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Yemen gas price pressure mounts on France's Total DUBAI: Pressure on French energy giant Total to pay more for liquefied natural gas that it ships from Yemen has intensified, with the state news agency reporting that the long-term deal is being probed by public prosecutors. Total's leading role in building the $4.5 billion Yemen LNG export plant in 2005-09 made it the largest foreign investor in the country, which is one of the poorest in the Arab world. Since coming to power in 2012, the new government in Sanaa has complained that deals signed by officials under previous president Ali Abdullah Saleh undervalued the gas and deprived the state of desperately needed public funds. Last week, official news agency Saba quoted unnamed judicial sources as saying the government's Public Funds Prosecution service, which helps to track down corrupt public officials and retrieve funds from them, had started to probe the arrangement with Total. The investigation, which began two ...

Kenya raises price caps for diesel, petrol; lowers kerosene NAIROBI: Kenya's energy regulator said on Friday that it was raising the maximum retail fuel prices for petrol and diesel and lowering that for kerosene for the month until mid-March. Fuel prices have a big impact on inflation in east Africa's biggest economy, which depends heavily on diesel for transport, power generation and agriculture, while kerosene is used in many households for cooking and lighting. The Energy Regulatory Commission raised maximum prices charged in the ...
Iraq cuts March crude prices to Asia; ups US and Europe BAGHDAD: Iraq raised the price of Basra light crude to US buyers for March by 20 cents to 50 cents per barrel below the Argus (ASCI) benchmark and cut the prices to Asia, the State Oil Marketing Organisation (SOMO) said on Sunday. The price for Basra light crude for Asian buyers was set at a discount of 60 cents to the average of Oman-Dubai quotes versus a discount of 30 cents for the previous month. ...
Nigeria faces questions over 'missing' oil money LAGOS: Africa's biggest oil producer Nigeria is facing questions about where billions of dollars in oil money is going, amid suspicions of fraud and it being syphoned off to fund election campaigns. The issue has been rumbling on since September, when the governor of the Central Bank of Nigeria accused the Nigerian National Petroleum Corporation of withholding $49.8 billion in oil revenue. Sanusi Lamido Sanusi, who steps down as central bank chief in the coming ...
UAE's Dana Gas says Q4 profit rises 12pc DUBAI: Dana Gas made a net profit of 128 million dirhams ($34.9 million) in the fourth quarter of 2013, up 12 percent from a year earlier, the United Arab Emirates energy company said on Sunday. Net profit for the full year fell 6 percent to 571 million dirhams, due in part to rising royalty payments to the Egyptian government and lower sales of liquid petroleum gas (LPG) in the Kurdistan Region of Iraq. Dana Gas ...
Middle East Crude: Weakens; ESPO premiums slump SINGAPORE: The Middle East crude market softened on Tuesday, following a slump in Russian ESPO premiums on weak demand. Russian producer Surgutneftegas sold three ESPO cargoes for March loading via a tender to Shell. Two of the cargoes were priced at premiums below $5 to Dubai quotes, down from premiums between $6.2 and $6.9 fetched for cargoes sold last week. The March 23-27 cargo was priced at $6.40 while the March 19-23 and 26-30 cargoes ...
Angola's onshore oil potential over 7 billion barrels: firm LUANDA: Angola has over seven billion barrels of oil potential in onshore blocks and production rights will soon go on sale, state-owed company Sonangol said Monday."The ten blocs that we will award have great potential, with on average 700 million barrels each," said Severino Cardoso, head of exploration at the firm."But that can increase with more exploration," he told a news conference after an information session with prospective investors.Earlier this month Sonangol announced ten new ...

 



 
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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