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Iran, South Africa In GTL Deal, Zanganeh Eyes Oil Sales
...e NIOC research arm will cooperate with PetroSA in developing slurry reactors. These are used in the Fischer Tropsch process for GTL production. RIPI has continued its GTL research during the sanctions period (MEES, 29 August 2014). The two companies will also work together on methods to achieve bl...
Volume: 59Issue: 17Published at Fri, 29 Apr 2016 -
Kuwait: Shell Deal Boost For IOCs
...aching 4mn b/d by 2020, but has moved the goalposts by including condensate in the calculation (MEES, 15 April). Despite the 60% fall in oil prices since 2014, Kuwait remains committed to attracting IOCs and investing in its oil sector. Jamal Jaafar, CEO of the Kuwait Oil Company (KOC) said on 11 Ap...
Volume: 59Issue: 17Published at Fri, 29 Apr 2016 -
Aramco Sees Petchems SMEs As Key To Vision 2030 Transformation
...e Saudi petchems pipeline, Sabic – which produced 64mn tons of petrochemicals in 2014, and is therefore by a long way the main Saudi chemicals player – is involved in a number of smaller, but significant, projects (see table). Despite its size, Sabic is not mentioned in the prince’s Vision 2030 do...
Volume: 59Issue: 17Published at Fri, 29 Apr 2016 -
King Salman Fires Saudi Electricity & Water Minister After Price Hike Complaints
...e whole of 2015. While this was 59% down on the SR3.61bn net profits for 2014, the results for Q1 2016 suggest that SEC’s profits may receive a boost from increased tariffs for 2016 as a whole. ...
Volume: 59Issue: 17Published at Fri, 29 Apr 2016 -
Upstream Investment Slump Presages Output Crunch, Oil Chiefs Warn
...A lack of investment in energy projects due to the sustained drop in oil prices since 2014 means the market is storing up an oil price shock for the future, according to speakers at the 17th International Oil summit in Paris on 21 April. The natural decline in oil reserves and the drop in in...
Volume: 59Issue: 17Published at Fri, 29 Apr 2016 -
Prince Muhammad’s Vision 2030: Far Sighted Or Over-Ambitious?
...ars designed to end the kingdom’s “addiction to oil.” With a large dose of optimism the prince envisages that the kingdom will be able to survive without oil by 2020. Given that oil represented 87% of the kingdom’s export revenue in 2014, and even after oil prices collapsed, was still 73% last ye...
Volume: 59Issue: 17Published at Fri, 29 Apr 2016 -
Services Firms: Get Mideast Tonic As Revenue Whacked
...all three firms continues to rise. Revenues for the three largest quoted services firms took another pounding in the first quarter of 2016. Schlumberger, Halliburton and Baker Hughes’ revenues were just $6.52bn, $4.20bn and $2.67bn respectively; a mere 52%, 48% and 40% respectively of peak Q4 2014...
Volume: 59Issue: 17Published at Fri, 29 Apr 2016 -
Total, Eni, Shell Downgraded; BP Escapes
...Moody’s downgraded its credit ratings on four of the seven international oil majors in late March and early April following a review started 22 January in the light of the 60%-plus oil price collapse since mid 2014. France’s Total had its rating cut by two notches to Aa3 with the co...
Volume: 59Issue: 17Published at Fri, 29 Apr 2016 -
Japanese Banks Plug The Financing Gap Amid Tightening Gulf Liquidity
...ring 2014 to around 3% during 2015 and we expect liquidity to remain tight over 2016,” it adds. GULF BANKS LOSS, ASIAN BANKS GAIN But this change in fortune for GCC banks is creating the opportunity for foreign banks to regain lost ground in the region’s financial sector where Gulf lenders had do...
Volume: 59Issue: 17Published at Fri, 29 Apr 2016 -
Saudi Wraps Up $10bn Loan
...s aimed at countering its dwindling oil revenues which has led Saudi Arabia to draw on roughly $150bn in financial reserves since late 2014, with reserves standing at $593bn as of end-February (see chart). According to the FT, bankers close to the deal said it had priced at around 120 basis points ov...
Volume: 59Issue: 17Published at Fri, 29 Apr 2016 -
Egypt: UAE Joins Saudi In Bolstering Sisi With $4bn In Aid
...om E£37.7bn in the current year 2015-16. The cut in energy subsidies will be resented by consumers as was the case in July 2014, when petroleum product prices where hiked by up to 78%. The 2016-17 budget is based on an oil price assumption of $40/B and an official exchange rate of $1=E£9. But the va...
Volume: 59Issue: 17Published at Fri, 29 Apr 2016