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Naimi: Saudi Arabia To Stay Above Iran, Iraq Fray
...not think there is a decrease in the call on OPEC. Q: OPEC’s latest report puts it at less than 30mn b/d. A: These are projections. We do not know what the facts will be. Q: Do you have room to cut in 2014? A: To cut? Why? Q: You don’t think in 2014 a cut is po...
Volume: 56Issue: 49Published at Fri, 06 Dec 2013 -
Oman Poised To Curb State Expenditure In 2014
...OMAN Oman Poised To Curb State Expenditure In 2014 Oman has taken the strategic decision to put the brakes on state expenditure in 2014 after three years of sharp post-Arab Spring spending hikes. Outlining details of the draft budget to the Majlis al-Shura (State Co...
Volume: 56Issue: 49Published at Fri, 06 Dec 2013 -
Libya: Forex Reserves On The Slide
...onomy shrinking by 5% in 2014 in the event of the protests continuing, and suggested that in a worst case scenario Libya may seek foreign loans. (The IMF projects a contraction of 5.1% in real GDP in 2013 - MEES, 22 November.) Referring to these figures, the bank’s statement said that “the CBL de...
Volume: 56Issue: 49Published at Fri, 06 Dec 2013 -
Iran Budgets For $100/B
...IRAN Iran Budgets For $100/B Iran’s draft budget for the Iranian year 1393, starting on 21 March 2014, will be based on an oil price assumption of $100/B, a member of the Majlis Budget and Planning Commission Hadi Qavami told the Iranian Students News Agency (ISNA) on 1 De...
Volume: 56Issue: 49Published at Fri, 06 Dec 2013 -
The MENA Power Sector: Prospects And Challenges
...ticle concentrates on these challenges. Challenge #1: Electricity Demand Growth MENA power demand is growing at 6-8 % annually. Growth has been at such rates for decades and this is likely to continue. Regional development bank APICORP expects capacity to increase at 8.4% annually over 2014-18 (ME...
Volume: 56Issue: 49Published at Fri, 06 Dec 2013 -
South Tunisia Gas Development Pushed Back
...the block was dry. Gulfsands says it plans to drill a further well in 2014. On Kerkouane a commitment well is slated to be drilled “prior to February 2014,” Gulfsands says. ADX is in the process of further reducing its remaining 30% Chorbane stake signing a 28 November letter of intent to...
Volume: 55Issue: 49Published at Fri, 30 Nov 2012 -
Saudi Crude Burning For Power Continues To Rise
...l from the Yanbu’ refinery in 2014. But its main source of fuel will continue to be gas. Saudi Aramco’s total wellhead output averaged 9.88bn cfd in 2011. The year-end peak of 11.2bn cfd roughly equates to 7.84bn cfd of sales gas assuming a 30% loss in processing – although not all went to power ge...
Volume: 55Issue: 49Published at Fri, 30 Nov 2012 -
Baghdad Sets Road Show Date
...velopment project. Lukoil is hoping to start ramping up a 200,000 b/d Phase 1 of the 1.8mn b/d project at the end of 2013. Field capacity could eventually rise to hit 400,000 b/d by 2014. But sometime that year, this project, and others, are likely to “hit a wall,” sources say, unless significant efforts ar...
Volume: 55Issue: 49Published at Fri, 30 Nov 2012 -
Aramco Awards Contracts To Maintain Production Capacity
...fshore oil field – has been producing since the early 1950s and has reserves of 35bn barrels. The work will be finished by end 2014 and includes a tie-in platform and auxiliary platforms. Engineering firms bidding for the work include Houston-based McDermott and Italy’s Saipem under their existing Long Te...
Volume: 55Issue: 49Published at Fri, 30 Nov 2012 -
Bapco Nears Sitra Decision Time
...e equivalent of 400-800mn cfd for 15 years starting in 2014. “We need the gas. Without this gas…all our other plans, all the refinery plans and modernizations mean nothing,” one Bahraini oil executive tells MEES....
Volume: 55Issue: 49Published at Fri, 30 Nov 2012 -
TAQA Secures $1.1Bn Deal For BP UK Assets
...a. The deal comes amid general recovery in relations between Abu Dhabi and BP as the major seeks to renew its stakes in historic upstream concessions, which expire in January 2014 (MEES, 16 November). “We think this acquisition is a great strategic fit for TAQA,” the company’s head Carl Sh...
Volume: 55Issue: 49Published at Fri, 30 Nov 2012 -
Iran Announces 10,000 B/D GTL Project, But Faces Hurdles
...ll start in 2012. So far, there is slow progress being made in construction of the onshore facilities and it is very unlikely that the contractor will be able to complete them before 2014-15. Offshore the project has been faster, which suggests that Phase 12 production may be ready to start before th...
Volume: 54Issue: 49Published at Mon, 05 Dec 2011 -
GCC Power Grid Project Nears Completion
...ich it is boosting to 2.5gw next year and to 3.6gw by 2014, which is expected to be greater than demand. Qatar plans to boost its power production to more than 8.707gw by 2011, from 4.263gw at the end of the second quarter of 2008. GCC Electricity Ministers Approve Single Tariff A meeting of the GC...
Volume: 53Issue: 49Published at Mon, 06 Dec 2010 -
Ma'aden Aluminum Financing Oversubscribed, Attracts 16 Lenders
...d 380,000 t/y for the rolling mill. First commercial production from the smelter and mill is scheduled for early 2013. First production from the mine and refinery is set for early 2014. Alcoa will supply alumina to the smelter in the interim period. Ma'aden holds 74.9% of the joint venture; Al...
Volume: 53Issue: 49Published at Mon, 06 Dec 2010 -
OMV Chief Says Nabucco Timetable “Very Ambitious”
...cision by late 2010 and a start to construction work in 2011 to allow gas deliveries via Turkey by 2014, “is very ambitions and to some extent out of our control.” OMV is leading the Nabucco project, but Mr Ruttenstorfer appeared keen to tone down recent optimism about the availability of gas from Az...
Volume: 52Issue: 49Published at Mon, 07 Dec 2009