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Middle East & Africa


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 the same amount monthly through August. "Saudi petroleum aid to Egypt will be more than $3 billion from April until the end of August," he told Reuters by phone. The government said last week that gifted fuel from Gulf nations including Saudi Arabia that supported Mursi's ouster last July totalled $6 billion. The supply is a welcome relief for Cairo as it struggles to avoid major blackouts this summer. The cuts are caused by gas ...

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 ...
Iraq oil exports average 2.5m bpd so far in April BAGHDAD: Iraq has exported an average of 2.5 million barrels per day (bpd) of oil so far in April, more than in March, but still well short of its 2014 target, due in part to repeated sabotage of a northern pipeline.Deputy Prime Minister for Energy Hussain al-Shahristani said on Saturday exports could have reached 3.2 million bpd without the damage, and if Iraq's autonomous Kurdish region had pumped its share of oil.Iraq set an export ...
Egypt to pay some $1bn owed oil firms within two months CAIRO: Egypt will pay about $1 billion of the money it owes to foreign oil companies within the next two months, the state's MENA news agency said, quoting Oil Minister Sherif Ismail. Egypt says it owes some $6.3 billion to those companies. It last year said it paid $1 billion of the money it owes the international firms as part of a repayment scheme seeking to revive confidence in the economy after years of turmoil. ...


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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 15, 2014
Reserves $13.922 bln