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Syria: Upcoming Idlib Campaign Disturbs Power Balance
...vements on the front suggest the campaign could commence any day. But unlike Mr Assad’s other gains, which involved battering increasingly stretched and isolated rebel factions, regional player Turkey has a keen interest in Idlib. Under a 2017 Astana agreement between Moscow, Tehran and Ankara, Turkey wa...
Volume: 61Issue: 34Published at Fri, 24 Aug 2018 -
Aramco JV Takes Saudi Petchems To ‘Next Era’ With Bigger Projects Planned
...Aramco is squeezing more value out of Saudi oil and gas through two key petchems JVs: Sadara, and the near-complete Rabigh-2. Saudi Aramco, with the belated release of its 2017 Annual Review describes itself as “the world’s leading integrated energy and chemicals company,” which besides pr...
Volume: 61Issue: 34Published at Fri, 24 Aug 2018 -
Gulf Crude Burn Down Sharply In 2018, But Fuel Oil Is The Key Replacement Fuel
...TA FOR 1H18. 1H18 REGIONAL TOTALS AND FULL YEAR FORECASTS PRESUME VOLUMES LEVEL WITH 2017. **PRESUMES ALL FUEL OIL CONSUMPTION IS IN POWER PLANTS. EXCLUDES DIESEL. SOURCE: JODI, MEES ESTIMATES & CALCULATIONS....
Volume: 61Issue: 34Published at Fri, 24 Aug 2018 -
Oman LNG Taps New Markets
...Oman’s LNG exports* to its six key Asian customers hit a five-year high of 4.39mn tons for 1H 2018, up 3.2% on 1H 2017, in turn the highest since 2013 (see chart). This comes as the country’s gas production has soared to record levels (MEES, 17 August). These six key customers between them ac...
Volume: 61Issue: 34Published at Fri, 24 Aug 2018 -
Yemen: Japan Takes Omv Cargo
...ptember 2017), with output coming from state-operated Blocks 10 and 14 in the country’s Masila basin. Exports averaged 42,300 b/d in 2017 but a dearth of by-country import data since March from key buyer China complicates more recent estimates. ...
Volume: 61Issue: 34Published at Fri, 24 Aug 2018 -
Total Exits Iran’s South Pars
...French major Total on 20 August confirmed its withdrawal from a $4.8bn 20-year deal to develop the 2bn cfd Phase 11 of Iran’s South Pars gas field (MEES, 7 June 2017), saying it was unable to secure a waiver from US sanctions (MEES, 10 August). Total, as operator with 50.1%, said in May it ha...
Volume: 61Issue: 34Published at Fri, 24 Aug 2018 -
Norway LNG Returns To Kuwait
...Kuwait may have halted its submissions of gas data to JODI – and of oil – but despite the dearth of data, summer imports of LNG for power generation show no sign of easing. While Qatar has traditionally been the dominant supplier, providing 43% of the 3.5mn ton total in 2017, Kuwait has so...
Volume: 61Issue: 34Published at Fri, 24 Aug 2018 -
Record Products Sales And VAT Bolster Saudi Economy
...ar. The narrowing budget deficit came despite Riyadh following through with its pledged spending spree (MEES, 22 December 2017). The $75bn Q2 outlay was $19bn more than 2Q 2017, although still well below 4Q 2017’s $96bn. Overall, the kingdom ran an $11.1bn deficit over the first half of 2018 pu...
Volume: 61Issue: 34Published at Fri, 24 Aug 2018 -
Aramco Receives Bids For Hawiyah Gas Plant Expansion, Targets Gas Supply Boost
...velopment. Whether increased gas availability is contributing to reduced Saudi burning of liquids in power plants is a moot point. Certainly direct crude burning is declining: first half 2017 direct burn was 424,000 b/d, down 50,000 b/d on H1 2016. MEES forecasts that Saudi crude burning will average 44...
Volume: 60Issue: 34Published at Fri, 25 Aug 2017 -
Saudi Raises $3.5bn Sukuk
....4bn at end-2016, according to the finance ministry’s Debt Management Office. Saudi Arabia is on track to cut its budget deficit in 2017. Actual numbers from the finance ministry show a deficit of $19.4bn in the first half of the year, which on a pro-rated basis would rise to $39.1bn for the full ye...
