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Saudi: More Delays For Key Petchems JV
...ecialty chemicals. Some units are complete: the partners tested a 15,000 t/y thermoplastic olefins (TPO) unit in May 2017 and a 75,000 t/y Nylon 6 plant in June 2017. A cumene unit, to provide feedstock for making phenol as a route to other final products, is also complete. Petro Rabigh blames de...
Volume: 61Issue: 01Published at Fri, 05 Jan 2018 -
Jordan Lines Up More EBRD Cash For Renewables Projects
...ectricity grid operator Nepco. Acwa says the project will deliver electricity at JD0.042/kWh (US¢5.92/kWh), a record low for Jordan but much higher than recent bids for bigger projects in the Gulf region which bring economies of scale (MEES, 6 October 2017). Acwa Power managing director Thamir al-Sh...
Volume: 61Issue: 01Published at Fri, 05 Jan 2018 -
The USA: The Global Oil Trade Titan
...oil trade hit a record 16.2mn b/d in 2017, the highest figure for any country ever. US oil output is at record levels. Crude production rose to 9.64mn b/d in October, the highest figure since 1971; add in record 4mn b/d NGLs output, and total oil output is well over 13mn b/d, an all-time high (se...
Volume: 61Issue: 01Published at Fri, 05 Jan 2018 -
Eni Drills Offshore Cyprus In Spite Of Turkey Threats
...reunify the island collapsed in July (MEES, 14 July 2017). Turkey’s Foreign Ministry, in a 29 December statement, says it “is determined to protect both its own rights and interests in its continental shelf and to continue its support to the Turkish Cypriot side.” Ankara has even th...
Volume: 61Issue: 01Published at Fri, 05 Jan 2018 -
Qatar Petroleum Presses Ahead With Shakeup
...nouncement (MEES, 8 December 2017). Qatari LNG exports equate to some 10.3bn cfd, while it also exports about 1.9bn cfd through the Dolphin pipeline (1.7bn cfd to UAE, 200mn cfd to Oman). Qatargas is therefore responsible for marketing around 86% of Qatar’s total gas exports. However, LNG volumes appear to...
Volume: 61Issue: 01Published at Fri, 05 Jan 2018 -
Algeria Forex Reserves Slump Below $100bn For First Time In 10 Years
...ude prices rising by around $10/B over the last three months of 2017. The country’s finance ministry projects that this rate of decline will ease over the coming years, with reserves stabilizing at around $76bn in 2020. The IMF is considerably more bearish – albeit in forecasts made in July, be...
Volume: 61Issue: 01Published at Fri, 05 Jan 2018 -
Saudi Foreign Reserves*
...ARE ON TRACK FOR A $45bn (8.4%) 2017 DRAWDOWN... ...BUT, HAVING FALLEN BELOW $500BN FOR THE FIRST TIME SINCE 2011 IN MAY, THEY HAVE SINCE STABILIZED AT JUST SHY OF THIS LEVEL ($bn) *SAMA NET FOREIGN ASSETS ($BN, END PERIOD). ^FORECAST BASED ON DATA TO END-NOV. SOURCE: SA...
Volume: 61Issue: 01Published at Fri, 05 Jan 2018 -
Oman Plans Cut To 2018 Spending In Bid To Trim Deficit
...at there is a good chance that oil and gas revenues – forecast at 71.4% of the total for 2018, down from 73.5% for 2017 – will overshoot. The budget’s low-looking $50/B oil price assumption is less than the average Omani figure for 2017 of $52.30/B – around $2.20/B below Brent. If Omani crude av...
Volume: 61Issue: 01Published at Fri, 05 Jan 2018 -
Jordan’s Finances Get $800mn USAID Boost
...pport Fund for Jordan for 2017. The minister says this will be used to fund priority projects in the 2017 budget and thus help cut the fiscal deficit. The US is also providing Jordan with $337mn in financial assistance to support economic development and improve social services. This takes total US no...
Volume: 61Issue: 01Published at Fri, 05 Jan 2018 -
US Oil Output At Record Levels: October Crude Highest Since 1971. Record NGLs Output (4mn B/D For October) Mean Overall Oil Output At Record 13.6mn B/D...
... ... WITH 2017 OUTPUT ABOVE 2015 DESPITE LOWER CRUDE. 1.2MN B/D OF FURTHER GAINS ARE FORECAST^ FOR 2018 *INCLUDES PROVISIONAL FIGURES FOR NOV AND DEC 2017. ^LATEST FORECASTS FROM DEC17 STEO. SOUREC: EIA, MEES. ...
