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Saudi Arabia Budgets For $39Bn 2015 Deficit Despite Spending Cut
...dget, unveiled by the Saudi cabinet on 25 December. The 2015 budget projects revenue at SR715bn ($190.7bn), with spending of SR860bn ($229.3bn) planned. The former is down by 33% in real terms on the latest official estimate of actual 2014 revenue, while the latter represents a 24% real terms cut: th...
Volume: 58Issue: 01Published at Fri, 02 Jan 2015 -
Algeria: OPEC Must Cut
...ow that the trade balance in the first 11 months of the year has fallen to $5.37bn from $8.87bn in the corresponding period of 2013. The value of exports in 11 months of 2014 fell slightly to $58.67bn from $59.07bn in the same period of 2013, while the value of imports was up to $53.29bn in 11 mo...
Volume: 58Issue: 01Published at Fri, 02 Jan 2015 -
Benchmark Crude Prices ($/B)
...Benchmark Crude Prices ($/B) 31-Dec 22-26 Dec 15-19 Dec Dec-14 Nov-14 Q4 2014 Q3 2014 2014...
Volume: 58Issue: 01Published at Fri, 02 Jan 2015 -
Imports Of Iranian Crude & Condensate By Country (Mn B/D)
...Imports Of Iranian Crude & Condensate By Country (Mn B/D) > Imports of Iranian crude oil and condensate rose 13.4% in the first 11 months of 2014 versus the corresponding period in 2013, as an easing of international sanctions on the Islamic Republic in late-2013 helped bo...
Volume: 58Issue: 01Published at Fri, 02 Jan 2015 -
Iraq Achieves 2013 Oil Output Target But Exports Still Constrained
...13). Deal Or No Deal? Iraq has factored in 400,000 b/d of Kurdish exports in the 2014 budget, which is calculated on the basis of total exports of 3.4mn b/d. However, achieving that target is contingent on the settlement of past dues that Erbil says were promised by Baghdad but not fully im...
Volume: 57Issue: 01Published at Fri, 03 Jan 2014 -
Iran: Winter Months To Bring Some Relief To Sunken Crude Export Figures
...ports until at least the end of the 2013-14 financial year in March 2014, and still be in a position to win another waiver extension from the US. Between April and November 2013, India shipped in 171,000 b/d of Iranian crude, official trade statistics show. But this is still some way off the 22...
Volume: 57Issue: 01Published at Fri, 03 Jan 2014 -
Iraq Defends Misan Refinery Deal
...tarem “has shown that it has well-known partner companies and financiers,” the ministry adds. Accordingly, “the memorandum of understanding was signed on 10 October 2013 and ends on 10 February 2014.” The ministry says it “will study and analyze all the presented” information and notes that “this me...
Volume: 57Issue: 01Published at Fri, 03 Jan 2014 -
Tacaamol Aromatics JV
...livered through a pipeline that is part of the phase one work. Chemaweyaat in 2010 said the Tacaamol plant would incorporate a 70,000 b/d reformer. The project was intended for 2014 start-up, but the need to complete the FEED work and then award engineering, procurement and construction contracts me...
Volume: 57Issue: 01Published at Fri, 03 Jan 2014 -
MENA Power Survey - Regional Capacity Rises 4.4% to 350GW In 2013
...th unreliable supplies. AES Jordan and Japan’s Mitsui contracted Finland’s Wärtsilä to build a 240MW tri-fuel plant near ‘Amman, for start-up by July 2014. This will burn HFO, distillates or gas – a response to the all but drying up of gas flows from Egypt (MEES, 11 January 2013). Jordan is also de...
Volume: 57Issue: 01Published at Fri, 03 Jan 2014 -
Jadwa: Saudi May Need To Cut Output By 200,000 B/D In 2014
...OPEC Jadwa: Saudi May Need To Cut Output By 200,000 B/D In 2014 Saudi Arabia, which has just announced its budget for 2014, is likely to cut its oil production to an average 9.4mn b/d from 9.6mn b/d in 2014 to accommodate anticipated higher output from Iran, Libya, Ir...
