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Egypt Looks To Rally Renewables Investors, As Oil Products Imports Soar
...mesa, 2017) 0.22 Wind Gebel El Zeit (Gamesa, 2017) 0.16 Wind Under ne...
Volume: 59Issue: 31Published at Fri, 05 Aug 2016 -
Algeria Brings Combined Capacity To 17.68GW Despite $10bn Funding Deficit
...ich have choked off investment in new oil and gas exploration and development. Sonatrach chief executive Amine Mazouzi has declared that “the period of stagnation is behind us” and presented gas production forecasts of 141.3 bcm in 2017 rising to 165 bcm in 2010 – presumably including reinjected vo...
Volume: 59Issue: 31Published at Fri, 05 Aug 2016 -
Iran Oil Contracts Move One Step Nearer
...eenlights the IPC swiftly, there is a strong likelihood that no contracts will be finalized under it until 2017. The scale of investment needed for projects in Iran means that a lengthy evaluation process would be required before a bid would be submitted, and Iran has yet to finalize which fields will be of...
Volume: 59Issue: 31Published at Fri, 05 Aug 2016 -
Saudi Reserves Down Again But Deficit Narrows
...rtial privatization of the oil giant Saudi Aramco, of which up to 5% will be sold in an IPO expected in 2017. The revenue generated is earmarked to provide seed capital for the Public Investment Fund (PIF). These planned reforms have received cautious praise from the IMF, although the extent to wh...
Volume: 59Issue: 31Published at Fri, 05 Aug 2016 -
CBI Opens Forex Free Market To Commercial Banks
...oating exchange rate system. CBI Governor Valiollah Seif, who expects to see a unification of the two-tier system by March 2017, said that commercial banks can now buy foreign exchange from their clients and trade at the free market rate. Exporters can also sell their forex earnings to banks or deposit th...
Volume: 59Issue: 31Published at Fri, 05 Aug 2016 -
Algeria’s Sonatrach Continues Relentless Battle Against Production Decline
...erating the field, while Algeria’s Sonatrach and Thailand’s PTT have 25% and 35% respectively. As for gas, output isn’t really expected to rise before 2017, when the new gas fields in the southwest Sahara – mainly Touat, Timimoun and Reggane - come on stream. This should be followed by Petroceltic’s Ai...
Volume: 58Issue: 35Published at Fri, 28 Aug 2015 -
Iran Sees Start-Up Of New South Pars Phases By October
...e oil ministry’s efforts to double domestic output from around 165 bcm/y in early-2014 to 330 bcm/y by 2017. This target comes as part of a wider and incredibly ambitious $62bn three-year investment plan announced by the National Iranian Gas Company (NIGC) early last year, aimed at further de...
Volume: 58Issue: 35Published at Fri, 28 Aug 2015 -
KRG Scrabbles For Cash In Bid To Head Off Investment Hiatus
...neuver is rapidly diminishing. The firm has a $250mn bond due in 2017 and raised a further $40.7mn from a share placing in March this year. The positive side of the ledger is much more flimsy with the firm’s cash reserves halving from $127mn to $64mn over the three months to end-June. First half lo...
Volume: 58Issue: 35Published at Fri, 28 Aug 2015 -
Saudi Arabia Says No To Subsidy Reform
...GDP. “The policy response has been limited and primarily consists of a reduction in capital spending that will take time to gain traction,” Fitch says, adding that deficits in mid-single digits are also forecast for 2016 and 2017, “assuming reduced capital spending, the absence of new one-off ou...
Volume: 58Issue: 35Published at Fri, 28 Aug 2015 -
Saudi Arabia Sticks To Jazan Plans In Face Of Yemen War, Oil Price Collapse
...e refinery is still in the early days of engineering design and civil engineering but on track for completion in 2017. Saudi Aramco has awarded US firm Air Products and Saudi company ACWA Holding a contract to build the world’s largest industrial gas complex. Air Products chairman Seifi Ghasemi sa...