Volume: 61Issue: 01Published at Fri, 05 Jan 2018 -
East Med: Leviathan FID Stalls As ExxonMobil Looks To Cyprus Offshore
...viathan gas. In late December 2015 Israeli Energy Minister Yuval Steinitz announced the country would begin phasing out coal burning in favor of gas by 15% in 2016 and by 20% in 2017. Demand grew accordingly last year and hit a record 978mn cfd in Q3 (see chart and MEES, 18 November 2016). Israel’s 2017 go...
Volume: 60Issue: 01Published at Fri, 06 Jan 2017 -
Sharara Restart Pushes Libyan Output Close To 700,000 b/d
...oduction to around 950,000 b/d by early April, are a slightly delayed version of NOC’s more recent plan to increase output to 900,000 b/d by the end of 2016 and to 1.1mn b/d by the end of 2017 (MEES, 18 November 2016). Mr Sanalla is now targeting output of an even more ambitious 1.2mn barrels by the end of th...
Volume: 60Issue: 01Published at Fri, 06 Jan 2017 -
Jordan Wind Farm Deals Concluded, Shale Still Awaiting Chinese Go-Ahead
...stas, for installation at the 89.1MW Fujeij wind farm to be built 150km south of Amman. Kepco has also secured finance from Korean and Japanese institutions. Vestas says turbine deliveries to Fujeij will begin in the fourth quarter of 2017, with commissioning starting in third quarter 2018. The to...
Volume: 60Issue: 01Published at Fri, 06 Jan 2017 -
Opec Starts Cutting From Record Annual High
...ker Hughes. The IEA last month upgraded its Q1 2017 projection for US output by 70,000 b/d and further upward revisions are likely. OPEC’S NUMBER 2*: IRAQ CONSOLIDATES ITS POSITION WHILE IRAN PULLS AWAY FROM THE CHASING PACK (MN B/D, CRUDE OUTPUT) *SAUDI ARABIA IS WAY OUT IN FRONT, PO...
Volume: 60Issue: 01Published at Fri, 06 Jan 2017 -
Saudi 2017 Budget Boosts Spending But Slashes Deficit By One-Third
...Saudi Arabia is banking on rising oil prices to help slash its budget deficit by more than a third. The kingdom’s newly released 2017 budget projects revenue to grow for the first time in five years, although non-oil revenue growth is set to stall despite its vaunted 2030 Vision. Saudi Ar...
Volume: 60Issue: 01Published at Fri, 06 Jan 2017 -
Oman 2017 Budget Cuts Deficit By 44% With Brighter Prospects For Oil Revenues
...Sharp spending cuts and rising oil prices are combining to slash Oman’s projected budget deficit by 45% to OR3bn in 2017. A conservative oil price estimate means this could fall further to around OR1bn. Oman has announced an austerity budget for 2017 slashing its fiscal deficit by 44% in re...
Volume: 60Issue: 01Published at Fri, 06 Jan 2017 -
Work To Begin On Zohr As Egypt Looks To Bring Giant Field Online Next Year
...Egypt will continue to require aid from its Gulf neighbors in 2016 but this year should see the foundations laid for a brighter 2017 following last August’s discovery of the 23 tcf Zohr field by Italian firm Eni. Eni says that it plans to imminently begin drilling at Zohr after last week re...
Volume: 59Issue: 01Published at Fri, 08 Jan 2016 -
Oman Budget Reforms May Ease Pressure On Gas-Fired Power Plans
...rther last year. BP’s 1bn cfd capacity Khazzan tight gas project, due online in 2017, is Oman’s only hope for a major domestic gas boost in the medium term. Any cuts in gas subsidies could only ease the pressure. OPWP has already begun talks with the Ministry of Oil and Gas (MOG) about the potential fo...
Volume: 59Issue: 01Published at Fri, 08 Jan 2016 -
Opec Signs Off 2015 With Record Output
...venue in 2015 would be down a hefty $47.4bn from 2014 (a drop of 43.9%), the UAE remains committed to increasing production capacity from around 3.2mn b/d to 3.5mn b/d in 2017. While this won’t necessitate additional production, it makes a reduction less likely. Iran also looks set to go head to he...
Volume: 59Issue: 01Published at Fri, 08 Jan 2016 -
Will 2016 See The ‘Cyprus Problem’ Become The ‘Cyprus Solution’?
...e Cyprus problem negotiations.” He says a new bid round will not be contemplated before the end of 2016 or possibly 2017, once what happens with talks on the Cyprus problem become clearer....
Volume: 59Issue: 01Published at Fri, 08 Jan 2016