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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