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Middle East & Africa


Nigeria LNG to finish maintenance on Train 3 in early March MILAN: Nigeria's Bonny Island liquefied natural gas (LNG) export plant will finish a month-long maintenance outage on its third production plant, or train, around March 10, two sources with knowledge of the matter said. The train supplies around 1.99 million tonnes per year to Spain's Gas Natural and 730,000 tonnes to Portugal's Galp Energia under long-term contracts due to expire in 2024 and 2022, respectively. Copyright Reuters, 2015 ...

Angola's Sonangol says oil output down 3pc in 2014, income tumbles LUANDA: Angola's oil output averaged 1.67 million barrels per day last year, down 2.6 percent on 2013, while gas output fell 29 percent after its liquefied natural gas plant was hit by mechanical problems, the state energy company Sonangol said.Sonangol's net income dropped 77 percent year-on-year in 2014 to $710 million due to higher costs, production outages and lower energy prices, the company said in its annual results presentation on Wednesday.Copyright Reuters, 2015 ...
Morocco starts negotiations for 7 bcm LNG import deal RABAT: Morocco has started negotiations to import up to 7 billion cubic meters of gas by 2021 as it aims to diversify energy supplies and reduce dependence on oil and coal imports, the energy minister said on Wednesday. Minister Abdelkader Amara said he had made contact with gas- exporting countries and that private companies are also showing interest. Morocco is already burning 1 bcm of gas, including around 70 million produced locally, but that is ...
Libya's Sarir, Messla oilfields stop work after power cut BENGHAZI: The Sarir and Messla oilfields feeding Libya's port of Hariga have stopped working due to a power outage which operator AGOCO aims to repair on Tuesday, it said."The results of a pump test from Sarir were good but there were unexpected heavy rains in the Sarir area that led to power cuts," AGOCO spokesman Omran al-Zwei said.The company had restarted the pumps to test the pipeline after a blast more than a week ago ...
Dubai refiner ENOC hires M&A team, close to $1.5bn loan DUBAI: Dubai's Emirates National Oil Company (ENOC) has hired a five-person team to work on mergers and acquisitions for the company as it seeks to expand beyond its home emirate, banking sources told Reuters on Sunday. The state-owned company could use some of the proceeds from a $1.5 billion long-term loan, which it is close to agreeing with a group of seven local and international banks, to help fund this, the sources said. ENOC, a ...
Tanker loads Libyan oil from Hariga storage, Sarir still disrupted BENGHAZI: A tanker has loaded 600,000 barrels of crude oil from storage at the Libyan port of Hariga, an oil official said on Wednesday.He said that crude supplies from the Sarir oilfield were still disrupted following a pipeline blast.Copyright Reuters, 2015 ...
Oil steadies around $61, Kuwait sees prices supported LONDON: Oil steadied around $61 a barrel on Monday, holding gains from last week, after Kuwait's oil minister said lower supply levels would support prices in the second half of the year.The recent rally "will start holding gains now and hopefully in the second half of 2015 we will see better prices", the minister, Ali al-Omair, said. Supported by signs of lower industry spending, the price of Brent crude has increased by more than 30 ...


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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 $-1.894 bln
Exports $1.953 bln
Imports $3.847 bln
WeeklyJuly 01, 2015
Reserves $18.5 bln