Volume: 57Issue: 01Published at Fri, 03 Jan 2014 -
QP Petchem Flotation
...ke place from 31 December 2013 to 21 January 2014. Qatar’s first IPO since 2010 is open to Qatari nationals only, and will comprise 27.725% of the company’s shares. (For political reasons Doha is keen to share its energy wealth among citizens.) QP said the shares are priced at QR10.2 ($2.80), in...
Volume: 57Issue: 01Published at Fri, 03 Jan 2014 -
Saudi Arabia Unveils Record 2014 Budget Despite Curb On Expenditure Growth
...SAUDI ARABIA Saudi Arabia Unveils Record 2014 Budget Despite Curb On Expenditure Growth Riyadh has announced yet another record budget for 2014. But the 4.3% spending hike is lower than in previous years, in an attempt to rein in the spending boom which followed the 2011 up...
Volume: 57Issue: 01Published at Fri, 03 Jan 2014 -
IMF Says Jordanian Recovery On Track
...rect grants to the Jordanian central bank and finance ministry; a further $300mn came in direct budget support from Saudi Arabia, whilst $406mn came from the US, $82mn from the European Union and $20mn from other sources. For 2014, the IMF is projecting grants totaling $2.22bn, with $1.96bn to come fr...
Volume: 57Issue: 01Published at Fri, 03 Jan 2014 -
Iraq & Turkey: Neighbors On The Road To Prosperity?
...ab Spring” countries, who have only just started on the road to reform. Against all the odds, Iraq in 2013 is far better and stronger than it was in 2003. Some observers believe that 2014’s general election will be a game changer at all levels; I’m also hopeful that the future will positively shock th...
Volume: 57Issue: 01Published at Fri, 03 Jan 2014 -
Gulf Refiners Set For Major Crude Distillation Capacity Boost
...abia 400 2013 Yasref (Saudi Aramco/Sinopec) Yanbu', Saudi Arabia 400 2014 Takreer Ruwais, UAE 41...
Volume: 56Issue: 01Published at Fri, 04 Jan 2013 -
MENA Power Generators Pushed Diversity In 2012
...E’s sourcing of fuel and technology from a number of countries with uranium resources and nuclear technology (MEES, 21 December 2012). Delivery of fuel will begin in 2014-15 for the first of four 1.4gw to be built at Barakah by Korea Electric Power Corporation (Kepco) and due on-line during 2017-20. La...
Volume: 56Issue: 01Published at Fri, 04 Jan 2013 -
US Independent Buys Morocco Offshore Stake
...fshore farm-outs concomitant drilling commitments dwarf the initial payment. Plains will fund 100% of future exploration up to $215mn, including two commitment wells with potential sidetracks. The first well – slated for 2014 – will target the Toubkal prospect which has a “mean resource potential” of 1....
Volume: 56Issue: 01Published at Fri, 04 Jan 2013 -
Lebanon Unveils Bid Round Schedule
...censes to explore blocks within Lebanon’s EEZ. Additional reports indicate that the PSA expects final agreements for exploration rights to be signed in March 2014. Favorable results of 3D seismic surveys conducted by UK-based Spectrum and Norway-based Petroleum Geo-Services have attracted gr...
Volume: 56Issue: 01Published at Fri, 04 Jan 2013 -
Qatargas Seals First Long-Term South-East Asian LNG Supply Deal
...12 to around 2.4mn tons this year, and around 4.6mn tons in 2014. Asian demand for LNG has continued to grow in recent years as countries seek more fuel for power generation. As a result, Qatar has looked to maximize its value by diverting supply originally planned for European and US ma...
Volume: 56Issue: 01Published at Fri, 04 Jan 2013 -
Saudi Arabia Tackles Water Demand Jump
...ants. King ‘Abd al-Aziz Center for Science and Technology has helped developed a 30,000 cmd plant at al-Khafji, which will start up in 2014. Saudi Arabia is developing a plan where renewables will receive subsidies to make them competitive in power generation – many of the desalination plants’ power ge...
Volume: 56Issue: 01Published at Fri, 04 Jan 2013