Egypt: Desperately Seeking Finance

...serves. These reserves, which stood at some $36bn before the 2011 revolution, have fallen to $16.3bn at the end of September, down $1.8bn from the previous month.  Egypt needs $10bn for both 2016 and 2017 to meet its “financing needs”, according to IMF regional director Masood Ahmed. He says that th...

Riyadh Eyes $4bn Local Currency Bonds

...rned to borrowing from the domestic market by issuing local currency bonds, which are expected to raise $27bn by year-end. But now there is speculation in Riyadh that in 2016 and 2017 the government will turn to the international market, especially if oil prices remain depressed for an extended period....

US Shale A Threat To Mideast Condensate, Despite Oil Price Slide

...pansion of the Panama Canal is finished. While plans call for completion of the expansion next year, Mr Troner says that, more realistically, it will be finished in 2016 or 2017, allowing liquid tankers of up to 160,000 DWT to pass. Qatar’s condensate exports, meanwhile, are set to dwindle the same ye...

Saudi Speciality Petchems Transformation Focuses On Aromatics

...14               Jazan* 830 2017 Produced by catalytic reforming of naphtha Benzene Satorp, Jubail 150 20...

Oman Turns To Wind To Cut Rural Generating Costs

...ights ranging from 120ms to 145ms and capacities of 2.0-3.2MW. The wind farm is expected to be developed by Masdar over 24 months, incorporating turbines from a leading global turbine maker and with local contractors having a “good share” of the project. Mr Magdheri anticipates start-up in early 2017...

Iraq’s New PM Acts To Root Out Corruption

...e third phase of production to take capacity to a plateau of 400,000 b/d by 2017 as per the amended TSC. The work will include a third production unit including four oil/gas separation plants, four storage tanks and water treatment facilities. PetroChina’s partners in the Halfaya development are Pe...

Abu Dhabi Boosts Offshore Output As Umm Lulu Comes Online

...m Lulu, 100,000 b/d is set to come from expansion of ADMA-OPCO’s Lower Zakum field and 170,000 b/d from the SARB and Nasr fields. ADMA-OPCO’s plans are part of ADNOC’s strategy to raise production capacity from around 3mn b/d to 3.5mn b/d, initially expected in 2017. Yet ADNOC’s target pr...

Iraq Concludes Oil Port Expansion, Zooms In On Asian Market

...rkovers have been completed on three wells to handle rising water levels. Production from the 4.1bn barrel field is currently estimated at around 120,000 b/d and is set to rise to 535,000 b/d by 2017. The operator has announced the start of second phase development, with the arrival of four new Chinese dr...

Glimmers Of Hope As Egypt Craves Stability

...lta, a project whose start-up date has been pushed back by three years to 2017.   Egypt is also taking first steps towards developing unconventional reserves. US independent Apache is looking to move forward with exploration activity for tight gas in the Western Desert by drilling seven or eight te...

Saudi Arabia Looks To Hold Steady Around 10mn B/D Through Year-End

...aybah and Khurais fields by 2017.   At current production, estimated by MEES at 10.11mn b/d in September, Saudi Arabia is left with close to 2.4mn b/d of spare production capacity. For Riyadh to maintain spare capacity at 2.5mn b/d for the medium term (including neutral zone production), would su...

Shuweihat S2 Inaugurated As Abu Dhabi Expects Demand Growth

...neration and is currently building four nuclear plants at Barakah with a combined generating capacity of 5.6GW. They are scheduled to be brought into operation during 2017-20 (MEES, 11 October). The emirate is also looking to build a 100MW waste-to-energy plant for start-up in 2016-17 (MEES, 27 Se...

Iraqi Deputy Prime Minister Warns On KRG Exports

...neration capacity. So far we have signed contracts for 20GW and more are in the pipeline. All these will be gas fired. Although our production of associated gas will increase by 2017-18, we will be needing all our gas for our domestic power plants. Beyond that date, there will be some surplus available fo...

Duqm Complex Set For 2017 Completion

Risk At Center Of Oil Industry Outlook

...emselves. Some of the equipment is over 50 years old. This should have been the priority, not increasing production capacity.” He said that contracts in place in Iraq were intended to raise total production capacity to 13.2mn b/d by 2017, “but none of the institutions now accept this plan. The Ministry of...

Turkey Allows Russian Gas Import Deal To Expire In Move To Open Up Market

...ojects have submitted bids for Stage 2 gas from the offshore Shah Deniz gas field, due to come on-stream in 2017 (MEES, September 26). Production of Shah Deniz 2 gas is set at 16 bcm/y, of which Turkey has already been allocated 6 bcm/y. Turkey’s Natural Gas Sale And Purchase Agreements Ag...

Nabucco Schedule Slips Again, Kazakhstan Declines Trans-Caspian Offer

...peline would be ready to start shipping Azeri gas from Shah Deniz Phase 2 in 2018 rather than the earlier scheduled start-up of 2017. This means that the construction start-up date for the 31 bcm/y capacity, $14bn project may be pushed back to 2014. Mr Roiss is currently touring Central Asian ca...

DP World Revenues Cushioned By Emerging Market Operations, Says Moody’s

...grading the rating on the $1.5bn Sukuk issued by DP World Sukuk Ltd, which is due in 2017 (MEES, 18 April). With a healthy cash balance of $4.1bn as of June 2011, relative to moderate debt maturities to 2017, the ratings agency suggests the group is in good health: “DP World remains well positioned de...

Shah Deniz 2 Stage Two Will Not Supply Gas Till 2017

...Middle East Economic Survey VOL. LIII No 42   18-Oct-2010 CASPIAN Shah Deniz 2 Stage Two Will Not Supply Gas Till 2017 Tender documents issued recently by shareholders of the joint ve...

Japan Promises Financial Assistance To Jordan’s Nuclear Drive

...e project’s safety, a Japanese Foreign Ministry statement noted. Jordan aims to start operations at its first nuclear power plant by as early as 2017, with a site close to Aqaba already having been selected by authorities. A Japanese-French consortium made up of Mitsubishi and Areva is currently in...