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Algeria Details Power Generation Capacity Expansion Plans
...me period. The expansion plans follow a recent series of outages as peak summer demand hit new records. Demand hit a record 10.06gw on 4 August, more than 14% over the 2011 maximum. However, supply was unable to keep pace, forcing Sonelgaz to instigate a series of rolling power cuts with co...
Volume: 55Issue: 36Published at Mon, 03 Sep 2012 -
Kuwait Realizes $47Bn Budget Surplus
...er. Public expenditure meanwhile was around KD17bn ($60.2bn), some 12.4% below the KD19.4bn ($69.7bn) initially projected by the 2011-12 budget (MEES, 26 March). “It is a record surplus. Ninety-five per cent or thereabouts of revenues come from oil, and oil prices have been very well supported ab...
Volume: 55Issue: 36Published at Mon, 03 Sep 2012 -
Kufpec Expands Australian Presence With Offshore Oil Concession Award
...2011, and four assets that are still in the development stage. It also holds a 7% stake in the $29bn Chevron-operated Wheatstone LNG project in Western Australia, which in May this year reached a deal to sell upwards of 80% of its output to Japan’s Tohoku Electric Power Company. First gas, ac...
Volume: 55Issue: 36Published at Mon, 03 Sep 2012 -
KMG EP Reports Output Down In First Half, Begins Modernization
...SPIAN KMG EP Reports Output Down In First Half, Begins Modernization Kazakhstan’s KazMunaiGas Exploration Production (KMG EP) reported on 14 August that in the first half of 2012 it produced 6.057mn tons of crude oil (248,000 b/d), which is 4% less than in the same period of 2011. The decline was ma...
Volume: 55Issue: 35Published at Mon, 27 Aug 2012 -
Egypt’s Finance Ministry Loans EGPC $600Mn
...ise the total amount of loans extended to EGPC since 2010-11 to $5.75bn, in addition to financial guarantees from the ministry to the oil sector in 2011-12. EGPC is also said to be seeking to borrow from Arab lending organizations $600mn to ease the liquidity crisis from which the corporation is cu...
Volume: 55Issue: 35Published at Mon, 27 Aug 2012 -
Iraq Denies It Is Helping Iran Avoid International Sanctions
...ayer in Iraq and the government of Prime Minister Nuri al-Maliki, especially after the withdrawal of the US army from Iraq in December 2011. Tehran is one on Iraq’s main trading partners and has plans to boost the volume of bilateral trade between the two countries from the current estimate of $11...
Volume: 55Issue: 35Published at Mon, 27 Aug 2012 -
Iran Plans 1.5GW Hydropower Capacity Addition This Year
...zazadeh said that the 1.5gw of capacity due on-line this year comprises six new units: two at the Gotvand Dam hydropower plant and four at the Siah Bisheh plant. Iran’s total power generation capacity is estimated at 53gw (MEES, 23 May 2011). ...
Volume: 55Issue: 35Published at Mon, 27 Aug 2012 -
Cyprus Tenders To Import Natural Gas For Domestic Power
...interest to supply gas. The move will be an interim solution until the gas resource discovered in the offshore Block 12 can be brought to shore via an underwater pipeline. US firm Noble Energy discovered 5-8 trillion cu ft of natural gas in the Aphrodite field in December 2011 and is currently in ta...
Volume: 55Issue: 34Published at Mon, 20 Aug 2012 -
Baghdad Looks To Expand Kirkuk Field
...ES, 19 September 2011). Northern Iraq also hosts three of the field development projects awarded to foreign oil companies. There are three drilling rigs now active at the 170,000 b/d Gazprom-led Badra project. And Iraq remains optimistic that first phase production of 40,000 b/d by 2013 can be...
Volume: 55Issue: 34Published at Mon, 20 Aug 2012 -
Arab Bank Chairman Quits After Long Running Power Struggle With CEO
...riri. He personally owns shares in Arab Bank and as of 31 December 2011, Hariri family-controlled companies Saudi Oger and Oger Middle East Holdings held 9.6% and 7.1% respectively. Over the last several years the Shoman family had sold stakes in the bank to both the Hariri family and Jordan’s Social Se...
