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Middle East & Africa


Saudi shale gas drilling bears fruit: Aramco head SEOUL: The US shale gas boom will spread "far and wide," the head of Saudi Aramco said Monday, announcing the state oil giant was set to supply gas to a massive Saudi power plant project.The world's largest oil exporter launched an unconventional gas program in northern Saudi Arabia two years ago, as it sought alternative domestic fuel supplies that would allow an expansion of lucrative oil exports."We are now ready to commit gas for the development of a 1,000 megawatt power plant, which will feed a massive phosphate mining and manufacturing center in the region," company president Khalid al-Falih told the World Energy Congress underway in Daegu, South Korea.Oil Minister Ali Naimi estimated in March that Saudi Arabia had 600 trillion cubic feet of technically recoverable shale gas.With domestic energy consumption rising, Saudi Arabia has less oil available for the exports on which its economy depends, and shale gas is ...

Saudi Aramco to expand Shaybah, Khurais oil output in 2016-17 DAEGU: The world's largest oil exporter, Saudi Aramco, will increase light sour crude output from two fields - Shaybah and Khurais - by 550,000 barrels per day (bpd) in 2016-2017, to rebalance its crude quality and extend the lifespan of mature fields.The expansions of the fields will start up "within a few months of each other," Chief Executive Khalid al-Falih said on Sunday.Shaybah would come first, by the end of 2016 or early 2017, the ...
Iraq's Majnoon oilfield output rises to 175,000 bpd BAGHDAD: Production from Iraq's Majnoon oilfield, run by Royal Dutch Shell, has risen to 175,000 barrels per day (bpd), Deputy Prime Minister for Energy Affairs Hussein al-Shahristani said on Sunday.Majnoon is one of four giant southern fields vital to Iraq's ambition to at least double output that is now around 3 million bpd.The 12 billion barrel oilfield was pumping about 45,000 bpd when Shell took over in 2010, but the Anglo-Dutch major later suspended operations ...
Shell lifts force majeure on Nigerian Bonny oil exports ABUJA: Royal Dutch Shell has lifted a force majeure on Nigerian Bonny Light crude oil exports which was declared in April after the shut down of a 150,000 barrel per day pipeline, the company said on Friday.Africa's biggest oil exporter has been producing around 15 percent below its 2.5 million bpd (bpd) capacity this year due to widespread oil theft and leakages from ageing pipelines."The force majeure on Bonny Light exports was lifted effective 1600 ...
Yemen oil pipeline pumping again after bomb damage repaired SANAA: Yemen's main oil export pipeline has started working again after damage caused by a bomb attack earlier this month was repaired, security and oil sources said on Saturday.Tribesmen attacked the pipeline in central Maarib province on Sept. 14 their fourth assault on it in a month halting flows to the Ras Isa terminal on the Red Sea.Groups often damage or destroy pipelines to press the government to provide jobs, settle land disputes or free ...
Shale oil poses threat to Gulf exports: experts DUBAI: Shale oil production could pose a threat to exports from the Gulf region, whose energy wealth has given it pivotal role in the global market and a geopolitical importance, experts say.Saudi Arabia is the world's top oil producer, but is only marginally ahead of the United States, whose output is gaining rapidly thanks in part to development of oil shale reserves.That could significantly alter Saudi Arabia's export mix, as the kingdom's oil accounted for ...
Morocco says its coal imports to rise by 3.5mn tonnes by 2017 RABAT: Morocco will increase its current 6 million tonnes a year of coal imports by 3.5 million tonnes by 2017, to meet demand from a 1,320 megawatt power plant being built by Safi Energy Company, the government said on Friday.Safi Energy Company (SEC) is a joint venture of GDF Suez , Morocco's royal holding Nareva and Japan's Mitsui .Morocco is investing 4.7 billion dirhams ($550 million) to build a coal port in the southern city ...


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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 $-1.795 bln
Exports $1.995 bln
Imports $3.790 bln
WeeklyMay 26, 2015
Reserves $17.749 bln