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Middle East & Africa


Iraq oil exports continue rebound in May: ministry BAGHDAD: Iraqi oil exports rose for a second consecutive month in May, figures showed Sunday, despite a northern pipeline remaining disabled and a central government row with the country's Kurdish region.Crude exports averaged around 2.58 million barrels per day (bpd) last month, all of which were shipped from Iraq's southern export terminals, the oil ministry said in a statement.The sales raised $8.68 billion in revenues.The average daily exports marked an increase from April's figure of 2.50 million bpd, but fell short of February's multi-decade high of 2.80 million bpd.Exports in Iraq have been hit by persistent militant attacks on a pipeline connecting the northern province of Kirkuk to the Turkish Mediterranean port of Ceyhan.The pipeline has been disabled since early March, and it is not expected to be up and running for several days.At its peak, it was carrying upwards of 500,000 bpd to international markets via Turkey.Exports have also ...

Egypt opens tender to import fuel in July-Sept 2014: official CAIRO: Egypt has launched a tender to import hundreds of thousands of tonnes of petroleum products in the third quarter of 2014, an energy official said on Saturday, as the country tries to stave off a summer energy crisis.Egypt's government wants to avoid major power blackouts during the months of increased consumption in the summer, when outages are worsened by a dilapidated grid and a wasteful subsidies system.The tender comes in addition to supplies from ...
Egypt to get more than $3bn in free fuel from Saudi by August CAIRO: Saudi fuel donations to Egypt from last month through August will be worth more than $3 billion, a top Egyptian energy official said, as part of a financial lifeline from the Gulf helping to ease the country's energy crisis. Tarek el-Molla, head of state-run Egyptian General Petroleum Corp (EGPC), said Egypt had received an oil shipment from Saudi Arabia "at a value of between $650 and $700 million" in April and would keep getting ...
Drilling bonanaza in Morocco as oil firms eye deep waters MARRAKESH: Morocco is enjoying an oil and gas drilling bonanza, with 27 wells planned this year, a senior energy official said on Wednesday, amid growing foreign interest in the kingdom's potential offshore reserves."In 2013 and 2014 we have witnessed an unprecedented period of growth" in upstream activity, Amina Benkhadra, the head of Morocco's Office of Hydrocarbons and Mining (ONHYM), told an energy conference in Marrakesh on Wednesday.This includes a vast amount of seismic data being ...
Iraq oil exports rebound but sales hit by attacks BAGHDAD: Iraq's oil exports rebounded last month, government figures released on Sunday showed, despite militant attacks that forced the authorities to stop pumping crude through northern pipelines bound for Turkey.The country exported more than 75 million barrels of oil in April, an average of over 2.5 million barrels per day, bringing in overall revenue of more than $7.5 billion, a statement issued by the oil ministry said.All of those sales were made via export terminals ...
South Africa's petrol price to decrease by 1pc on May 7 JOHANNESBURG: The retail price of petrol in South Africa will decrease by 15 cents or 1 percent a litre from next Wednesday, while wholesale diesel will drop by 2.3 percent, the Department of Energy said on Friday. Petrol will cost 14.24 rand a litre and diesel 13 rand in the main Gauteng inland region, the department said in a statement. Copyright Reuters, 2014 ...
UAE grants China right to develop Abu Dhabi oil fields DUBAI/BEIJING: The Abu Dhabi National Oil Company (ADNOC) has formed a joint venture with China National Petroleum Corporation (CNPC) to develop the Gulf emirate's oil reserves, state news agency WAM said on Tuesday.United Arab Emirates (UAE) President Sheikh Khalifa bin Zayed Al Nahyan issued a law setting up Al Yasat Company for Petroleum Operations Limited Liability Company, in which ADNOC will hold a 60 percent share and the Chinese state oil company 40 percent, WAM ...


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Banking Review 2013

Foreign Debt $61.805bn
Per Cap Income $1,386
GDP Growth 4.14%
Average CPI 8.6%
Trade Balance $-2.380 bln
Exports $2.181 bln
Imports $4.561 bln
WeeklyNovember 13, 2014
Reserves $13.268 bln