Volume: 55Issue: 34Published at Mon, 20 Aug 2012 -
Jordan’s Energy Ministry Shortlists Companies For AOT Project
...nsumption of crude at about 6mn tons (120,000 b/d) in 2011, of which 2.5mn barrels/month (82,000 b/d) are imported from Saudi Arabia at international prices, and 10,000 b/d is supplied from Iraq at preferential prices (reported to be at a discount of $18/B off the international price). Supplies of Iraqi cr...
Volume: 55Issue: 34Published at Mon, 20 Aug 2012 -
Kuwait’s GDP Surges 29% In 2011, NBK Says
...WAIT Kuwait’s GDP Surges 29% In 2011, NBK Says Kuwait’s nominal GDP in 2011 rose by 29% to KD44.4bn ($157.2bn) from KD34.4bn ($121.8bn) in 2010, according to preliminary estimates by National Bank of Kuwait in its Kuwait Economic Brief of 14 August. The steep rise in GDP was attributed to a 47% su...
Volume: 55Issue: 34Published at Mon, 20 Aug 2012 -
Libyan Producers Target Pre-War Oil Volumes By Year-End
...sin’s Akakus joint venture, where OMV is also a partner, gave the ramp-up in its Libyan production as the key factor behind its improved second quarter output of 320,000 b/d, up 8% on the same period in 2011 (when Libyan production was zero). However the company’s bottom line has been whacked by write-do...
Volume: 55Issue: 34Published at Mon, 20 Aug 2012 -
APICORP Announces 24% Rise In Income In First Half 2012
...GIONAL/OAPEC APICORP Announces 24% Rise In Income In First Half 2012 The Arab Petroleum Investments Corporation (APICORP) has announced a net income of $51mn in the first half of 2012, up 24% from $41mn in the corresponding period of 2011. APICORP’s assets increased 18% to $5.12bn from $4....
Volume: 55Issue: 34Published at Mon, 20 Aug 2012 -
Severe Recession Hit Tunisia After 2011 Regime Change, Says IMF
...nisia Severe Recession Hit Tunisia After 2011 Regime Change, Says IMF Tunisia’s political transition continued to progress after the overthrow of the regime of Zein al-'Abidine bin 'Ali, in January 2011, but the country experienced a severe recession in the aftermath, the International Monetary Fu...
Volume: 55Issue: 34Published at Mon, 20 Aug 2012 -
TAQA Profits Rise 2.8% In Second Quarter
...arter compared to the same period in 2011 – a 2.8% rise. Total revenues dropped 14.5% in the quarter. North American gas prices have continued to fall with Henry Hub prices hitting a 10-year low in February 2012, Carl Sheldon TAQA’s CEO said. “Prices have since recovered somewhat, but overall ga...
Volume: 55Issue: 34Published at Mon, 20 Aug 2012 -
Praise For Egyptian Joint Ventures’ Performance
...the Gulf of Suez, whilst Agiba produces mostly from the Western Desert (MEES, 28 May) These six joint ventures produced a total of 489,000 b/d for the 2011-12 financial year (July 2011 to June 2012), accounting for over 70% of Egypt’s oil production and over 50% of gas output (see ta...
Volume: 55Issue: 33Published at Mon, 13 Aug 2012 -
Western Zagros Gets New Investment
...alakan block, operated by the UAE’s New Age. Western Zagros, which already has an investment from the UAE’s TAQA (MEES, 7 November 2011), also announced that Gazprom Neft had made its contractual payment of Can$83mn as part of its recent purchase of the 40% third party non-operator stake in We...
Volume: 55Issue: 33Published at Mon, 13 Aug 2012 -
IMF Finalizes $2Bn Standby Arrangement For Jordan
...mpany (NEPCO) to increase to 4.9% of GDP in 2011 from 0.8% in 2010. As a result of the economic shocks growth slowed significantly, investor confidence weakened, and the external current account deficit (including grants) widened to 12% of GDP in 2011 from 7% in 2010, Ms Kostial said. Ac...
Volume: 55Issue: 33Published at Mon, 13 Aug 2012 -
Lebanon’s Economy Hit By Power Crisis and Syrian Turmoil
...nances. EDL’s subsidies cost the government $1-1.5bn per year, widening the fiscal deficit, which Citi expects to hit 7.9% of GDP in 2012 from 5.7% in 2011. Lebanon Complies With International Sanctions Against Syria Central Bank of Lebanon (CBL) Governor Riad Salamah told the daily al-Ha...
Volume: 55Issue: 33Published at Mon, 13 Aug 2012