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MENA Solar Power Progressing In Small Steps
...derstanding (MOU) with Morocco’s Agency for the Development of Renewable Energy and Energy Efficiency (Aderee) for the exchange of expertise in developing energy policy and regulation. DII is currently developing joint projects with Morocco, Tunisia and Algeria. In May 2011, DII and Masen signed an MOU for a re...
Volume: 55Issue: 45Published at Fri, 02 Nov 2012 -
Dana Gas Misses Sukuk Deadline
...e down 6% compared to the same period in 2011 “mainly due to a fall in natural gas production in Egypt” the company says. The company’s overall net production fell 9% to 59,600 b/d of oil equivalent (boe/d) over the same period. Egyptian production for the first nine months of 2012 was 32,000 boe/d, do...
Volume: 55Issue: 45Published at Fri, 02 Nov 2012 -
Syria’s Budget Deficit Set To Double For 2013
...expenditure to S£1,383bn. The budget deficit will rise more than twofold to S£749bn from S£335bn in 2012. But this comparison in budget numbers does not take into account the depreciation in the value of the Syrian pound which has lost about half its value (from $1=S£47 in March 2011 to $1=S£69.6 cu...
Volume: 55Issue: 45Published at Fri, 02 Nov 2012 -
Algerian Export Revenue Up, But Hydrocarbon Dependence Increases
...peats the picture for 2011 when export revenue soared by 26% from $56bn to $72bn on the back of a $32/B rise in the price Algeria realized for its oil exports. This came despite a 4% fall in domestic hydrocarbon production and rapidly rising domestic consumption. But super-reliance on hy...
Volume: 55Issue: 45Published at Fri, 02 Nov 2012 -
Moody’s Sees Negative Outlook For Lebanese Banking
...ar-end 2011. ...
Volume: 55Issue: 45Published at Fri, 02 Nov 2012 -
Political Comment (2 November 2012)
...March 2011 – such as the US, France and Turkey – appear to be having second thoughts. But the harsh reality is that it may already be too late, and that Syria, like the egg Humpty Dumpty in the English nursery rhyme, is already broken beyond repair. Unless Mr Asad can bomb his own ci...
Volume: 55Issue: 45Published at Fri, 02 Nov 2012 -
Security, Politics Dominate Libyan Oil Sector Concerns
...ansitional Council in 2011. Like in other fields, the oil sector will probably have to wait for political change and a permanent government, Mr Ramadan advises. “It is not the officials’ fault. They are doing a very difficult job under the circumstances. In fact they have accomplished more than ca...
Volume: 55Issue: 44Published at Fri, 26 Oct 2012 -
Growing Gas Shortage Forces Egypt To Import LNG
...ring the current month to import petroleum products and this represents an increase of $200mn from the previous month. Egypt produced 61.3 bcm of gas in 2011 and consumed 49.6 bcm, according to the BP Statistical Review of World Energy June 2012. It exported 8.6 bcm in the form of LNG. Pi...
Volume: 55Issue: 44Published at Fri, 26 Oct 2012 -
South Sudan Orders Oil Production Restart
...l is currently produced in these two blocks, with Blocks 1 and 5 in the South’s Unity state contributing the balance. Total output from Blocks 3 and 7 was estimated to have hit 230,000 b/d of waxy Dar blend in 2011, compared to around 200,000 b/d in 2008. The company said in 2010 that it expected pr...
Volume: 55Issue: 44Published at Fri, 26 Oct 2012 -
Qatar Faces LNG Market Challenges
...$100/B, $12-13/mn BTU plus usually $1-2. Spot markets are in the $13-13.50 price bracket – driven high by soaring demand following the March 2011 nuclear disaster. Some estimates put Japan’s LNG demand for the fiscal year ending March 2013 at 85-90mn t/y. Japan Gas Association says th...
Volume: 55Issue: 44Published at Fri, 26 Oct 2012 -
Iraqi Oil Demand Bounces Back
...aqi 2010 oil demand at 32mn tons. Deciphering Iraqi supply and demand trends is a dark art, involving an appreciation of cross-border smuggling, misreporting and simple human frailty, but a rough calculation points to demand rising relatively modestly in 2011 to about 33mn tons. But this year, it has pi...
Volume: 55Issue: 44Published at Fri, 26 Oct 2012 -
Middle East Refinery Capacity To Surge, Says IEA
...owing regional oil product demand,” Toril Bosoni, refining analyst for IEA’s monthly Oil Market Report, told MEES. The IEA sees Middle East oil demand growing by 1.7mn b/d from 2011 to 2017 or an average annual growth rate of 3.4% – the highest in the world. With forecast additions to Middle East re...
Volume: 55Issue: 44Published at Fri, 26 Oct 2012 -
Iraq Wakes Up From Power Shortage Nightmare
...litical boon for their rulers – there were regular and occasionally violent protests against power cuts, leading to the sacking of successive electricity ministers in the wake of both summer 2011 and summer 2010. Furthermore, years of deprivation taught Iraqis self-reliance and substantial off-gr...
Volume: 55Issue: 44Published at Fri, 26 Oct 2012 -
Decision On New OPEC Chief Postponed
...neral. OPEC Crude Oil Production October 2011 – October 2012 (MEES Estimates – ‘000 B/D) 2012 2011 Oct Sep Aug Ju...
Volume: 55Issue: 44Published at Fri, 26 Oct 2012 -
Maliki Asserts Control Over Central Bank Of Iraq
...$150-160mn per day in the first 10 months of 2011, and reached around $200mn per day early this year, before peaking at $300mn daily. The irony here is that Mr Maliki was backed by Tehran for the post of prime minister with the acquiescence of the US. Moreover, the Maliki administration is...
Volume: 55Issue: 44Published at Fri, 26 Oct 2012 -
OMV Production Up On Yemen, Libya Recovery
...ding a nine-month closure of the line on account of a spate of attacks in October 2011. “In Yemen, production recommenced at a low level in July, following the repair of an export pipeline,” the company said in August, without giving any further details. OMV’s net output at the block amounted to...
Volume: 55Issue: 44Published at Fri, 26 Oct 2012 -
Iran’s Inflation Rate Rises To 24%
...leasing its inflation figures, the CBI has to clear them with a government office, the Supreme Council of Statistics (MEES, 11 July 2011). The latest inflation figure is absurdly low, considering that last December the head of parliament’s Research Center, Ahmad Tavakoli, estimated the inflation rate then at...
Volume: 55Issue: 44Published at Fri, 26 Oct 2012 -
Iraqi Cabinet Approves 2013 Draft Budget
...5,000 b/d from the KRG, with a budget oil price of $85/B, up from $76.5/B in 2011 (MEES, 12 March). Mr Dabbagh added that the 2013 budget deficit will be covered by unused funds from the 2012 budget, funds in the Development Fund of Iraq (DFI) account with the New York Federal Reserve, local debt raised th...
Volume: 55Issue: 44Published at Fri, 26 Oct 2012 -
Algeria’s 2013 Draft Budget Projects Lower Spending
...udence” but not austerity. The government had earlier indicated that even if oil prices were to dip, the budget will not require the introduction of wage cuts or reduction of subsidies and social transfers. To avoid unrest and appease public grievances the government in 2011-12 had increased its social sp...
Volume: 55Issue: 44Published at Fri, 26 Oct 2012 -
Benchmark Crude Prices
...OIL PRICES Benchmark Crude Prices* 25 Oct 15-19 Oct 8-12 Oct Sep Aug Q3 2012 Q2 2012 2011...
Volume: 55Issue: 44Published at Fri, 26 Oct 2012