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Middle East Economic Survey
VOL. LV
No 31
30-Jul-2012
EGYPT
Egypt�s Sinai Gas Pipeline Bombed For 15th
Time
Egypt�s gas pipeline infrastructure in the Sinai Peninsula was bombed for the 15th
time since February 2011 on 22 July. Security officials said a truckload of men pulled up next to the pipeline at a location east of al-'Arish, placed a bomb beneath the pipeline, departed and then detonated the device remotely, according to media reports from Egypt. The infrastructure is part of Egypt�s gas export network, which previously shipped natural gas to Israel, and to Jordan, Syria and Lebanon through the Arab Gas Pipeline (AGP). The Egyptian government canceled the agreement covering gas exports to Israel in April (MEES, 30 April) via the al-'Arish-Ashdod offshore pipeline, while shipments to Jordan through the AGP had declined to a trickle of 30mn cfd since the last attack on the pipeline April (MEES, 25 June). Criminal elements within the Bedouin community in the Sinai are suspected as being responsible for the attacks on the pipeline.
The interruption of gas shipments from Egypt has pushed Jordan to seek new supplies elsewhere. The country is now planning to build an LNG regasification terminal at 'Aqaba and expanded drilling at the Risha gas field has recently got under way (MEES, 25 June).
Suez Canal Revenue Edges Up, Despite Global Crisis
The Suez Canal Authority (SCA) reported on 26 July that revenues rose by 3.6% year-on-year to $5.225bn end of June 2012 compared with $5.043bn end-June 2011. On releasing the results, the SCA commented on the repercussions of the global economic crisis and the instability within the Eurozone countries, but it noted that improved global economic forecasts �give hope for a better perspective for the next year.� It said that a comparison on data for financial years ended in June 2011 and June 2012 �shows how stable the Suez Canal traffic had been against all the odds.�
Traffic through the canal for the year ended 30 June 2012 declined by 2.1% to 17,664 vessels, compared to 18,050 vessels for the same period ending in June 2011. Net tonnage during that period rose by 4.7% to 938.6mn net tons from 896.8mn net tons, while cargo rose by 9.1% to 727.6mn tons from 667.1mn tons. The SCA said tonnage had increased despite the reduced number of ships due to the expansion of ship capacities.
Suez Canal Traffic Year-On-Year
Item
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June 2011-June 2012
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June 2010-June 2011
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Change %
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Number of Ships
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17,664
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18,050
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-2.1
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Net Tonnage (mn net tons)
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938.6
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896.8
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4.7
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Cargo (mn tons)
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727.6
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667.1
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9.1
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Revenue ($mn)
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5,224.7
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5,043.3
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3.6
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Source
: Suez Canal Authority.
Comparing the first half of 2011 with the first six months of 2012 also showed a reduction in the number of ships transiting the canal, but an increase in net tonnage and cargo.
Suez Canal Traffic 1H 2011/1H 2012
Item
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1H 2012
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1H 2011
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Change %
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Number of Ships
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8,573
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8,708
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-1.6
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Net Tonnage (mn net tons)
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459.9
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450.2
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2.1
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Cargo (mn tons)
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370.2
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334.4
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10.7
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Source
: Suez Canal Authority. © Copyright MEES 2012.
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