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TAP Open To Shareholder Restructuring After Shah Deniz 2 Decision
...at Azerbaijan’s state firm had reached an agreement with Russia’s Gazprom over the further expansion of Azeri gas exports to 3 bcm/y in 2012. In November 2011 Russian imports reached a rate of 1.36 bcm/y, a 70% increase over the same time last year. Imports are expected to increase at a rate of 2 bc...
Volume: 54Issue: 52Published at Mon, 26 Dec 2011 -
Uzbekneftegaz Signs Agreement With PetroChina For Gas Supply
...PC) and soft loans from the Chinese Development Bank. An intergovernmental agreement on the export of Uzbek gas to China was signed in 2010 while the commercial agreement between PetroChina and Uzbekneftegaz was initialed in October 2011. The agreement stipulates that gas exports will start at 10...
Volume: 54Issue: 52Published at Mon, 26 Dec 2011 -
Iran Admits To Fall In Oil Output As EU Discusses Crude Embargo
...lebani as saying on 19 December. Though he chose not to provide any figure for the fall in output, MEES estimates show that average production in Iran has dropped from 3.737mn b/d in 2010 to 3.599mn b/d in 2011. Mr Qalebani’s revelation is the latest in a line of warnings from Iranian officials in re...
Volume: 54Issue: 52Published at Mon, 26 Dec 2011 -
Jordan Announces Austerity Draft Budget For 2012
...d public finances next year. Dr Tuqan noted that as of the start of 2011, Jordan had encountered more challenges with the rise in the international price of basic commodities, especially energy and foodstuffs, and the irregular supply of natural gas from Egypt. In addition the political turmoil in...
Volume: 54Issue: 52Published at Mon, 26 Dec 2011 -
Syrian Parliament Approves 2012 Budget Bill
...ice assumption of $75/B for Syrian light crude and $65/B for heavy crude. The steep increase in public spending of 58.8% over 2011 is due to a change in the accounting system with regard to the classification and logging of expenditure, the Syrian Minister of Finance Muhammad Jleilati explained la...
Volume: 54Issue: 52Published at Mon, 26 Dec 2011 -
APICORP Signs Deal For Fujairah Storage Terminal Financing
...untries. APICORP is a multilateral development bank owned by the 10 member states of the Organization of Arab Petroleum Exporting Countries (OAPEC), with the UAE government holding a 17% stake. Mr Nuaimi said: “In 2011, APICORP has participated in $11bn worth of project finance and trade transactions, of...
Volume: 54Issue: 52Published at Mon, 26 Dec 2011 -
Bapco’s Board Approves Plan To Boost Sitra Refinery Capacity To 450,000 B/D
...ve said that the detailed engineering study for the proposed pipeline is to be revealed by Saudi Aramco before the end of 2011. Bahrain Draws Up Plans To Deal With Gas Shortage Bahrain is also drawing up plans to avoid a potential future gas shortage. In the first quarter of 2012 it expects to...
Volume: 54Issue: 51Published at Mon, 19 Dec 2011 -
Saudi Arabia Tops WEF Financial Development Index For MENA
...Middle East Economic Survey VOL. LIV No 51 19-Dec-2011 REGIONAL Saudi Arabia Tops WEF Financial Development Index For MENA Saudi Arabia topped the World Economic Forum’s 2011 Financial Development Index for the MENA countries, jumping three spots and climbing above Bahrain and th...
Volume: 54Issue: 51Published at Mon, 19 Dec 2011 -
AMF Says Priority Is To Assist Arab Countries Rather Than Europe
...nkers in Abu Dhabi. Mr Manna'i also warned that oil prices could drop because of weak economic growth in the world and this will mean that Arab countries would not be in a position to help Europe. Egypt is expecting to receive $470mn in loans in 2011 from the AMF to support its budget deficit. And in...
Volume: 54Issue: 51Published at Mon, 19 Dec 2011 -
Suncor And Gulfsands Withdraw From Syria
...idance for 2011 and 2012 because Libyan production is ramping up and was not included in the existing guidance. Suncor and GPC are 50:50 partners in the Ebla Petroleum Company, which is developing the Ash-Shaer and the Cheriffe gas fields in the Syrian central gas basin for supply to the domestic ma...
