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US Becomes A Player In Asian LNG Trade
...ound a month is factored in: US volumes arriving in China for December 2016 through April 2017, at 539,000 tons, equate to the November-March volumes in the US stats. Similar comparisons also hold for Japan and South Korea (see chart). US GAS & LNG EXPORTS HIT RECORD VOLUMES IN Q1 *1 TON LN...
Volume: 60Issue: 23Published at Fri, 09 Jun 2017 -
Sadara Starts First Saudi PMDI, BGE Plants; Targets Polyurethane, Solvent Markets
...lyolefins complex. Petro Rabigh is currently nearing completion of the Rabigh 2 expansion project, which will add a further 2.6mn t/y of petchems capacity, including 1.34mn t/y of paraxylene. Petro Rabigh currently expects to finish building Rabigh 2 in the second half of 2017. SQUEEZING SABIC Ar...
Volume: 60Issue: 23Published at Fri, 09 Jun 2017 -
Dubai Claims New Solar Pricing Record, This Time For CSP
...fferent assumptions in calculating LCOEs, which can skew cost estimates. A March 2017 study by Amro Elshurafa, senior research associate at Saudi Arabia’s King Abdullah Petroleum Studies and Research Center (Kapsarc), says that when Dewa announced in early 2015 that it would buy electricity from Saudi fi...
Volume: 60Issue: 23Published at Fri, 09 Jun 2017 -
Libya, Nigeria Gains Expose Opec Deal’s Limitations
...d demand which will provide key indications as to whether the market is swinging into balance. If projected non-Opec growth is again revised upwards and global demand growth down, the next JMMC calls for deeper Opec cuts will grow louder. OPEC WELLHEAD PRODUCTION, MAY 2017 (MN B/D, MEES ES...
Volume: 60Issue: 23Published at Fri, 09 Jun 2017 -
Will US Growth Stall At $45-50/B?
...mper 106,000 b/d on April, this is partly because the latter has been revised down by 40,000 b/d. Strong output growth is still projected for the remainder of 2017 and beyond. The EIA, taking into account the recent surge in investment and drilling (see p8), has hiked its output forecasts for the se...
Volume: 60Issue: 23Published at Fri, 09 Jun 2017 -
Egypt Seeks Virtuous Output Circle: Reserves Up, Dues Down, More Output
...r gas at least, Eni’s August 2015 Zohr discovery was seen as a turning point. Zohr is slated to start producing before the end of 2017. And even before then gas output has turned the corner after bottoming out at 3.89bn cfd, a third below 2011 levels, in early 2016. The latest boost, to 4.91bn cfd in...
Volume: 60Issue: 23Published at Fri, 09 Jun 2017 -
Sanctions: Tehran Tries To Come In From Cold As US Threatens To Turn Up Heat
...e termination of UN sanctions and some EU sanctions; others such as the EU embargo on Iranian oil imports were suspended. Iran wasted little time in launching itself back onto the oil market. It near-doubled crude exports from its 2015 average of 1.23mn b/d to 2.21mn b/d in Q1 2017 (and an even hi...
Volume: 60Issue: 23Published at Fri, 09 Jun 2017 -
Strong Appetite For Oman’s Sukuk
...Oman has completed its 2017 financing with a $2bn sukuk – as long as it can keep spending under control. Oman’s $2bn debut international sukuk launched on 23 May, was more than three times oversubscribed with orderbooks of $6.9bn and better than expected pricing, according to fresh de...
Volume: 60Issue: 23Published at Fri, 09 Jun 2017 -
IMF-Iraq Progress Towards Second Loan Tranche
...anche of $800mn to Iraq. The first $600mn tranche was released in December (MEES, 15 July 2016). Following a review of the SBA in Amman, the IMF mission chief for Iraq Christian Josz said that the fund and Iraq had reached agreement on a supplementary budget for 2017, objectives of the 2018 budget an...
Volume: 60Issue: 23Published at Fri, 09 Jun 2017 -
KRG Struggles To Cope With Soaring Debt Payments
...tuation, whereby it has $575mn of bonds maturing in 2017. An 18 April coupon payment of $26.4mn was missed, despite the company having $69.5mn cash reserves on 12 April, the last date on which it reported the balance (MEES, 15 April). The company is in ongoing talks with stakeholders over restructuring its ba...
