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Middle East & Africa


Nigeria's oil company says cleared over missing $20bn ABUJA: Nigeria's state oil company said on Thursday that a forensic audit conducted by PriceWaterhouseCoopers has cleared it of the allegation that it failed to remit $20 billion owed to the state. President Goodluck Jonathan ordered an audit of the national energy company in early 2014 after former central bank governor Lamido Sanusi said an estimated $20 billion in oil revenues had been withheld from the Federation Account. NNPC added that the audit said $1.48 billion should be sent to the government by the corporation's upstream subsidiary, the Nigerian Petroleum Development Company (NPDC) but that this amount was not part of the missing crude revenues. It said the delay in the NPDC remittance was due to the reconciliation processes between the Department of Petroleum Resources (DPR) and the NNPC. Copyright Reuters, 2015 ...

Petrochemical and metals company Industries Qatar net profit slips 4.2pc DUBAI: Petrochemicals and metals company Industries Qatar (IQ) posted a 4.2 percent decline in fourth-quarter net profit on Thursday, just below analysts' forecasts.The Middle East's second-biggest petrochemicals company by market value, behind Saudi Basic Industries, made a net profit of 1.60 billion riyals ($440 million) for the three months to Dec. 31, compared with 1.67 billion riyals a year earlier, according to Reuters calculations based on an IQ statement in the Qatar Tribune newspaper.Analysts polled ...
West Africa Crude: Stable despite oversupply, reported attack LONDON: West African crude was little changed on Wednesday, but selling into Asia could become more difficult if expected cuts to Saudi Arabian official selling prices materialise later this week. Traders said a reported attack on a vessel in the vicinity of the Qua Iboe terminal off the coast of Nigeria could also make loading Nigeria's largest crude stream more expensive due to insurance and security costs. Shipping and crude sources said the attack on ...
Tanzania buys over 250,000 tonnes oil products from Addax SINGAPORE: Tanzanian importers bought more than 250,000 tonnes of oil products for delivery in March from Addax Energy, industry sources said on Tuesday.The Petroleum Importation Coordinator, which represents oil marketing companies in the east African nation, bought nearly 175,000 tonnes of 50 ppm sulphur diesel, 67,599 tonnes of 10 ppm sulphur gasoline, 14,807 tonnes of jet fuel and 1,400 tonnes of kerosene.The cargoes are to be delivered into Kurasini Oil Jetty and into the country's ...
Iraq lowers oil price forecast in budget proposal to $55 a barrel BAGHDAD: Falling oil prices forced Iraq's cabinet on Tuesday to revise its draft 2105 budget, trimming its forecast for oil to $55 a barrel from $60.It trimmed spending to 119 trillion Iraqi dinars ($105 billion) for 2015. Even so, the budget deficit will rise to 25 trillion dinars.The decision to lower the forecast oil price may satisfy some MPs who saw the previous estimate as unrealistic, but Brent crude is trading still lower at under ...
Oil price 'too low': Saudi Aramco chief RIYADH: World oil prices have fallen too far, the president of state-owned energy giant Saudi Aramco said Tuesday, stressing it was for the market not OPEC producers to shore them up."It's too low for everybody," Khalid al-Falih told a conference."I think even consumers start to suffer in the long term."Falih also said American shale oil production is important for the world's long-term energy future and Saudi Aramco has marked an additional $7 billion for its ...
Oman's ORPIC began 29-day maintenance on Sohar refinery late-Sunday MUSCAT: Oman Oil Refineries and Petroleum Industries Co (ORPIC) began planned maintenance on its Sohar refinery late on Sunday, the company's chief executive told Reuters."The complete refinery in Sohar is shutdown for 29 days. But we have studied carefully the timing for this maintenance so it will not have any effect on the local market," Musaab al-Mahrouqi told Reuters on Monday.Copyright Reuters, 2015 ...


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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 $-999 mln
Exports $2.064 bln
Imports $3.063 bln
WeeklyMarch 13, 2015
Reserves $16.273 bln