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Algeria’s Risky ‘Cash Creation’ Plan: From One Pocket To The Other
...ned banks – equating to 87% of the total liquidity. Then in July 2017, the rate was further lowered from 8% to 4%, generating a further AD347bn - of which state banks accounted for AD301bn. However, while this helped to create more liquidity in the banking system, adjusting the reserve re...
Volume: 60Issue: 39Published at Fri, 29 Sep 2017 -
Saudi Oil Addiction Deepens Despite Ambitious Reform Drive
...st two years are on track for a third consecutive fall in 2017. This is because “non-oil” is dominated by related industries such as petrochemicals production, where prices have fallen along with oil and gas. With oil prices so far this year averaging around 16% more than over the course of 2016, ex...
Volume: 60Issue: 39Published at Fri, 29 Sep 2017 -
Saudi Raises Bumper $12.5bn International Bond
...cently confirmed it had qualified 13 Saudi banks to participate in Sukuk issuance. Riyadh initially projected its 2017 budget deficit at $53bn. But the actual figure is likely to be lower: the actual deficit was $19.4bn for 1H 2017. MEES calculates that the deficit for the full year could fall to $40...
Volume: 60Issue: 39Published at Fri, 29 Sep 2017 -
Jordan Eyes $1bn Eurobond
...nage. Amman is tapping the international debt market to refinance maturing debt and meet other fiscal obligations as stipulated in the borrowing limits set out in the 2017 budget (MEES, 5 May). In April it issued a 2026-maturity $500mn Eurobond which priced at 5.875%. In its previous Eurobond, in Oc...
Volume: 60Issue: 39Published at Fri, 29 Sep 2017 -
Egypt: Economy Looking Up But Long Road Ahead
...vember with the IMF (MEES, 18 November 2016). Foreign direct investment (FDI) rose from $6.9bn in 2015-16 to $8.7bn in the 2016-17 financial year (to June 2017). Inflows in the first three months of 2017-18 put it on track to surpass $10bn, according to Investment Minister Sahar Nasr. This comes as Pr...
Volume: 60Issue: 39Published at Fri, 29 Sep 2017 -
Jordan Secures Finance For 50MW Solar Project, Brings 43MW Online
...oposed 49.5MW Daehan wind farm at Tafila, for which Korea’s Daelim and Kosco have signed a power purchase agreement with Jordan’s Ministry of Energy. The partners aim to begin construction in 2017 for start-up in 2019. SOLAR START-UPS Jordan has recently started up its first solar plants, in th...
Volume: 59Issue: 39Published at Fri, 30 Sep 2016 -
OPEC Agrees To Cut, Now The Hard Work Starts
...rst is now behind it, with the futures curve indicating a less painful 2017, with earnings rising back above the $500bn mark to within touching distance of last year’s figure (see table). As the largest producer, Saudi Arabia’s earnings have fallen the most, by an estimated $130bn this year alone, bu...
Volume: 59Issue: 39Published at Fri, 30 Sep 2016 -
IS, Syria, Yemen – World Leaders Face ‘Crisis-Control’ On Multiple Fronts, IISS Says
...ipman. “Multiple strategic earthquakes” have left “world leaders in a constant state of crisis control.” As a result, said Mr Chipman, “foreign policy has become and will continue to be in 2017 a branch of psychology. Managing competing interests or settling neat balances of power…will be superseded by th...
Volume: 59Issue: 39Published at Fri, 30 Sep 2016 -
Kurdish Political Unity Fragments As Barzani Reaches Out To Baghdad
...litics is becoming increasingly fractious and there is a growing geographical split between the KDP-dominated Erbil and the PUK/Goran-stronghold of Sulaymaniyah. With parliamentary elections due by September 2017, the region’s political stability could deteriorate further. Its demise was the cu...
Volume: 59Issue: 39Published at Fri, 30 Sep 2016 -
IOCs Stall KRG Investment On Renewed Payment Concerns
...invest $71mn at Shaikan over 2016 and 2017 ($35.5mn/year) to maintain production at 40,000 b/d, rising to $88mn to increase this to 55,000 b/d. Some $13mn of the additional spend would be for a third production facility. Investment is therefore $3.4mn below the level needed to maintain output an...
