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TAQA Secures $3Bn Revolving Credit Facility
...s on the five year facility. The loan refinances a facility expiring in 2011. In May this year TAQA refinanced a C$1.325bn ($1.26bn) revolving credit facility for its wholly owned TAQA North subsidiary (MEES, 31 May). S&P Rates TAQA Again, Assigns A Standard & Poor’s Ratings Services an...
Volume: 53Issue: 51Published at Mon, 20 Dec 2010 -
Yemeni Cabinet Approves 2011 Draft Budget Aimed At Reducing Deficit
...Middle East Economic Survey VOL. LIII No 51 20-Dec-2010 yemen Yemeni Cabinet Approves 2011 Draft Budget Aimed At Reducing Deficit Yemen’s cabinet has approved a draft state budget for fi...
Volume: 53Issue: 51Published at Mon, 20 Dec 2010 -
S&P Affirms Bahrain Sovereign Ratings
...unterbalance to the high geopolitical risks – relative to many other rated sovereigns – and the Bahraini economy’s vulnerability to external shocks. With oil revenues having been budgeted on the basis of an oil price of $80/B for both 2011 and 2012, S&P reported that it had estimated the general government de...
Volume: 53Issue: 50Published at Mon, 13 Dec 2010 -
Russia And Ukraine Amend 2009 Supply/Transit Agreement to Guarantee Exports Increase
...2011. The second and more important agreement consolidates the Russian-Ukrainian rapprochement that followed the election of Mr Yanukovych in February and the conclusion of the Gas for Naval Bases agreement signed in April, which extends the right of stay of the Russian Black Sea Fleet in the Cr...
Volume: 53Issue: 50Published at Mon, 13 Dec 2010 -
Kazakhstan Agrees On ONGC Participation In Satpayev Exploration
...ake by February 2011.” A heads of agreement (HOA) was signed in January 2009, but MEES understands that the Kazakh authorities were alarmed by the decision of ONCG’s partner Mittal to withdraw from the original deal in November 2009, despite the fact that ONGC Videsh Ltd (OVL), the international ar...
Volume: 53Issue: 50Published at Mon, 13 Dec 2010 -
Azeri Gas Supply To Syria Expected End-2011 Under Updated Agreement
...ess Agency on 6 December that Syria expects to receive approximately 3.5 mn cmd from Azerbaijan by the end of 2011, under an updated agreement signed in Baku between Syrian oil officials and Socar representatives on 23 November. Mr Zainab noted that the construction of the 62km Syrian branch of a ga...
Volume: 53Issue: 50Published at Mon, 13 Dec 2010 -
Noble Energy Could Expedite Offshore Drilling Program, Says Cyprus Energy Official
...ergy, which holds the only production sharing contract (PSC) with the Cyprus government, is required in accordance with the PSC to drill one well in Block 12 between October 2011 and October 2013 (MEES, 8 November). However, Mr Kassinis said Noble may decide to move ahead with its schedule in Cyprus on...
Volume: 53Issue: 50Published at Mon, 13 Dec 2010 -
Iraqi 2011 Draft Budget Projects Steep Decline In Deficit To $12Bn
...Middle East Economic Survey VOL. LIII No 50 13-Dec-2010 IRAQ Iraqi 2011 Draft Budget Projects Steep Decline In Deficit To $12Bn The Iraqi cabinet has approved a draft budget for 2011 wi...
Volume: 53Issue: 50Published at Mon, 13 Dec 2010 -
NEPCO Prequalifies Bidders For Jordan’s Third IPP Project
...e in March 2011. Jordan inaugurated in October 2009 its first IPP, the ʹAmman East Power Project (MEES, 2 November 2009)....
Volume: 53Issue: 50Published at Mon, 13 Dec 2010 -
US Consultancy To Assess Prospects For GCC Nuclear Power Cooperation
...er a six-month period and will be completed by the second quarter of 2011. The GCC formalized the contract with Lightbridge and its partner Exelon Generation Company. The firm will perform a group of studies to identify the relative value and implementation options that could result from regional co...
