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Egypt Privatization: 23 Firms On the Block; Oil Firms Feature Heavily
...rlier plan included Amoc and Sidpec among the first group of firms to be offered (MEES, 14 July 2017). UPGRADING PLANS Amoc is raising $500mn to fund the construction of a 20,000 b/d hydrocracker alongside its 35,000 b/d vacuum distillation plant (MEES, 23 March). Also at Alexandria, Midor is ex...
Volume: 61Issue: 12Published at Fri, 23 Mar 2018 -
Egypt’s Gas Balancing Act As Power Demand Eats Into Growing Supply
...it during 2017-20 represent the power sector’s biggest new gas requirement. Germany’s Siemens is providing turbines and generators for three 4.8GW plants: Egypt’s Orascom is building plants at Burullus and a proposed ‘new capacity city’ just east of Cairo, while local firm Elsewedy is building a pl...
Volume: 61Issue: 12Published at Fri, 23 Mar 2018 -
Oman Looks To Foreign Firms and Downstream To Combat Economic Woes
...t of the way early in issuing a $6.5bn bond, its largest ever, in January as Oman will likely have to offer higher rates following the downgrade (MEES, 2 February). Despite the concerns, the very reliance on oil and gas (about 77% of total revenues in 2017), means the hydrocarbons sector is cr...
Volume: 61Issue: 12Published at Fri, 23 Mar 2018 -
East Med Deepwater Exploration: In Search Of ‘More Zohr’
...ey reviewed the seismic with the new Zohr concept in mind and liked what they saw. Eni, in its latest annual report, released 22 March, reiterates that it expects first gas from Zohr before the end of 2017. Output is set to reach the Phase 1 plateau of 1.2bn cfd by March/April next year, ramping up...
Volume: 60Issue: 12Published at Fri, 24 Mar 2017 -
Aramco IPO Valuation: The Devil Is In The Detail
...the Saudi state’s need to balance its budget that has been running at a deficit due to the slump in oil prices since mid-2014. The country’s 2017 budget projects a sizeable SR198bn ($53bn) deficit, albeit down by a third from 2016 (MEES, 6 January), with ratings agency Fitch this week downgrading Sa...
Volume: 60Issue: 12Published at Fri, 24 Mar 2017 -
Aramco, Sabic Ink China Downstream Deals During King Salman’s Asian Tour
...ars. But it was knocked off its perch in 2016, with Russia edging it out (by 1.05mn b/d to 1.02mn b/d). It’s got off to a strong start in 2017, beating Russia in the first two months: in February, China imported 1.25mn b/d from Saudi – the most since February 2016. At a development forum in Beijing on...
Volume: 60Issue: 12Published at Fri, 24 Mar 2017 -
Jordan: China Cash Ties Up $2.1bn Oil Shale Funding
...ich Hydro, biogas 10 Planned: Enviromena/TSK (2017) Quweira Solar 10...
Volume: 60Issue: 12Published at Fri, 24 Mar 2017 -
Saudi Gets Creative To Maintain Crude Exports Despite Output Fall
...bruary 2016 – almost twice the January 2017 figure – and averaged 328,000 b/d for the rest of the year. The changing fortunes of diesel in Europe may lead Aramco to seek sales elsewhere, although many of world’s fastest developing countries already have major pollution problems to address. SAUDI CR...
Volume: 60Issue: 12Published at Fri, 24 Mar 2017 -
Libya Output Gets Waha Boost; Targets Bu Attifel, Sharara Next
...ARARA FIELDS HAS RAMPED UP SINCE 20 DEC RESTART, BUT STILL HAS A LONG WAY TO GO (‘000 B/D) *LATE/END MONTH IN EACH INSTANCE. ^AS GIVEN BY OPERATOR REPSOL FEB 2017. 2018 TARGET IS TO HIT 340,000 B/D CAPACITY DURING THE YEAR, NOT AS AN ANNUAL AVERAGE. SOURCE: REPSOL, STATOIL, OMV, MEES ES...
Volume: 60Issue: 12Published at Fri, 24 Mar 2017 -
Rosneft: Russia Mixes Business With Politics In Mena Expansion
...erators that will make the project successful.” Eni, in its 2016 annual report, released this week, says it expects Rosneft’s Zohr purchase “will be finalized in the first half of 2017.” Rosneft also seemingly sees itself as a key LNG player, despite having no LNG production of its own either now or...
