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Cepsa’s Upstream Shift Hampered By Algeria Output Slump
...thout petchems). Refining profits more than halved to €124mn as per barrel margins at the firm’s two refineries – 250,000 b/d San Roque in Cadiz and 220,000 b/d Huelva – fell from $7.5/B in 2017 to $4.3/B in 2019. As with other oil companies, IOCs, NOCs, upstream-focused and integrated alike, this ye...
Volume: 63Issue: 20Published at Fri, 15 May 2020 -
Delek Asset Fire Sale
...nglomerate, Delek has sought since 2017 to “become a leading E&P pure play.” The firm’s “core” upstream assets are 55% of Delek Drilling which in turn is US operator Noble’s key partner at both of Israel’s key gas developments, Leviathan (45.34%) and Tamar (22% – see p3) and 100% of UK North Sea producer It...
Volume: 63Issue: 20Published at Fri, 15 May 2020 -
Saudi Nuclear Plan: Slow Progress, But Expanded Scope Eyed
...tential increase in scope is envisaged. The energy ministry’s original announcement of the two-reactor plant said capacity would be 2.8GW (MEES, 28 July 2017). The two-reactor plant is expected to be built at one of two Gulf coast sites either side of the Qatar peninsula: Umm Huwayd to the northwest an...
Volume: 63Issue: 20Published at Fri, 15 May 2020 -
Saudi Reverts To Austerity To Shore Up Government Finances
...llowing urging from the IMF – to adopt a more expansionary economic strategy in late 2017 (MEES, 22 December 2017). The government pushed plans to balance the budget back from 2020 to 2023 as it sought to invigorate the private sector through fiscal stimulus. Large budget deficits were therefore ma...
Volume: 63Issue: 20Published at Fri, 15 May 2020 -
Egypt Gets Much-Needed IMF Cash
...URCE: ECB, IMF, MEES. EGYPT: PRICES AT THE PUMP RESERVES SLUMP Egypt’s net international reserves fell to $37.0bn at the end of April, the lowest end-monthly figure since November 2017 when reserves were on the opposite trajectory with the influx of IMF cash. Reserves rose to...
Volume: 63Issue: 20Published at Fri, 15 May 2020 -
Egypt Lines Up Ammonia Project
...ll provide feedstock for a 350,000 t/y ammonium nitrate plant that EHC started up at Ain Sukhna in 2017. Tecnimont says the project will take 36 months from the contract effective date, which “will be triggered by financial closing of the project.” Tecnimont says EHC is negotiating with Italy’s Sace an...
Volume: 63Issue: 20Published at Fri, 15 May 2020