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Middle East & Africa


Oil market long term fundamentals robust-Saudi dep oilmin DUBAI: Long term oil market fundamentals are robust and short-term price moves have little meaning for Saudi Arabia, the kingdom's deputy oil minister, Prince Abdulaziz Bin Salman Bin Abdulaziz, was quoted as saying on Wednesday by the Saudi Press Agency. "Temporary factors such as concerns about global economic recovery, geopolitical events, and positioning in paper markets, can affect short-term price movement," he was quoted as saying."But for a major oil producer and exporter such as Saudi Arabia with long-term interest in the stability of the market, such daily, weekly or even monthly gyrations have little meaning, and constitute a source of noise around a solid trend.""Supply and demand patterns indicate that the long-term fundamentals of the energy complex remain robust," he added.The prince noted what he called the widely circulated view that lower US dependence on oil imports from the Gulf would erode "the United States interest in the Middle ...

Iraq's oil output revival at stake for want of water DUBAI: A lack of water threatens Iraq's plans to raise its oil output, boost its stumbling economy and become a leading producer in the region after Saudi Arabia.A multi-billion dollar common seawater injection scheme designed to boost production from the giant export oilfields in Iraq's south is snarled up in red tape and acrimony.The seawater injection project is core to the development of the southern fields - which account for most of Iraq's production - ...
Kuwait KNPC names NBK finance advisor for $12bn refinery upgrade DUBAI: Kuwait National Petroleum Co (KNPC) has chosen National Bank of Kuwait's investment banking arm to advise it on financing options for its multi-billion-dollar Clean Fuels Project, the bank said on Sunday. Part of the country's 30 billion dinar ($104.7 billion) economic development plan, the Clean Fuels Project will upgrade and expand two of the Gulf Arab state's largest existing refineries with a focus on producing higher-value products such as diesel and kerosene for export.NBK ...
Eskom to raise more debt, get state equity injection JOHANNESBURG: South Africa's government has approved a support package for state-run power utility Eskom, which will include the company raising additional debt and receiving an equity injection from the state.Eskom has huge financial problems because its costs are running ahead of its revenues. "Eskom is facing significant challenges that threaten its sustainability," the Treasury said in a statement on Sunday."Eskom will be raising additional debt in the region of 50 billion rand ($4.5 billion), over ...
Algerian oil sails to Venezuela and US, boosting rival grades LONDON: CPC Blend and Azeri prices strengthened on Friday as traders cited large exports from the region of rival Algerian Saharan Blend which sailed to Venezuela and the US Gulf. One trader said up to four cargoes with Saharan left the region. Venezuela has said it is looking to increase imports of light grades including from Algeria to blend with its heavy crude grades to optimise refining operations.US refiner Valero was also believed to have ...
Yemen patches crude pipeline sabotaged by tribesmen, pumping resumes SANAA: Yemen resumed pumping crude through its main export pipeline after repair works were completed, the interior ministry said on Wednesday, after saboteurs blew it up on Monday, halting flows and disrupting an important source of revenue. Yemen's oil and gas pipelines have repeatedly been sabotaged by tribesmen feuding with the state since anti-government protests led to a power vacuum in 2011, causing fuel shortages and slashing export earnings. "Technical teams were able to successfully ...
Kuwait OPEC governor expects oil to return to, hold $100 level KUWAIT: Kuwait OPEC Governor Nawal Al-Fuzaia said on Wednesday that a recent drop in oil prices was due to a rise in supply and slower summer demand and that she expected prices to rise again and maintain the $100 per barrel level."In relation to oil prices, the current drop is due to a rise in supply, specifically the return in production from Libya. There are also supplies from U.S. shale, and there is a slowing ...


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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 $-1.664 bln
Exports $1.966 bln
Imports $3.630 bln
WeeklyDecember 22, 2014
Reserves $14.042 bln