr 2011 -
Moody’s Sees Negative Outlook For Egyptian Banking System
...quidity is by no means assured, especially if Egypt does not elect an effective government in a timely manner, it said. Moody’s expects profitability to come under pressure in 2011-12, driven by increasing loan loss provisioning due to the uncertain environment and also by higher expenses that could re...
Volume: 54Issue: 17Published at Mon, 25 Apr 2011 -
NIOC Raises Iran Oil Reserves Estimate To 155Bn Barrels
...tput was 20,000 b/d per well compared with 26,000 b/d before the 1979 Iranian revolution. Mr Qalebani said that new methods of enhanced oil recovery were being deployed under Iran’s fifth five-year development plan [2011-2015] to boost oil recovery rates. NIORDC Announces Gasoline and Gasoil Pr...
Volume: 54Issue: 17Published at Mon, 25 Apr 2011 -
Iraqi Inflation Set To Remain In Single Digits In 2011, CBI Says
...Middle East Economic Survey VOL. LIV No 17 25-Apr-2011 IRAQ Iraqi Inflation Set To Remain In Single Digits In 2011, CBI Says Helped by a nation-wide food rationing program that has absorbed a portion of the increases in global food prices, Iraq’s annual inflation rate is fo...
Volume: 54Issue: 17Published at Mon, 25 Apr 2011