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Egypt Looks To New Gas Finds To Ease Record Energy Deficit
...cut its import bill from 2015’s record $80bn to $60bn for 2016. But quite how it will reduce its import bill this year is unclear, especially considering a large proportion of the 167 LNG cargoes Cairo has signed since December 2014 (MEES, 16 October 2015), will be arriving in 2016 as authorities lo...
Volume: 59Issue: 08Published at Fri, 26 Feb 2016 -
Iranian Volumes Re-Enter Crowded European Market
...ea of concern for firms considering conducting business with Iran, increasing the attractiveness of swap arrangements. SOUTH KOREAN SPIKE South Korean data shows that imports of Iranian crude in January were at their highest level since March 2014. The 202,000 b/d imported was considerably hi...
Volume: 59Issue: 08Published at Fri, 26 Feb 2016 -
Algeria Boosts Its Share In Spain’s Gas Imports In 2015
...uivalent of 151,941GWh in 2015, following an annual increase of 3.5% to 180,093GWh in 2014. Spanish gas consumption was severely hit by the post-2008 recession, causing many Spanish buyers to re-export significant volumes of LNG. The global re-export trade almost doubled to around 6mn tons between 2012 an...
Volume: 59Issue: 08Published at Fri, 26 Feb 2016 -
KRG Refining Down As Producers Prioritize Exports
...0,500 b/d in 2015, up slightly on 2014’s previous record of 99,700 b/d. But run rates fell to 72% for 2015 as a whole and averaged just 60% for the last four months of the year, down from an average of 80% for 2013 and 2014. The three plants’ total crude distillation capacity is 139,000 b/d split be...
Volume: 59Issue: 08Published at Fri, 26 Feb 2016 -
Algeria’s Sonelgaz Eyes Foreign Loans To Bridge $10bn Funding Gap
...st year was slightly down on the AD600bn ($5.59bn) invested in 2014, he adds. The Algerian government plans to increase electricity and gas prices this year, Mr Boutarfa says. At risk of triggering political protests, government’s latest finance law includes plans to reduce subsidies by raising fo...
Volume: 59Issue: 08Published at Fri, 26 Feb 2016 -
IEA Warns Of Future Price Spike As Opec Divisions Deepen
...ALED BACK (MN B/D) *ADJUSTED TO INCLUDE INDONESIA. ...AS SUPPLY GROWTH STUTTERS Despite revising up global demand figures, the IEA still sees little prospect of crude markets balancing until 2017. The IEA says supply exceeded demand by 900,000 b/d and 2mn b/d in 2014 and 2015 re...
Volume: 59Issue: 08Published at Fri, 26 Feb 2016 -
Middle East Refiners To Add 2.3mn B/D Capacity By 2022-IEA
...true of some Middle East refiners. Saudi Arabia started up 400,000 b/d of refineries in 2013 and 2014 and UAE started up a 417,000 b/d plant in 2015, all aimed at exports. The IEA says the pace of Middle East refining capacity expansion in the medium term will slow and also depend to a large ex...
Volume: 59Issue: 08Published at Fri, 26 Feb 2016 -
Iraq: Abadi’s ‘Technocrat’ Reshuffle Plan Slim On Detail
...eceding government had distributed state-controlled properties to officials to buy support. As for the technocrat government, Mr Abadi did not give details, but sufficed with explaining his rationale. He argued that given that the key challenge when he was elected in September 2014 was the collapse in se...
Volume: 59Issue: 08Published at Fri, 26 Feb 2016 -
SEC Seeks $3.3bn More Funding, Bringing Total To $73bn
...kuk Sadara project 2.0 2014: January SEC Sukuk Capital projects 1.2 2014: March SEC Finance Mi...
Volume: 59Issue: 08Published at Fri, 26 Feb 2016 -
Iraq Considers Production-Sharing For New Acreage
...at the state cannot take on at this time. Foreign investors need incentives to enter into exploration contracts that offer higher rewards, he says. Iraq, which according to BP’s 2014 Statistical Review of Energy has the world’s fifth largest oil reserves –some 150bn barrels – has since the fall of...
