EconSource: Abu Dhabi Pivots to Asian Partners in $22 Billion Oil Push

Abu Dhabi, with 6 percent of global crude reserves, selected GS Energy Corporation of South Korea to join Japan’s Inpex Corporation as the second Asian partner in the Persian Gulf emirate’s biggest onshore oil concession. GS Energy secured a 3 percent stake for forty years in the venture, it said in a statement. Abu Dhabi is seeking new partners to replace some of the Western companies whose production agreement expired in 2014. France’s Total is so far the only legacy partner to have retained a share in the onshore areas. The Abu Dhabi National Oil Company (ADNOC) is spending about $22 billion to increase capacity for onshore oil and gas production and exports. [Bloomberg, 5/14/2015]

Tunisia poorly ranked on World Economic Forum Index
The World Economic Forum (WEF) has issued its 2015 Human Capital Report. Tunisia is ranked 98th out of 124 countries with a score of 58.21 on the index. Structured around forty-two indicators, the index identifies the position of countries around the world in terms of the long term economic potential of a country’s labor force. Tunisia underperformed in the 15-24 age group, where it is ranked 93rd. Its performance in the 25-54 age group was worse, where it ranked 107th. The report noted that Morocco, Algeria, and Tunisia share similar strengths and weaknesses, with populations aged 15 to 24 marked by a high diversity of talent, high unemployment rates, and low enrollment in university and professional training programs. [African Manager, 5/15/2015]

Egypt stocks lose appeal as dollar squeeze curbs trading
Egypt’s dollar drought is driving a general decline in the country’s stock market as trading slumps. The EGX 30 Index slumped 2.6 percent on Thursday, extending the worst start to a year since the 2011 revolution as the average value of shares traded dwindled to a sixteen-month low. Equities have tumbled 17 percent since a seven-year high in February, as foreign investors struggle to repatriate their cash amid a dollar shortage that has prompted the reappearance of a black market on Cairo’s streets. [Bloomberg, 5/14/2015]

Also of interest
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UAE well positioned to deal with low oil prices | Gulf Times
ISIS threatens to capture massive Iraqi oil refinery (analysis) | Washington Post
Syrian smugglers shun weapons and turn to cigarettes for profits | Financial Times
Oil prices forcing dinar down in Algeria | ANSAmed
Algeria-EU Association Agreement has limited impact | Algerie Presse Service