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Libya Slams Greek Hydrocarbons Tender Amid Maritime Border Dispute
...vereign rights in 2014.” CALL FOR TENDERS On 12 June, the European Union’s official journal published a notice from Greece announcing an international call for tenders for “the exploration and exploitation of hydrocarbons in maritime areas” including Blocks “South of Crete 1” and “South of...
Volume: 68Issue: 26Published at Fri, 27 Jun 2025 -
Algeria-Spain Spat Leaves 1.26GW Power Plant In Limbo
...lguera,” adding that it is now seeking “a definitive solution for all parties.” The project was originally awarded back in 2014 at a price tag of $719mn (MEES, 7 March 2014), with civil works completed by end-2016 (MEES, 15 September 2017). Satellite imagery indicates that substantial work has taken pl...
Volume: 67Issue: 26Published at Fri, 28 Jun 2024 -
Cairo Advances Subsidy Cuts But Will They Outpace Inflation?
...nth, as the government announced the new bread prices, PM Moustafa Madbouly said that the Electricity Ministry was developing a plan to completely phase out electricity subsidies over the coming four years, the latest in a series of extensions since the initial plan was set out in 2014 (MEES, 24 Oc...
Volume: 67Issue: 26Published at Fri, 28 Jun 2024 -
Ecomar Thinks Big After Fujairah Refinery Start-Up
...ly 2014). “The concept was changed,” says Mr Shaddick. “We currently process a mixture of Arab Heavy and Arab Light crudes [from Saudi Arabia], which are relatively low in sulfur among regional crudes. We are looking to add a coker and desulfurization units in the near future as part of our ex...
Volume: 63Issue: 26Published at Fri, 26 Jun 2020 -
Oman Feels The Pain As Export Revenues Plummet
...onomic outlook. A succession of six sizeable annual deficits since the 2014 price crash has gradually pushed-up Oman’s debt levels, and another substantial rise this year seems inescapable (see chart 2). Current spending jumped in 2011 as Oman sought to ride out ‘Arab Spring’ protests through higher pu...
Volume: 63Issue: 26Published at Fri, 26 Jun 2020 -
Chevron Phillips Wins Stake At Major Qatar Petchems Project
...a key pillar of Qatar’s efforts to diversify its revenue base away from oil and gas – although clearly the level of diversification is limited. The planned petrochemicals complex marks a considerable turnaround from 2014-15 when QP axed its two petrochemicals projects amid lower prices and a st...
Volume: 62Issue: 26Published at Fri, 28 Jun 2019 -
Aramco Crude Oil To Chemicals Vision Takes Shape
...chemicals plant it will not be the first. In 2014 ExxonMobil started up a 1mn t/y crude-to-olefins unit at its 592,000 b/d Singapore refinery which “can crack anything from light gases to heavy liquids, including crude oil” (MEES, 1 December 2017). ...
Volume: 62Issue: 26Published at Fri, 28 Jun 2019 -
Algeria Calls Time On Quantitative Easing
...vernment said it was an “urgent response” to the hole in Algeria’s finances left by the collapse in oil prices from the second half of 2014. Algeria notched up a record $24.3bn deficit in 2015. Though the country slashed spending in 2016, a further fall in oil prices (to an average of $44/B for Saharan Bl...
Volume: 62Issue: 26Published at Fri, 28 Jun 2019 -
Qatar: Long-Delayed Barzan Gas Approaches Start-Up
...shed startup well beyond the initially planned 2014 (MEES, 12 October 2012). Mr Kaabi told MEES in late 2017 that the latest delays were “because we have had issues with the pipeline. That is not a secret. The contractor did not perform as well as we wanted them to…we are proceeding to rectify the is...
Volume: 62Issue: 26Published at Fri, 28 Jun 2019 -
Delek Looks To Raise $1.2bn With Tamar Sell-Off
...rael’s key offshore fields. A December 2014 anti-trust ruling (MEES, 2 January 2015) was subsequently watered down, but even so operator Noble has to reduce its stake in Tamar to 25% by end-2021, with Delek required to completely dispose of its stake by the same date (MEES, 1 April 2016). HOLDING ST...
