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Egypt Secures 2017 LNG Needs
...Cairo moved this week to lock-in its gas needs for 2017 by signing a deal to take up to 45 LNG cargoes from Russian state oil giant Rosneft, France’s Engie and Oman state refiner Orpic’s commercial arm OTI, in a deal worth $1bn according to Oil Minister Tarek El Molla. This adds to the 12...
Volume: 60Issue: 06Published at Fri, 10 Feb 2017 -
LNG: Australia Soars Past Qatar As #1 In East Asia
...pectation has to be that prices will again fall back with winter buying now over – especially seeing that key spot buyer Egypt now appears to have filled its 2017 requirements (see p5). ASIA’S ‘BIG 3’ see collective LNG IMPORTS rise 3.5% IN 2016 ON LATE-YEAR BUYING SURGE (MN TONS) SOURCE: IM...
Volume: 60Issue: 06Published at Fri, 10 Feb 2017 -
Shell Sees Qatar’s Pearl GTL Plant Offline For ‘A Couple Of Months’
...Shell anticipates that its Pearl gas-to-liquids (GTL) plant at Ras Laffan in Qatar may be offline into the second quarter of 2017 as it works to fix a problem with “some or all” of the plant’s 18 gasifiers. The problem came to light in late December, when the Anglo-Dutch major announced that it...
Volume: 60Issue: 06Published at Fri, 10 Feb 2017 -
Falih Takes Charge Of Saudi Renewables, Sets Schedule For Solar & Wind Tender
...P) Dhuba-1 (605MW) ISCC 50 2017 SEC Waad Al-Shamal (1.39GW) IS...
Volume: 60Issue: 06Published at Fri, 10 Feb 2017 -
Opec Cuts 860,000 B/D Output, More Work Required
...Opec cut crude production by 860,000 b/d in January, the largest monthly fall in nearly three years, but remains 570,000 b/d above its H1 2017 output target. Oil prices have dropped around $1/B since the start of February but remain comfortably above $50/B, suggesting that the markets are co...
Volume: 60Issue: 06Published at Fri, 10 Feb 2017 -
Middle East Drilling Remains Strong Despite Low Oil Prices
...The boom in US shale drilling in recent months has seen the country move to center stage in 2017 upstream spending plans (MEES, 3 February). But activity in the Middle East, the one region not to have seen a downturn over the past two years, remains robust. Since the mid-2014 oil price co...
Volume: 60Issue: 06Published at Fri, 10 Feb 2017 -
Iran’s Post Sanctions Success Threatened By Trump Storm Clouds
...y 2017 has long been flagged up as of crucial importance as it is the date Iranians go to the polls to decide whether President Hassan Rohani will serve a second term. Hardliners opposed to Mr Rohani’s efforts to open up will be looking to unseat him. But one development that was certainly not given mu...
Volume: 60Issue: 06Published at Fri, 10 Feb 2017 -
NOC Charm Offensive To Encourage Resumption Of Investment
...vestment in the country. According to NOC projections shared by chairman Mustafa Sanalla at London’s Chatham House in late January, the state firm is targeting oil production of 1.25mn b/d by the end of 2017 (see chart 1). If NOC meets its objectives, Libya will average just short of 800,000 b/d in Fe...
Volume: 60Issue: 06Published at Fri, 10 Feb 2017 -
OMV Expands in Libya With Purchase Of Oxy Zueitina Stake
...175,000 b/d from the field in the near future. OMV also has a share in production from the small Shatira field (Block NC163, Area 106) which has capacity of about 1,100 b/d. OMV expects its Libya production to reach an average 10,000 b/d in 2017, said the 2 February statement. “Subject to on...
Volume: 60Issue: 06Published at Fri, 10 Feb 2017 -
Iran’s Banking Reforms Delayed By Government Bickering
....6bn in August 2013. The cabinet in January approved the allocation of $3.8bn from the CBI’s surplus assets to reduce the government debts to a number of banks. Meanwhile the CBI has ordered all banks to draw up annual financial statements by 20 March 2017 in accordance with International Financial Re...
