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BP suspends Shah Deniz platform for planned maintenance BAKU: British oil major BP has suspended operations on the Shah Deniz platform in the Caspian Sea as well as the Shah Deniz facility inside the Sangachal terminal for planned maintenance from Aug. 2, the company said on Monday Shah Deniz, Azerbaijan's biggest gas field, is being developed by partners including Britain's BP, Norway's Statoil , Azeri state energy company SOCAR and others. "In accordance with the plan, production from the Shah Deniz platform will be suspended on 2nd August for about 20 days to enable efficient maintenance, inspection and project work to be undertaken," field operator BP's Azerbaijan business said in a statement. "This is a routine, planned programme and is part of normal operations.The shut-down is also included in the annual production forecast," it said. Natural gas output from the offshore field rose to 2.6 billion cubic metres (bcm) in the first quarter of this year from 2.32 ...

Algeria boosts oil output by 32,000 bpd with two new fields ALGIERS: OPEC member Algeria has increased crude oil output by 32,000 barrels per day after starting production at two fields, an energy ministy official said on Sunday.Production increased on Saturday when the Bir Sebaa field started producing 20,000 bpd in addition to 12,000 bpd from the Bir Msana field in Hassi Messaoud area, the official told Reuters.Algeria produced an average 1.1 million bpd in July, according to a Reuters survey.Copyright Reuters, 2015 ...
Iran sees oil output up 1mn bpd after curbs end DUBAI: Iran expects to raise oil output by 500,000 barrels per day (bpd) as soon as sanctions are lifted and by a million bpd within months, Oil Minister Bijan Zanganeh said in remarks broadcast on Sunday."We are already doing marketing, and within a day after the lifting of sanctions we will raise (production) by 500,000 barrels per day," Zanganeh said.He said Iran's crude production had fallen about one million bpd from about four million bpd ...
Iraq's southern oil exports hit record 3.064mn bpd in July BAGHDAD: Iraq's southern oil exports rose in July to a record average of 3.064 million barrels per day (bpd) from 3.02 million in June, officials from the state-run South Oil CO. said on Saturday.Shipments have jumped after Iraq's decision to split crude stream into two grades, Basra Heavy and Basra Light, to resolve quality issues.Some companies working in Iraqi oilfields increased production following the move.Copyright Reuters, 2015 ...
Egypt expects to import 7.79mn tonnes of LNG this fiscal year CAIRO: Egypt expects to import 28.6 million tonnes of crude oil, liquefied natural gas (LNG) and other oil products worth a total of almost $16 billion in 2015-16, the planning ministry said on Saturday.The government expects to buy 7.79 million tonnes of LNG for $3.55 billion and 6.37 million tonnes of crude oil for $3.51 billion, the ministry said in a handout given to journalists at a news conference on its economic development plan for ...
UAE to scrap fuel subsidies from August DUBAI: Leading oil producer the United Arab Emirates will scrap subsidies on petrol and diesel from August to cut spending as low crude prices hit revenues, the energy ministry said Wednesday.Pump prices for the two fuels will now be set on the basis of world prices and adjusted each month, the ministry said in a statement carried by the official WAM news agency.The move is expected to save billions of dollars a year.The International Monetary ...
Kenya seeks over 670,000 tonnes oil products for July-August SINGAPORE: Kenya's oil importers are seeking more than 670,000 tonnes of oil products for delivery over July-August, continuing its persistently high imports during the summer, industry sources said.Kenya has been importing record volumes of oil products as its economy gathers steam, soaking up some of Asia's excess supply and helping put a floor under refining margins.Industrial expansion and a growing fleet of automobiles in a region that lacks refining capacity have stoked East African appetite ...

 



 
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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