Visit our Stand at THE MIDDLE EAST Abu Dhabi Int'l Book ( LE. 3 ) OBSERVER Fair (United Arab Emirates) THE PUBLISHER: AHMED FODA CHIEF EDITOR: H.A. RAOUF (April 24 - 29, 2013) MIDDLE EAST COUNSELORS: Latest Int'l publications YASMIN FODA of 2012 - 2013 AHMED SHAFIK The Middle East MAHMOUD FODA Observer - Libraries N.M.M. RASHED Head Office and Dir. of Public Relations: Advertisements : 41, Sherif KAMAL MOKHTAR Head Office : 41, Sherif St., Cairo, Egypt Street, Cairo, Egypt Tel.: 23939732 - 23926919 Tel.: 23939732 - 23926919 I -mails Addresses: [email protected] Fax : 23939732 - 27485844 1 tt 4 0 4 4 14 [email protected] E-mails Address: 9 "41 Est , 4 a4 1* [email protected] - - 54311611 [email protected] Economic mverino the micirik.1c;:E.:! Arab Gull an:t rican SI a r14:. Is 1049‘.=-,005 "-912'52ria.41*-`4,"4t Alt66-10W7:4"1.1%."*-1'." - - .ri [email protected] Web. www.meobserver.org Web site : www.meobserver.org Printed at Societe Orientale de Publicite Please ask for our list 60th YEAR No. 13 CAIRO WEDNESDAY, APRIL 3, 2013 ESTABLISHED 1954 (S.O.P.) - Cairo, Egypt of publications A point of view TURKEY SEES OMAN SIGNS OIL, GAS DEAL WITH Flash EGYPT INSISTS BIG JUMP IN PETROTEL US...THE BURGER IRAN CRUDE Oman has signed a three-year oil and gas exploration ON IMF LOAN and production sharing agreement with US-based private NEEDED TO BE THOUGH IMPORTS company PetroTel, the oil ministry said in a statement last GRILLED FRESH Turkey imported nearly Wednesday. -Reuters said AGREEMENT 147,000 barrels per day "Under the agreement the company will explore for oil and From Ahmed Foda (bpd) of Iranian crude oil in North Korean forces NOT CLOSE AT January, a jump of 78 per natural gas in Blocks 39 and 67 which occupy an area of 13,379 sq km and is located in Dhofar," the statement said. were put on a high alert on cent from December, data Saturday in anticipation of HAND Oman produced an average of 918,000 barrels per day of After unveiling a new eco- from the country's energy launching a missile attack oil in 2012, up 4 per cent from 2011, according to government nomic reform programme watchdog showed last against the American bases statistics. designed to meet the Wednesday. -Reuters said in the Pacific. The move requested conditions for Iranian crude imports The sultanate, which depends heavily on oil exports, has comes in the wake of the securing the International were at 612,548 tonnes or signed a number of exploration agreements with foreign corn= US dispatch of two B2 Monetary Fund (IMF) $ 4.8 146,966 bpd in January, panies since 2005 in a bid to boost production. - Reuters bombers to the Korean billion loan, a Fund delega- compared with December's EGYPT TO IMPORT LIBYA OIL FROM peninsula in a serious esca- tion visited Egypt late last 82,849 bpd, according to lation that might lead to a week to discuss means of data from EPDK. APRIL new war. negotiating the long Once reliant on Iran for Egypt will import 900,000 barrels of oil a month from demanded loan since two more than half its crude Libya starting in April and is paying off some of the full years. During the visit, imports, Turkey has reduced money it owes to foreign energy firms, its oil minister was the IMF seemed reluctant to its purchases as the United quoted as saying last Wednesday. -Reuters said negotiate a full-fledged deal, States and European Union Osama Kamal, cited by local media, said Egypt, where an raising the possibility of have tightened sanctions on economic crisis has led to fuel shortages, had recently paid $1 offering a bridging loan, a trade with Tehran. billion in debt to foreign energy firms and that another $1 bil- matter rejected by the lion would be coming in a fortnight. Egyptian government, EGYPT'S DEBT "The Libyan petrol shipments will arrive , next month," Manar Ghonehn of MENA YIELDS SOAR Kamal was quoted as saying in local newspaper Al Borsa. In wrote. Egypt's local-currency Egypt "petrol" is used to refer to crude oil. In fact, the IMF had no debt yields rose to the The Egyptian government is estimated to owe billions of objection to the proposed highest since January at a dollars to oil producers working in the country, though the reform programme, except for LE5.5 billion ($809 mil- government last month disputed an estimate that put the debt the delay of implementation, a lion) treasury-bill auction at $9 billion. (Cost, on Page 2) matter likely to impede mate- as the International rialising the stated targets. Monetary Fund prepares ISLAMIC SATELLITE TO BE Korean leader Kim Jong- Thus, the Fund refusedto fix a to send a team to Cairo to un warned that