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SFD Lends Bahrain $115Mn
...der three loan agreements signed on 30 September in Manama. The first agreement for SR187.5mn ($50mn) will help cover the cost of an electricity transmission project, whose construction began in 2007 and is due for completion in 2011. The second agreement for SR143mn ($38.1mn) will finance the im...
Volume: 53Issue: 41Published at Mon, 11 Oct 2010 -
Credit Agricole Sees GCC Banks Reverting To Fundamentals
...ogram in which the role of banks has yet to be defined. “Reliance on state funds to finance development projects underpins the urgency of better engaging the private sector in 2011,” the bank said. Inflationary pressure in Saudi Arabia, which saw its inflation rate jump to a regional high of ab...
Volume: 53Issue: 41Published at Mon, 11 Oct 2010 -
NCB Says Saudi Arabia “Well Placed” For Growth In 2010
...pital inflows with the resumption of private sector credit continuing to support the non-oil sector. Real GDP growth has therefore been forecast at approximately 3.7% for 2010 and 4% for 2011. After the contraction of the oil sector by 6.7% in 2009 due to successive cuts in production, the NCB sa...
Volume: 53Issue: 41Published at Mon, 11 Oct 2010 -
Weak Performance For Saudi Banking In August, Says BSF
...lue. Banks are unlikely to see a substantial revival in credit until there is good growth in long term project financing, which BSF expects will take place in 2011 and 2012. There was also a notable decline in deposits of 1.8% from July to SR925.87bn ($247bn), which led to a rise in the loan-to-de...
Volume: 53Issue: 41Published at Mon, 11 Oct 2010 -
GE Wins $700Mn Contract For SEC Power Plant
...ted that Saudi Arabia, which has an installed capacity of 44gw, is expected to need about 70gw of power by 2020. GE will begin shipment of the equipment for PP11 in 2011 and the first phase of the project generating 788mw is scheduled to enter commercial operation in mid-2012. The second phase wi...
Volume: 53Issue: 41Published at Mon, 11 Oct 2010 -
Syria And India Sign MOU To Develop Phosphate Fertilizers
...ars to Oswal, which would be in charge of the development and running of the plant. They have also agreed to establish transportation and storage facilities on site and at the Port of Tartus. Oswal is expected to prepare a feasibility study for the project by early 2011....
Volume: 53Issue: 41Published at Mon, 11 Oct 2010 -
Edison Plans Purchase Of Turkish Power Plants, Seeks 20% Market Share
...d Middle East,” Mr Poti told reporters in Istanbul on 1 October. Turkey is expected in 2011 to offer for sale four coal and gas fired power plants with a combined 3.0gw capacity. Mr Poti, who heads Edison’s international projects department, said: “Turkey is the best market and now is the proper ti...
Volume: 53Issue: 41Published at Mon, 11 Oct 2010 -
RAK Petroleum Increases Stake In Saleh Field
...atement said. “Advances in technology as well as in oil and gas prices have regenerated our interest in the remaining potential of this field,” said Mr Mossavar-Rahmani. The company plans to commence redevelopment of the Saleh field in the first six months of 2011 by deepening an existing well into the Th...
Volume: 53Issue: 41Published at Mon, 11 Oct 2010 -
Mirkazemi Announces Halt To Gasoline Imports As Sanctions Limit Supply
...l and Unipec will continue to supply Iran once Tehran decides to return to the international market, thought likely before the beginning of the next Iranian year on 21 March 2011. China remains a potential major source of Iranian gasoline supplies, although it is not clear how much fuel could also be...
Volume: 53Issue: 39Published at Mon, 27 Sep 2010 -
Iran’s CNG Retail Network Rapidly Expanding
...twork has expanded rapidly over the past three years. There are expected to be 1,000 vehicles per CNG retail outlet by the end of the current Iranian year (21 March 2010 – 20 March 2011) compared with 1,400 vehicles in 2009 and 1,700 in 2008. Due to the abundance of Iran’s domestic gas resources, Mr Ro...