Volume: 60Issue: 26Published at Fri, 30 Jun 2017 -
Gulf Crude Shipments Fall In Q2, But From Record Levels
...May. Collectively, based on the April-May stats, Q2 is on track for the third highest quarterly volumes since the start of 2014. That said, volumes likely dipped in June as Saudi Arabia ramped up crude burning in its power plants leaving less crude for exports. MEES estimates that Saudi crude ex...
Volume: 60Issue: 26Published at Fri, 30 Jun 2017 -
Qatar’s Hydrocarbon Politics Sends Message to Saudi Arabia, UAE
...mpetition from Australia, and more gradually the US (MEES, 23 December 2016). Although market share in Asia rebounded slightly last year, volumes are still down 2mn tons on 2014. The biggest fall was in Europe, where volumes were down 3.2mn tons annually. The biggest drop off was from the UK, which opted to in...
Volume: 60Issue: 26Published at Fri, 30 Jun 2017 -
Kuwait Trade Surplus Falls In Q1
...16 1Q16 2016 vs 15 2015 2014 2013 2012 20...
Volume: 60Issue: 26Published at Fri, 30 Jun 2017 -
Algeria: Deficit Down As IMF Warns On Over-Zealous Consolidation Plans
...om $179bn at end 2014 to just over $100bn now. That said, Algeria’s finances are less stretched than some of its Opec peers. The IMF actually chastises Algiers for an unwillingness to take on international debt in order to smooth out the economic cycle. Algeria has made financing the deficit more di...
Volume: 60Issue: 26Published at Fri, 30 Jun 2017 -
Israel: Road To Gas Development Uncertain Despite Government Push
...ility Edison had previously expressed an interest in purchasing Karish and Tanin (MEES, 5 December 2014), but following Mr Gilo’s ruling the firm cooled its interest until the regulatory uncertainty cleared up. Local reports have indicated that Edison, which also has exploration acreage on the Egyptian si...
Volume: 58Issue: 26Published at Fri, 26 Jun 2015 -
Egypt Lays Out Further Subsidy Cuts For 2015-16 But Overall Spending Up
...12-13. The budget for the year beginning 1 July was recently approved by the cabinet but is yet to be signed off by President Sisi. It lays out plans to cut spending on oil product subsidies to E£61bn ($8bn at the latest exchange rate of $1= E£7.63), down 13% from the provisional 2014-15 figure of E£70...
Volume: 58Issue: 26Published at Fri, 26 Jun 2015 -
Satorp Taps Riyadh For SR2bn To Reduce Bank Dues
...udi Arabia’s Manifa oilfield (MEES, 15 August 2014). Meanwhile, Sadara Basic Services Company – a subsidiary of the Aramco/Dow petrochemicals joint venture – has agreed a SR865mn ($231mn) mortgage loan to Saudi Butanol Company (Sabuco) to help fund construction of a SR1.9bn ($507mn) butanol pl...
Volume: 58Issue: 26Published at Fri, 26 Jun 2015 -
Egypt Goes Import Crazy In Bid To Curb Power Cuts
...intenance between October 2014 and May this year while more than 3.6GW was added to the national grid. This more than meets the estimated power deficit of 2.5GW, according to Mr Yamani (see p8). The budget of state gas firm EGAS to import LNG for the 2015-16 financial year which starts on 1 July will be...
Volume: 58Issue: 26Published at Fri, 26 Jun 2015 -
Cyprus Shuts Gas Tender
...s. The tender seeks gas volumes rising from 19.5-30.4 trillion BTU in the first year to 25-43 trillion BTU by 2025. First gas is to be delivered between 1 January 2016 and 30 June 2017, with DEFA thought to favor bids that stipulate an earlier start date (MEES, 18 April 2014). MEES understands th...
Volume: 58Issue: 26Published at Fri, 26 Jun 2015 -
Questions Mounting Over GCC Refinery Plans In Wake Of Capacity Hike
...ndensate splitter in the third quarter of 2016. The plant is almost identical to the LR1 splitter which Qatargas built earlier at Ras Laffan and is expected to cost $1.5bn (MEES, 11 April 2014). GCC REFINERY/SPLITTER PROJECTS SCHEDULE Operator (Project) Lo...
Volume: 58Issue: 26Published at Fri, 26 Jun 2015