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Bahrain Takes $300mn Oil Revenue Hit From Abu Safah Outage
...om the Awali field operated by state firm Tatweer. Output here averaged 42,700 b/d for Q1, down 6.5% from 45,500 b/d in the same period in 2017. It is also a 10% fall from its October 2016 output of 47,500 b/d, which formed the baseline for its commitment to cut output under the Opec+ agreement (see p4...
Volume: 61Issue: 22Published at Fri, 01 Jun 2018 -
Egypt Inches Towards Paying Off Receivables Bill
...ll in late 2014 when it halved dues to $3.1bn on the back of borrowed cash (MEES, 5 December 2014). EGPC has pledged to pay off receivables by mid-2019. VICIOUS CIRCLE EGPC can point to the sums it is owed by other ministries as a reason it has fallen so far behind with payments. As of late 2017...
Volume: 61Issue: 22Published at Fri, 01 Jun 2018 -
Iran The Wild Card Amid Opec Pre-Vienna Posturing
...quiring a unanimous decision for production increases there is plenty of room for any prospective agreement to collapse. The current production restrictions have been in place since January 2017 and were extended to end-2018 during the last Opec+ meeting on 30 November (MEES, 1 December 2017). But the ex...
Volume: 61Issue: 22Published at Fri, 01 Jun 2018 -
Mena Remittances Up 10% In 2017
...Remittances are a crucial lifeline to the region’s cash-strapped oil importing economies. Thanks largely to Cairo’s floatation of the Egyptian Pound in late 2016, Mena remittance inflows topped $56bn in 2017 after having fallen year-on-year since 2014. Egyptian inflows hit $20bn ac...
Volume: 61Issue: 22Published at Fri, 01 Jun 2018 -
Algeria’s Planned Hassi Messaoud Refinery: Chinese, Korean Firms In The Running
...trojet. The planned Hassi Messaoud refinery is the only remaining element of once-ambitious plans to build four new 5mn t/y refineries. The original target date was 2017 (MEES, 21 September 2012), but this came and went with the 2016 award of a FEED contract to Amec Foster Wheeler subsequently cancelled. So...
Volume: 61Issue: 22Published at Fri, 01 Jun 2018 -
Tunisia Looks To The Sun To Cut Dependence On Algerian Gas
...tion Plan’ places such factors above environmental concerns as the key motivation for the push for renewables. “The national energy situation is characterized by a growing energy deficit which hit 49% in 2017. This has major implications in terms of energy supply security, notably for the power se...
Volume: 61Issue: 22Published at Fri, 01 Jun 2018 -
North Africa The Key Focus Of Eni Solar Plans
...w energy solutions” element of the company’s 2017-20 strategy outlook with a focus on “hybrid projects” with “technological and geographical synergy with other Eni business lines.” “Our distinctive model consists of replacing internal gas consumption in our assets with solar or wind power… This ap...
Volume: 61Issue: 22Published at Fri, 01 Jun 2018 -
Iran’s Banking Sector: Dark Days Loom
...ghtening of sanctions from 2012, the last year in which oil revenues were above $100bn. ASTRONOMICAL SUMS Freshly-released Central Bank of Iran (CBI) figures for the 2017-18 fiscal year (which ended on 20 March), published this week, pegs end-year bad loans at an astronomical 1,300 trillion ri...
Volume: 61Issue: 22Published at Fri, 01 Jun 2018