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KRG Gets Creative In Bid To Boost Investor Confidence
...G.” Booked receivables fell $32mn to $58mn during the first half of 2017. Genel meanwhile put its end-2016 KRG receivables at $253.5mn. The KRG’s hefty receivables tab and uncertainty over how it would be able to pay it off was a major disincentive to IOCs considering investing in the region. Af...
Volume: 60Issue: 35Published at Fri, 01 Sep 2017 -
Israel Products Output Down 17% Amid Maintenance, Strike
...The operators of Israel’s two refineries say scheduled maintenance was the key reason their output fell by a combined 50,000 b/d (17%) year-on-year in the first half of 2017. But a strike in June didn’t help. A diesel unit fire last month added to the woe. The smaller of Israel’s two re...
Volume: 60Issue: 35Published at Fri, 01 Sep 2017 -
Saudi Invites Proposals For 400MW Wind Power Project
...st year. Progress in wind has been even slower. In early 2017 state petroleum firm Saudi Aramco and US conglomerate General Electric (GE) started up a single 2.75MW wind turbine at the Turaif products storage terminal in the northwest of the kingdom. The turbine was planned as a pilot for a 50MW wi...
Volume: 60Issue: 35Published at Fri, 01 Sep 2017 -
China Crude Imports Grow At Record Rate: Can It Last?
...China has been the key driver of global oil demand this year. Consumption, as defined by output plus imports, rose by 7.8% (900,000 b/d) to 12.42mn b/d for the first seven months of 2017, around half of total global growth for the same period. Falling domestic output means the country’s cr...
Volume: 60Issue: 35Published at Fri, 01 Sep 2017 -
Storm Before The Storm: US Saudi Imports Plumb 29-Year Low
...Chinese market share, at 11.3%, was the lowest on record. Adding insult to injury, the three key countries to have gained at Saudi expense – Russia (now clear number one at 1.18mn b/d for January-July 2017), Angola (at 1.06mn b/d, a fraction ahead of Saudi), and Iraq, are all party to the Opec/non-Op...
Volume: 60Issue: 35Published at Fri, 01 Sep 2017 -
Iraq Hopes For IPSA Pipeline Access With Riyadh Rapprochement
...velopments in recent months. A number of high level visits have been held in 2017. Saudi Foreign Minister Adel al-Jubeir visited Baghdad in February – the first such visit since 1990 – and Mr ‘Abadi met the Saudi King in Riyadh in June. Then in August an agreement was reached to reopen the border cr...
Volume: 60Issue: 35Published at Fri, 01 Sep 2017 -
Lukoil’s West Qurna-II Output Holds Steady
...maining 25% is held by the state-owned North Oil Company. Output over the first half of 2017 averaged 400,000 b/d, against 412,500 b/d in the same period last year. Lukoil attributes the slight fall to Iraq’s obligations under the November 2016 Opec agreement, whereby Iraq pledged to cut production by 21...
Volume: 60Issue: 35Published at Fri, 01 Sep 2017 -
Iran Eyes $30bn EU Credit After $13bn Korea Deals
...ndensate splitters at the Siraf Refineries Park in the Assaluyeh region (MEES, 23 June). Iran needs massive amounts of money for investment following over a decade of international sanctions and isolation from international financial markets. Under its sixth five-year plan for 2017-22 Iran’s oil in...
Volume: 60Issue: 35Published at Fri, 01 Sep 2017 -
Saudi-China $20bn Fund
...passing the Malacca Straits. The idea is that Aramco will ultimately supply the bulk of the refinery’s crude feedstock. Long China’s top supplier, Saudi Arabia has been relegated to third place behind Russia and Angola for the first seven months of 2017 (see p7). However, “the goal is not only that th...
Volume: 60Issue: 35Published at Fri, 01 Sep 2017