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MBS-Trump Investment Pledge Boosts Aramco US LNG Investment Plans
...int venture with Shell. This operated three refineries with a combined crude processing capacity of 1.065mn b/d, but was split up in 2017 with Aramco ending up with a 100% stake in the 600,000 b/d Port Arthur refinery (MEES, 10 March 2017). The Port Arthur plant accounted for 115,000 b/d of Saudi cr...
Volume: 68Issue: 05Published at Fri, 31 Jan 2025 -
Egypt To Seek More IMF Aid Amid Growing Budget Deficit
...se. Preliminary figures for the first half of the current 2021-22 financial year (ie for 2H 2021) show subsidies and grants spending rising to E£136bn ($8.6bn), the highest first half figure since 2017-18 and up 36% from the 1H 2020-21 figure (see table and chart 1). Whilst comparing part year ac...
Volume: 65Issue: 05Published at Fri, 04 Feb 2022 -
Egypt: BP Readies Raven
...ril 2017 (MEES, 15 March 2019). The condensate output should also help boost Egypt’s oil output which fell to a new 40-year low in November of 572,000 b/d (MEES, 29 January). ...
Volume: 64Issue: 05Published at Fri, 05 Feb 2021 -
IMF Highlights Kuwait’s Economic Troubles
...ve turned to borrowing in order to fill the budget blackholes, Kuwait’s fractious politics have made this impossible. Unable to get a new debt law through parliament, Kuwait has instead resorted to drawing from its General Reserves Fund since 2017 – a clearly unsustainable strategy. The IMF says th...
Volume: 63Issue: 05Published at Fri, 31 Jan 2020 -
Qatar Trade: Surplus Dips In 2019 As LNG Pricing Pressure Augurs Worse To Come
...Lower energy prices caused Qatar’s trade surplus to dip in 2019. An increasingly well-supplied LNG market points towards a further slide in 2020. Qatar’s economy has proven resilient ever since the onset of the regional blockade in June 2017 (MEES, 9 June 2017) as its hydrocarbon-driven ex...
Volume: 63Issue: 05Published at Fri, 31 Jan 2020 -
IMF To Kuwait: Cut Public Wage Bill, Boost Private Sector, Lessen Oil Dependence
...lf monarchies, Kuwait has talked a good game on the need to diversify its economy and increase the role of the private sector. But, as the IMF makes clear, achieving this necessitates reducing the relative attractiveness of public sector employment. Kuwait’s finances improved considerably in 2017 and 20...
Volume: 62Issue: 05Published at Fri, 01 Feb 2019 -
Jordan Plans Tax Hike To Cover Planned 2019 Deficit
...ministration made a big deal of its increased assistance to Jordan, but Mr Trump himself is a wild card and King Abdullah’s opposition to the US recognition of Jerusalem as Israel’s capital in late 2017 increased bilateral tensions. Meanwhile, in the Gulf, Saudi Crown Prince Muhammad bin Salman has also pl...
Volume: 62Issue: 05Published at Fri, 01 Feb 2019 -
Kuwait Budget Deficit Set To Shrink In 2018-19 As Oil Prices Recover
...ding. A new cabinet was appointed in December after the previous body resigned in the face of parliamentary opposition (MEES, 15 December 2017), but Minister for Social Affairs and Labor Hind al-Sabeeh already faced a no-confidence vote this week – albeit one she survived easily. National Bank of Ku...
Volume: 61Issue: 05Published at Fri, 02 Feb 2018 -
Kuwait Budgets For Lower Deficit In 2017-18
...Kuwait projects a healthy 30% revenue hike for the 2017-18 financial year (beginning 1 April). The deficit will fall by 18.4% from the 2016-17, according to preliminary details on the state budget approved by the Kuwait cabinet this week. The budget still has to go before parliament, which ca...
Volume: 60Issue: 05Published at Fri, 03 Feb 2017 -
Egypt Bonds: Looking East
...murai bonds,” without specifying how much his country will seek to borrow. Mr Garhy says the proceeds of January’s bond issue, which was more than three times oversubscribed, has helped his ministry to plug the budget gap for both the current 2016-17 fiscal year (ending June 2017) and part of the an...
Volume: 60Issue: 05Published at Fri, 03 Feb 2017 -
Kuwait’s Budget Deficit Set To Soar As Spending Continues Despite Subsidy Cuts
...main at current levels,” he says. The current Brent forward curve for the April 2016-March 2017 budget period averages $38/B, well above the budgeted figure. But, as he estimates that the 2016-17 budget will need a breakeven oil price of $65/B, a deficit still looks on the cards. In recent years Ku...
Volume: 59Issue: 05Published at Fri, 05 Feb 2016