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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 -
South Pars Production Reaches 290Mn CMD
...anian year (21 March 2011 – 19 March 2012). He attributed the rise in output to “a maximum gas draw from South Pars Phases 6-8, the completion of 23 gas wells at Phases 9 and 10 and rising gas production from Phase 1.” Mr Souri predicted that by March 2013 South Pars output would reach 380mn cmd, before ri...
Volume: 55Issue: 12Published at Mon, 19 Mar 2012 -
Beirut Eyes LNG Import Decision, Touts Reserves
...ES, 5 December 2011). “What we are hearing is kind of an acceptance that ‘yes, Lebanon has done things right’ by the science by which you do a maritime border,” Mr Basil said. “If we reach a point where we think the talks are not helping, we might later use other means.”A resurgence in investor interest wa...
Volume: 55Issue: 12Published at Mon, 19 Mar 2012 -
Moody’s Maintains Morocco’s Ba1 Rating, Citing ‘Low Economic Strength’
...dium institutional strength” and moderate government financial strength. Morocco’s budget deficit widened substantially from 4.7% of GDP in 2010 to 6.1% of GDP in 2011 on account of the sharp hike in state expenditure in the form of subsidies and increases in public sector wages. Further to this, the co...
Volume: 55Issue: 12Published at Mon, 19 Mar 2012 -
Qatar Postpones State Budget On Accounting System Changes
...rategy 2011-16, which includes programs for 190 sectors. Nevertheless, the budget will remain annual, he stated. Mr Kamal said that the cabinet had not yet addressed the oil price it would use in its next budget. Qatar Petroleum has adopted $65/B for its budget, but this is not the state’s fi...
Volume: 55Issue: 12Published at Mon, 19 Mar 2012 -
Qatar Postpones State Budget On Accounting System Changes
...rategy 2011-16, which includes programs for 190 sectors. Nevertheless, the budget will remain annual, he stated. Mr Kamal said that the cabinet had not yet addressed the oil price it would use in its next budget. Qatar Petroleum has adopted $65/B for its budget, but this is not the state’s fi...
Volume: 55Issue: 12Published at Mon, 19 Mar 2012 -
SEC Seeking Developers For Power Plant Based On Fuel Oil
...veloped by Saudi Arabia’s ACWA, Samsung and the MENA Fund. They signed an agreement on 21 September last year to implement the project (MEES, 26 September 2011). Originally conceived as 1.8gw, its scope was more than doubled to 3.927gw due to cost savings on tariffs. It is now potentially the world’s la...
Volume: 55Issue: 12Published at Mon, 19 Mar 2012 -
Mapna Wins Contract To Build Syrian Power Plant
...w in supply due to high growth in population and the use of old generation plants which require frequent maintenance (MEES, 24 October 2011). However, due to ongoing political turmoil in the country, the power shortfall has increased to 2.6gw according to Syrian Minister of Electricity 'Imad Khamis (ME...
Volume: 55Issue: 12Published at Mon, 19 Mar 2012 -
IMF Sees UAE Economic Growth Slowing To 2.3% This Year
...UAE IMF Sees UAE Economic Growth Slowing To 2.3% This Year The International Monetary Fund (IMF) said on 14 March that it expects the UAE’s GDP growth to slow to 2.3% this year from 4.9% in 2011 amid limited potential for further near term increases in oil production. Non-oil growth wa...
Volume: 55Issue: 12Published at Mon, 19 Mar 2012 -
TAQA To Increase 2012 Capex To $2.2Bn, Sees 2011 Profits Slide
...UAE TAQA To Increase 2012 Capex To $2.2Bn, Sees 2011 Profits Slide State-owned Abu Dhabi National Energy Company (TAQA) has said it is looking to increase its capital expenditure (capex) from $1.9bn in 2011 to around $2.2bn this year as it presses ahead with plans to expand both its up...