Volume: 60Issue: 06Published at Fri, 10 Feb 2017 -
Dubai Seeks $3bn Airports Loan
...sorting to borrowing to ensure that key projects keep moving. The emirate’s 2017 budget projects a small deficit of $681mn, or 0.6% of Dubai’s GDP, unlike previous years of balanced budgets (MEES, 13 January). Dubai is pressing on with plans to boost its already flourishing tourism sector by aiming to at...
Volume: 60Issue: 06Published at Fri, 10 Feb 2017 -
Qatar: No Need For New Bonds
...Qatar may not need to issue an international bond in 2017 as pressure on the emirate’s state finances is easing, Finance Minister Sharif al-‘Imadi said this week. The minister added that with oil prices “close to breakeven levels,” though a new bond issue remains an option for 2017, no de...
Volume: 60Issue: 06Published at Fri, 10 Feb 2017 -
Oil Markets: A Turn Away from Trade?
...ternational oil trade, which has made petroleum the model of a highly functional global market. The 2015 lifting of the US ban on crude oil exports may go down in history as the capstone of the era of global oil trade (MEES, 23 December 2016). As we sit here in 2017, two developments threaten that mo...
Volume: 60Issue: 06Published at Fri, 10 Feb 2017 -
Iran Eyes Growing Gas Shipments To Armenia, Turkey
...end $120mn on a new 400kV Armenia-Iran power transmission line. This would increase capacity from around 300MW to 1GW by 2018. Armenia’s Deputy Energy and Natural Resources Minister Hayk Harutyunyan said in October that he hoped the volume of Iranian gas imports would increase in 2017. Davood Manzoor, Vi...
Volume: 59Issue: 06Published at Fri, 12 Feb 2016 -
Iran Inks First Post-Sanctions Petchems Deal: Will It Catalyze Sector Revival?
...uld earn $18bn on petchems sales in the current Iranian year up from $16bn for 2014-15. He says the country’s petchems income is expected to reach $22bn by 2017-18. Mr Zanganeh says Iran’s upstream and downstream expansion plans require a total investment of $200bn: $130bn upstream and $70bn for pe...
Volume: 59Issue: 06Published at Fri, 12 Feb 2016 -
Global Oil Overhang To Persist Throughout 2016
...A faltering global economy, dampening oil demand growth and the return of Iran to international markets ensure that oversupply in global oil markets will persist into 2017. Disarray within Opec means that a unified decision to reduce output remains as distant as ever. Moreover, both Opec an...
Volume: 59Issue: 06Published at Fri, 12 Feb 2016 -
Morocco Inaugurates 160MW Solar Plant, Starts On Two More
...rmany’s KfW. The completion of Noor 1 takes Morocco’s installed generating capacity to 7.85GW. Morocco’s solar program is part of a government plan to reduce reliance on fossil fuel imports. However, it is also developing coal-fired plants with 320MW and 1.39GW capacity, due online in 2017 and 2018 (MEES, 16...
Volume: 59Issue: 06Published at Fri, 12 Feb 2016 -
Morocco: QP Boost
...15: Chevron has had zero Mena output for the past nine months. Chevron says it hopes the spat between the two GCC allies that has cut PNZ output to zero will be resolved with output restarting “by 2017” (MEES, 6 November, 2015). ...
Volume: 59Issue: 06Published at Fri, 12 Feb 2016 -
BG Slashes Egyptian Spending As Production Plummets
...nistry of Petroleum’s latest forecasts. The ministry forecasts Egyptian gas output of 5.03bn cfd for the 2014-15 financial year – a number which looks optimistic given actual output of 4.6mn cfd for the first half of the period – falling to 4.85bn cfd for 2017-18. ISRAELI, CYPRUS GAS TA...
Volume: 58Issue: 06Published at Fri, 06 Feb 2015 -
Iran Starts Work On Qeshm Power/Desal Plant
...ectricity and desalinate 100,000 cmd of water. Start-up is scheduled for early 2017. The power plant will incorporate two gas turbines and a heat recovery steam generator, all manufactured by Mapna’s TUGA subsidiary. TUGA acquired gas and steam turbine technology from European manufacturers during 20...
Volume: 58Issue: 06Published at Fri, 06 Feb 2015