Volume: 58Issue: 08Published at Fri, 20 Feb 2015 -
KRG Slams Agreement With ‘Bankrupt’ Iraq
...d the Bai Hasan field, within what is disputed territory. Mr Barzani says the Iraqi side had told him they could spare $300mn at the present time, which he said was half of the amount agreed. The collapse in oil prices since June 2014 and the additional cost of the battle against Islamic St...
Volume: 58Issue: 08Published at Fri, 20 Feb 2015 -
Algeria: Mixed Shale Signals Highlight Deeper Economic, Political Disarray
...licy reversal came in response to public protests which started in In Salah province, site of the shale drilling program, in December 2014 before spreading to other cities in the Sahara and in the north, including Algiers, Oran and Bejaia. ENVIRONMENTAL RISKS? Campaigners are calling for a mo...
Volume: 58Issue: 08Published at Fri, 20 Feb 2015 -
ENI Sanguine On Libya
...LIBYA Claudio Descalzi, CEO of Italy’s Eni says the company’s Libya output has not been affected by the massive and growing instability affecting the country. Speaking on an 18 February conference call marking the company’s 2014 results he said that though “the environment [in Libya] is...
Volume: 58Issue: 08Published at Fri, 20 Feb 2015 -
Cash Crunch Suffocates Iran’s Oil Sector
...salaries to its staff. The front month Brent crude contract fell to $47/B in mid-January, from a 2014 peak of $115/B in mid-June, though this has since rebounded by more than $10/B to just shy of $60/B, as MEES went to press. MINISTRY REVENUES SLASHED “When the oil price was at $100/B and we...
Volume: 58Issue: 08Published at Fri, 20 Feb 2015 -
New Marine Bunker Rules To ‘Significantly Lighten The Demand Barrel’-IEA
...dergo a step change, rising to 31.5mn b/d by 2020, up 2.4mn b/d from 2019 and 4.5mn b/d above 2014 levels.” With fuel oil bunker demand falling by 2.2mn b/d, total fuel oil demand will fall to 5.3mn b/d in 2020. By this time the shipping industry’s share of total residual fuel oil demand is projected to...
Volume: 58Issue: 08Published at Fri, 20 Feb 2015 -
Oman Ramps Up Scope Of Sohar Plans
...ile the expansion, due for completion in 2016, will provide additional clean fuels for local consumption, the new units will also feed existing aromatics and polypropylene units alongside the refinery, reducing the need for imports (MEES, 6 June 2014). The expanded refinery will provide 36,000 b/d of...
Volume: 58Issue: 08Published at Fri, 20 Feb 2015 -
Turkey Plans To Double Renewables Capacity By 2023
...omoting clean coal technology. However, Turkey currently has 12.5GW of coal-fired capacity and is developing a 510MW coal-fired plant at Soma. Ankara also has two preliminary agreements for a further 8.32GW of coal-fired capacity (MEES, 19 December 2014). TURKISH POWER GENERATION OUTLOOK BY TE...
Volume: 58Issue: 08Published at Fri, 20 Feb 2015 -
BP Predicts OPEC’s Second Coming
...rket commentaries over the past 12 to 18 months, have regularly warned that non-OPEC producers were on course to keep chipping away at OPEC’s market share. The oil major sees OPEC’s market share recovering to 40% by 2035 – from around 33% in 2014, according to latest IEA data – following a slump ov...
Volume: 58Issue: 08Published at Fri, 20 Feb 2015 -
Gulf States Consider Yemen Options As Houthis Consolidate
...the Asian and US markets. OIL SUPPLY DISRUPTIONS The decline in Yemen’s oil production has contributed to supply disruptions estimated by UK oil major BP in its latest medium-term outlook at 3mn b/d in 2014. BP notes that Libyan production had fluctuated throughout the year, while civil wa...
Volume: 58Issue: 08Published at Fri, 20 Feb 2015 -
Egypt Eyes Listing State Firms, Seeks Outside Investment
...ptember 2014). Echem is currently building 460,000 t/y ethylene, 400,000 t/y polyethylene and 300,000 t/y styrene plants at Alexandria and a 1.35mn t/y polyolefins complex at Ain Sukhna. ...
Volume: 58Issue: 08Published at Fri, 20 Feb 2015