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Higher Oil Prices And Fiscal Spending Help GCC Recover, Says Emirates NBD
...al GDP in GCC markets grew by 8% in 2008 and then slowed abruptly to 1.8% in 2009. Renewed activity should translate into a 4.8% real GDP increase in 2010, reaching a growth rate of 5.5% in real terms through 2011. Emirates NBD expects growth in the UAE to rise from 2.5% in 2010 to 4.0% in 2011. Real GD...
Volume: 53Issue: 29Published at Mon, 19 Jul 2010 -
Sudan’s Politicians Clash Over Pipeline, Groups Warn Of War If No Oil Deal
...peline, Groups Warn Of War If No Oil Deal Leaders in land-locked South Sudan have clashed with the Sudanese Oil Minister Lual Deng about the viability of a $15bn, 450,000 b/d oil pipeline to Kenya. Without the pipeline, the South – expected to vote for independence from the North in January 2011 – will de...
Volume: 53Issue: 29Published at Mon, 19 Jul 2010 -
EMAL Secures $737Mn Of ECA Funding, Continues To Eye Capital Markets
...uminum smelter complex. It is being built in two phases, with phase one production starting in December 2009, and ramping up to full output of 750,000 tons/year of aluminum in April 2011, and once phase two is finished it will produce 1.5mn t/y. The project will produce primary aluminum with a product mi...
Volume: 53Issue: 29Published at Mon, 19 Jul 2010 -
Bulgaria Lukewarm On Burgas-Alexandroupolis, Bullish On South Stream And Belene
...t decide on participation in the Burgas-Alexandroupolis oil pipeline project before February 2011 at the earliest. However, a visit to Sofia by Russia’s Deputy Prime Minister and Gazprom Chairman Viktor Zubkov on 6-7 July appears to have ended Bulgaria’s procrastination over the other two of three st...
Volume: 53Issue: 28Published at Mon, 12 Jul 2010 -
BG Plans Expansion Of WDDM Gas Facilities
...ncession, will be operational by the end of 2010, with the company also planning to drill an additional nine development wells on the block by late 2011, he told reporters on 7 July. “Gas demand in Egypt is going up, and increased demand helps promote exploration,” Mr Sufi noted. BG manages its upstream ac...
Volume: 53Issue: 28Published at Mon, 12 Jul 2010 -
IMF Revises Up 2010 Global Outlook
...tlook The International Monetary Fund (IMF) has revised upwards its global economic growth projections for 2010 and 2011 in the July update of its World Economic Outlook. The global economy is expected to expand by 4.6% in 2010, up from projections in April which saw growth at 4.2% (MEES, 26 April). The ne...
Volume: 53Issue: 28Published at Mon, 12 Jul 2010 -
GCC Economies Return To More Robust Growth, Says Samba
...oblems in Europe are unlikely to alter materially economic growth prospects for the GCC states for the remainder of this year and 2011. Any further immediate dip in oil prices should be in large measure offset by a stronger dollar, according to Samba. However, deterioration in loan portfolios in various co...
Volume: 53Issue: 28Published at Mon, 12 Jul 2010 -
Bulgaria Calls For Detailed Gas Talks With Turkey And Azerbaijan
...d the Balkans by the end of 2011. Sofia News Agency reported on 30 June that the two sides also discussed a November 2009 memorandum of understanding (MOU) for the export of compressed natural gas (CNG) to Varna through the Socar-controlled Georgian terminal of Kulevi. In April 2009, Bulgaria and Az...
Volume: 53Issue: 27Published at Mon, 05 Jul 2010 -
Technip Awarded West Delta Deep Marine Expansion Contract By Burullus
...sign, supply and installation of three production manifolds and three subsea distribution assemblies, the installation of 67km of rigid production flowlines and 88km of umbilicals, and their connection to wellheads and subsea manifolds, with work expected to begin in the second quarter of 2011. Burullus is...
Volume: 53Issue: 27Published at Mon, 05 Jul 2010 -
Cyprus Prepares For Second Bid Round In 1H11, As Gas Prospects Grip East Mediterranean
...d round for offshore exploration and development blocks sometime during the first or second quarters of 2011, Solon Kassinis, head of Cyprus’ Energy Department at the Ministry of Commerce, has told MEES. It had been expected that Nicosia would announce a bid round sometime during 2010 (MEES, 4 May 20...
