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Middle East & Africa


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 Norway's Hoegh LNG said in May they had agreed for Egypt to use one of Hoegh's Floating Storage and Regasification Units (FSRU) for five years and that the terminal would be in place by September. But an Egyptian Natural Gas Holding Company source said in June the terminal was unlikely to arrive before October or November, while industry sources said in July Egypt had reopened talks with US-based rival Excelerate Energy. Gas is in short ...

Somalia accuses Norwegian oil explorer DNO of destabilising country NAIROBI: Norwegian oil company DNO and other small explorers are destabilising Somalia, the African country's petroleum ministry said on Wednesday, warning it may lodge complaints against these firms to the United Nations Security Council.DNO has been prospecting for oil in Somaliland, a break-away territory of Somalia. The company did not respond to telephone and email requests for comment but in July a senior official said DNO would not engage in any activities that threaten peace ...
Nigerian oil exports revised up LONDON: Nigeria will export about 1.86 million barrels per day (bpd) of crude oil in October, slightly more than earlier scheduled, according to revised loading schedules obtained by Reuters on Tuesday. The total is up from 1.83 million bpd initially planned because one 950,000-barrel cargo of the EA crude grade will go for export in October, traders said. There were no exports of EA scheduled in August or September. The upward revision, while slight, adds ...
Iraq oil exports average 2.375mn bpd in August: officials BAGHDAD: Iraq's oil exports fell in August to an average of 2.375 million barrels per day (bpd) from 2.442 million bpd in the previous month, officials from the state-run South Oil Company (SOC) said on Monday.Iraq exports the bulk of its oil from its southern ports. But shipments from the northern oilfields of Kirkuk have been shut since March 2 due to attacks on a pipeline to Turkey, keeping total exports below their potential."Some days ...
Shell sells some Nigerian onshore oil fields LONDON: Royal Dutch Shell said it had reached deals on some of the four Nigerian oil fields it has offered for sale as the oil major pushes ahead with divesting global assets to cut costs.Shell last year put up for sale its 30 percent shares in four oil blocks in the Niger Delta Oil Mining Licences (OML) 18, 24, 25, 29 - as well as a major pipeline, the Nembe Creek Trunk Line."We have signed ...
Kuwait's KPC in oil deal to export 300,000 bpd to China KUWAIT: Kuwait has concluded a deal with a China's Sinopec trading arm to export 300,000 barrels per day (bpd) of crude oil over 10 years, the head of international marketing at state-owned Kuwait Petroleum Corporation (KPC) said on Monday.Nasser al-Mudaf told Reuters the exports, which will amount to 15 percent of Kuwait's oil export output, start from Monday and are estimated to be worth $120 billion.Mudaf said the contract replaces a previous one for between ...
Israeli tycoon claims huge oil find in DR Congo KINSHASA: A company owned by Israeli mining magnate Dan Gertler said it has discovered vast potential reserves of oil in the strife-torn east of the Democratic Republic of Congo.Oil of DRCongo, a subsidiary of the Fleurette Group, said in a statement that seismic testing from Lake Albert, which forms part of the northeastern border with Uganda, indicated reserves of around three billion barrels of oil.It said exporting the oil from North Kivu province could boost ...


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Foreign Debt $61.805bn
Per Cap Income $1,386
GDP Growth 4.14%
Average CPI 8.6%
Trade Balance $-19.98 bln
Exports $25.13 bln
Imports $45.11 bln
WeeklyOctober 27, 2014
Reserves $13.464 bln