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UAE grants China right to develop Abu Dhabi oil fields DUBAI/BEIJING: The Abu Dhabi National Oil Company (ADNOC) has formed a joint venture with China National Petroleum Corporation (CNPC) to develop the Gulf emirate's oil reserves, state news agency WAM said on Tuesday.United Arab Emirates (UAE) President Sheikh Khalifa bin Zayed Al Nahyan issued a law setting up Al Yasat Company for Petroleum Operations Limited Liability Company, in which ADNOC will hold a 60 percent share and the Chinese state oil company 40 percent, WAM said.The UAE concession system allows oil producers to acquire equity in hydrocarbon resources from the OPEC member country, with ADNOC usually holding a 60 percent stake in each joint venture. "It's a typical concession -- meaning you pay the royalty and then you get the JV share of production," a senior source at CNPC said. The concession award comes after state-run ADNOC and CNPC signed a strategic partnership in January 2012 to work on upstream ...

Iraq oil exports average 2.5m bpd so far in April BAGHDAD: Iraq has exported an average of 2.5 million barrels per day (bpd) of oil so far in April, more than in March, but still well short of its 2014 target, due in part to repeated sabotage of a northern pipeline.Deputy Prime Minister for Energy Hussain al-Shahristani said on Saturday exports could have reached 3.2 million bpd without the damage, and if Iraq's autonomous Kurdish region had pumped its share of oil.Iraq set an export ...
Egypt to pay some $1bn owed oil firms within two months CAIRO: Egypt will pay about $1 billion of the money it owes to foreign oil companies within the next two months, the state's MENA news agency said, quoting Oil Minister Sherif Ismail. Egypt says it owes some $6.3 billion to those companies. It last year said it paid $1 billion of the money it owes the international firms as part of a repayment scheme seeking to revive confidence in the economy after years of turmoil. ...
Libya oil output 220,000 bpd, several fields still closed TRIPOLI: Libya's oil production is currently around 220,000 barrels a day as several western oilfields remain closed due to protests, a spokesman for state-run National Oil Corp (NOC) said on Tuesday. The El Sharara, El Feel fields and oil condensates production at the Wafa field were still shut down, NOC spokesman Mohammed El Harari said. Libya's oil production was 1.4 million bpd until July when a wave of protests at oilfields and ports started across ...
Technical problems delay reopening of Zueitina oil port:: minister BENGHAZI: Technical problems have delayed the reopening of Libya's eastern Zueitina oil export terminal after the government reached a deal with rebels to end an eight-month blockade of the port, a minister said on Sunday.Two weeks ago, the Tripoli government reached an agreement with rebels in the restive east to end their occupation of four oil ports which had halted vital exports.Under the plan, the Hariga and Zueitina ports were due to open immediately while ...
Kuwait to invite bids for new refinery: oil official KUWAIT CITY: OPEC member Kuwait will invite bids for a new multi-billion-dollar oil refinery next month as part of a drive to modernise the key sector, a top executive said on Monday."We will invite bids for the new refinery project in May," CEO of national conglomerate Kuwait Petroleum Corp. (KPC) Nezar al-Adasani said."Another project costing $1.0 billion for the development of heavy oil from northern oilfields will be awarded later in April," Adasani told reporters ...
Oil price 'fair' despite geopolitical factors: Kuwait KUWAIT CITY: Kuwaiti Oil Minister Ali al-Omair said on Monday that current oil prices are "fair" despite strong geopolitical factors impacting the region.OPEC member Kuwait is the world's fourth-largest oil exporter, pumping around 3.0 million barrels per day, of which at least 2.6 million bpd are exported in the form of crude oil and petroleum products."There are geopolitical factors impacting oil prices... which are not only controlled by output levels and production capacity but also ...

 



 
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Annual2013/14
Foreign Debt $61.805bn
Per Cap Income $1,386
GDP Growth 4.14%
Average CPI 8.6%
MonthlyAugust
Trade Balance $-1.434 bln
Exports $1.930 bln
Imports $3.364 bln
WeeklySeptember 15, 2014
Reserves $13.414 bln