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Middle East & Africa


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 ...

Sudan oil production rises to almost 140,000 bpd: minister KHARTOUM: Sudan has managed to boost oil production to almost 140,000 barrels per day and plans to add another 10,000 bpd next year, its oil minister said on Saturday after the African country launched a new oilfield.   Sudan has been stepping up oil and gas exploration after losing three-quarters of its former output, or 350,000 bpd, when South Sudan seceded last year.   The loss of oil revenue, the main source of state income and the hard currency ...
Jordan Petroleum buys 350,000 tonnes gasoil from BB Energy SINGAPORE: Jordan Petroleum, the country's sole refiner, has bought 350,000 tonnes of gasoil for delivery over January and February from trading firm BB Energy, industry sources said on Monday.   It bought the 0.5 percent sulphur gasoil cargoes at a premium of $30.78 a tonne above Middle East 0.25 percent sulphur gasoil quotes, they said.   Jordan Petroleum was seeking four cargoes of 50,000 tonnes each for delivery over Jan. 3-7, Jan. 13-16, Jan. 20-23 and Jan. 27-30. It ...
Iraqi oil output hits 3.2mn b/d, targets 4mn for 2014  CAIRO: Iraq's oil production has exceeded 3.2 million barrels a day (b/d) so far this month and it hopes to hit capacity of 4 million b/d in 2014, its Oil Minister Abdul Kareem Luaibi said on Saturday.   "Next year we're planning production close to 3.7 (million b/d)," he added in remarks to reporters on the sidelines of a meeting of the Organisation of Arab Petroleum Exporting Countries (OAPEC).   Iraq, rebuilding its energy industry after decades of war ...
Global oil supply plentiful, demand good: Naimi SEOUL: Global oil supplies are plentiful and demand is good, while buyers and sellers are happy with current prices, top exporter Saudi Arabia's oil minister Ali Al-Naimi said on Tuesday.   "You know my desire is that people leave the market alone," Naimi told Reuters in an interview in Seoul. "You know why? Because everybody now is happy with where the prices are. Nobody is complaining about high prices or low prices."   "They are no longer sky rocketing ...
Libya could see new oil licences in interim period TRIPOLI: Libya could proceed with a new round of oil exploration and production agreements in the current transtional period but the priority for now is to maintain pre-war output levels and future targets, the OPEC member's new oil minister told Reuters.   "Our priority is to maintain the production at 1.5 million barrels per day (bpd)," Abdelbari al-Arusi said in his first major interview with international media since he was sworn in last month.   "We now have our ...
Italian oil boss resigns over Algeria bribery probe  ROME: The chief executive of Italian energy services company Saipem, a subsidiary of energy giant ENI, resigned on Wednesday amid an investigation into allegations of bribery in Algeria, the company said.   Saipem's board accepted Pietro Franco Tali's resignation after prosecutors notified the company they were looking into alleged corruption "up through 2009 in connection with certain contracts in Algeria", it said in a statement.   "Saipem believes that its business activities have been conducted in compliance with applicable ...


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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