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IMF Projects GCC Hydrocarbons Export Losses At $300Bn
...nthly update of its Regional Economic Outlook (REO), released this week, says that while the Gulf’s key oil exporters will feel the heat from the more than halving of oil prices from $110/B in June 2014 to $45-50/B now, the region’s oil importers will benefit from lower energy import bills, which could he...
Volume: 58Issue: 04Published at Fri, 23 Jan 2015 -
MENA Youth Unemployment Chronic-ILO
...tlook Trends 2015, released 20 January, says the Middle East and North Africa have the highest unemployment rates of any global region. The rate for North Africa was 12.5% for 2014, and that for the Middle East 11%, both higher even than the crisis-hit EU (10.2%). Both are set to stay top of the ra...
Volume: 58Issue: 04Published at Fri, 23 Jan 2015 -
Egypt To Tap Bond Market
...EGYPT Egypt To Tap Bond Market Cash-strapped Egypt is planning to tap the Eurobond market in April with a $1.5bn issue to help plug a 2014-15 budget deficit of around E£240bn ($33bn), or 10 % of GDP. Finance Minister Hany Dimian says the issue will test the market for future bo...
Volume: 58Issue: 04Published at Fri, 23 Jan 2015 -
Iran Banks On Taxes, Not Oil, To Fuel 2015-16 Budget
...ich calls for the taxation of religious foundations and military-linked companies – an unprecedented measure, if it could be implemented (MEES, 12 December 2014). Past calls to tax the “bonyads”, or state welfare entities controlled by the religious theocracy or the Islamic Revolutionary Guards, have go...
Volume: 58Issue: 04Published at Fri, 23 Jan 2015 -
Saudi Arabia Official Crude & Products Output, Consumption And Trade Figures, November 2014 (‘000 B/D)
...Saudi Arabia Official Crude & Products Output, Consumption And Trade Figures, November 2014 (‘000 B/D) Nov-14 vsOct14 vsNov13 Oct-14 Sep-14 Au...
Volume: 58Issue: 04Published at Fri, 23 Jan 2015 -
China Sees Record 3.22mn B/D Mideast Crude Imports In 2014 But Saudi Volumes Slump (‘000 B/D)
...China Sees Record 3.22mn B/D Mideast Crude Imports In 2014 But Saudi Volumes Slump (‘000 B/D) vs2013 vs...
Volume: 58Issue: 04Published at Fri, 23 Jan 2015 -
Benchmark Crude Prices ($/B)
...Benchmark Crude Prices ($/B) 22-Jan 12-16 Jan 5-9 Jan Dec-14 Nov-14 Q4 2014 Q3 2014 2014...
Volume: 58Issue: 04Published at Fri, 23 Jan 2015 -
Saudi Petchems Income Curbed By Oil Price Crash, Uncertain 2015 Ahead
...SAUDI ARABIA Saudi Petchems Income Curbed By Oil Price Crash, Uncertain 2015 Ahead Saudi Arabia’s 14 traded petrochemicals companies saw their overall market capitalization increase slightly last year, but newly-released financial results show the impact of the fourth quarter 2014 sl...
Volume: 58Issue: 04Published at Fri, 23 Jan 2015 -
Bid Round Puts Algeria’s New Hydrocarbon Law To The Test
...lumes by end-2013. Maersk says output was 84,000 b/d at end-2013, implying the third of the plant’s three trains had yet to start. Current production is from 53 wells, with a further 27 to be brought onstream with the third train, Sonatrach says. Algeria: Blocks On Offer In 2014 Bid Ro...
Volume: 57Issue: 04Published at Fri, 24 Jan 2014 -
Gas The Priority For Iran’s New Oil Team
...mber of phases,” he explains, opting instead to focus on just one phase at a time, so as to get an incremental 1.8bn cfd boost in as short a time as possible. “This should begin to close the [gas] supply gap,” he says. In this Iranian year (March 2013-March 2014) the state has had to limit gas su...
