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Dragon Arranges Short-Term Crude Swap With Iran, Seeks Longer Arrangement
...second quarter 2011. Kashagan is to come on-stream in 2012-13. Germany’s E.ON Ruhrgas has submitted to Socar a plan for the modernization of the gas infrastructure in the Baku and Absheron regions of Azerbaijan. An announcement posted on Socar’s website on 27 April said the upgrading, es...
Volume: 53Issue: 18Published at Mon, 03 May 2010 -
ERC Seeks Remaining Funding For Musturud Refinery
...grading is being implemented as a lump sum turnkey (LSTK) contract. Completion is planned for 2014. It had originally been scheduled for 2011, and costs were pegged at $2.25bn (MEES, 30 June 2008). But the project financing for the refinery was slowed down by the financial crisis, and underwent al...
Volume: 53Issue: 18Published at Mon, 03 May 2010 -
Saudi Arabia Set To Become Major Player In Global Aluminum, Says NCB
...d Western Europe will take a number of years to reach pre-downturn levels. China, India and the Middle East will also account for around 97% of the 7.9mn tons/year global capacity increase anticipated in 2010 and 2011. GCC is forecast to produce 3.5mn t/y of primary aluminum by the end of 2010, re...
Volume: 53Issue: 18Published at Mon, 03 May 2010 -
Nakheel Signs Agreements With Trade Creditors
...34.4bn ($9.37bn) on 21 April, with provisioning levels for non-performing loans rising by 2.4% from February to March. The National Central Cooling Company (Tabreed), an Abu Dhabi-based, Dubai-listed refrigeration and cooling company, has meanwhile delayed its payment on an DH1.7bn ($460mn) sukuk due in 2011...
Volume: 53Issue: 18Published at Mon, 03 May 2010 -
IMF Projects Positive But Uneven MENA Growth In 2010-11
...pected, with emerging economies taking the lead, the International Monetary Fund (IMF) has said in its latest World Economic Outlook, published on 21 April. World output is expected to rise by 4.2% in 2010 and by 4.3% in 2011, following a decline by 0.6% last year. Policy intervention has improved fi...
Volume: 53Issue: 17Published at Mon, 26 Apr 2010 -
RWE Opens Office In Ashgabat, Moves Ahead With Offshore Block 23
...ll run 1,220km through the Baltic Sea to Griefswald, Germany. The dual pipeline will ultimately carry 55 bcm/year of gas. The first pipeline will carry 27.5 bcm/y beginning September 2011. The second pipeline will come into operation in October 2012 with the same volume. Gazprom holds 51%, Germany’s E....
Volume: 53Issue: 16Published at Mon, 19 Apr 2010 -
South Pars Output Up 28% Last Year
...te of 60%” by March 2011. He said that $1.6bn had been spent so far in taking the project to 30% of completion. South Pars 12 development is expected to cost $7.5bn. Design capacity is 78mn cmd of gas and 120,000 b/d of condensates....
Volume: 53Issue: 16Published at Mon, 19 Apr 2010 -
Jordan Signs $52Mn Loan With SFD
...pacity of 142mw each, due to come on line in early 2011. The loan will carry interest at 2% is repayable in 30 semi-annual installments after a grace period of five years. Last month the Kuwait Fund for Arab Economic Development (KFAED) agreed to provide KD15mn ($52mn) to Jordan to finance the Samra po...
Volume: 53Issue: 16Published at Mon, 19 Apr 2010 -
Block 24 Oil Production Due To Start This Month
...rch). Elsewhere in Block 9, Loon Lattakia (a subsidiary of Kulczyk Oil of Canada) plans to start drilling in 2011, the company’s vice-president for operations and engineering Edwin Bearman, told The Syria Report. “We will finish the 3D seismic survey by the end of next month. Depending on the findings of...
Volume: 53Issue: 16Published at Mon, 19 Apr 2010 -
Russia’s Transneft Claims Bulgaria Delaying Burgas-Alexandroupolis Pipeline Project
...to operation 2010, but that date has been moved back to an unlikely 2011. Last February, Russian Foreign Minister Sergei Lavrov called for the Bulgarian government to provide a concrete statement on whether it was interested in building the pipeline (MEES, 1 March, 22 February). Bulgaria is re...
