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Dubai’s Problems Persist After Latest Abu Dhabi Lifeline
...ar and in 2011. ADIA was one of a number of SWFs that supported Citi when it faced huge losses resulting from the financial crisis. Fitch Puts Five Dubai-Based Banks On Negative Watch, Moody’s Conducts Review Fitch Ratings said on 16 December it had kept the individual ratings of five Dubai-ba...
Volume: 52Issue: 51/52Published at Mon, 28 Dec 2009 -
Gulf Project Finance Activity Gathering Momentum
...velopment Fund (SIDF). Launching a bond remains a possibility, MEES understands, although this would break new ground for a Saudi refinery project. The massive Ras Tanura project sponsored by Saudi Aramco and US firm Dow Chemical is not expected to seek funding until 2011, although this petrochemical ci...
Volume: 52Issue: 51/52Published at Mon, 28 Dec 2009 -
Dragon Oil Shareholders Reject Takeover Offer By ENOC
...pital for the indebted emirate. In a statement posted on the Dragon Oil website on 2 December, ENOC expressed its commitment as a long-term majority shareholder to the company, stating that it would not sell shares in Dragon Oil until 31 December 2011 (MEES, 7 December). A statement issued by Dr...
Volume: 52Issue: 51/52Published at Mon, 28 Dec 2009 -
Qatari Banking System Remains Sound And Profitable, Says Samba
...portunities for sustained credit expansion through 2011. In addition, growing domestic liquidity and improving access to wholesale funding and capital markets should raise deposits and bring the loans to deposit ratio back down towards the central bank limit of 90%. Broad money (cash and bank deposits) gr...
Volume: 52Issue: 51/52Published at Mon, 28 Dec 2009 -
Africa Oil Extends Puntland Exploration Period
...dified terms for production sharing agreements (PSAs) for the Dharoor and Nugaal exploration areas. The amended agreements extend the initial exploration periods of both blocks from 36 months to 48 months, with an expiry date of 17 January 2011. Under the revised terms Africa Oil, which holds a 60% in...
Volume: 52Issue: 51/52Published at Mon, 28 Dec 2009 -
Iraqi Capacity Expansion Relative To World Oil Market Trends
...her OPEC countries. In other words, the world would have to live with a combined OPEC additional capacity of over 14mn b/d. Table 1: Production Capacity Estimates According To Contract Timelines (Mn B/D) 2011 2013* 20...
Volume: 52Issue: 51/52Published at Mon, 28 Dec 2009 -
Doha Rules Out New Gas Export Projects Post-Moratorium
...esented challenges. Excess water may have been an issue with Train 4, MEES understands. Qatari sources reject suggestions that any geological factor has changed policy, such as the extension to the moratorium, which was to have been lifted in 2011. “There has been no change,” said Mr Kaʹabi. “The mo...
Volume: 52Issue: 50Published at Mon, 14 Dec 2009 -
EBRD Encourages Kazakhstan To Diversify Away From Hydrocarbons
...Energy and Mineral Resources of Kazakhstan, extending the contract until 10 March 2011. This allows for further testing of the AKD01 exploration well, which has been drilled to a depth of 3,414ms and encountered two hydrocarbon zones....
Volume: 52Issue: 50Published at Mon, 14 Dec 2009 -
Iran’s MAPNA Wins Syrian Contract For Power Plant
...th a capacity of 450mw, which will raise generation capacity at the Jandal Power Plant near Homs. The contract for €280mn will be financed by Syria and the project is scheduled for completion by the end of 2011. This is MAPNA’s second contract in Syria, the first being the extension of the Tishreen po...
Volume: 52Issue: 50Published at Mon, 14 Dec 2009 -
Debt Crisis Threatens To Undermine Dubai’s Independence
...bn in 2011, MEES understands. Also, Dubai typically runs a big current account deficit, which at the first six months of this year was around Dh8bn ($2.1bn). The information released in October this year with a Dubai sukuk offering suggested that the cash based nature of Dubai’s public finances re...
