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Statoil cancels China Oilfield Services rig contract OSLO: Oil major Statoil has cancelled a rig contract with China Oilfield Services some 13 months ahead of the expiry date, the Norwegian company said, blaming overcapacity in its rig portfolio. Statoil suspended its use of the COSL Pioneer last October after cutbacks in the firm's investment plans following a sharp drop in crude prices. "Statoil has not managed to find alternative activity for the rig," it said on Wednesday. Copyright Reuters, 2015 ...

Total pulls out of Russian gas project PARIS: Total said Wednesday it had pulled out of the Shtokman natural gas project in the Barents Sea, with development of one of the world's largest untouched gas fields apparently falling victim to Western sanctions in Russia."Total has passed to Gazprom its 25 percent share in Shtokman Development AG and expressed its interest to further cooperate on the project should it enter an active phase," the French energy company said, confirming a report in the ...
Oil prices rise ahead of US inventory data LONDON: Expectations of a decline in US crude inventories were pushing oil prices higher in European trading on Wednesday.London's benchmark Brent contract for delivery in August climbed 48 cents from Tuesday's close to $64.93 around 1000 GMT in trading on the Intercontinental Exchange (ICE).US benchmark West Texas Intermediate for August delivery climbed 45 cents at $61.64 a barrel in electronic trading on the New York Mercantile Exchange (Nymex). Analysts at Commerzbank said oil prices were ...
Oil prices steady awaiting Iran supplies deal LONDON: Oil prices steadied Tuesday as traders eyed the possible return of Iranian crude to the global market with supplies already at high levels, analysts said.The market was responding also to movements in the euro against the dollar, and how that affects demand for dollar-denominated crude oil, awaiting a deal on Greece's bailout terms.Iran and major Western powers are racing to agree a deal by June 30 that would see Tehran open up its nuclear ...
Oil falls to $63, ample supplies and Greece weigh LONDON: Oil fell to around $63 a barrel on Friday as concern over Greece and a forecast that US shale oil output would keep growing this year countered signs of a pickup in demand. Greece has been less of a driver for oil than other markets such as equities, but analysts said the situation represented a bearish risk heading into the weekend. Euro zone leaders will hold an emergency summit on Monday to try to ...
Gazprom inks plan for new gas pipeline to Germany SAINT PETERSBURG: Russian gas giant Gazprom on Thursday agreed a plan with Shell, E.ON and OMV aimed at building a new gas pipeline to Germany, the companies said in a statement. In the memorandum of understanding, Germany's E.ON, Austria's OMV and Anglo-Dutch Shell would join up to construct the new route under the Baltic Sea from Russia with a capacity of 55 billion cubic metres per year, the statement said.The project -- for which no ...
Oil prices steady after weak start LONDON: Oil prices steadied Tuesday after starting the week with losses amid concerns over ample supply and the breakdown in Greece's debt talks.US benchmark West Texas Intermediate for delivery in July rose 31 cents to $59.83 a barrel compared with Monday's close.Brent North Sea crude for August was up three cents at $63.98 a barrel London afternoon deals."Brent crude oil is trading in a tight range... and the medium-term outlook remains bearish due to the ...

 



 
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Banking Review 2014


Annual2013/14
Foreign Debt $62.649bn
Per Cap Income $1,512
GDP Growth 4.24%
Average CPI 8.6%
MonthlyJune
Trade Balance $-2.378 bln
Exports $2.016 bln
Imports $4.394 bln
WeeklyAugust 27, 2015
Reserves $18.509 bln