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Middle East & Africa


South Sudan to shut down oil production by end of July JUBA/KHARTOUM: South Sudan plans to sell 6.4 million barrels of oil worth $300 million before shutting down its entire production by the end of July due to a row over its alleged support for rebels in neighbouring Sudan, its oil minister said on Saturday.Sudan, the sole conduit for South Sudan's oil exports, said a month ago it would close two cross-border oil pipelines within 60 days and insisted output be shut by Aug. 7 unless South Sudan gave up support for the rebels. Juba denies backing insurgents.The shutdown is bad news for both countries, which fought one of Africa's longest civil wars before separating in 2011.Diplomats worry South Sudan might collapse without oil, the main source for the budget apart from foreign grants. They point to recent looting of aid agencies by soldiers as a sign that Juba is struggling to pay salaries.Closing the wells is also grave news for ...

Kenya raises price of petrol, diesel at the pump NAIROBI: Kenya's energy regulator raised retail fuel prices for petrol and diesel on Sunday due to rising global oil prices and a weaker local currency, while decreasing the price of kerosene.Fuel prices have a big impact on the rate of inflation in the east African economy. The rate rose to 4.91 percent in June from 4.05 percent a month earlier.The economy heavily depends on diesel for transport, power generation and agriculture. Kerosene is used in ...
South Africa's Eskom to look at Islamic bonds as funding source JOHANNESBURG: South African power utility Eskom will look at new funding opportunities such as Islamic bonds to finance its capacity expansion projects as it battles to keep the lights on in Africa's biggest economy, the company said on Wednesday.A lower than hoped for rise in power rates has left state-owned Eskom with an expected revenue gap of 225 billion rand ($22 billion) over the next five years.The utility had applied for a 16 percent hike ...
Explorer Tullow Oil lifts Kenya resource estimate LONDON: London-listed Tullow Oil lifted its estimate of resources in Kenya and announced a new discovery, moving closer to commercial production of oil in the east African country.Africa-focused Tullow, under pressure to deliver positive drilling news after a disappointing trading update in January, increased its resource estimate for the South Lokichar basin in Kenya after flow tests at its Ngamia and Twiga South wells and a new discovery at the Etuko-1 well.The discoveries in Kenya, ...
South Africa petrol price to rise 6.8pc next week JOHANNESBURG: The retail price of petrol in South Africa will increase by 6.8 percent next Wednesday while diesel will rise by 6.9 percent, the department of energy said on Friday.Petrol rises to 13.23 rand ($1.33) a litre and diesel 12.15 rand in the main Gauteng inland regionCopyright Reuters, 2013 ...
Algeria raises July crude oil OSP by 45cents LONDON: Algeria raised the July official selling price for its main export grade, Saharan Blend, to dated Brent minus 40 cents a barrel, state oil company Sonatrach said on Monday.The price is up fom the June OSP of dated Brent minus 85 cents a barrel.Copyright Reuters, 2013 ...
Libyan crude oil output partly recovers after protests TRIPOLI: Libya's oil output has climbed to 1.3 million barrels per day from less than 1 million bpd last week as operations normalise following several disruptions due to protests at fields and ports, a senior Libyan industry source said."Production was 1.3 million bpd yesterday," the source said on Monday, "Things have started to stabilise."Libya normally produces around 1.6 million bpd but state oil company National Oil Corporation (NOC) said output had fallen last week below ...


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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 $-1.703 bln
Exports $2.156 bln
Imports $3.859 bln
WeeklyFebruary 26, 2015
Reserves $15.944 bln