Volume: 60Issue: 34Published at Fri, 25 Aug 2017 -
Algeria Pushes For Late-2017 Gas Start-Ups
...Cash-strapped Algeria is hoping to start up key gas projects, and boost revenue, before the end of 2017 with over 10bcm/year set to be added by mid-2018. Algiers has announced a new timetable for the long delayed South West Gas Project (SWGP), a series of field developments on which the co...
Volume: 60Issue: 34Published at Fri, 25 Aug 2017 -
Algeria On Track For $11bn Deficit Despite Gas Export Boost
...esent a positive picture, at least compared to the disaster years of 2015 and 2016, when the country notched up trade deficits of $17.0bn and $17.8bn respectively, the two highest figures on record (MEES, 20 January). The first half of 2017 saw a trade deficit of ‘only’ $4.85bn, less than half the H1 2016 fi...
Volume: 60Issue: 34Published at Fri, 25 Aug 2017 -
Kuwait: Al-Zour Re-Award But Delay Likely
...hi Son, Vietnam (35.1%, 2017) n/a 200 70 Duqm, Oman (50%, 2021) n/a 23...
Volume: 60Issue: 34Published at Fri, 25 Aug 2017 -
Saudi Electricity Taps $1.75bn Loan For Capacity Expansion
...ternational finance market in 2017. Last year saw the company raise $5.1bn in three deals, an annual record if the 2014 finance ministry loan is excluded (see chart). SEC says the latest agreement is for a five-year ‘bullet’ repayment loan. Bullet loans require the entirety of the loan amount to be repaid at ma...
Volume: 60Issue: 34Published at Fri, 25 Aug 2017 -
GCC Currencies: To Peg Or Not To Peg?
...untries’ currencies are pegged to the dollar (in Kuwait’s case as part of a currency basket in which the US currency is the key component), whilst all except Oman and Bahrain are members of Opec. SAUDI STRETCHED Saudi’s budget deficit of $19.4bn in H1 2017 was covered from a financing package of SR...
Volume: 60Issue: 34Published at Fri, 25 Aug 2017 -
Oman Taps Abu Dhabi For Wind Farm Cash
...scat government are overstretched, leading it to raise $10.55bn of funding from the international finance market already this year (see p12), the Abu Dhabi Fund for Development (ADFD) is already lined up to back the $200mn wind project. Raeco originally aimed to have the wind farm online in 2017. Ho...
Volume: 60Issue: 34Published at Fri, 25 Aug 2017 -
Oman Set To Shrink Deficit, But Not By Much
...urces of finance in a bid to plug its 2017 deficit. It hit the market for a $5bn conventional bond in March (MEES, 10 March) and raised $2bn from its first ever international Sukuk in late May (MEES, 9 June). This seemed more-or-less sufficient to cover the OR3bn deficit ($7.8bn at a fixed OR1=$2....
Volume: 60Issue: 34Published at Fri, 25 Aug 2017 -
Egypt Touts $33bn Gas Investment, But Receivables Worry Remains
...e award of a tender for a third floating storage and regasification unit (FRSU), to be moored at the Red Sea port of Safaga in the first half of 2017. The ship’s capacity will be 750mn cfd to add to its two existing FSRUs totaling 1.3bn cfd. Both moored at Ain Sukhna, north of Safaga, these started op...
Volume: 59Issue: 34Published at Fri, 26 Aug 2016 -
Aramco Seeks To Cut Indonesia Refinery Stake
...ster Wheeler is scheduled to develop the scope of the proposed upgrade project and finalize the process configuration and licensors’ package by the end of February 2017. Pertamina and Aramco aim to have front end engineering design completed in 2018, with a view to tendering for engineering, pr...
Volume: 59Issue: 34Published at Fri, 26 Aug 2016 -
Dubai Plans Gas-Fired Expansion As UAE Pursues Powergen Diversity
...ec recently performed structural integrity tests on Barakah-1, which will be the first of the reactors to be brought online. Enec originally intended Barakah-1 to start up in 2017, but this target has slipped. The agency now says the four plants are scheduled to be fully operational in 2020. Enec sa...
Volume: 59Issue: 34Published at Fri, 26 Aug 2016