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Middle East & Africa


Militants seize hostages at BP plant in Algeria ALGIERS: Islamist militants attacked a plant run by British oil giant BP in southern Algeria on Wednesday seizing a number of staff as a French offensive targeted jihadists in neighbouring Mali, diplomats said.   "The hostage-taking involved Britons, Norwegians and Japanese," one Western diplomat told AFP, adding that the Algerian army had launched an operation to try to free the captive staff.   The militants struck a BP plant in Ain Amenas, 1,150 kilometres (720 miles) southeast of Algiers, the diplomats said.   The British Foreign Office confirmed the attack but said it was still seeking details.   "There is a terrorist incident ongoing in the town of Ain Amenas at an oil installation near the Algerian border with Libya. The British embassy is aware of the incident and is liaising with local authorities," a spokeswoman said.   "We are urgently seeking clarification from oil companies in the area as to whether they have personnel involved in the incident," she ...

Kenya cuts fuel prices across the board NAIROBI: Kenya's energy regulator said on Monday it had cut retail fuel prices for petrol diesel and kerosene after the cost of crude oil fell marginally on international markets.   Fuel prices have a big effect on Kenya's inflation rate , which fell for a 13th straight month in December to 3.20 percent from 3.25 percent in November, having peaked at 20 percent in late 2011.   The Energy Regulatory Commission (ERC) reduced the maximum price of a litre ...
Angola oil output to rise to 1.84mn bpd this year LISBON: Angola plans to increase oil production to 1.84 million barrels per day (bpd) this year and extend an output rebound that has helped the economy return to strong growth after three disappointing years, a government budget bill showed.   Angola briefly rivalled Nigeria, Africa's top producer, in oil exports in 2009, but its shipments fell back in the following two years due to a drop in oil prices and then technical problems and maintenance at some ...
Saudi Arabia cuts oil output as demand eases  DUBAI: Saudi Arabia has cut oil production substantially, moving to fend off a growing overhang in world oil supply and defend prices well above $100 a barrel.   In the last two months of 2012, OPEC's lead producer responded to slower demand by lowering supply by around 700,000 barrels per day (bpd), with output in December falling to around 9 million bpd, an industry source familiar with Saudi policy said.   That's more than a million barrels daily below ...
Turkey may raise Libya oil imports to meet Iran shortfall ALGIERS: Turkey may increase its crude oil imports from Libya to above 1 million tonnes a year to make up for lower imports from Iran, which is under US sanctions, Turkish Energy Minister Taner Yildiz said on Saturday.   "We can meet the oil demand (via) Libya now that supply from Iran is decreasing. The amount of oil we buy from there may increase above 1 million tonnes," Yildiz told reporters during a trip to Algiers.   Center>Copyright Reuters, 2013 ...
Turkey to discuss third LNG terminal with Qatar ALGIERS: Turkey will hold talks with Qatar about building a third liquefied natural gas (LNG) terminal with a capacity of 5-6 billion cubic metres in Turkey's Gulf of Saros, Energy Minister Taner Yildiz said on Saturday.   "We think it would be appropriate to build an LNG terminal on the Gulf of Saros to meet the needs of Turkey and the region. Qatar would carry out the feasibility work and evaluate the project," Yildiz told reporters during ...
TPAO to compete in Algerian oil exploration tenders ALGIERS: Turkey's state-owned energy company TPAO plans to take part in upcoming Algerian oil exploration tenders, Turkish Energy Minister Taner Yildiz said on Saturday.   Algeria's last three rounds of bidding for oil and gas permits attracted lacklustre interest from foreign firms, raising questions about whether it has enough new projects coming on stream to meet growing demand.   Center>Copyright Reuters, 2013 ...


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Banking Review 2013

Foreign Debt $61.805bn
Per Cap Income $1,386
GDP Growth 4.14%
Average CPI 8.6%
Trade Balance $-2.380 bln
Exports $2.181 bln
Imports $4.561 bln
WeeklyNovember 13, 2014
Reserves $13.268 bln