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Oman’s Million Barrel First Half Can’t Prevent Revenue Decline
...lf of 2016 totaled $5.74bn, down from $9.04bn in the same period last year, and from $15.14bn in the first half of 2014 when Omani oil averaged $105/B. Although the average price of DME Oman has slipped by around $2/B in July from June’s $46.62/B, there is typically a lag before this is felt in th...
Volume: 59Issue: 30Published at Fri, 29 Jul 2016 -
Sabic & ExxonMobil Evaluating 1.8mn Tons/Year Record Cracker
...tput estimated at 64mn tons in 2014, it is currently facing competition from two large joint ventures involving state-owned petroleum giant Saudi Aramco. The 3.2mn t/y Sadara joint venture between Aramco and US chemicals firm Dow has completed two 375,000 t/y linear low density polyethylene units an...
Volume: 59Issue: 30Published at Fri, 29 Jul 2016 -
Petro Rabigh Cracker Outage
...bigh threatened to terminate Rawec’s supply agreement. However, the dispute was resolved after Rawec paid Petro Rabigh SR750mn ($200mn) in compensation, along with a SR188mn ($50mn) reduction in tariffs and a SR188mn investment in improving the reliability of its supply systems (MEES, 6 June 2014). ...
Volume: 59Issue: 30Published at Fri, 29 Jul 2016 -
UAE Completes Nuclear Reactor Vessel
...ec says that overall construction of the four plants is more than 65% complete. Reactor vessels for the Barakah-1 and Barakah-2 reactor were completed in 2014 and 2015, respectively. Enec recently completed structural integrity and leak rate tests on the Barakah-1 reactor containment building. Al...
Volume: 59Issue: 30Published at Fri, 29 Jul 2016 -
Opec Winning Back Market Share in Key Asian Markets
...16. However, while the importance of the Asian market for Opec has been growing, Opec’s importance to the region has been falling. IGA and Opec data shows that in 2011, 65.5% of Asia’s oil imports came from Opec, but this fell to 61.2% in 2014 and just 60.1% last year. But Opec’s Saudi-driven strategy to...
Volume: 59Issue: 30Published at Fri, 29 Jul 2016 -
Dubai In Unwelcome Headwinds
...ported this week that property prices in Dubai have fallen by around 25% since their most recent peak in 2014, but remain above their 2011 trough. However, the IMF reports that the quality of the real estate loan portfolio is significantly better than prior to the 2009 crash. Overall, Dubai, in...
Volume: 59Issue: 30Published at Fri, 29 Jul 2016 -
Oilfield Services Firms Forecast Upturn As Industry Looks To Overcome Crisis
...low levels (MEES, 8 July). Middle East resilience – and deep pockets – has seen the region’s share of each company’s revenue grow since the third quarter of 2014. Schlumberger’s Middle East share of revenue has risen to 33.6% in Q2 16 compared to 23.5% in Q3 14, while Halliburton’s has risen to...
Volume: 59Issue: 30Published at Fri, 29 Jul 2016