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Middle East & Africa


Kuwait oil minister quits ahead of parliament grilling KUWAIT CITY: Hani Hussein, oil minister in OPEC member Kuwait, has resigned apparently to avoid being questioned in parliament over a $2.2-billion penalty payment to US Dow Chemical and other alleged irregularities, a newspaper reported Monday.Hussein told Al-Qabas daily he hopes "the new oil minister will provide the political cover for the massive change" introduced to the oil sector last week."I am comfortable by all standards, I have performed my duties... I hope the oil sector will be relieved of political pressures," he told the newspaper.Al-Qabas said an official announcement of the minister's resignation will be made later on Monday.In an unprecedented move last week, Hussein reshuffled the oil sector, changing a number of leading executives at national oil company Kuwait Petroleum Corp. and the chiefs of all eight KPC subsidiaries.Hussein, a veteran oil executive and the former KPC chief, has been oil minister for the past 15 months.After the ...

Kuwaiti oil service workers on strike over pay: union KUWAIT: Around 80 percent of workers at Kuwait's main, state-run oil services company are on strike calling for better pay, a union official said on Tuesday, the latest sign of wage pressures in the Gulf Arab country.The walkout by the workers, who provide security, fire protection and health services for oil firms, began on Sunday but had not affected oil production in the OPEC member state, union official Saad al-Sebayie said.Well over 1,000 of around ...
Nigeria trims Qua, Bonny oil price in June LONDON: Nigeria has set the official selling prices for Qua Iboe and Bonny Light crude oil in June at dated Brent plus $3.20 a barrel, the state oil company said on Tuesday. In May, the Nigerian National Petroleum Corporation set the price of both crudes at dated Brent plus $3.30.Copyright Reuters, 2013 ...
Kuwait replaces top chiefs in oil sector shake-up KUWAIT CITY: Kuwait's vital oil sector has undergone a major reshuffle, with new executives appointed for the subsidiaries of Kuwait Petroleum Corp, after a new KPC chief was named, the national oil firm said Monday.The decisions were taken at a meeting late Sunday by KPC board of directors headed by Oil Minister Hani Hussein, replacing all the top executives of the eight subsidiaries and other departments in the KPC.KPC insisted in a statement that the ...
Saudi oil output rises to 9.3mn bpd in Apr KHOBAR: Saudi Arabia produced 9.3 million barrels per day (bpd) of oil in April, up from 9.14 million bpd in March, an industry source said on Monday. The oil supply to the market was around 9.2 million bpd, up slightly from the 9.15 million bpd supplied in March, the source added.The other 100,000 bpd of oil that was produced but not supplied to the market is likely too have been put into storage.Copyright Reuters, 2013 ...
First oil from South Sudan's Upper Nile to reach Sudan May 10 KHARTOUM: South Sudan will ship its first oil from its largest fields in Upper Nile state to export facilities in Sudan on May 10, Sudan's oil ministry told state news agency SUNA on Saturday.In March, the African neighbours agreed to resume cross-border oil flows.Landlocked South Sudan had shut down its production of up to 350,000 barrels per day (bpd) in January 2012 after failing to agree with Sudan over oil fees. The new nation, which ...
Tanzania says Malawi returns to border dispute talks DAR ES SALAAM: Tanzania said on Saturday that neighbouring Malawi had returned to talks aimed at resolving a border dispute over Lake Malawi that has soured relations and delayed exploration for oil and gas.East Africa has become hot property for the oil industry since huge gas finds off the shores of Tanzania and Mozambique and oil strikes in Uganda and Kenya. Rich hydrocarbon deposits are believed to lie below Lake Malawi.Malawi, which sits to the ...


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ICT 2014

Foreign Debt $61.805bn
Per Cap Income $1,386
GDP Growth 4.14%
Average CPI 8.6%
Trade Balance $-1.664 bln
Exports $1.966 bln
Imports $3.630 bln
WeeklyJanuary 25, 2015
Reserves $15.019 bln