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Gulfsands Cash Crunch
...vember 2014 ‘Strategic Cooperation Agreement’ with Vitol subsidiary Arawak Energy turned sour, with Arawak calling in the $10mn it fronted Gulfsands as part of the deal. “The Group is in discussions with Arawak over the repayment of the monies owing,” Gulfsands says. Interest accrues at 10%/year. Gu...
Volume: 58Issue: 21Published at Fri, 22 May 2015 -
IMF Warns Of Precarious Fiscal Outlook For Oman
...th the sultanate. Increased spending, particularly in response to social demands over the four years to 2014, has pushed the country’s breakeven oil price to $108/B in 2014, the IMF says. Based on an average oil price of $58.1/B for the year, the IMF has forecast Oman’s overall fiscal de...
Volume: 58Issue: 21Published at Fri, 22 May 2015 -
Orpic Seals $0.9bn Financing For $7bn Projects Program
...ternational and national lenders (MEES, 9 May 2014). Orpic held a groundbreaking ceremony for the SRIP project last June, at which Orpic chief Musab al-Mahruqi said the aim of the project – which will add 81,000 b/d to Sohar’s current 116,000 b/d crude processing capacity and more upgrading capacity – is to...
Volume: 58Issue: 21Published at Fri, 22 May 2015 -
Benchmark Crude Prices ($/B)
...OIL PRICES 21-May 11-15 May 4-8 May Apr-15 Mar-15 Q1 2015 YTD 2015 Q4 2014...
Volume: 58Issue: 21Published at Fri, 22 May 2015 -
Saudi Aramco Gives North Ghawar Reservoirs A Rest
...l in 2013, down from a record 9.51mn b/d the previous year. MEES estimates Saudi output in the January-April period of 2014 has averaged 9.7mn b/d as the kingdom has maintained a high level of production, partly to satisfy good customer demand for its oil and partly to offset unplanned outages es...
Volume: 57Issue: 21Published at Fri, 23 May 2014 -
Lukoil Still Negotiating Gas Price With Aramco
...ed for gas for power generation and as feedstock for petrochemicals production. Lukoil said last year that it hoped to start producing gas from Block A in 2014 but this now appears unlikely. Company vice president Leonid Fedun said in late 2012 that the 14 tcf Rub’ al-Khali gas discovery was la...
Volume: 57Issue: 21Published at Fri, 23 May 2014 -
Tunisia: Hope Tempered By Strikes And Unemployment
...gures 2010 2011 2012 2013e 2014p 2015p GDP growth (%) 2.6 -1.9 3.7 2....
Volume: 57Issue: 21Published at Fri, 23 May 2014 -
Iran Refineries Produced 1.64Mn B/D Last Year; CDU Capacity 1.86Mn B/D
...rch 2014. This represents a capacity utilization rate of 88.1%. Diesel and gasoline together accounted for 60% of total output. However, Iranian data submitted to JODI indicates Iran’s refineries produced an average 1.81mn b/d for the roughly similar April 2013-March 2014 period, up slightly from 1....
Volume: 57Issue: 21Published at Fri, 23 May 2014 -
Aramco Targets Energy Efficiency,
...gen 0.75 Gas 2014 3 Cogen Plants 0.90 Oil/Gas 2016 Shaybah Upgrade 0.24 Gas 20...
Volume: 57Issue: 21Published at Fri, 23 May 2014 -
Sonelgaz $7.6Bn Powergen Outlay By End-2017
...ALGERIA Sonelgaz $7.6Bn Powergen Outlay By End-2017 Algeria’s state electricity and gas utility Sonelgaz estimates the price of required power generation, transmission and distribution capacity additions during 2014-17 at AD1.7 trillion ($21.5bn). To satisfy double-digit de...
Volume: 57Issue: 21Published at Fri, 23 May 2014 -
Climate Study Targets ‘High-Cost Barrels’; OPEC Share Set To Rise
...gher than this by the end of the period). IEA: Oil Production Changes By OPEC/Non-OPEC 2015-35 (Mn B/D) Exposure To High-Cost Barrels By Ownership Type (% Of Production To 2050)* Breakeven Price Bands Of 2014-50 Oil Production By Ownership Type* (Mn B/D) Carbon Tracker’s Fi...
Volume: 57Issue: 21Published at Fri, 23 May 2014 -
Yemen Mired In Fuel Subsidy Dilemma
...eds to cover the subsidies for the first quarter of 2014, and has also fallen behind on payments from the fourth quarter of last year, Ms Tairy said, amounting to around YR7bn ($40mn). The Ministry of Finance is also behind on payments to Yemen’s Ministry of Electricity to the tune of YR6-7bn ($34...
Volume: 57Issue: 21Published at Fri, 23 May 2014 -
Sisi Promises Economic Reforms
...vying an additional 5% tax on all individuals whose income exceeds E£1mn ($140,450). The minister said Egypt could stand to save 20% on its energy bill in 2014-15 by reducing energy subsidies – a process which would continue over the coming three to five years. Smart Cards Egypt is planning to...
Volume: 57Issue: 21Published at Fri, 23 May 2014 -
IMF: Cyprus On Target
...nances on 17 May. The IMF says that Cyprus’ program remains on track, and that “fiscal targets for the first quarter of 2014 were met with considerable margin, reflecting better-than-projected revenue performance and prudent budget execution.” The recession in 2015 is expected to be less severe than in...
Volume: 57Issue: 21Published at Fri, 23 May 2014 -
Benchmark Crude Prices ($/B)
...Benchmark Crude Prices ($/B) 22 May 12-16 May 5-9 May Apr-14 Mar-14 Q1 2014 Q4 2013 20...
Volume: 57Issue: 21Published at Fri, 23 May 2014 -
Kish Gas Startup Claims Half-Baked
...at has played out in many projects across Iran over the past few years, development of Kish gas, according to Iran, is on schedule. “Early production” at Iran’s huge Kish gas field is expected to begin before the end of the current Iranian year (21 March 2013 – 20 March 2014), the semi-of...
Volume: 56Issue: 21Published at Fri, 24 May 2013 -
OPEC Capacity Growth To Remain Muted Through 2018
...stream over the coming five-year period. OPEC sustainable Crude Production Capacity Estimates (Mn B/D) 2012 2013 2014 2015 2016 2017 2018 2012-18 Al...
Volume: 56Issue: 21Published at Fri, 24 May 2013 -
Turkey Joins MENA Capacity Surge As Socar Awards STAR Refinery Contract
...intains that the official start-up target is still fourth quarter 2014. The IEA also expects start-up of Kuwait’s planned 615,000 b/d Al-Zour refinery “by 2022”, although Kuwait National Petroleum Corporation (KNPC) still aims to complete the plant by 2018. KNPC recently reissued invitations to bi...
Volume: 56Issue: 21Published at Fri, 24 May 2013 -
Oman Plans For Power Demand Growth
...the MIS through 2019 as: completion of the Barka Phase 3, Sohar Phase 2 and Sur plants, to provide a combined 3.49gw capacity in 2014; the addition of 200mw of solar capacity, subject to government approval; the expiration of contracts at existing plants with 1.517gw capacity; and the provision of on...
Volume: 56Issue: 21Published at Fri, 24 May 2013 -
Total Tanks Up In Egypt
...stations by end-2013, and quadruple product sales, including a large aviation fuel component, from 2012’s 226,000 tons to 1mn tons/year by 2014. The UAE, where it has a 200,000 t/y blending plant (and a 7,500 t/y grease plant), anchors Total’s regional lube business. In addition to the Gu...
Volume: 56Issue: 21Published at Fri, 24 May 2013