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Middle East & Africa


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 ministry spokesman.The spokesman said the average selling price in January was $41.45 per barrel with revenue of $3.258 billion, down from $5.247 billion in December.Copyright Reuters, 2015 ...

Ethiopia cancels diesel import tender for March-August SINGAPORE: Ethiopia has cancelled an import tender for up to 120,000 tonnes of diesel fuel for delivery over March to August, and may have bought it through private negotiations instead, traders said on Thursday.Ethiopian Petroleum Supply Enterprise (EPSE) was seeking 80,000 to 120,000 tonnes of 500 ppm sulphur gasoil for delivery into Djibouti.PetroChina had placed the lowest out of three offers at a $5.75 a barrel premium above Middle East quotes for the diesel cargo ...
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, ...
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 ...


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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 $-1.894 bln
Exports $1.953 bln
Imports $3.847 bln
WeeklyJuly 01, 2015
Reserves $18.5 bln