Volume: 55Issue: 12Published at Mon, 19 Mar 2012 -
Dubai To Invite Bids For $3.2Bn Solar Park By September
...ntinued. Dubai can no longer rely on gas-starved Abu Dhabi to meet its power needs and has recently launched an initiative – the Dubai Integrated Energy Strategy 2030 – which aims to generate 1% of the emirate’s power from solar plants by 2020, and 5% by 2030 (MEES, 3 October 2011). Late last month DEWA aw...
Volume: 55Issue: 12Published at Mon, 19 Mar 2012 -
Work Starts On Masdar’s Seychelles Wind Farm
...UAE Work Starts On Masdar’s Seychelles Wind Farm The foundation stone for the Seychelles’ first major wind farm project has been laid, Abu Dhabi’s Masdar clean energy project announced earlier this month. The project’s inauguration was originally scheduled to take place in December 2011...
Volume: 55Issue: 12Published at Mon, 19 Mar 2012 -
San'a Targets Bidding Round By Year-End
...botage (MEES, 24 October 2011). Speaking on the sidelines of the International Energy Forum in Kuwait on 13 March, Mr 'Abd Allah noted crude output has been severely curtailed from the level of 220,000-250,000 b/d seen before the February 2011 unrest began. “Production at the moment is around 130,000 b/d. It...
Volume: 55Issue: 12Published at Mon, 19 Mar 2012 -
Last Chance For Russia To Replace Iran Barrels
...al possibility to boost Urals exports to the Mediterranean just when the need arose. The oil export duty reform enacted in October 2011 was expected to pressure simple refineries to cut runs, which would have caused an increase in Urals exports to the Mediterranean. Instead, refineries have actually in...
Volume: 55Issue: 12Published at Mon, 19 Mar 2012 -
Kurds Poised For Oil Boom, Amid Looming Political Turmoil
...erator 2011 Average Production Current Production March 2013 End-2013 Tawke DNO 52 50 10...
Volume: 55Issue: 11Published at Mon, 12 Mar 2012 -
Korean Group Wins Abu Dhabi Oil Deal As ADCO Concession Nears Expiry
...elds comprise one offshore in Area 3 and two onshore in Areas 1 and 2. The UAE government had previously said it expected the deal to be closed by the end of 2011 (MEES 26 September 2011). State-owned Abu Dhabi National Oil Company (ADNOC) holds 60% in the projects, which require a total of $5bn in...
Volume: 55Issue: 11Published at Mon, 12 Mar 2012 -
Libya Crisis Hits Companies’ Bottom Lines
...LIBYA Libya Crisis Hits Companies’ Bottom Lines Libya’s 2011 political upheavals have had significant material impacts on the net profit of all of the foreign oil companies producing in the country. All eight of the top foreign producers in Libya saw their overall production fa...
Volume: 55Issue: 11Published at Mon, 12 Mar 2012 -
ITGI Transformation Into South Stream Branch Gains Momentum
...s markedly improved since June 2011. Regardless of the “clouds” that existed over the proposed Burgas-Alexandroupolis oil pipeline, Moscow has been convinced, primarily thanks to the efforts of Junior Energy Minister Yannis Maniatis, that Greece supported the pipeline option whereas Gazprom always sp...
Volume: 55Issue: 11Published at Mon, 12 Mar 2012 -
Bahrain Banking System Resilient To Crises, Says CBB Governor
...ntinue. Moody’s Investors Service has kept its negative outlook on the Bahraini banking system since reaffirming it in October last year, citing the unrest and its ramifications (MEES, 7 November 2011). But Mr Maraj believes that many have exaggerated the impact of the political situation on the banking se...
Volume: 55Issue: 11Published at Mon, 12 Mar 2012 -
OPEC Output Hits 38-Month High
...ncerns surrounding Iran and reduced output from non-OPEC members such as Sudan, Yemen and Syria. OPEC Crude Oil Production Feb 2011 – Feb 2012 (MEES Estimates – '000 B/D) 2012 2011 Fe...
Volume: 55Issue: 11Published at Mon, 12 Mar 2012