Volume: 59Issue: 23Published at Fri, 10 Jun 2016 -
Iran Taps Koreans For Tabriz Refinery, Eyes $3.3bn Siraf Funding
...though the splitter was originally scheduled to begin production in early 2016, petroleum minister Bijan Zanganeh told reporters this week that start-up is now not expected before the end of September, although a further slip to 2017 looks likely. POST-SANCTIONS DEALS Asian investors in pa...
Volume: 59Issue: 23Published at Fri, 10 Jun 2016 -
OPEC May Production Drops Despite Saudi And Iran Increases
...8.6mn b/d for 2016 and 8.2mn b/d for 2017. Meanwhile, in an indication that the global crude overhang is beginning to tighten amid falling non-Opec output in not only the US but in countries as diverse as Mexico and Ghana, US commercial crude stocks fell by 8mn barrels in May from April’s 54...
Volume: 59Issue: 23Published at Fri, 10 Jun 2016 -
Egypt Awards Siemens €8bn, 16.4GW Powergen Deal
...ll also build a rotor blade manufacturing plant at Ain Sukhna, for start-up in the second half of 2017. Siemens says the orders expand on the memorandums of understanding (MOUs) announced at the Egypt Economic Development Conference in Sharm El Sheikh in March. The original MOUs were for 6.4GW of ca...
Volume: 58Issue: 23Published at Fri, 05 Jun 2015 -
Total Sees Sunshine Amid Gulf Turbulence-Interview With CEO Patrick Pouyanne
...cluding Saudi Aramco, which is under pressure to cut costs. “What I observe is that there has not been a single big project announced in six months. The engineering companies are starting to worry. They already have projects locked up to 2017 so they don’t want to cut their charges. They are trying to re...
Volume: 58Issue: 23Published at Fri, 05 Jun 2015 -
Algeria Ploughs On With Failed Policies
...ports, but we will also increase our capacity to supply the domestic market. If the market recovers and we get good value for our hydrocarbons then we are here to supply.” In a keynote speech delivered by Mr Demmak to the WGC on 2 June he said that Algeria “will be able to export 65 bcm in 2017 and th...
Volume: 58Issue: 23Published at Fri, 05 Jun 2015 -
OPEC’s Market Strategy Shrinks Spare Capacity
...immediate rise in production capacity. If anything, a dispute between Kuwait and Saudi Arabia over the Neutral Zone has taken more than 500,000 b/d of capacity off markets and volumes are not expected to be restored from the 300,000 b/d offshore Khafji oil field until 2017 at the earliest, MEES un...
Volume: 58Issue: 23Published at Fri, 05 Jun 2015 -
Iraq’s Southern Exports Hit Record 2.6mn b/d But North Still Out
...velop the field in December 2009 under a 20-year technical services contract for a remuneration fee of $5.5/B. Gazprom Neft has estimated the investment required to take the field to its target plateau of 170,000 b/d by 2017 at $2bn. Iran, which has made development of shared fields with Iraq a top pr...
Volume: 57Issue: 23Published at Fri, 06 Jun 2014 -
Iraq: Shell Steps On The Gas With Basra Project
...ird quarter of 2017, but few realistically expect this to be in place until 2018 at the earliest (MEES, 29 March). Given that most operators of Basra projects believe reaching plateau targets with responsible reservoir management is unachievable without the CSSP, it is surprising more of them have not fo...
Volume: 56Issue: 23Published at Fri, 07 Jun 2013 -
BP, Oman Pen 1Bn cfd Khazzan Tight Gas Deal
....” As well as the 1bn cfd of gas, the project is expected to produce 20,000 b/d of condensate. Project start-up though has slipped to the second half of 2017 at the earliest. BP has said it hopes to reach a final investment decision (FID) and declaration of commerciality before the end of th...
Volume: 56Issue: 23Published at Fri, 07 Jun 2013 -
Satorp Refinery Unlikely To Stem Saudi Product Imports
...location of production independent of Saudi Aramco. Significant product imports are likely to end with the start-up of a key new Red Sea refinery: the 400,000 b/d Yanbu’ Aramco Sinopec Refining Company (Yasref) plant. The IEA recently said Yasref will likely start up in 2017-18 (MEES, 17 May). Ot...
Volume: 56Issue: 23Published at Fri, 07 Jun 2013