Saudi Arabia announced on 14 July that it had agreed terms on an extension of Chevron’s concession in the onshore section of Partitioned Neutral Zone (PNZ) between the Kingdom and Kuwait.

Middle East Economic Survey

VOL.

State-owned Saudi Aramco earlier this month invited bids for key contracts to build its new 400,000 b/d joint venture refinery with ConocoPhillips at the Red Sea port of Yanbu.

Under the direction of the US Congress, the US Commodity Futures Trading Commission (CFTC) has begun to assemble with other US government agencies an interim report on the role that speculators play in the oil futures market.

The Algerian government is using domestic banks to finance the first phase of Sonatrach’s downstream joint ventures, with local funds expected to be tapped for upcoming projects, in addition to those that have recently approached potential financiers, MEES soundings indicate.

Switzerland’s highly publicized signing of a gas supply agreement with Iran recently raised eyebrows in light of the escalating controversy over Tehran’s nuclear program.