Volume: 54Issue: 51Published at Mon, 19 Dec 2011 -
CBS Governor Says Syrian Pound’s Black Market Rate Is Imaginary
...cal currency, which had fallen by 16% from the level prevailing in March 2011 at the start of the political uprising. The black market rate of the pound has fallen by more than 20%. He attributed the rise in the value of the dollar vis-à-vis the pound to the steep fall in the value of the euro vi...
Volume: 54Issue: 51Published at Mon, 19 Dec 2011 -
Egypt’s Military Lends Central Bank $1Bn
...bn at the end December 2010. The reduction in the reserves has been attributed to the outflow of capital since February 2011 and the liquidation of portfolio positions on the stock exchange by foreign investors, economic experts maintain. Meanwhile, Egypt is still uncertain about the need to bo...
Volume: 54Issue: 50Published at Mon, 12 Dec 2011 -
Iraqi Budget Expenditure In 2012 Projected To Rise By 21%
...Middle East Economic Survey VOL. LIV No 50 12-Dec-2011 IRAQ Iraqi Budget Expenditure In 2012 Projected To Rise By 21% The Iraqi Council of Ministers on 5 December approved a draft budget for 2012 with total expenditure of ID117,000bn ($100.9bn), up 21% from 2011, and a de...
Volume: 54Issue: 50Published at Mon, 12 Dec 2011 -
Moody’s Downgrades Lebanon’s Banking System
...stem. Moody’s explained that the key drivers of credit risk within this system are: slower economic growth, following a sharp GDP deceleration in first half 2011; downside economic risks due to regional political uncertainty, particularly in Syria; and the bank’s asset and loan exposures to other re...
Volume: 54Issue: 50Published at Mon, 12 Dec 2011 -
SEC Awards $300Mn Gas Turbines Contract To GE
...e report observed: “The major contributors to this growth were building materials and other goods that gained 43.4% and 52.6%, respectively. Notably, the newly opened LCs accumulated to SR129.9bn ($34.6bn) in the first three quarters of 2011, representing a 15.5% increase over the corresponding pe...
Volume: 54Issue: 50Published at Mon, 12 Dec 2011 -
China Weighs Into Sudan Oil Row In Attempt To Resolve Impasse
...le to reach an agreement,” Mr Dau explained. Mr Guijin was scheduled to have gone to Khartoum, Sudan’s capital, on 8 December for further talks. South Sudan gained its independence from the North on 9 July after an overwhelming majority of South Sudanese voted to secede in a January 2011 re...
Volume: 54Issue: 50Published at Mon, 12 Dec 2011 -
Shell And Total Cease Operations In Syria
...,500 b/d in August 2011, through early production facilities. But at present production has come down because of current restrictions by the government. It is not certain how other smaller producers in Syria would react to the exit of Shell and Total. Croatia’s INA, which is controlled by Hungary’s MO...
Volume: 54Issue: 50Published at Mon, 12 Dec 2011 -
Azerbaijan Moves Further Away From Nabucco
...nkable by noting that despite the economic crisis, “DEPA would still produce an annual profit of approximately $130mn this year.” He also noted that EDF, which has owned 67% of Edison since November 2011, is one of the most financially powerful companies in Europe and “remains fully committed to the su...
Volume: 54Issue: 49Published at Mon, 05 Dec 2011 -
Iran To Sell Long Term Gas Contract As Bonds
...nominated bonds in the form of “over the counter” gas futures contracts within the current five-year development plan (2011-15). Mr Qalebani said: “Based on this plan, gas to be produced from gas fields will be sold to people beforehand,” adding that the contracts would “allow holders to buy gas at a di...
Volume: 54Issue: 49Published at Mon, 05 Dec 2011 -
NIORDC Blocks Gasoline Exports Due To Winter Demand
...ratorium on gasoline exports due to the early onset of the winter peak demand season. Mr Zeighami said that since March 2011 there have been two gasoline export shipments, which MEES understands were delivered to Iraq. He added: “For now, gasoline is not exported considering the domestic requirement. Gi...
Volume: 54Issue: 49Published at Mon, 05 Dec 2011