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Middle East & Africa


Fall in oil prices costs Iraq 27pc of expected revenues BAGHDAD: The sharp decline in global oil prices has "greatly affected" Iraq, costing the country 27 percent of its projected revenues for the year, the oil ministry said on Saturday."The Iraqi economy and the federal budget were greatly affected by the projected decline in revenues, and more than 27 percent of its projected revenues for this year were lost," the ministry said.Oil prices have declined sharply since June, hitting the state coffers of energy-dependent countries.Iraq is heavily reliant on oil exports, and the government is seeking to dramatically ramp up sales to fund the reconstruction of its battered infrastructure.Though the ministry referred to the Iraqi budget, one was never approved by parliament for 2014 amid a row between Baghdad and the country's autonomous Kurdish region over natural resources and funds.Baghdad considers the three-province northern region's independent export of crude to be illegal, while Kurdistan says the federal government has failed ...

Saudi Aramco says operations unaffected by pipeline leak RIYADH: Saudi Aramco operations are unaffected by a leak and fire which hit a diesel fuel pipeline near the capital Riyadh, a company statement received on Thursday said.The state-owned firm is the world's largest oil company in terms of crude production and exports."There were no injuries reported and there were no interruptions to the company's core business activities," the statement said.On Wednesday evening, fire broke out after a leak occurred in the diesel line along ...
Jordan Petroleum seeks 120,000 tonnes gasoline for Dec-March SINGAPORE: Jordan Petroleum Refinery is seeking about 120,000 tonnes of gasoline for delivery over late December to March, similar volumes to a previous purchase, a tender document showed on Thursday.The refiner is seeking four cargoes of 33,000 tonnes each of 95-octane gasoline for delivery over Dec. 25 to March. Each cargo has a tolerance level of 10 percent.The cargoes are to be delivered into Aqaba port and will be priced off Mediterranean quotes, according to ...
Italy's ENI sees first oil from Congo's Nene field soon CAPE TOWN: Italian oil and gas firm ENI expects first oil from its Nene field, off the coast of Congo, before year-end and first gas from its Litchjendily field in 2015, a senior official said on Tuesday. The fields are located in the Marine 12 Block, about 35 kilometres from the shore and close to where ENI announced a recent discovery of the Minsala Marine with an estimated 1 billion barrels of oil. Copyright Reuters, ...
Frontier fund selling weighs on UAE, Qatar DUBAI: Selling by foreign frontier funds sparked heavy profit-taking in the United Arab Emirates and Qatar on Thursday. Saudi Arabia also declined, but Egypt rose for a third day. A number of companies from the UAE and Qatar remain part of MSCI's Frontier 100 benchmark even though the index compiler upgraded both countries to emerging market status in May. MSCI's opted to gradually phase those stocks out of the frontier index through monthly weighting reductions ...
Kuwait plays down row with Saudi over shared oilfield KUWAIT CITY: Kuwait has played down a row with Saudi Arabia over its decision to halt production at an offshore oilfield jointly operated by the two Gulf neighbours.Oil Minister Ali al-Omair said the dispute over operations at the Khafji field would not affect strong ties."We hope to resolve this matter through dialogue, contacts and the open-door policy existing between the two nations," Omair said, cited by the official KUNA news agency overnight.A Kuwaiti oil trade ...
Kuwait keeps wide discount to Saudi oil in market share battle SINGAPORE: Kuwait has maintained a wide discount between the crude it sells to Asia against a comparable Saudi Arabian grade for November, amid increasing signs that Gulf producers are engaged in a price war to compete for market share.Global oil price Brent plummeted nearly 5 percent on Tuesday to their lowest since 2010, as key OPEC members showed no sign of cutting back production to support the market.Kuwaiti crude for November was priced at a ...


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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 $-2.309 bln
Exports $1.957 bln
Imports $4.266 bln
WeeklyDecember 18, 2014
Reserves $14.04 bln