Volume: 59Issue: 39Published at Fri, 30 Sep 2016 -
Iraq Plans For $42/B In 2017, Exports At 3.75mn b/d
...Iraq is to base its 2017 draft budget on an oil price of $42/B and exports of 3.75mn b/d. Both figures look broadly realistic, albeit with some key caveats. The Iraqi government’s statement on the 2017 draft budget, released 27 September, adopts a $42/B oil price assumption that errs on th...
Volume: 59Issue: 39Published at Fri, 30 Sep 2016 -
Bapco, Aramco Award Pipeline Contracts
...CC). At the contract signing ceremony, Bahrain’s Minister of Energy ‘Abd al-Husain ‘Ali Mirza said that the pipeline “will be finished by the end of 2017 or early 2018 and then there will be a six-month trial period.” He added that the ageing 230,000 b/d pipeline that it is replacing would be shut down in...
Volume: 58Issue: 39Published at Fri, 25 Sep 2015 -
UAE Seeks Solar Bidders As Nuclear And Coal Plans Advance
...port says Dubai’s achievement of “the lowest solar price ever achieved worldwide” suggests solar costs are “poised to decrease even further.” Phase-2 of Dubai’s solar park recently reached financial close and is scheduled for start-up by April 2017. (MEES, 24 July). PV modules for phase-2 will be pr...
Volume: 58Issue: 39Published at Fri, 25 Sep 2015 -
Total Turns The Screw On Spending In New Strategy For $60/B Oil
...t capex further to $20-21bn, before “returning to a sustainable level of $17-19bn from 2017.” Mr Pouyanné said that “in a commodity business like oil and gas, we have to be excellent at what we control. We cannot control the price of oil and gas, but we can control costs and allocation of ca...
Volume: 58Issue: 39Published at Fri, 25 Sep 2015 -
Iran’s New Oil Investment Contract To Get First Unveiling In Tehran
...ominently on the list, many of which will be critical in the country’s plans to boost oil production capacity from around 3.5mn b/d currently, to 5.7mn b/d by 2017-18. Mr Zanganeh said this month that Iran’s production capacity will hit 4.2mn b/d by end-2016. “New contracts with foreign companies will be...
Volume: 58Issue: 39Published at Fri, 25 Sep 2015 -
Jordan Launches Bid Round
...other technically proficient player takes its place at Risha. In the west of the country privately-owned minnows Korea Global Energy Corporation and Enegi of the UK will undertake exploration of the nearly 7,000 sq km Dead Sea block. A four-year exploration phase will run until 2017, during which th...
Volume: 57Issue: 39Published at Fri, 26 Sep 2014 -
Egypt Mulls PP Project At Alexandria
...Alexandria for 2017 start-up. Meanwhile, Tahrir is being developed by Dubai-based private firm Carbon Holdings (MEES, 4 April). The two linked Ethydco plants are being built by Japan’s Toyo and the ENPPI engineering unit of Egypt’s Ministry of Petroleum (MEES, 19 April 2013). ...
Volume: 57Issue: 39Published at Fri, 26 Sep 2014 -
Key Project Shelved As Qatar Shifts Petchems Strategy
...500 2017 Linear α-Olefins 300 Oxo-Alcohols 250 Qatofin LLDPE (ex...
Volume: 57Issue: 39Published at Fri, 26 Sep 2014 -
UAE Faces Power Capacity Shortfall, Targets Improved Efficiency
...e second phase of the Muhammad bin Rashid Al Maktum Solar Park. This will have 100MW generating capacity and is scheduled for start-up in 2017. DEWA says the tender will close by the end of October. Meanwhile, the Federal Authority for Nuclear Regulation (FANR) has authorized ENEC to begin bu...
Volume: 57Issue: 39Published at Fri, 26 Sep 2014 -
Obstacles For Qatari Crude Boost As QNB Sees 800,000 B/D By 2017
...QATAR Obstacles For Qatari Crude Boost As QNB Sees 800,000 B/D By 2017 Development plans for Qatar Petroleum-operated fields are key to Qatar’s short-to medium-term production boost hopes; Maersk and Occidental-led fields will have a long-term impact. But it is unclear if...
Volume: 56Issue: 39Published at Fri, 27 Sep 2013