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Middle East & Africa


Kenya's state-run firm to raise $2bn to buy into oil blocks NAIROBI: Kenya's state-run National Oil Corporation will raise $2 billion to take stakes in oil blocks on behalf of the government once they near commercial production, it said on Wednesday.Kenya estimates its crude oil reserves to be about 1 billion barrels and the government can legally take a stake in oil blocks under commercial production through National Oil.The oil firm would raise the money through internal sources, external debt and other equity partners, Joram Temesi, the firm's spokesman told Reuters.It was not immediately clear how much of the oil block National Oil would be buying, and whether the amount it plans to raise would be sufficient for the stakes that it requires. National Oil would buy stakes in blocks 10 BB and 13 T, owned by Tullow Oil and its partner Africa Oil.The oil firms are expected to submit plans to the government for the commercial development of their discoveries ...

Cameroon hikes 2015 debt issuance to $1.56bn amid fall in oil revenues DAKAR: Cameroon has hiked its debt issuance for 2015 to 900 billion CFA francs ($1.56 billion) from 320 billion initially planned, a decree signed by President Paul Biya said, amid a shortfall in oil revenues due to the slump in global oil prices.The decree signed on Friday authorised the government to "issue debt including Treasury bills and bonds of up to 900 billion CFA francs to finance development projects."It did not give any further details, ...
Kenya, Tanzania seek consultant for cross-border power lines NAIROBI: Kenya and Tanzania have invited bids for a consultant to oversee the construction of a high-voltage power line connecting the two nations, part of efforts to meet growing demand for electricity and deepen integration of their economies.The two countries will build approximately 510 km of 400 kilovolt (kv) power lines and several substations to allow them trade in power.The project is planned to be implemented in twenty-three months from the contract commencement date, a ...
West Africa Crude: Improving refining margins support market LONDON: West African crude differentials were steady on Friday, holding on to gains this week, supported by increased demand in Europe and Asia amid improving refining margins. While traders say there is still an ample supply of March-loading Nigerian crude, differentials have ticked up further this week from multi-year lows. Healthy refining margins in Europe, which are well above the annual average according to Reuters models, and in Asia have helped to boost demand, say ...
Egypt's energy reforms spark rush of oil and gas deals Egypt's energy reforms spark rush of oil and gas dealsMILAN/CAIRO: Energy-hungry Egypt's willingness to push fuel market reforms and stick to debt repayment plans has led to an unexpected resurgence in oil and gas exploration and supply deals previously delayed by political upheaval. The country has emerged as a major new oil and gas market as the government looks to ease the worst energy crunch in decades. In January alone Egypt clinched 15 ...
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 ...
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 ...


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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 $-1.586 bln
Exports $1.932 bln
Imports $3.518 bln
WeeklyApril 16, 2015
Reserves $16.818 bln