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Shell revises down annual net profit after error LONDON: Oil giant Shell revised down Friday its 2014 net profit, after uncovering an error in the value of its downstream operations one day after posting annual results.Shell announced in a new statement that annual net profits fell nine percent to $14.874 billion (13.17 billion euros) last year compared with 2013, hit by collapsing global oil prices.The Anglo-Dutch oil group on Thursday had stated its 2014 net earnings as $15.052 billion.Profits after taxation meanwhile tumbled by 67 percent to $595 million in the fourth quarter of last year, compared with the final three months of 2013. That also marked a downward revision from the fourth-quarter figure of $773 million that was given in Thursday's annual results statement."Subsequent to making that announcement, a stock valuation error in its downstream operations was discovered," Shell said on Friday.It added: "The fourth quarter and full year 2014 results of Royal Dutch Shell plc have ...

Unipec buys rare gasoil cargo from India SINGAPORE: Unipec, the trading arm of China's Sinopec, bought a rare gasoil cargo from India's Mangalore Refinery and Petrochemical Ltd, trade sources said on Friday.The company bought 65,000 tonnes of 500 ppm sulphur gasoil for Feb. 20 to 22 lifting from MRPL at a premium of about $1.10 a barrel to Middle East quotes, they added.This is the second such time that Unipec is buying a cargo from MRPL, one of them said.It is unclear ...

Tanzania buys over 250,000 tonnes oil products from Addax SINGAPORE: Tanzanian importers bought more than 250,000 tonnes of oil products for delivery in March from Addax Energy, industry sources said on Tuesday.The Petroleum Importation Coordinator, which represents oil marketing companies in the east African nation, bought nearly 175,000 tonnes of 50 ppm sulphur diesel, 67,599 tonnes of 10 ppm sulphur gasoline, 14,807 tonnes of jet fuel and 1,400 tonnes of kerosene.The cargoes are to be delivered into Kurasini Oil Jetty and into the country's ...

Oil prices slip as output remains high, producers slash costs SINGAPORE: Oil prices dipped on Friday following slight gains in the previous session and analysts said the outlook remained weak, with production high and producers reducing operating costs to adjust to lower export revenues.Global oil prices had firmed slightly on Thursday but not before US crude hit a near-six-year low and benchmark Brent pared gains on data showing fresh additions to record-high US oil inventories.Benchmark Brent crude oil futures opened Friday's trading little changed at ...

Oil prices mixed in Asian trade SINGAPORE: Crude prices were mixed in Asia Friday, after the US Senate approved a bill to build an oil pipeline from Canada to refineries in the US Gulf Coast, adding to concerns over a supply glut.US benchmark West Texas Intermediate for delivery in March was up two cents by late morning to $44.55 in volatile trading, while Brent for March eased 16 cents to $48.97.WTI fell below $44 a barrel at one point in New ...

Small-scale LNG projects in British Columbia nudge ahead VANCOUVER: Small-scale liquefied natural gas projects are emerging as bright spots in British Columbia's bid to become a major exporter of natural gas, with two floating projects on the Canadian province's Pacific Coast moving ahead even as larger projects face delays. The Douglas Channel LNG project, an early frontrunner that was stalled when one of its owners fell into bankruptcy, looks to be back on course after a consortium led by Calgary's Altagas Ltd officially ...

Europe Distillates: Diesel holds steady as stock builds slow LONDON: Diesel barge price differentials in northwest Europe held steady on Thursday as the pace of gasoil stock building in the Antwerp-Rotterdam-Amsterdam hub slowed, with the arbitrage from the United States largely shut off. Data from Dutch consultants PJK International showed that gasoil stocks were at their highest since May 2011 but that the week-on-week increase had slowed with only 24,000 tonnes added in the week to Thursday. The prompt contango in diesel futures, when ...


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ICT 2014

Foreign Debt $61.805bn
Per Cap Income $1,386
GDP Growth 4.14%
Average CPI 8.6%
Trade Balance $-1.664 bln
Exports $1.966 bln
Imports $3.630 bln
WeeklyJanuary 25, 2015
Reserves $15.019 bln