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Niger oil refinery workers start 48-hour strike NIAMEY: Workers at Niger's only oil refinery declared a two-day strike on Thursday, effective immediately, over working conditions, a union official said. The West African country's 20,000 barrel per day Zinder refinery is a joint venture between the government and China National Petroleum Corporation (CNPC). "We have informed the oil ministry and I can assure you that our strike is a warning. If nothing is done to satisfy our demands, we will toughen our stance," Elemi Boukar, a union representative at the plant, told Reuters. It was not immediately clear if crude oil processing had been affected by the strike. The plant, located 800 km (500 miles) east of the capital Niamey, processes oil from the CNPC-operated Agadem blocks. It was stopped for planned maintenance in December and resumed normal operations on Jan. 15. Copyright Reuters, 2015 ...

Oil slump slashes Saudi Basic Industries Q4 profit 29pc DUBAI: Saudi Basic Industries Corp (SABIC), one of the world's largest petrochemicals groups, reported a 29 percent plunge in fourth-quarter net income on Sunday, widely missing analysts' forecasts because of the tumble of global oil prices.Chief executive Mohamed al-Mady told reporters his company's outlook for 2015 depended on oil prices and was therefore unpredictable, but that SABIC faced challenges early in the year. Oil, which is closely tied to petrochemical product prices, has tumbled more ...
Oil price slump could cripple clean energy push: experts    ABU DHABI: Falling oil prices could have a negative impact on global efforts to develop renewable energy sources, experts warned Saturday at a conference in Abu Dhabi.Oil prices have fallen by almost 60 percent since June, crashing on worries over global oversupply and weak demand in a faltering world economy.Participants at the International Renewable Energy Agency (IRENA) conference that opened Saturday in the United Arab Emirates said the trend could spell doom for plans to ...
Yemen sets March Masila crude OSP at $0.02/bbl premium SINGAPORE: Yemen has set the official selling price of its Masila crude for loading in March at a premium of $0.02 a barrel to dated Brent, down 40 cents from the previous month, its government said on Monday.UNIPEC UK bought the entire 1.3 million barrels of Masila crude offered by Yemen, the government said in a statement.The OSP for the March 2015 Marib Light Crude oil has been set at flat to dated Brent.The Aden ...
Oil price fall unjustified but set to continue: Kuwait      KUWAIT CITY: Kuwait said Tuesday that the sharp fall in world oil prices is unjustified but that the market may not improve before the second half of this year."Nobody can justify the drop now," Oil Minister Ali al-Omair told reporters as prices slid towards six-year lows.Omair attributed the slide to a production glut of around 1.8 million barrels per day combined with a slowdown in global economic growth."We expect this situation to continue until the ...
OPEC cannot protect oil price ABU DHABI: OPEC cannot protect world oil prices which have plunged since June, the United Arab Emirates said on Tuesday, arguing that rising North American shale oil output needed to be curbed."We cannot continue to be protecting a certain price," UAE Energy Minister Suhail al-Mazrouei said."We have seen the oversupply, coming primarily from shale oil, and that needed to be corrected," he told participants in the Gulf Intelligence UAE Energy Forum in Abu Dhabi.Oil prices ...
Tanzania cuts fuel prices, move may dampen inflation pressure DAR ES SALAAM: Tanzania's energy regulator cut fuel prices on Wednesday to reflect lower import costs, in a move likely to further ease inflationary pressures.Fuel prices are the second-biggest drivers of inflation in the east African nation after food prices. Year-on-year inflation fell for the third consecutive month to 5.8 percent in November from 5.9 percent the previous month.The state-run Energy and Water Utilities Regulatory Authority (EWURA) cut the price of petrol in the commercial ...

 



 
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Banking Review 2014


Annual2013/14
Foreign Debt $61.805bn
Per Cap Income $1,386
GDP Growth 4.14%
Average CPI 8.6%
MonthlyMay
Trade Balance $-1.894 bln
Exports $1.953 bln
Imports $3.847 bln
WeeklyJuly 06, 2015
Reserves $18.201 bln