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Middle East & Africa


Iraq sets prices for Basrah heavy crude in May ABU DHABI: Iraq has set the May official selling price (OSP) for Basrah heavy crude to the North and South American market at the Argus Sour Crude Index (ASCI) minus $1.40, the State Oil Marketing Organization (SOMO) said on Sunday. The May OSP for Basra Heavy to Europe was set at dated brent minus $8.45 a barrel while the May OSP to Asia was set at minus $6.85/bbl to the Oman/Dubai average, SOMO said. Copyright Reuters, 2015 ...

Ghana oil firm GNPC to cut Trafigura loan due to crude price dip ACCRA: Ghana National Petroleum Corporation (GNPC) will reduce the sum it borrows in a loan deal with commodities trader Trafigura to $350-$400 million from $700 million due to slumping oil prices, CEO Alex Mould said on Tuesday. The company will also revise the terms and duration of the deal, which is for oil and gas projects, Mould told reporters. The deal would be Trafigura's first in Ghana and GNPC said it would be funded through ...
Egypt's fuel subsidy bill drops 30pc CAIRO: Egypt's fuel subsidy bill for the first half of the current fiscal year fell by about 30 percent, the finance ministry said on Monday, as the country reaps the benefits of low global oil prices and last summer's subsidy cuts.Egypt has struggled with soaring energy bills caused by high subsidies it provides on fuel for its population of 86 million. The subsidies have helped turn Egypt from a net energy exporter into a net ...
South Africa's Eskom to cut 2,000 MW of power JOHANNESBURG: South Africa's Eskom will implement rolling power cuts from 1000 GMT to 2000 GMT on Wednesday, the power utility said on its official Twitter page.The state-owned power utility said it would cut 2,000 megawatts of electricity from the strained grid.Africa's most advanced economy is in the midst of its worst electricity crisis since 2008 and Eskom implements frequent power cuts to prevent the national grid from being overwhelmed.Copyright Reuters, 2015 ...
OPEC has no choice but to keep output unchanged KUWAIT: Kuwait oil minister said on Thursday that he was concerned by the drop in oil prices because of its impact on the Gulf Arab state's budget, but said OPEC had no other choice but to keep its output steady."Of course we are concerned because the price of oil will affect our budget ... within OPEC we don't have any other choice than keeping the ceiling of production as it is because we don't want ...
Libyan oil export revenue still going to NOC in Tripoli: official BENGHAZI: All Libyan oil export revenue is still being paid under contracts with National Oil Corp (NOC) in Tripoli, a top oil official in the internationally recognised government said on Wednesday.The government on Tuesday asked all customers to deal with a new state oil firm in the east rather than Tripoli where a rival government is in control.Clarifying the statement, Al-Mabrook Bou Seif, head of NOC in the east belonging to the recognised government, said ...
Abu Dhabi's Mubadala Petroleum to explore big Morocco offshore area DUBAI: Abu Dhabi's Mubadala Petroleum said on Wednesday that it had agreed with the Moroccan government to evaluate the hydrocarbon potential of a large area off Morocco's Mediterranean coast.The company, a subsidiary of Abu Dhabi state-owned fund Mubadala Development Co, obtained an exclusive licence to carry out a detailed geological survey of the Mediterranee Ouest area, which comprises 3,433 square kilometres (1,325 square miles).Mubadala Petroleum will provide the Moroccan government with the results of the ...


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Banking Review 2014

Foreign Debt $61.805bn
Per Cap Income $1,386
GDP Growth 4.14%
Average CPI 8.6%
Trade Balance $-1.795 bln
Exports $1.995 bln
Imports $3.790 bln
WeeklyMay 28, 2015
Reserves $17.494 bln