in case the date for the visit of its techni- LAUNCHED SOON US made a reckless provoca- restart loan talks, The Egyptian Iftaa House plans to launch an Islamic cal mission, dispatching only Bloomberg said. tion, the North Korean forces Director of the IMF Middle satellite soon to unify the beginning dates of lunar months, will mercilessly fire at the The country sold LE4 bil- said Mufti Shawqi Allam. Tangible steps have been East and Central Asia lion of nine-month securi- US mainland and the US Department Massod Ahmed to already taken to launch the satellite soon to serve as an military bases in the Pacific, ties and the rest in three- observatory to determine the accurate beginning of each Cairo late last week. month notes, according to including Hawaii and Guam, The whole discussions with lunar month, Allam said during a meeting with astronomy and those in South Korea. central bank data on professor of Cairo University's Faculty of Science Mervat the IMF last week focused on Bloomberg. The average An increased movement Awad. financial support or the loan yield on nine-month debt of troops and vehicles at which Egypt aims to receive increased 46 basis points, or The Islamic calendar is a lunar calendar consisting of 12 sites of long and medium- from the Fund, the govern- ISLAMIC BANKING AMONG KEY TOPICS FOR months in.a year of 354 or 355 days. It is used to date events range rockets were spotted in ment spokesman told the local 0.46 percentage point, from TURKISH-ARAB ECONOMIC FORUM last week's sale to 14.39 per in many Muslim countries and used by Muslims everywhere North Korea, a sign that it is press. Prime Minister to determine the proper days on which to.observe the annual readying for a rocket strike, Hesham Qandil told the IMF The 8th Turkish-Arab Economic Forum will be held tomorrow in Istanbul, with the cent. The 91-day yield support of Turkish Prime Minister Recep Tayyip Erdogan, Arab News said. climbed 39 basis points to fast during the holy month of Ramadan, to attend Hajj and Yonhap news agency report- official that Egypt's amended celebrate other Islamic holidays and festivals. ed. economic reform programme The forum will bring together 600 participants from Turkey and Arab and European coun- 13.26 per cent. Both yields tries led by ministers, central bank governors and leaders of major companies operating in the are the highest since a sale US Defense secretary ..took a more gradual approach EGYPT'S WHEAT RESERVE Char Hagel said North to lowering the budget deficit fields of investment, banking and real estate development, industry, trade and tourism. on January 13. -- than the version- used earlier, The forum starts with a business lunch with Turkish Minister of Finance Mehmet Simsek, The Washington-based ENOUGH Till JUNE 28 Korea has to be aware that followed by an official opening, where Iraqi Minister of Construction and Housing IMF will send a technical Egypt's wheat reserves are 2.355 million tonnes -which what it is doing is very seri- to preserve the growth rate, . employment, and protect the Mohammed Suhaib Al-Daraji, Egyptian Minister of Investment Osama Saleh, Simsek and team today to discuss the are enough till June 28, said a committee of the mit..3try ous and that the US seriously poor, the local press reported. Turkish Deputy Prime Minister for Economic and Financial Affairs Ali Babacan will succes- loan, Cabinet Spokesman of supply on Sunday. takes provocations coming (Cont. on page 2) sively take the floor. (Cont. on page 5) Alaa Al-Hadidi said on Adding the expected local production to be delivered to the from the North and will cer- Sunday. ministry the reserves will increase to 4.5 million tonnes tainly answer back. CABINET LIFTS BAN ON which are sufficient for the rest of the year, said the panel. Kim signed the order for committee is in charge of following up wheat contracts and North Korea's strategic rock- EGYPTIAN ELECTRICITY HOLDING COMPANY TRAVELLING WITH MORE THAN shipments. et forces to be on standby to $10,000 OFFER MADE FOR EGYPT'S OT fire at US targets, saying it is (EEHC) Egypt's Cabinet prepared last week a draft law time to settle accounts with The Stock Exchange said last week a subsidiary of the U.S. imperialists in view allowing people to travel with more than $ 10,000 or Russian billionaire Mikhail Fridman's Altimo had offered UPPER EGYPT ELECTRICITY PRODUCTION its equivalent in and out of the country as long as they of the prevailing situation. to buy 100 per cent of Egypt's Orascom Telecom, Reuters .A South Korean official -~0-welmwofteiv- COMPANY (UEEPC) declare it in a document provided.