Volume: 60Issue: 12Published at Fri, 24 Mar 2017 -
Majors In The Middle East: 2016, A Year Of Consolidation
...Oil Majors consolidated their positions in the Middle East in 2016, with preliminary results indicating a slight fall in liquids production against 2015. But while output flatlined, key contracts were signed that will see sizeable gains in 2017 and beyond. The combined Middle East liquids sh...
Volume: 60Issue: 12Published at Fri, 24 Mar 2017 -
Fitch Downgrades Saudi, Increasing Headwinds For $15bn Bond Plans
...reign assets as of end-January falling below SR2 trillion for the first time since October 2011. At $524bn they are 30% below the record $746bn level hit in mid-2014 (MEES, 10 March). The country’s 2017 budget projects a whopping $53bn deficit, albeit down by a third from 2016 (MEES, 6 January). Fi...
Volume: 60Issue: 12Published at Fri, 24 Mar 2017 -
Lebanon Raises $3bn In Record Bond Issue
...Lebanon on 21 March raised a record $3bn through a Eurobond issue which was six times oversubscribed with offers of $17.8bn. As such Lebanon has raised the full $3bn of Eurobond debt authorized by parliament for 2017. Some $600mn was raised from foreign banks and financial institutions, wi...
Volume: 60Issue: 12Published at Fri, 24 Mar 2017 -
Life After Oil: How Can Gulf Countries Localize Jobs & Broaden Their Economies?
...rakah is scheduled to be completed in 2017; the other three for 2020. The need has never been greater for Gulf countries to lessen dependence on oil. With the decline in crude prices over the last two years, GCC countries are experiencing deficits and unemployment for the first time in decades. This ha...
Volume: 60Issue: 12Published at Fri, 24 Mar 2017 -
Eni Greenlights Egypt’s Zohr
...cision] only 6 months after discovery, a remarkable result, and we are well on track to start production by the end of 2017,” Eni CEO Claudio Descalzi said during the firm’s 18 March presentation of its “2016-19 Strategy.” The field, only discovered in August 2015, has rapidly become a key element of th...
Volume: 59Issue: 12Published at Fri, 25 Mar 2016 -
Kuwait Boosts Gas-Fired Power Capacity, Prepares Further LNG Imports
...Spain’s TSK to build the 50MW Al-Shegaya solar plant. This will be Kuwait’s first utility-scale solar project – although two 10MW projects are expected to be completed in 2016 – and is due online by December 2017 (MEES, 18 September 2015). LNG BOOST Kuwait’s gas-fired power plants will in...
Volume: 59Issue: 12Published at Fri, 25 Mar 2016 -
MEES Special Report: Jihadist Instability In North Africa And Beyond
...e development of upstream oil and gas potential. A series of new tight gas developments in the southwest of the country are set to begin coming onstream from 2017. All are operated by joint ventures between Sonatrach and overseas oil firms deliberately recruited for their expertise in developing di...
Volume: 59Issue: 12Published at Fri, 25 Mar 2016 -
Iran Boosting Exports Of Products As Well As Crude; Gasoline Exports To Follow?
...0mn (MEES, 6 November 2015). Iran hopes the plant will come fully onstream in the second half of 2017. 1: IRANIAN REFINERY OUTPUT (‘000 B/D)... ...% OF TOTAL 2: IRAN NET OIL PRODUCTS EXPORTS (‘000 B/D) 3: IRAN GASOLINE SUPPLY (‘000B/D)...
Volume: 59Issue: 12Published at Fri, 25 Mar 2016 -
Libya: Competing Power Bases Threaten To Tear NOC Apart
...ve fallen behind schedule. In Eni’s 2015-18 strategy presentation, published on 13 March, it said that it planned to commission Phase-2 development of the 800mn cfd Bahr Essalam field in the second half of 2017. This has slipped by almost two years. In early 2013, with front-end engineering and de...
Volume: 58Issue: 12Published at Fri, 20 Mar 2015 -
Kurdish Oil Output Edges Up But Cash Still Tight
....04mn, which would keep the company afloat but leaves it exposed should holders of $250mn in notes refuse to agree to a proposed change to the terms of the 13% bonds maturing in 2017. DEBTS STILL HIGH The company asked holders of the notes last week to agree to changes to the Trust Deed because it...
Volume: 58Issue: 12Published at Fri, 20 Mar 2015