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Middle East & Africa


Iraq's biggest oil refinery shut down, foreign staff evacuated TIKRIT: Iraq's biggest oil refinery, Baiji, has been shut down and its foreign staff evacuated, refinery officials said on Tuesday, adding that local staff remain in place and the military is still in control of the facility.Militants from al Qaeda splinter group Islamic State of Iraq and the Levant (ISIL) seized Iraq's second-biggest city of Mosul last week and other armed groups have advanced into the town of Baiji and surrounded its refinery.The refinery shut down overnight, the sources said.Baiji is one of three oil refineries in Iraq and only processes oil from the north. The other two are located in Baghdad and the south and are firmly under government control and operational."Due to the recent attacks of militants by mortars, the refinery administration decided to evacuate foreign workers for their safety and also to completely shut down production units to avoid extensive damage that could result," a chief engineer ...

Gabon oil refinery output to fall in 2014 LIBREVILLE: Production from Gabon's state-run oil refining company is set to fall by one third to 600,000 tonnes this year because of disruptions in the supply chain, oil minister Dieudonn? Ngoubou said on Friday.The production slump at SOGARA has led to a shortage of fuel for domestic consumption and long lines at petrol stations."The problems that we have had in the last week are due to poor organization of the distribution chain," said Ngoubou, who ...
Kenya raises diesel, kerosene prices, lowers petrol NAIROBI: Kenya's energy regulator raised the maximum retail price of a litre of diesel and kerosene on Saturday, and lowered that of petrol, reflecting their import costs.Fuel prices have a big effect on inflation in east Africa's biggest economy, which relies heavily on diesel for transport, power generation and agriculture, while kerosene is used in many households for cooking and lighting.The government started carrying out a monthly review of retail fuel prices in 2010 after ...
Kuwait sets July crude OSP to Asia at Oman/Dubai minus $0.10/bbl SINGAPORE: Kuwait set the official selling price (OSP) for its crude oil sales to Asian buyers for July at $0.10 a barrel below the average of Oman/Dubai quotes, up 90 cents from the month before, a source familiar with the matter said on Wednesday.Kuwait's crude price formula is loosely linked to that of Saudi Arabia's Arab Medium grade. Copyright Reuters, 2014 ...
Iraq says southern oil facilities ‘very, very safe’ VIENNA: Iraq's southern oil export facilities, currently its only export outlet, were secure, with shipments now running at around 2.6 million barrels per day, Oil Minister Abdul Kareem Luaibi said on Wednesday.An al Qaeda splinter group seized control of the northern Iraqi city of Mosul on Tuesday, putting security forces to flight in a spectacular show of strength against the Shi'ite-led Baghdad government."All our exports now are from the Basra terminal in the south - ...
Cameroon banks earn $13.5m in oil transit fees YAOUNDE: Cameroon's state oil firm SNH earned 6.49 billion CFA francs ($13.46 million) in transit fees for Chadian oil shipped to Cameroon's coast from January through April, triple the amount during the same period last year.The spike in revenues comes after Cameroon last year more than tripled the transit fee land-locked Chad would pay to ship its oil to Cameroon's coast.SNH said in a statement issued on Monday that 10.45 million barrels of Chad's oil ...
Iraq oil exports continue rebound in May: ministry BAGHDAD: Iraqi oil exports rose for a second consecutive month in May, figures showed Sunday, despite a northern pipeline remaining disabled and a central government row with the country's Kurdish region.Crude exports averaged around 2.58 million barrels per day (bpd) last month, all of which were shipped from Iraq's southern export terminals, the oil ministry said in a statement.The sales raised $8.68 billion in revenues.The average daily exports marked an increase from April's figure of ...


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Foreign Debt $61.805bn
Per Cap Income $1,386
GDP Growth 4.14%
Average CPI 8.6%
Trade Balance $-2.807 bln
Exports $1.911 bln
Imports $4.718 bln
WeeklySeptember 25, 2014
Reserves $13.305 bln