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Kuwait Scraps 2020 Target But Minister Reappointment Offers Rare Continuity
...thin the next five years,” so 3.10mn b/d is at least a more concrete target (MEES, 30 August). Underlining the scale of the reduced ambition, this new 2020 target is less than KOC’s capacity in 2017-18 (to end-March), of 3.15mn b/d. Former KOC CEO Jamal Jaafar put capacity even higher at 3....
Volume: 62Issue: 51-52Published at Fri, 20 Dec 2019 -
Egypt Oil Output Continues Slump
...While Egypt is being forced to limit its gas output (see above), it is a completely different story for oil , with production falling to 615,000 b/d for October, the sixth consecutive monthly decline to the lowest level since March 2017. Egypt’s official target of reaching 690,000 b/d by June ne...
Volume: 62Issue: 51-52Published at Fri, 20 Dec 2019 -
Saudi Arabia Adds Record Volumes To Crude Stocks
...anwhile, refining runs fell to 2.20mn b/d, their lowest level since January 2017. At 21.3% of Saudi Arabia’s reported production, the proportion refined is the lowest since 2016. Run rates had been above 25% since 2017 as the kingdom ramped up throughput at its expanded refinery fleet. Rates may well rise fu...
Volume: 62Issue: 51-52Published at Fri, 20 Dec 2019 -
Kuwait Clean Fuels Progress Impacts Refining Output
...e highest since mid-2015, suggesting a new, or revamped, gasoline unit is operating (see chart). However, average total products output of 864,000 b/d during the first 10 months of 2019 is only 3% down from the 891,000 b/d for both 2017 and 2018, showing that CFP work to the end of October has no...
Volume: 62Issue: 51-52Published at Fri, 20 Dec 2019 -
Qatar Budget Surplus To Shrink In 2020
...wards a $4.9bn surplus, although lower H2 oil prices could ultimately bring this down. Following on from 2018’s $4.1bn surplus, the 2020 budget sets the scene for a third consecutive surplus. However, even the combined surpluses over 2018-20 fall short of the deficit that Doha racked up in 2017 al...
Volume: 62Issue: 51-52Published at Fri, 20 Dec 2019 -
Saudi Fund Pledges SME Support
...F initially announced it would create Jada in 2017, saying that it would create 2,600 jobs and contribute SR400mn ($107mn) to GDP by the end of 2020 – twelve months from now. Boosting the role of the private sector is one of the central tenets of Crown Prince Muhammad’s Vision 2030. But this has pr...
Volume: 62Issue: 51-52Published at Fri, 20 Dec 2019 -
Iran Hands Farzad B Field To Petropars
....7tcf Farzad B field. Indian firm ONGC Videsh had long been interested in developing the field (MEES, 6 January 2017), but the return of US sanctions last year halted negotiations. Petropars is also the sole firm tasked with developing the 2bn cfd South Pars Phase 11 project following the withdrawal of...
Volume: 62Issue: 51-52Published at Fri, 20 Dec 2019 -
Jordan Starts Up Risha Solar
...cal private-sector firm Yellow Door Energy, with the capacity slated to be split between seven sites. Nepco says the Risha plant will deliver around 115GWh of electricity a year. When the power purchase agreement was signed in late 2017, Acwa said it had offered electricity at a cost of US¢5....
Volume: 62Issue: 51-52Published at Fri, 20 Dec 2019 -
Iran: Khamenei Looks To ‘Resistance’ Budget For 2019
...rchases in return for being granted ‘waivers’ – MEES, 16 November), and at least some of those Mediterranean and East Asian countries that have halted buying to restart. Korea, which imported 361,000 b/d from Iran in 2017 took zero for the third straight month in November. Japan and Taiwan also took ze...
Volume: 61Issue: 51-52Published at Fri, 21 Dec 2018 -
Saudi Reveals Optimistic 2019 Budget But Still Expects To Load Up On Debt
...is option for long. While much of the borrowing will be on domestic markets, the hefty budget deficit spells another trip to the international debt markets for Saudi Arabia. Having issued $17.5bn worth of bonds in 2016, Saudi Arabia smashed this in 2017 with $21.5bn, before falling back to just $13...
Volume: 61Issue: 51-52Published at Fri, 21 Dec 2018 -
Saudi SEC Shake-Up OKd
...nstruction contract for the two nuclear power plants by the end of 2018, but progress seems to be in the slow lane as not even a site for the plants has yet been confirmed (MEES, 13 October 2017). ...