Volume: 53Issue: 15Published at Mon, 12 Apr 2010 -
Russia To Deliver Second Batch Of Fuel Rods To Bushehr Plant In 2011
...Middle East Economic Survey VOL. LIII No 15 12-April-2010 IRAN Russia To Deliver Second Batch Of Fuel Rods To Bushehr Plant In 2011 Yury Olenin, President of Russia’s state-owned nuclear fu...
Volume: 53Issue: 15Published at Mon, 12 Apr 2010 -
Laffan Condensate Refinery Inaugurated, Expansion Work Expected In 2011
...Middle East Economic Survey VOL. LIII No 15 12-April-2010 QATAR Laffan Condensate Refinery Inaugurated, Expansion Work Expected In 2011 The Laffan Refinery, the first condensate pr...
Volume: 53Issue: 15Published at Mon, 12 Apr 2010 -
SABIC And Celanese Sign Agreement For $400Mn POA Plant
...dustrial city, with construction expected to begin in 2011. “The new facility will boost SABIC’s position in the performance chemicals industry as an important part of its 2020 strategic plan,” SABIC said. The facility is expected to come on stream by 2013, and use methanol feedstock produced by IBN SINA. PO...
Volume: 53Issue: 15Published at Mon, 12 Apr 2010 -
Saudi Inflation Rate Expected To Stabilize In 2010, Says Samba
...ough excess capacity in the global economy to suggest that inflation among Saudi Arabia’s trading partners will remain weak for the next year at least. Samba expects consumer price inflation to hold at an average 4.5% in 2010, before gathering pace to 5% in 2011-12. Sharp increases in prices will be ge...
Volume: 53Issue: 15Published at Mon, 12 Apr 2010 -
2010 Outlook For Jordan Uncertain, Bank Audi Says
...spectively. “Within this context, careful management of discretionary spending will be needed going forward in order to consolidate public finances and bring public debt back within legislated limits,” says the bank, adding that if the 2010 budget is followed by another austere budget in 2011, the public debt to...
Volume: 53Issue: 14Published at Mon, 05 Apr 2010 -
Turkey’s Gas Imports Bill Totals $9.9Bn In 2009, Crude Imports $6.4Bn
...an or Iraq and Egypt. The energy plan calls for negotiations with Azerbaijan and Nabucco gas pipeline partners to be concluded this year in order for construction of the 3,300 km pipeline to begin in 2011, and for a gas pipeline link to be completed next year with Syria – through which Egyptian gas wo...
Volume: 53Issue: 14Published at Mon, 05 Apr 2010 -
Nabucco Confirms 2014 Target For Pipeline Start-Up
...nstruction of the Nabucco Gas Pipeline project would begin in 2011 and that first gas would be pumped through the 3,300km conveyor in 2014. “We are aiming to start with the construction at the end of 2011 and we’ll expect first gas to flow at the end of 2014,” Mr Mitschek said in a statement issued from Vi...
Volume: 53Issue: 13Published at Mon, 29 Mar 2010 -
Higher Crude Prices Adopted For 2010 Budgets
...direct heavy investments across all major sectors. Angolan authorities are expected to follow IMF advice and rebuild reserves before allowing imports to rise strongly again, reflected in the moderate price thresholds projected for 2010 and 2011. Although substantial variations in required prices co...
Volume: 53Issue: 12Published at Mon, 22 Mar 2010 -
Saudi Economy Registers Positive Growth But Concerns Over High Inflation, Says Samba
...storical norms. Samba expects the rate of inflation to remain broadly stable in 2010, averaging around 4.5%, before edging up to 5% in 2011 as trading partners’ inflation picks up, wheat prices rise, and domestic economic activity firms. Despite the recovery in private economic activity, bank credit is st...
Volume: 53Issue: 12Published at Mon, 22 Mar 2010 -
AIOC Approves Chirag Oil Project, Sees Additional 360Mn Barrels
...ucasus to the Turkish Mediterranean coast. The Azerbaijani government estimates that crude output from the ACG fields now producing will reach 44.8mn tons (896,000 b/d) in 2010, 46.8mn tons (936,000 b/d) in 2011, and 44.6mn tons (892,000 b/d) in 2012. AIOC consortium partners in ACG are: BP (operator, 34...
Volume: 53Issue: 11Published at Mon, 15 Mar 2010