Volume: 53Issue: 27Published at Mon, 05 Jul 2010 -
Gazprom And Eni Finalize Deal For EDF To Join South Stream, Consider Routing Options
...e final investment decision can be taken in the first quarter of 2011. Mr Miller said that the South Stream partners are confident that the full 63 bcm/year capacity of the $25bn pipeline will be taken up, since its design capacity “is based on long term contracts for gas supplies to European co...
Volume: 53Issue: 26Published at Mon, 28 Jun 2010 -
Arab Economies To Grow By 4% This Year, AMF Chief Says
...d some exports to be affected to a small degree. The AMF forecast was very much in line with that of World Bank Finance Director Mansour Dellami, who on 21 June said the Arab world would see 4% average growth in 2010, and 4.3% growth in 2011, compared to a 6% average for developing economies and 2....
Volume: 53Issue: 26Published at Mon, 28 Jun 2010 -
EIB Launches Mediterranean Carbon Fund
...velopment Agency (AFD). The fund, expected to be set up in 2011, will use carbon credits generated under the Clean Development Mechanism (CDM). “Its size will be based on an evaluation of the volume of carbon credits potentially generated by projects under the CDM and could be delivered by 2020 in the re...
Volume: 53Issue: 26Published at Mon, 28 Jun 2010 -
Trowers & Hamlins Files $720Mn Forex Claim Against AHAB
...ternational banks with debt exposures totaling $15-22bn. Trowers & Hamlins recently filed cases with Saudi Arabia’s Negotiable Instruments Committee (NIC) against Saad Trading, a division of Saad Group, for $11mn, as well as against Abdulaziz al-Sanea for $54mn, with hearing dates set for early 2011....
Volume: 53Issue: 26Published at Mon, 28 Jun 2010 -
UAE Banking Sector Capitalization Makes Challenges Manageable, Says Fitch
...ported by some banks, says Fitch. As loan books stagnate in 2010 and possibly into 2011, the ratio will increase for all banks as problems assets work their way through the banking system, maintains the report. Loan loss reserve coverage also declined for the nine largest banks to 97% from 148% at en...
Volume: 53Issue: 26Published at Mon, 28 Jun 2010 -
KMG And CNPC To Build Intra-Kazakh Link To Central Asia Gas Pipeline
...d expected to end in April-May 2011. The Heydar Aliyev drilling rig will operate at 470-480ms and drill to a target depth of 7,100-7,200ms. Socar has estimated that the Absheron structure could contain up to 300bn cu ms of gas and 45mn tons of condensate. A production sharing agreement for Ab...
Volume: 53Issue: 25Published at Mon, 21 Jun 2010 -
CBI Guarantees 10% Return On Foreign Investments In Iran
...vestment. Earlier in June Mehr News Agency reported that the Ministry of Petroleum had allocated $13.6bn for oil projects and $2.4bn for refineries for the year ending on 20 March 2011 from the National Energy Fund, which was established in February with the backing of the CBI and four state-owned banks, to fi...
Volume: 53Issue: 25Published at Mon, 21 Jun 2010 -
Kuwait Faces Power Crisis As It Prepares To Launch First IWPP
...ry alarming”, reported KUNA news agency. The Minister of Electricity and Water, Badr al-Shurai'an, said that his ministry had stepped up efforts to prevent blackouts. He said a breakthrough is unlikely before 2011, when the al-Sabiyya power station becomes operational. Kuwait is expected to launch it...
Volume: 53Issue: 25Published at Mon, 21 Jun 2010 -
Saudi Economy Remains Sound Despite Global Uncertainties, Says BSF
...nimally compared with six months ago, Banque Saudi Fransi (BSF) said in a 14 June report. BSF maintains its GDP growth forecast at 3.9% for 2010, climbing to 4.2% in 2011. However, it cut its oil sector expansion forecast to 3.6%, while raising the projection for government sector GDP growth to 4.6%. Go...
Volume: 53Issue: 25Published at Mon, 21 Jun 2010 -
Red Emperor Agrees Preliminary Farm-In Deal With Africa Oil For Puntland Blocks
...e PSAs on both blocks with the region’s breakaway government, extending the initial exploration phase from 36 months to 48 months to expire on 17 January 2011 (MEES, 28 December 2009)....
Volume: 53Issue: 25Published at Mon, 21 Jun 2010