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Middle East & Africa


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 tender announcement published in Kenya's Daily Nation newspaper said.The tender did not indicate the cost of the project. Bids are due by Feb. 20.Kenya is tapping geothermal resources in the Rift Valley as part of its broader ambition to add 5,000 megawatts (MW) to its electricity output by 2017. That will add to the east African nation's existing capacity of about 1,664 MW.As well as expanding generation, Kenya has plans to add 5,000 km of ...

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 ...
West Africa Crude: Stable despite oversupply, reported attack LONDON: West African crude was little changed on Wednesday, but selling into Asia could become more difficult if expected cuts to Saudi Arabian official selling prices materialise later this week. Traders said a reported attack on a vessel in the vicinity of the Qua Iboe terminal off the coast of Nigeria could also make loading Nigeria's largest crude stream more expensive due to insurance and security costs. Shipping and crude sources said the attack on ...
Tanzania buys over 250,000 tonnes oil products from Addax SINGAPORE: Tanzanian importers bought more than 250,000 tonnes of oil products for delivery in March from Addax Energy, industry sources said on Tuesday.The Petroleum Importation Coordinator, which represents oil marketing companies in the east African nation, bought nearly 175,000 tonnes of 50 ppm sulphur diesel, 67,599 tonnes of 10 ppm sulphur gasoline, 14,807 tonnes of jet fuel and 1,400 tonnes of kerosene.The cargoes are to be delivered into Kurasini Oil Jetty and into the country's ...


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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 $-1.795 bln
Exports $1.995 bln
Imports $3.790 bln
WeeklyMay 26, 2015
Reserves $17.749 bln