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Middle East & Africa


Egypt says to pay $1.5bn oil debt this year as energy crisis mounts CAIRO: Egypt will pay $1.5 billion of the money it owes to foreign energy companies by the end of 2014, its oil minister said on Thursday, as the government tries to stave off a worsening power crisis.Political turmoil and violence since the 2011 revolt that ousted autocrat Hosni Mubarak has hit the economy hard and deepened problems in the chaotic and underdeveloped energy sector with generous state subsidies stoking demand.The latest government figures put Egypt's debts to foreign oil companies operating there at $5.7 billion, but officials including Oil Minister Sherif Ismail acknowledge that debts are mounting even as the government pays off what it owes now.The government has promised to pay companies including BG Group BG.L and BP $3 billion by the end of 2017 as it tries to lure back investors to tap its reserves and boost production to meet soaring demand.In April, Ismail said Egypt would pay ...

Libya's oil output around 270,000 bpd, Hariga still closed: NOC TRIPOLI: Libya is currently producing around 270,000 barrels of oil, a spokesman for state-owned National Oil Corp (NOC) said on Tuesday.NOC spokesman Mohamed El Harari also said the eastern port of Hariga had been closed again by protesters. A first tanker had loaded oil on Saturday but protesters are blocking the docking of a second.The 340,000-bpd-El Sharara oilfield also remains closed, he said, adding that the El Feel oilfield was pumping around 95,000 bpd.Copyright Reuters, ...
Baghdad condemns Kurds for oil exports BAGHDAD: Baghdad's oil ministry condemned Iraqi Kurdistan Saturday for further exports of crude from wells in the autonomous northern region, part of a long-running row over the country's vast hydrocarbon reserves.The federal government alleged that a shipment of oil, the second to be pumped in the three-province Kurdish region and shipped internationally in the past month, had been sent to Israel. It reiterated the threat of legal action against any companies that receive the crude."The ...
Iraq's biggest oil refinery shut down, foreign staff evacuated TIKRIT: Iraq's biggest oil refinery, Baiji, has been shut down and its foreign staff evacuated, refinery officials said on Tuesday, adding that local staff remain in place and the military is still in control of the facility.Militants from al Qaeda splinter group Islamic State of Iraq and the Levant (ISIL) seized Iraq's second-biggest city of Mosul last week and other armed groups have advanced into the town of Baiji and surrounded its refinery.The refinery shut ...
Gabon oil refinery output to fall in 2014 LIBREVILLE: Production from Gabon's state-run oil refining company is set to fall by one third to 600,000 tonnes this year because of disruptions in the supply chain, oil minister Dieudonn? Ngoubou said on Friday.The production slump at SOGARA has led to a shortage of fuel for domestic consumption and long lines at petrol stations."The problems that we have had in the last week are due to poor organization of the distribution chain," said Ngoubou, who ...
Kenya raises diesel, kerosene prices, lowers petrol NAIROBI: Kenya's energy regulator raised the maximum retail price of a litre of diesel and kerosene on Saturday, and lowered that of petrol, reflecting their import costs.Fuel prices have a big effect on inflation in east Africa's biggest economy, which relies heavily on diesel for transport, power generation and agriculture, while kerosene is used in many households for cooking and lighting.The government started carrying out a monthly review of retail fuel prices in 2010 after ...
Kuwait sets July crude OSP to Asia at Oman/Dubai minus $0.10/bbl SINGAPORE: Kuwait set the official selling price (OSP) for its crude oil sales to Asian buyers for July at $0.10 a barrel below the average of Oman/Dubai quotes, up 90 cents from the month before, a source familiar with the matter said on Wednesday.Kuwait's crude price formula is loosely linked to that of Saudi Arabia's Arab Medium grade. Copyright Reuters, 2014 ...


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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