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Sabic Profits Boost From Rising Oil Prices As Horizons Expand With Clariant Buy
...ofits to the company’s “successful implementation of its transformation program.” The 28.5% increase in crude prices (to $52.68/B for 2017 for Saudi Arab Light) is a more obvious explanation (see chart). Sabic’s net profit remains well down on the 2011 peak of SR29bn, when Arab Light crude oil av...
Volume: 61Issue: 05Published at Fri, 02 Feb 2018 -
Libya Plans Tobruk Power Plant, Revives Stalled Ubari Project
...2011 after the ouster of former dictator Mu’ammar al-Qadhafi. The Ubari project – another nominally gas fired plant that will initially burn oil since no current gas supply infrastructure exists – will comprise four Siemens 160MW turbine-generators. The Libya Herald newspaper says the project is...
Volume: 60Issue: 05Published at Fri, 03 Feb 2017 -
East Asian Importers Take Less LNG In 2015; Little Sign Of An Upturn In 2016
...pply coming onstream, from Australia and the US in particular, means that for Middle East producers, starting with Qatar, the competition is becoming increasingly palpable. JAPAN: NUCLEAR RESTARTS Japan notched up three straight years of record 87mn tons-plus LNG imports following 2011’s Fu...
Volume: 59Issue: 05Published at Fri, 05 Feb 2016 -
Dubai Plans $27bn Green Power Fund, But Considering Expanded Coal Program
...bsidized. The UAE has recently hiked the costs of transport fuels, by linking gasoline and diesel prices to international prices (see p13). However, DEWA has operated a fuel surcharge for electricity and water customers since January 2011, which is adjusted on a monthly basis. DEWA charges consumers a mi...
Volume: 59Issue: 05Published at Fri, 05 Feb 2016 -
Accusations Fly Over South Sudan Oil Field Attack
...timates pegging production at between 160,000 and 170,000 b/d. This is just under 70% of the 245,000 b/d being pumped pre-conflict, and less than half of what it was producing in late 2011, just months after gaining independence from Sudan. NO DIRECT HIT But despite the attack, the country’s cu...
Volume: 58Issue: 05Published at Fri, 30 Jan 2015 -
Egypt Nears 250MW Gulf Of Suez Wind Farm Tender
...vernment has also held talks with the World Bank over finance for the project. Egypt’s wind power program has been derailed by recent political turmoil following the Arab Spring and subsequent overthrow of the regime of Husni Mubarak in early 2011. So far NREA has developed a 5MW wind farm at Hurghada an...
Volume: 58Issue: 05Published at Fri, 30 Jan 2015 -
Shell LNG To Jordan Expected In July
...ports around 96% of its energy needs, continues to face a gas crunch, following the disruption, and eventual suspension, of gas supplies from Egypt after the January 2011 revolution. Jordan had a contractual agreement with Egypt to import around 250mn cfd of gas via the Arab Gas Pipeline (AGP). Repeated at...
Volume: 58Issue: 05Published at Fri, 30 Jan 2015 -
New Saudi King Makes His Mark With Wide Cabinet Reshuffle
...st since 2011. Although there is no serious internal threat to the kingdom’s relative stability, despite known sympathy by Saudi youth for the Jihadists — thousands of Saudi youths have joined the Islamic State (IS) in Syria, despite being designated a terrorist organization by Riyadh — the ap...
Volume: 58Issue: 05Published at Fri, 30 Jan 2015 -
Syria’s Economic Woes Only Set To Intensify
...oduction in the government-controlled areas in 2014 slumped to 9,329 b/d, the Syrian Minister of Petroleum and Mineral Resources Sulaiman al-‘Abbas announced this week. This output is a mere 2.4% of average production of 385,000 b/d before the start of the uprising in March 2011 (MEES, 8 August 2011). In th...
Volume: 58Issue: 05Published at Fri, 30 Jan 2015 -
Lebanon Plans $1Bn Eurobond
...banon’s finances are over-stretched as it struggles to cope with the influx of some 1.5mn Syrian refugees who fled their war-torn country since early 2011. International aid to help these refugees has been minimal, and the cost of hosting them is mounting. The political impasse and spillovers from the Sy...
