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Egypt’s Midor Refinery Signs Up UOP For $1.4bn, 60,000 b/d Expansion
...d 60,000 b/d of crude distillation capacity, it is particularly aimed at expanding output of middle distillates, especially Euro 5 specification diesel and jet fuel, to meet domestic market needs. In 2014 Egypt had to import a record 221,000 b/d of products (see graph). Last year Midor says it im...
Volume: 58Issue: 16Published at Fri, 17 Apr 2015 -
Jadwa Lowers Saudi Oil Price Forecast, Predicts Further Fundraising
...SAUDI ARABIA Jadwa Lowers Saudi Oil Price Forecast, Predicts Further Fundraising Saudi investment bank Jadwa has lowered its forecast 2015 price for Saudi crude to $57/B, whilst raising its production forecast to 9.8mn b/d. Though 100,000 b/d higher than actual 2014 output, this is ac...
Volume: 58Issue: 16Published at Fri, 17 Apr 2015 -
Petro Rabigh Plans $1.9bn Rights Issue
...abia’s existing commodity polymers industry (MEES, 17 October 2014). New products for Saudi Arabia from Rabigh 2 will include ethylene propylene diene monomer (EPDM) and thermoplastic olefin (TPO). The expansion will take Petro Rabigh’s output capacity to 5mn t/y of petrochemicals and 15mn t/y of re...
Volume: 58Issue: 16Published at Fri, 17 Apr 2015 -
Oman’s Forecasts 85% Power Demand Rise To 2021; Gas Shortage A Worry
...ectricity sharing agreement with state oil firm PDO (for 60MW) and has installed a 400MW link to the GCC supply grid (MEES, 28 November 2014). The GCC link is part of OPWP’s plans for “creation of a spot market for electricity trade in 2018,” which will initially increase competitiveness among suppliers in...
Volume: 58Issue: 16Published at Fri, 17 Apr 2015 -
Turkish Parliament Okays Second Nuclear Project
...pacity comprises more than 40% of Turkey’s long-term power plan (MEES, 5 December 2014)....
Volume: 58Issue: 16Published at Fri, 17 Apr 2015 -
US OUTPUT RISE TO CONTINUE TO 2020-EIA
....6mn b/d in 2020, up from 8.7mn b/d for 2014 and some 1mn b/d higher than the 9.6 mn b/d (for 2019) prediction in the 2014 AEO. This 1mn b/d hike in the EIA’s forecast in peak US output is a clear reminder that whatever impact lower oil prices may now be having on US output – and the evidence for this is...
Volume: 58Issue: 16Published at Fri, 17 Apr 2015 -
Libya: UN Optimism On Talks Belies War Preparations On The Ground
...not only fraught with practical difficulties and security risks, but also risks attracting UN sanctions. The UN Security Council stated in late 2014 that only oil sales through the Tripoli-based National Oil Corporation (NOC) would be recognized. Neither the Tripoli-based governor of the Central Ba...
Volume: 58Issue: 16Published at Fri, 17 Apr 2015 -
Keystone Says KRG Investment Awaits Payment
...,000 b/d it hit in late 2014. ‘MODUS OPERANDI’ NEEDED “Our firm commitment is to move from 40,000 b/d to 70,000 b/d and ultimately to 100,000 b/d. [But] The only way to achieve this will be to find a modus operandi that will enable the Company to be paid for past and future oil sales on a regular ba...
Volume: 58Issue: 16Published at Fri, 17 Apr 2015 -
IMF Warns Qatar Of Budget Deficit
...date says the non-hydrocarbon sector recorded an 11.5% expansion in 2014, with the largest contributors consisting of construction, finance, insurance, real estate and business services, trade, hotels and restaurants. QNB expects double-digit growth in the non-hydrocarbon sector until 2018, while in th...
Volume: 58Issue: 16Published at Fri, 17 Apr 2015 -
Algeria Oil Cash Down
...ALGERIA Algeria Oil Cash Down Algeria’s fiscal oil and gas revenue in 2014 fell to AD3,388.3bn ($42.4bn), from AD3,678.1bn ($48.4bn) in 2013, according to recently-released Finance Ministry figures. Of 2014 revenues AD1,577.7bn ($19.7bn) was allocated to the budget and AD1,810.6bn ($22...
