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Egypt Looks Eastwards For Big Power: To China For Coal, To Russia For Nuclear
...id Corporation of China for a $650mn transmission system linking three 4.8GW plants, using gas-fired turbines from the Siemens deal, to Egypt’s grid. These are being built at Beni Suef, Burullus and a planned new capital city 45km east of Cairo, for start-up over 2017-20. Mr Xi signed 21 pr...
Volume: 59Issue: 04Published at Fri, 29 Jan 2016 -
Egypt’s $3.7bn ERC Project On Schedule
...The Egyptian Refining Company (ERC) joint venture is on schedule to start production at its $3.7bn hydrocracker-based project at Musturud near Cairo in the first quarter of 2017, according to Managing Director Muhammad Sa’d. “We have so far completed 80% of the construction work and we wi...
Volume: 59Issue: 04Published at Fri, 29 Jan 2016 -
Iraq’s Leaders Admit To Economic Woes
...ectric to boost production capacity, noting that payments would be over three years, starting in 2017, because right now Iraq does not have the money. GE is thus betting on an Iraqi fiscal recovery. Right now that recovery appears a long way off (MEES, 22 January). Finance Minister Hoshyar Zebari ca...
Volume: 59Issue: 04Published at Fri, 29 Jan 2016 -
Oilfield Services Firms Face More Cuts: Middle East Activity Remains Resilient
...Houston-based oilfield service giants Schlumberger, Halliburton and Baker Hughes are preparing for a further downturn in 2016, with thousands more redundancies planned although a recovery is slated for 2017. Despite seeing their profits plunge in 2015 on the back of oil prices that hit 11...
Volume: 59Issue: 04Published at Fri, 29 Jan 2016 -
Kuwait Strikes Overly Optimistic Stance On PNZ
...uld be a boon for Kuwait, the Emir’s optimism appears misplaced. Even Chevron, which operates Saudi Arabia’s PNZ interests on behalf of Aramco, doesn’t expect production to resume until 2017 (MEES, 6 November 2015). While Saudi Arabia is prioritizing market share over revenue, it would only profit fr...
Volume: 59Issue: 04Published at Fri, 29 Jan 2016 -
IMF: Saudi Fiscal Reforms A Positive Step, More Needed
...pressing economic growth in the private sector and curtailing non-oil economic activity, as many companies in this sector depend on public sector spending. The IMF therefore expects growth in 2016 to average 1.2% and rise to 2% in 2017, down from 2015’s 2.8% and 2014’s 3.5% (MEES, 22 January). Ad...
Volume: 59Issue: 04Published at Fri, 29 Jan 2016