Volume: 53Issue: 50Published at Mon, 13 Dec 2010 -
Saudi Kayan Starts Trial Operations At Jubail Phenolics Plant
...0,000 t/y bisphenol-A plant. The majority of the BPA will be used as feedstock for the production of polycarbonates. The polycarbonates unit is planned for trail start-up in the first half of 2011, the company said. In August, Saudi Kayan started seeking extra funds following the rise in capital ex...
Volume: 53Issue: 50Published at Mon, 13 Dec 2010 -
Sudan Leaders Agree On Post-Referendum Oil Field Security
...P) and the south’s Sudan People’s Liberation Movement (SPLM). Security arrangements after 9 July 2011 will depend on directives made by the two parties following the declaration of the vote’s result, said Vice-President 'Ali 'Uthman Muhammad Taha and his southern counterpart Riek Machar. The ag...
Volume: 53Issue: 50Published at Mon, 13 Dec 2010 -
Russia Prepared To Assist Sudan In Its Efforts To Obtain Debt Relief
...ing “irrevocable” according to the Russian envoy. “After the referendum in South Sudan in January 2011, Russia will be interested in seeing possibilities for economic development emerging both in the south and north of Sudan, therefore we will have to discuss the question of lifting the embargo im...
Volume: 53Issue: 50Published at Mon, 13 Dec 2010 -
Socar Completing First Appraisal Well In Umid Field
...-40mn tons of condensate.” The well will be completed this month and be followed by a second appraisal well in 2011. A Socar official told MEES that the company “could finish the exploratory phase by late 2012 - early 2013, even though the company has not yet decided on the timetable and cost of a po...
Volume: 53Issue: 49Published at Mon, 06 Dec 2010 -
IGB Pipeline Agreement Signed, Bulgaria Looks To IBR Link
...Traikov said that Bulgartransgaz, Bulgaria’s state owned transmission system operator (TSO), will invest another €11mn to complete the project by 2011. Its initial capacity is estimated at 1.5 bcm/y, which will be increased to 3 bcm/y and later 4.5 bcm/y to match the capacities of the IGB and In...
Volume: 53Issue: 49Published at Mon, 06 Dec 2010 -
CNPC To Boost Turkmen Gas Imports To Meet Winter Demand
...mpared to a contracted annual volume of 5.8 bcm/y. CNPC controls almost 90% of the country’s gas network and announced on 1 December that it plans to expand this network by 80% or 40,000km in the period 2011-15. It expects imports from Turkmenistan to reach 15 bcm/y by the end of 2011....
Volume: 53Issue: 49Published at Mon, 06 Dec 2010 -
Salehi Says Loading Of Nuclear Fuel At Bushehr Completed
...ant.” He said he hoped the plant would be connected to the national electricity grid by mid-February. The plant is expected to generate 400mw for the first three months of operation. If all goes to plan, output is expected to reach full generation capacity of 1gw by June 2011....
Volume: 53Issue: 49Published at Mon, 06 Dec 2010 -
Energy Minister Invites Inquiries From Onshore Seismic Surveyors
...formation with the ministry by 25 January 2011, according to a report by Lebanon’s official National News Agency. Lebanon is hoping to develop its energy sector as soon as possible. In August of this year the parliament passed a hydrocarbon law, but a number of measures have yet to be taken before im...
Volume: 53Issue: 49Published at Mon, 06 Dec 2010 -
BSF Says Saudi State Expenditure Increasing Breakeven Oil Price
...pected to continue over the next few years, though it will decline slightly as a result of still limited private sector activity, Banque Saudi Fransi (BSF) said in a new report. The bank anticipates expenditure of SR590bn ($157bn) in the budget for 2011 which, while a 9.3% increase from this year’s SR...
Volume: 53Issue: 49Published at Mon, 06 Dec 2010 -
Petrobras And MMHC Finalize Coke Plant Deal
...nstruction will begin in the first quarter of 2011, with start-up earmarked for early 2013, local daily al-Riyadh quoted the holding group’s managing director ʹAbd al-Aziz al-Hamwa as saying. The required initial investment will be $450mn, to be funded in equal shares by the two parties with the possible in...
Volume: 53Issue: 49Published at Mon, 06 Dec 2010