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Middle East & Africa


UAE's Dana Gas Q2 net profit jumps 70pc on higher production DUBAI: Dana Gas, the United Arab Emirates energy firm, said on Wednesday that its second-quarter net profit jumped 70 percent as production across the group rose. Dana made a net profit of 169 million dirhams ($46.0 million), the company said in a bourse filing.This compares with 100 million dirhams in the year-earlier period. Revenues for the second quarter were 685 million dirhams, up from 528 million dirhams.Dana said its average overall production volume was up 17 percent to 72,200 barrels of oil equivalent per day in the second quarter. The Sharjah-based energy firm has had problems recovering payment from exploration and production assets in Egypt and Iraq's region of Kurdistan because of political turmoil in those countries. Dana reiterated that it had not received any significant payment from Kurdistan since July 2013 and was taking steps to ensure that payments resumed as soon as possible. Copyright Reuters, 2014 ...

Iraq oil exports reach 2.442mn bpd in July BAGHDAD: Iraq's oil exports increased in July to an average of 2.442 million barrels per day (bpd) from 2.423 in the previous month, the oil ministry said on Monday.Shipments from the northern oilfields of Kirkuk are still suspended, the statement said.The selling price for Iraq's crude is $102.8 per barrel and revenues of $7.8 billion have been generated in July.Iraq exports the bulk of its oil from its southern terminals.Copyright Reuters, 2014 ...
South Africa's petrol price to stay flat in August JOHANNESBURG: The retail price of petrol in South Africa will remain unchanged at 14.33 rand ($1.34) a litre from next Wednesday, while wholesale diesel will dip by 0.4 percent, the Department of Energy said on Friday. Copyright Reuters, 2014 ...
Nigerian crude exports to hit 16 month high in Sept LONDON: Nigeria will export around 1.90 million barrels per day (bpd) of crude oil in September including deferred cargoes, the highest monthly total in more than a year, according to loading schedules seen by Reuters on Friday. September's total will load in 61 cargoes and is up from August's revised rate of 1.82 million bpd.The total includes two cargoes of Qua Iboe crude, which were delayed to September from August. Nigeria's exports in September will ...
Uganda orders Tullow Oil to pay $407mn tax bill KAMPALA: A Ugandan tax appeals court on Wednesday ordered the Anglo-Irish firm Tullow Oil to pay a $407 million tax bill related to the sale of local assets in 2012.Tullow Oil, which had already paid $142 million or 30 percent of the bill to appeal an earlier ruling, contested the decision and said it might seek international arbitration.The ruling holds that the firm is fully liable to pay capital gains tax on the $2.9 billion ...
Saudi June oil production rises to 9.780mn bpd RIYADH: Saudi Arabia produced 9.780 million barrels per day (bpd) of crude oil in June, up from 9.705 million bpd in May, an industry source familiar with the matter said. The world's largest oil exporter supplied 9.745 million bpd to the market. Supply to the market may differ from production depending on the movement of barrels in and out of storage. Copyright Reuters, 2014 ...
Yemen oil export income tumbles 64pc in May, reserves sink DUBAI: Yemen's income from oil exports tumbled by over 64 percent to $73.4 million in May from a year ago, due to attacks on an export pipeline, and the central bank's foreign asset reserves shrank to their lowest since end-2011, data showed on Sunday.Sanaa's finances have deteriorated as it has been caught in a nationwide fight against al Qaeda militants and other rebel groups. It has suffered power cuts and petrol shortages with the government ...


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ICT 2014

Foreign Debt $61.805bn
Per Cap Income $1,386
GDP Growth 4.14%
Average CPI 8.6%
Trade Balance $-2.309 bln
Exports $1.957 bln
Imports $4.266 bln
WeeklyDecember 18, 2014
Reserves $14.04 bln