Volume: 57Issue: 04Published at Fri, 24 Jan 2014 -
Saudi Petchems Firms Report Mixed 2013 Fortunes Amid Tough Market Conditions
...rnings in 2014, while SIIG will benefit from improved operating efficiencies at existing plants. Petrochem’s decreased losses resulted from improved operations at the Saudi Polymers plant, although it “has yet to reach the design capacity in all its operating units.” Output at full capacity would in...
Volume: 57Issue: 04Published at Fri, 24 Jan 2014 -
OPEC Cautiously Optimistic On 2014 Demand And Price Prospects
...OPEC OPEC Cautiously Optimistic On 2014 Demand And Price Prospects OPEC’s key medium term challenge is to keep its head above water for the next decade. Over these 10 years it will have to manage production increases from within its own ranks and continued growth in non-OP...
Volume: 57Issue: 04Published at Fri, 24 Jan 2014 -
DNO Grows In Tunisia
...cently as 2010, and gas output of around 280mn cfd also well down, Tunis is keen to maintain the momentum of an exploration drive. Muhammad Akrout, chief executive of state oil company Entreprise Tunisienne d’Activites Petrolieres (ETAP), told MEES last October that 15 wells would be drilled in 2014. An eq...
Volume: 57Issue: 04Published at Fri, 24 Jan 2014 -
Kufpec Scales Up Ambitions With Shell LNG Buyout, RWE-Dea Bid
...ntracts totaling 4.2mn t/y – or roughly half of future liquefaction capacity. Still, it is unclear what terms Wheatstone could offer KPC unavailable to the Kuwaiti NOC on the open market. For its part, Shell is set for a $15bn divestment program in 2014 and 2015. Incoming CEO Ben van Beurden says Sh...
Volume: 57Issue: 04Published at Fri, 24 Jan 2014 -
Baghdad Piles Financial Pressure On KRG
...IRAQ Baghdad Piles Financial Pressure On KRG Iraq cannot finance its projected 2014 deficit unless the KRG settles its arrears to the federal treasury, warns Haidar al-‘Abadi, head of the Iraqi parliament’s Finance Committee. Mr ‘Abadi says that unless the Kurdistan Re...
Volume: 57Issue: 04Published at Fri, 24 Jan 2014 -
UAE Funds Renewables In Africa, Pacific
...valu and Vanuatu under ADFD grants, with project completion expected in late 2014. Masdar also signed framework agreements with the European Investment Bank for clean energy projects in the MENA region and with Portuguese utility EDP for large-scale renewables projects in Latin America, Africa, the Mi...
Volume: 57Issue: 04Published at Fri, 24 Jan 2014 -
Yemen: 2014 Budget Looks To Patch Holes In Violence-Fueled Revenue Slump
...YEMEN Yemen: 2014 Budget Looks To Patch Holes In Violence-Fueled Revenue Slump Simmering violence through much of the country and growing secessionist movement in the south, coupled with frequent attacks on oil and gas pipelines, power lines and other infrastructure, have ta...
Volume: 57Issue: 04Published at Fri, 24 Jan 2014 -
ILO Report Offers Stark MENA Outlook
...ILO Report Offers Stark MENA Outlook The International Labor Organization’s 2014 ‘Global Employment Trends’ report, released this week, is bleak reading for MENA. North Africa is the worst preforming region globally on a whole range of metrics; the Middle East isn’t far behind. MEES cr...
Volume: 57Issue: 04Published at Fri, 24 Jan 2014 -
QP: What’s Next?
...id Barzan, which will have three of the largest well head platforms ever built in the North Field, is scheduled to be completed by 2014. QP itself has already been restructured. Dr Sada holds three positions that in other companies are filled by separate people. He is also chairman and ma...
Volume: 56Issue: 04Published at Fri, 25 Jan 2013 -
SEC Profits Up 20% In 2012
...ne in 2015. SEC is also working with partners on four independent power producer (IPP) projects: 1.2gw Rabigh-1 and 1.729gw Riyadh PP11 are due on line in 2013; 4.0gw Qurayyah is scheduled for 2014; and 1.81gw Rabigh-2 is slated for completion in 2017 (MEES, 18 January). SEC’s fifth planned IPP will be...
Volume: 56Issue: 04Published at Fri, 25 Jan 2013