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Middle East & Africa


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. "A new chunk of around $1 billion will be paid to foreign firms within two months," Ismail said on Tuesday. The country has previously said it would repay a further $3 billion in monthly installments until 2017 as an incentive to encourage foreign oil companies to increase exploration and production. Egypt has been struggling to meet soaring energy bills caused by high subsidies on fuel products for its 85 million people, most of whom are ...

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 ...
Kuwait's oil output capacity rises to 3.3mn bpd KUWAIT: Kuwait has increased its oil production capacity to 3.3 million barrels of oil a day (bpd) and is hoping to reach 3.5 million bpd in 2015, the head of its state oil company said on Monday. Kuwaiti officials have previously said that capacity in the OPEC member state was around 3.1-3.2 million bpd. "Kuwait has increased its production capacity to 3.3 million barrels per day.It will reach 3.5 million barrels per day by 2015," ...
Southern Iraq oil exports 2.48mn bpd in March, new field to open BASRA: Oil exports from southern Iraq have averaged 2.48 million barrels per day (bpd) so far in March, a senior official said on Saturday, as Russia's Lukoil prepared to begin production from the country's second-largest field.Production in the south has averaged 2.5 million bpd so far this month, and should rise to 2.65 million following the inauguration of the giant West Qurna-2 oilfield, Dhiya Jaafar, the head of Iraq's South Oil Company, also said.Lukoil is ...


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Foreign Debt $61.805bn
Per Cap Income $1,386
GDP Growth 4.14%
Average CPI 8.6%
Trade Balance $-2.807 bln
Exports $1.911 bln
Imports $4.718 bln
WeeklySeptember 25, 2014
Reserves $13.305 bln