Volume: 53Issue: 39Published at Mon, 27 Sep 2010 -
NPCC Export Earnings Up By 30% In First Half Of Year
...dolhussain Bayat, told reporterson 20 September that National Petrochemical Commercial Company (NPCC) export revenues were 30% higher in the first half of the current Iranian year (21 March 2010 – 20 March 2011) than in the same period last year. In a ceremony to mark the 20th anniversary of the founding of NP...
Volume: 53Issue: 39Published at Mon, 27 Sep 2010 -
Noble Sanctions Tamar Gas Field Development
...velopment is estimated at $3bn, of which Noble will cover $1.1bn. The company said the majority of key project components have been awarded and development drilling is scheduled to commence by early 2011. The project is expected to come on stream in the fourth quarter of 2012. Noble Energy’s Chairman and CE...
Volume: 53Issue: 39Published at Mon, 27 Sep 2010 -
IMF Says Global Economic Recovery Advances Despite Setbacks To Financial Stability
...10. However, it is projected to slow temporarily during the second half of 2010 and the first half of 2011 due to downside risks, with high uncertainty in financial markets of particular concern. “The combination of sovereign risk and a still weak financial sector in many advanced economies poses si...
Volume: 53Issue: 39Published at Mon, 27 Sep 2010 -
Sudan Prepares Policies To Prevent Post-Referendum Economic Collapse
...untry, including price increases which he said were “a very normal phenomenon.” Mr Mahmud said: “In our estimates, 2011 will be better than 2010 as this has been proven by studies we have conducted on commodity price levels, state revenues, the state’s meeting its obligations, and the availability of ha...
Volume: 53Issue: 39Published at Mon, 27 Sep 2010 -
Turkey Plans Public Offering for TPAO In 2011
...Middle East Economic Survey VOL. LIII No 39 27-Sep-2010 TURKEY Turkey Plans Public Offering for TPAO In 2011 Turkey’s Minister of Energy and Natural Resources Taner Yildiz on 21 September announced that the government in 2011 will take steps to launch an initial pu...
Volume: 53Issue: 39Published at Mon, 27 Sep 2010 -
Ukraine Says LNG Project With Kazakhstan Postponed, Outlines Gas Production Plan
...zakhstan’s draft budget, issued on 13 September, indicated that Astana plans to produce 81mn tons of crude and condensate in 2011, and to increase production further to 83mn tons in 2012. The draft said that this year Kazakhstan exceeded its production quota of 80mn tons by 2-3mn tons, due to increased ou...
Volume: 53Issue: 38Published at Mon, 20 Sep 2010 -
IAEO Chief Says Bushehr Nuclear Plant Will Reach 40% Capacity By Year-End
...s full production capacity by the end of 2010. Iran aims to raise Bushehr output to its full capacity of 1gw by the end of March 2011....
Volume: 53Issue: 38Published at Mon, 20 Sep 2010 -
Kuwait Plans Four Nuclear Reactors By 2022, KNNEC Chief Says
...e most common material to be used as a coolant, but the emirate’s coastline is heavily populated. Meanwhile, Mr Bishara recently told Bloomberg in an interview that the emirate was currently drafting a roadmap for its nuclear program. The plan, which could be ready by January 2011, will include a ti...
Volume: 53Issue: 38Published at Mon, 20 Sep 2010 -
US Threatens Sanctions If Sudan Referendum Is Delayed
...ople. It is scheduled for 9 January 2011, with most voters expected to back partition. On a recent visit to the country, President Barack Obama’s envoy Scott Gration “made clear that there are a range of consequences that will be deployed if the situation in Sudan deteriorates or fails to make pr...
Volume: 53Issue: 38Published at Mon, 20 Sep 2010 -
Gulfsands’ Syrian Oil Production Now Averaging About 20,000 B/D
...25% of the exploration license for Block 26, thereby reducing the acreage to 5,414 sq km. At the same time the term of the license was extended till August 2011. ...
Volume: 53Issue: 38Published at Mon, 20 Sep 2010