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Middle East & Africa


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 ...
Iraq's oil exports drop to 2.535mn bpd in Jan: statement BAGHDAD: Iraq's oil exports dropped to 2.535 million barrels per day (bpd) in January from a high of 2.940 million bpd the previous month, an oil ministry statement said on Thursday.Two weeks of bad weather in the south affected January's total, said a spokesman quoted in the statement.Exports from Iraq's southern terminals reached 2.39 million bpd, while exports from the north via the Kurdistan pipeline were 145,000 bpd in January, the statement said quoting a ...


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Banking Review 2014

Foreign Debt $62.649bn
Per Cap Income $1,512
GDP Growth 4.24%
Average CPI 8.6%
Trade Balance $-2.378 bln
Exports $2.016 bln
Imports $4.394 bln
WeeklyAugust 27, 2015
Reserves $18.509 bln