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Libya: SLB’s Quit Threat Could Send Output Gains Into Reverse
...talEnergies of France. This was for a three-year contract to deploy an “express” early production facility (EPF) at the Sirte Basin’s Mabruk field which has been shut-in since surface facilities were badly damaged by Islamic State-affiliated militants in December 2014 (MEES, 6 March 2015). SLB says the Ma...
Volume: 67Issue: 24Published at Fri, 14 Jun 2024 -
Tunisia Cuts It Fine With Just-In-Time Power Start-Ups
...ill below 2014’s 260mn cfd when FID was taken on Nawara. Tunis aims to curb its 96% reliance on gas for power generation and consequent import bill via a renewables revolution first outlined in 2016. It currently only has 302MW (240MW wind, a nominal 62MW of mostly-ancient hydro capacity, and pr...
Volume: 62Issue: 24Published at Fri, 14 Jun 2019 -
Egypt Gas: ‘Remarkable Turnaround,’But Not Quite Yet
...21 – the IEA output numbers for the next couple of years look optimistic. The IEA has consistently underestimated Egypt’s near-term output slump. Last year it had Egyptian gas output bottoming out at 50 bcm in 2014, rising to 51 bcm (4.9bn cfd) in 2016: actual output was just 3.96bn cfd in the fi...
Volume: 59Issue: 24Published at Fri, 17 Jun 2016 -
Egypt Revisits IMF Loan As Gulf Aid Slows
...sh injection and subsequent volumes in 2014 and 2015 gave new President Abdel Fatah al-Sisi the breathing space to shun the IMF. But since the start of 2016 attempts by Gulf monarchies to rein in state spending have put a big question mark against continued aid to Egypt, prompting it to again lo...
Volume: 59Issue: 24Published at Fri, 17 Jun 2016 -
US Anti-Hizbollah Sanctions Law Haunts Lebanon’s Banking Sector
...onomy is hampered by a power vacuum and parliament has been unable to elect a head of state to succeed former President Michel Sulaiman, whose term expired in May 2014. The paramilitary group, which is fighting on the side of the Syrian regime, is blamed by many politicians in Lebanon for preventing the el...
Volume: 59Issue: 24Published at Fri, 17 Jun 2016 -
Bonds Away: GCC Countries Tap Markets For $3.5bn As Saudi Waits In Wings
...the onset of the oil price shock in 2014. But it adds that fiscal buffers estimated at around 85% of GDP in 2015 will provide support through the process of fiscal and external adjustment. The agency adds that Oman’s heavy economic and fiscal reliance on the oil and gas sector represent a key cr...
Volume: 59Issue: 24Published at Fri, 17 Jun 2016 -
Taqa Issues $1bn Of Bonds To Refinance Debt
...ints, according to Bloomberg, which cited an unnamed person familiar with the deal. The agency says France’s BNP Paribas and Societe Generale, US’s Citigroup, UK’s HSBC, and UAE’s First Gulf Bank and National Bank of Abu Dhabi are managing the bond sale. Taqa last tapped the bond market in April 2014...
Volume: 59Issue: 24Published at Fri, 17 Jun 2016 -
Iran’s Fragile Banking Sector Under Threat From Government Rate Directives
...monopolies,” he says, hinting at the large state entities, including the Islamic Revolutionary Guards Corps (IRGC) and bonyads (charitable organizations involved in business activities) which play a dominant role in the economy. Former president Ali Akbar Hashemi Rafsanjani in January 2014 cr...
Volume: 58Issue: 24Published at Fri, 12 Jun 2015 -
Egypt Taps Bond Market For First Issue In Five Years
...del Fatah al-Sisi took office in 2014 and the launch of economic reforms which accompanied the inflow of aid and investments from the Gulf states. In March the international business community gave the country its nod of approval at the Egypt Economic Development Conference in Sharm al-Shaikh with pl...
Volume: 58Issue: 24Published at Fri, 12 Jun 2015 -
IMF $833Mn Iraq Loan
...nk chief ‘Ali ‘Allaq. “Mainly because of the violence” Iraq’s GDP contracted by 2.1% in 2014 and will only recover modestly by 0.5% in 2015, the IMF says. This is despite this year’s sharp uptick in crude output and exports – with both hitting all-time highs last month (see p2). As a result of...
Volume: 58Issue: 24Published at Fri, 12 Jun 2015 -
Saudi Arabia Ponders Creation Of ‘National Reserve Fund’
...the medium term, while Saudi government spending continues to rise. The IMF has recently warned that the fiscal surplus is not sustainable and could decline further in 2014, with government spending, leading to a budget deficit in the next few years. Therefore the IMF stresses that it was im...
Volume: 57Issue: 24Published at Fri, 13 Jun 2014 -
Sisi Lays Out Egypt’s Economic Challenges
...0,000)/year, to be implemented for a three-year period starting 2014-15 (year beginning 1 July 2014). The 5% tax will also now apply to some companies; initially officials said companies were to be exempt. Mahlab To Form New Government In a bid to maintain economic continuity Mr Sisi has re-ap...
Volume: 57Issue: 24Published at Fri, 13 Jun 2014 -
Jordan Plans $1Bn Bond
...reign grants to reduce its budget deficit. It expects to receive JD1,151mn ($1,623mn) in foreign grants in 2014, up from JD982mn ($1,385mn) in 2013 (MEES, 21 March). Gas Shortage Jordan’s fiscal situation worsened after the 2011 Egyptian revolution, which led to a disruption in Egyptian gas su...
Volume: 57Issue: 24Published at Fri, 13 Jun 2014 -
Kuwait Considers Ending Diesel Subsidy
...iving government efforts to eliminate diesel subsidies. Kuwait spent $5bn on oil subsidies in 2012, while the country’s total fossil fuel subsidies that year amounted to about $4,000 per person, the world’s highest level, according to recently-released IEA figures (see graphs and MEES, 23 May 2014). De...
Volume: 57Issue: 24Published at Fri, 13 Jun 2014 -
IMF Approves $1.74Bn Reform Loan For Tunisia
...record levels of 18.9%. But, following the sharp economic decline, the economy began a moderate recovery in 2012. The IMF predicts GDP growth will strengthen to 4.0% in 2013 and 4.5% in 2014. However debt has continued to grow, with the budget deficit set to hit 6.4% of GDP this year (see gr...
Volume: 56Issue: 24Published at Fri, 14 Jun 2013