Volume: 61Issue: 51-52Published at Fri, 21 Dec 2018 -
Tunisia Project Delays Threaten 2019 Capacity Crunch
...450MW in combined cycle mode with the start up of the second turbine in May 2020. Japan’s Mitsubishi Hitachi Power System (MHPS) and Sumitomo won the $340mn EPC contract (MEES, 30 June 2017). The capacity crunch is even more worrying than these figures suggest, given the country’s rapidly-ag...
Volume: 61Issue: 51-52Published at Fri, 21 Dec 2018 -
Gulf Refiners Aim For 10% Capacity Hike In 2019
...vaged fleet (MEES, 19 October). This will likely see the region’s refiners process record volumes of crude oil and condensate. Throughputs for the first 10 months of 2018 were 7.26mn b/d, a modest increase on 2017’s record high of 7.24mn b/d (see charts). GULF REFINERY INTAKE* (MN B/D) *DA...
Volume: 61Issue: 51-52Published at Fri, 21 Dec 2018 -
Lebanon’s Ailing Economy: Will The Music Stop in 2019?
...flux of infrastructure spending (capex accounted for only 7% of 2017 government spending; see table), but disbursement hinges on a host of fiscal reforms. A government has yet to be formed despite seven months of political horse-trading following May elections, thus delaying the reforms needed to un...
Volume: 61Issue: 51-52Published at Fri, 21 Dec 2018 -
Adnoc Integrating Petchems At Ruwais
...Abu Dhabi state firm Adnoc’s refining focus in 2019 will be on returning to service a residue fluid catalytic cracker (RFCC) at its 417,000 b/d Ruwais West refinery. The RFCC was damaged in a fire in early 2017 and is being rebuilt by Korea’s GS Engineering & Construction (MEES, 7 July 2017...
Volume: 61Issue: 51-52Published at Fri, 21 Dec 2018 -
Saudi Arabia: Cutting Its Way To A 2019 Production Increase?
...Saudi Arabia says that it will do the heavy lifting under the latest round of Opec cuts, cutting deeper than its commitment if necessary. Its willingness to do so is not in question, after all it did exactly this under the previous round of cuts in place since January 2017. Yet it can exceed it...
Volume: 61Issue: 51-52Published at Fri, 21 Dec 2018 -
Kuwait: Politics Is Back
...mber of sitting MPs who were handed jail sentences in absentia in November 2017. Two, Waleed al-Tabatabaei and Jamaan al-Harbash, were members of the current parliament, but MPs voted in favor of them retaining their seats. Kuwait’s constitutional court this week ruled that vote unconstitutional, ef...
Volume: 61Issue: 51-52Published at Fri, 21 Dec 2018 -
Adnoc Brings OMV Onboard Sour Gas Project
...rough its LNG facilities in 2017, while 16.4bcm of natural gas was imported from Qatar through the Dolphin pipeline. Imports have continued despite the UAE’s 18-month embargo of Qatar. OMV BOLSTERS UAE PRESENCE This is OMV’s second major upstream advance in Abu Dhabi of 2018. The firm was aw...
Volume: 61Issue: 51-52Published at Fri, 21 Dec 2018 -
Qatar Petroleum Eyes Big Results Overseas In 2019
...s overseas activity since late 2017, securing a swathe of assets. The latest move was announced on 16 December, with a 35% farm-in to Eni’s 2.1bn barrel “Area 1” offshore Mexico which contains three fields. The move was especially notable as the partners (Eni 65%, QP 35%) say that initial output fr...
Volume: 61Issue: 51-52Published at Fri, 21 Dec 2018 -
2018 Mena Remittance Inflows: Top 10 Countries
...EGYPT IS WAY OUT IN FRONT IN ABSOLUTE TERMS ($BN) AS A % OF GDP REMITTANCES ARE MOST IMPORTANT FOR YEMEN, PALESTINE & lebanon EGYPT AND PALESTINE HAVE SEEN THE BIGGEST % GROWTH THIS YEAR (2018 VS 2017) *IDENTICAL FIGURES GIVEN FOR EACH OF THE PAST FIVE YEARS FOR YE...
Volume: 61Issue: 51-52Published at Fri, 21 Dec 2018