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Middle East & Africa


Sudan pound gains 8pc since oil deal  KHARTOUM: Sudan's beleaguered currency has gained eight percent on the black market since the weekend announcement of a long-sought oil deal with South Sudan, dealers said on Monday. The pound traded at 5.7 for one US dollar, against 6.2 before Saturday's announcement of the agreement. Sudan and South Sudan agreed Juba would pay Khartoum a package amounting to about $3 billion, as well as a per-barrel fee for sending its oil through the north's infrastructure for export via Port Sudan. Juba said the fee is $9.48 per barrel but Khartoum has not commented on the final figure. "Traders are worried about the oil deal. They think the government will gain dollars from this agreement, and the rate will come down," one trader on the unofficial market said. Another black market dealer said most of his fellow traders had put their business on hold, "because they want to see what happens after the oil deal." A third ...

Iraq oil exports via Turkey unaffected by blast  KIRKUK: Oil exports from Iraq's Kirkuk northern fields via the Turkish port of Ceyhan have not been affected by an overnight explosion on a pipeline because reserves are held at Ceyhan port, a source at the Iraqi North Oil Company told Reuters on Monday. Exports along the pipeline from Kirkuk's northern oilfields to Turkey have been running at around 300,000 barrels per day, the official said. Copyright Reuters, 2012 ...
Sudan, South Sudan strike oil deal  ADDIS ABABA: Sudan and South Sudan have hammered out a deal over oil, resolving a key part of a bitter dispute that brought the rivals to the brink of all-out war earlier this year. "The parties have agreed on all of the financial arrangements regarding oil," African Union mediator Thabo Mbeki said Saturday, two days after a United Nations deadline for the neighbours to resolve arguments over oil and borders expired. Landlocked South Sudan said it had ...
Nigerian oil production hits all time high ABUJA: Nigerian oil production hit its highest level ever this week, reaching 2.7 million barrels per day, the state oil firm said Friday, though hurdles remain to a sustained boost in production. Nigeria, home to Africa's largest oil industry, has seen crude production rebound since a 2009 amnesty deal for militants in the Niger Delta region which led to a sharp decline in unrest there. It has been producing between 2.0 and 2.4 million barrels per day ...
Iraqi Kurdistan says will resume oil exports  ARBIL: Iraq's Kurdistan region said it will resume oil exports during the first week of August as a confidence-building measure, after stopping them for more than four months following a row with Baghdad. Kurdistan halted oil exports to the federal government on April 1 over $1.5 billion it said is owed to foreign oil companies working in the region, that Baghdad has allegedly withheld. If the exports resume, the move would represent an improvement in relations between ...
Chevron to invest $2 billion in Congo-Angola oil field  BRAZZAVILLE: Chevron Corp plans to invest $2 billion to develop its Lianzi oilfield straddling the maritime border between Republic of Congo and Angola, a company official said on Sunday. "Production from the Lianzi field will begin in 2015 and investments will cost $2 billion," Katia Mounthault-Tatu, a Chevron spokeswoman, told Reuters. State revenues from the field, which holds proven reserves of 70 million barrels, will be split 50-50 between Congo and Angola, the two countries confirmed in ...
Nigeria fines Shell $5.0bn over oil spill  LAGOS: Nigeria has fined Shell $5.0 billion over an oil spill late last year at an offshore field, but the company told AFP on Tuesday there was no basis for the fine. Shell was forced to halt operations at the Bonga oilfield in the Gulf of Guinea following the December 20 leak of some 40,000 barrels of crude. Nigerian authorities levelled the fine on Shell's local operation, the head of the state-run National Oil Spill Detection and ...


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Foreign Debt $60.9bn
Per Cap Income $1,368
GDP Growth 3.6%
Average CPI 7.5%
Trade Balance $-1.433 bln
Exports $2.167 bln
Imports $3.600 bln
WeeklyApril 14, 2014
Reserves $9.713 bln