Volume: 58Issue: 16Published at Fri, 17 Apr 2015 -
After Iran’s Nuclear Deal, Economic Reforms Are A Must
...the IMF’s latest World Economic Outlook (WEO), released this week, Iran’s real GDP growth is projected to grow by 0.6% in 2015, and 1.3% in 2016 – a downward revision from October 2014, mainly due to the fall in oil prices, and uncertainty about the progress towards a full nuclear deal. Fo...
Volume: 58Issue: 16Published at Fri, 17 Apr 2015 -
Zanganeh: OPEC Should Cut Output ‘At Least 5%’
...wn on 2014 – and early indications suggest this fell in March owing to a complete halt in Indian intakes, following a government directive sent to Indian refiners to reduce imports from the sanctions-hit nation until the end of the Indian fiscal year (MEES, 23 January). South Korea, the only one of...
Volume: 58Issue: 16Published at Fri, 17 Apr 2015 -
Egypt’s Economy: Still A Long Road To Recovery
...pects the general government deficit to decline to around 10% of GDP between July 2014 and June 2015. The IMF, in its January 2015 report on Egypt, says the deficit eased to 13.6% of GDP for 2013-14 having peaked at 14.1% the year before. Moody’s predicts that the deficit will decrease further to around 9....
Volume: 58Issue: 16Published at Fri, 17 Apr 2015 -
SOUTH KOREAN 1Q15 CRUDE IMPORTS: SAUDI AND KUWAIT REMAIN TOP AS IRAQ MUSCLES INTO 3RD (‘000 B/D)
...14 1Q14 2014 2013 2012 2011 2010 Mar-15 Feb-15 Jan-15 MENA TOTAL 2,...
Volume: 58Issue: 16Published at Fri, 17 Apr 2015 -
Benchmark Crude Prices ($/B)
...Benchmark Crude Prices ($/B) 16-Apr 6-10 Apr 30-Mar - 2-Apr Mar-15 Feb-15 Q1 2015 Q4 2014 2014...
Volume: 58Issue: 16Published at Fri, 17 Apr 2015 -
Kuwait’s Unstable Politics Slow Oil Sector Advances
...its, secondary units, and offsite and utilities – for the much-delayed $14.2bn, 615,000 b/d al-Zour refinery. State-refiner KNPC expects to choose winning bids by the end of 2014 and to sign contracts in early 2015. Al-Zour will yield about 215,000 b/d of fuel oil, allowing KNPC to replace volumes ph...
Volume: 57Issue: 16Published at Fri, 18 Apr 2014 -
Baghdad, KRG Talks Stumble; Pipeline Still Out
...manding that the draft budget delete reference to the volume of crude oil that the Kurdish region is committed to export in 2014. Erbil says the budget should refer only to total Iraqi exports. The draft budget assumes oil exports of 3.4mn b/d for 2014 and commits the KRG to 400,000 b/d of the total. Bu...
Volume: 57Issue: 16Published at Fri, 18 Apr 2014 -
Gulf Keystone Secures Funding For Shaikan Development
...r general corporate purposes. The increase in Shaikan capacity from a second production facility is running behind schedule. GK had expected to reach its target in early 2014 after commencing commercial production in July last year at 10,000 b/d. The UK company has been marketing its share of...
Volume: 57Issue: 16Published at Fri, 18 Apr 2014 -
GCC Polymers Increasing In Volume And Sophistication, Says GPCA
...gineering plastics is “growing exponentially from a small base.” The 2.48mn t/y of new polymers to be added during 2014-18 will include a range of synthetic rubbers, thermoplastic resins and polyurethanes increasingly in demand from the automotive, electrical and electronic and consumer goods in...
Volume: 57Issue: 16Published at Fri, 18 Apr 2014 -
Oman Hikes Desalination Plan In Line With Population Stats
...es peak water demand in the northern region – the Interconnected Zone (IZ: Muscat, al-Batinah, Buraymi, al-Dakhiliyah and al-Dhahirah governorates and Sohar industrial port) and Sur – increasing by 6%/year during 2014-20 to 1.177mn cmd (see table). This compares with earlier forecasts of 3-5%. Total an...
Volume: 57Issue: 16Published at Fri, 18 Apr 2014