Volume: 58Issue: 05Published at Fri, 30 Jan 2015 -
Exxon Shrugs Off West Qurna-1 Cut
...Cs’ unattractive terms, which do not allow IOCs to book reserves, led ExxonMobil to ignore Baghdad’s threats of expulsion and sign production-sharing contracts for six KRG exploration blocks in 2011. ExxonMobil has managed to retain its WQ-1 operatorship, having reduced its stake from 60% to 25%, wh...
Volume: 57Issue: 05Published at Fri, 31 Jan 2014 -
Iraq, KRG Narrow Differences In Oil Row But Final Accord Elusive
...ditional $2bn to the KRG, rather less than the $9bn that Erbil says is owed by Baghdad for oil sales between 2011 and 2013, when the KRG halted exports of some 150,000 b/d because of the row over non-payment to foreign contractors. But he reiterated the Iraqi government’s position that no oil could be ex...
Volume: 57Issue: 05Published at Fri, 31 Jan 2014 -
Chinese Import Slowdown Sets Alarm Bells Ringing For OPEC
...nce mid-2012 been required to dramatically reduce its imports of Iranian crude oil so as to stay in line with US sanctions placed on Iran’s key oil and banking sectors. Washington in late 2011 passed a law cutting off access to the US financial system for entities involved in oil trade with Iran and it...
Volume: 57Issue: 05Published at Fri, 31 Jan 2014 -
Force Majeure A Reminder Of Risks For Energy Producers In Egypt
...wn the impact of the Arab Spring upheaval on business, even as the amount of outstanding receivables continued to grow. Gas Pipeline Bombed, Again But while oil and gas production sites have remained unaffected by the violence that has periodically engulfed Egypt’s main cities since 2011 (th...
Volume: 57Issue: 05Published at Fri, 31 Jan 2014 -
Rafsanjani Criticizes IRGC’s Economic Power
...e Iranian rail network (MEES, 16 November). The previous Minister of Petroleum Rostam Qasemi, who served as managing director of Khatam al-Anbia before his appointment in August 2011, called for expansion of the role of the IRGC-affiliated engineering firm in the economy, by becoming a “re...
Volume: 57Issue: 05Published at Fri, 31 Jan 2014 -
UN Sees Polarized Performance In Arab Region
...anwhile Syria’s oil production (from government-controlled fields) has sunk to a new low of 13,000 b/d, or about 3.5% of 385,000 b/d at the beginning of the crisis in 2011, Syria’s Deputy Minister of Petroleum Hasan Zainab told the local daily Tishreen on 23 January. He estimates Syria’s oil-related ec...
Volume: 57Issue: 05Published at Fri, 31 Jan 2014 -
Mauritania Bags $850Mn
...ending heavily on food and energy subsidies and higher public sector salaries in 2011-12. Qatar was the last of the four Gulf states to sign the aid accord with Morocco....
Volume: 57Issue: 05Published at Fri, 31 Jan 2014 -
The North Sea & OPEC, Contrasting Policies, But Comparable Oil Resources?
...rrels. Avaldness Field was discovered in 2010 with reserves estimated at about 0.4bn barrels, but with upward revisions they could be nearly 2bn barrels. The Schiehallion and Loyal Fields went onstream in 1988 and had produced about 400mn barrels by 2011 when about 450mn barrels were added to the re...
Volume: 57Issue: 05Published at Fri, 31 Jan 2014 -
Benchmark Crude Prices ($/B)
...13 2012 2011 WTI 98.23 95.91 93.38 97.91 93.85 97.54 105.73 98...
Volume: 57Issue: 05Published at Fri, 31 Jan 2014 -
‘Arc Of Instability’ Spreads Across North Africa
...Dellys was attacked at least nine times between 1995 and 2008 (MEES, 28 July 2008). According to Algerian media reports a guard was killed during two further attacks in 2011. And Bouira town was the site of a double car bombing in August 2008, which killed 12 local employees of the Canadian en...
Volume: 56Issue: 05Published at Fri, 01 Feb 2013