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Middle East & Africa


Kuwait KNPC names NBK finance advisor for $12bn refinery upgrade DUBAI: Kuwait National Petroleum Co (KNPC) has chosen National Bank of Kuwait's investment banking arm to advise it on financing options for its multi-billion-dollar Clean Fuels Project, the bank said on Sunday. Part of the country's 30 billion dinar ($104.7 billion) economic development plan, the Clean Fuels Project will upgrade and expand two of the Gulf Arab state's largest existing refineries with a focus on producing higher-value products such as diesel and kerosene for export.NBK Capital has been chosen to evaluate funding requirements and structures for the state-run refiner and will be in charge of raising finance on the best possible terms for KNPC. This will happen over the next 12 months, the statement added. Contracts worth around $12 billion were awarded in February to international companies including Japan's JGC Corp, Britain's Petrofac Ltd and US-based Fluor Corp for construction work on the project. The Clean Fuels Project is expected ...

Eskom to raise more debt, get state equity injection JOHANNESBURG: South Africa's government has approved a support package for state-run power utility Eskom, which will include the company raising additional debt and receiving an equity injection from the state.Eskom has huge financial problems because its costs are running ahead of its revenues. "Eskom is facing significant challenges that threaten its sustainability," the Treasury said in a statement on Sunday."Eskom will be raising additional debt in the region of 50 billion rand ($4.5 billion), over ...
Algerian oil sails to Venezuela and US, boosting rival grades LONDON: CPC Blend and Azeri prices strengthened on Friday as traders cited large exports from the region of rival Algerian Saharan Blend which sailed to Venezuela and the US Gulf. One trader said up to four cargoes with Saharan left the region. Venezuela has said it is looking to increase imports of light grades including from Algeria to blend with its heavy crude grades to optimise refining operations.US refiner Valero was also believed to have ...
Yemen patches crude pipeline sabotaged by tribesmen, pumping resumes SANAA: Yemen resumed pumping crude through its main export pipeline after repair works were completed, the interior ministry said on Wednesday, after saboteurs blew it up on Monday, halting flows and disrupting an important source of revenue. Yemen's oil and gas pipelines have repeatedly been sabotaged by tribesmen feuding with the state since anti-government protests led to a power vacuum in 2011, causing fuel shortages and slashing export earnings. "Technical teams were able to successfully ...
Kuwait OPEC governor expects oil to return to, hold $100 level KUWAIT: Kuwait OPEC Governor Nawal Al-Fuzaia said on Wednesday that a recent drop in oil prices was due to a rise in supply and slower summer demand and that she expected prices to rise again and maintain the $100 per barrel level."In relation to oil prices, the current drop is due to a rise in supply, specifically the return in production from Libya. There are also supplies from U.S. shale, and there is a slowing ...
South Africa says hopes to resume Iran oil imports in three months PRETORIA: South Africa is looking to resume oil imports from Iran, once its biggest supplier of crude, and hopes to resolve "sanction issues" that have blocked purchases within the next three months, its deputy foreign minister said on Tuesday.South Africa halted crude purchases from Iran in June 2012 because of Western pressure. South Africa bought around 68,000 barrels of oil per day from Iran in the month before exports halted, around a quarter of its ...
Egypt puts back first LNG import terminal start to December CAIRO: Egypt will complete a liquefied natural gas (LNG) import terminal by December, oil minister Sherif Ismail said on Monday, pushing back by another month the long-delayed project that is meant to help the country combat an energy crisis. Egypt can export LNG but cannot import it without installing the terminal, which has been repeatedly delayed for two years, worsening an energy shortage that has caused regular blackouts throughout the country. Egypt's oil ministry and ...


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Foreign Debt $61.805bn
Per Cap Income $1,386
GDP Growth 4.14%
Average CPI 8.6%
Trade Balance $-1.434 bln
Exports $1.930 bln
Imports $3.364 bln
WeeklySeptember 15, 2014
Reserves $13.414 bln