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Middle East & Africa


Egypt's fuel subsidy bill drops 30pc CAIRO: Egypt's fuel subsidy bill for the first half of the current fiscal year fell by about 30 percent, the finance ministry said on Monday, as the country reaps the benefits of low global oil prices and last summer's subsidy cuts.Egypt has struggled with soaring energy bills caused by high subsidies it provides on fuel for its population of 86 million. The subsidies have helped turn Egypt from a net energy exporter into a net importer over the last few years.Egypt spent 44.8 billion Egyptian pounds ($5.9 billion) on fuel subsidies in the first half of the current fiscal year, down from 64.5 billion a year earlier, a statement from the finance ministry said.The figures are for the six months to Dec. 31, 2014, as Egypt's fiscal year runs from July 1 to June 30.Fuel subsidies have long weighed on Egypt's state budget and contributed to the economic stagnation that ...

South Africa's Eskom to cut 2,000 MW of power JOHANNESBURG: South Africa's Eskom will implement rolling power cuts from 1000 GMT to 2000 GMT on Wednesday, the power utility said on its official Twitter page.The state-owned power utility said it would cut 2,000 megawatts of electricity from the strained grid.Africa's most advanced economy is in the midst of its worst electricity crisis since 2008 and Eskom implements frequent power cuts to prevent the national grid from being overwhelmed.Copyright Reuters, 2015 ...
OPEC has no choice but to keep output unchanged KUWAIT: Kuwait oil minister said on Thursday that he was concerned by the drop in oil prices because of its impact on the Gulf Arab state's budget, but said OPEC had no other choice but to keep its output steady."Of course we are concerned because the price of oil will affect our budget ... within OPEC we don't have any other choice than keeping the ceiling of production as it is because we don't want ...
Libyan oil export revenue still going to NOC in Tripoli: official BENGHAZI: All Libyan oil export revenue is still being paid under contracts with National Oil Corp (NOC) in Tripoli, a top oil official in the internationally recognised government said on Wednesday.The government on Tuesday asked all customers to deal with a new state oil firm in the east rather than Tripoli where a rival government is in control.Clarifying the statement, Al-Mabrook Bou Seif, head of NOC in the east belonging to the recognised government, said ...
Abu Dhabi's Mubadala Petroleum to explore big Morocco offshore area DUBAI: Abu Dhabi's Mubadala Petroleum said on Wednesday that it had agreed with the Moroccan government to evaluate the hydrocarbon potential of a large area off Morocco's Mediterranean coast.The company, a subsidiary of Abu Dhabi state-owned fund Mubadala Development Co, obtained an exclusive licence to carry out a detailed geological survey of the Mediterranee Ouest area, which comprises 3,433 square kilometres (1,325 square miles).Mubadala Petroleum will provide the Moroccan government with the results of the ...
Oil prices stabilising, will continue to firm up DOHA: Oil prices have started to stabilise around $60 a barrel in past weeks and will continue to firm up, while crude demand will grow stronger, an adviser to Saudi Arabia's oil minister said on Sunday. The comments by Saudi oil adviser Ibrahim al-Muhanna suggested that the top oil exporter sees no need to reverse its policy of allowing the market to correct itself without cutting output, despite the steep price drop since June last ...
Libyan gas output at 200,000 boepd CAIRO: Libyan gas output is at 200,000 barrels of oil equivalent per day, a senior Libyan oil industry source said on Friday.Oil output has risen slightly in the strife-torn country to between 410,000 to 490,000 barrels per day this week. Copyright Reuters, 2015 ...


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Banking Review 2014

Foreign Debt $61.805bn
Per Cap Income $1,386
GDP Growth 4.14%
Average CPI 8.6%
Trade Balance $-2.378 bln
Exports $2.016 bln
Imports $4.394 bln
WeeklyJuly 23, 2015
Reserves $18.677 bln