Volume: 52Issue: 49Published at Mon, 07 Dec 2009 -
OPEC Output Hits Post-Oran High Amid Tepid Demand, Buoyant Prices
...stem and revenue streams. Towards the end of next year, new production from Iraq will start to come on stream. Significant increments are also due from Angola and Nigeria in 2011. OPEC will need to start working in 2010 on these issues and Luanda might prove the place to start. Should prices slip sh...
Volume: 52Issue: 49Published at Mon, 07 Dec 2009 -
OMV Chief Says Nabucco Timetable “Very Ambitious”
...cision by late 2010 and a start to construction work in 2011 to allow gas deliveries via Turkey by 2014, “is very ambitions and to some extent out of our control.” OMV is leading the Nabucco project, but Mr Ruttenstorfer appeared keen to tone down recent optimism about the availability of gas from Az...
Volume: 52Issue: 49Published at Mon, 07 Dec 2009 -
Hijacked Greek Crude Tanker Arrives Off Somali Coast
...e Combined Maritime Forces (CMF) and NATO comprising 30 ships as well as a fleet of maritime patrol aircraft based in Djibouti. In November, 'Umar 'Abd al-Rashid, Prime Minister of Somalia’s Transitional Federal Government (TFG) announced a new plan to eradicate piracy by 2011 (MEES, 9 No...
Volume: 52Issue: 49Published at Mon, 07 Dec 2009 -
ENOC Affirms Commitment To Dragon Oil Shares Purchase Despite Dubai Debt Crisis
...ard of ENOC has undertaken to the independent committee that it will not sell, or accept any offer (including any partial offer) for, the shares ENOC holds in Dragon Oil until at least 31 December 2011.” The statement again expressed ENOC’s position that the offer of acquisition “represents a hi...
Volume: 52Issue: 49Published at Mon, 07 Dec 2009 -
Signals Of A New Floor And Ceiling For Crude Oil Prices
...I And Brent Prices ($/B) WTI Brent 2011 2010 2009 Q409 Q309 2011 2010 2009 Q409 Q3...
Volume: 52Issue: 49Published at Mon, 07 Dec 2009 -
Looming Gas Glut And Upstream Constraints Hamper North African Export Plans
...e new 4.5mn tons/year Skikda LNG plant, one of the two new LNG projects currently being implemented in Algeria. September 2011 was the start-up date initially proposed by the project’s operator KBR, although this had been put back to the second half of 2012. Egypt’s Orascom Construction and Fr...
Volume: 52Issue: 48Published at Mon, 30 Nov 2009 -
CNPC Signs Three Accords, Strengthens Its Presence In Sudan’s Oil Sector
...though no details of the planned expansion were mentioned last week, Sudapet’s Chairman Salah Wahbi was quoted as saying in July that plans were in place to raise Sudan’s refining capacity to 200,000 b/d by 2011. The plant was originally built by CNPC, which also completed the first expansion phase in...
Volume: 52Issue: 48Published at Mon, 30 Nov 2009 -
Plynostav Signs Contract For AGP Homs-Kilis Pipeline
...t at €52mn, and the new contract has reduced this amount to €25mn plus S£700mn ($15mn). Work is expected to begin shortly and be completed in March 2011. Stroytransgaz built a 320km section of AGP between the Jordanian-Syrian border to the Rayan gas plant near Homs. This section was put into op...
Volume: 52Issue: 48Published at Mon, 30 Nov 2009 -
Zadco Launches Long-Anticipated Capacity Push
...fshore Upper Zakum oil field. The incremental capacity was to have been on stream by 2011, but a review of the development strategy with a view to cutting costs has pushed this back to 2015. Costs on the development, which has to contest with deeply fractured geology, have been slashed by around 30% th...
Volume: 52Issue: 48Published at Mon, 30 Nov 2009 -
UAE Leads Gulf Renewable Energy Drive, But Emissions Challenge Looms
...ans than Abu Dhabi, but are nevertheless starting to embrace the sector. Saudi Aramco and Japanese refining company Showa Shell agreed mid-year to build a 10mw solar pilot project in the Kingdom. If this is successful when completed in 2011, it could be expanded into a much larger project, es...
Volume: 52Issue: 47Published at Mon, 23 Nov 2009