Volume: 58Issue: 34Published at Fri, 21 Aug 2015 -
UAE’s Upper Zakum On Track For 1mn B/D
...UAE UAE’s Upper Zakum On Track For 1mn B/D The UAE’s Zakum Development Company (Zadco), operator of the Upper Zakum offshore field, has awarded an extension to a 2008 redevelopment contract to Amec Foster Wheeler. When completed in 2017, Upper Zakum, already one of the world’s largest of...
Volume: 58Issue: 34Published at Fri, 21 Aug 2015 -
Turkey Coal Power Boost
...pendence on imported gas for power generation (see p27). However, while Turkey has large coal resources, gas and renewables projects dominate its medium-term development program. Apart from a 510MW coal-fired plant being built by China’s HEI at Soma for start-up in 2017, plans for further coal ca...
Volume: 58Issue: 34Published at Fri, 21 Aug 2015 -
UAE’s RAK Plans Privately Financed Desalination
...pacity to desalinate 100,000 m3/day of water and store 450,000 m3. Construction will begin next month, with first desalination scheduled for June 2017 and full-scale operation in 2018. Utico says water will initially be provided to RAK and nearby areas and to other parts of the UAE as output in...
Volume: 58Issue: 34Published at Fri, 21 Aug 2015 -
Egypt Powers Ahead To Supply Record As New Capacity Comes Online
...nerators and a steam turbine set with a combined capacity of 340MW. Ansaldo says the plant conversion will require 24 months to complete from the signing of the contract, which suggests completion in late 2017 or early 2018. FUELS: “TEMPORARY GAP” Minister of Petroleum Sharif Isma’il told a gas ma...
Volume: 58Issue: 34Published at Fri, 21 Aug 2015 -
Iraq Faces ‘Existential Threat’ From ‘Double Edged Crisis’ - IMF
...ice of $54.7/B for 2015, $62/B for 2016 and $67.1/B for 2017. However “risks remain very high… emanating from an extension of the conflict, political tensions, weak policy implementation and further shocks from the oil market,” the fund says. Even on the prospects of oil output and exports ramp-up...
Volume: 58Issue: 34Published at Fri, 21 Aug 2015 -
IMF Warns Of Looming Large Saudi Deficit
...rther $5/B rise in 2017 (an average Iraqi crude export price of $54.7/B for 2015, $62.0/B for 2016 and $67.1/B for 2017 – see p20). The IMF acknowledges that “uncertainties about future oil prices and possible escalations of regional tensions are the main risks to the outlook.” The current ac...
Volume: 58Issue: 34Published at Fri, 21 Aug 2015 -
Egypt Receivables Hit $6.3bn, Up Almost $1bn From Start Of 2015
...ergy (formerly Citadel Capital), is spending €100mn on building a 180MW combined cycle gas turbine power plant which will burn Abu Qir gas from 2017 (MEES, 7 August). Croatia’s INA said in its H1 results that Egyptian receivables were up on end-2014 but without giving any details. TRANSGLOBE: DI...
Volume: 58Issue: 33Published at Fri, 14 Aug 2015 -
MENA Nuclear Progress Gathering Pace
...ergy Research Institute (Kaeri) for a three-year study into the feasibility of deploying Korean-designed modular 330MW reactors within the kingdom. Kaeri is building a demonstration plant for start-up in 2017. Jordan and Russia have signed an intergovernmental agreement for the first of two 1GW re...
Volume: 58Issue: 33Published at Fri, 14 Aug 2015 -
Shell’s Cost Cutting Hits UAE Gas, Iraqi Oil
...vestment decision (FID) for the Bab sour gas project in Abu Dhabi until 2017 while stepping down from the competition for a slice of the UAE’s onshore oil concession, as part of a plan to cut costs and prioritize only the most affordable upstream projects. The moves confirm the ongoing trend of project ca...
Volume: 58Issue: 33Published at Fri, 14 Aug 2015 -
Iraq ‘Below Investment Grade’ Ahead Of Bond Issue
...2016, although it will remain large and another more substantive IMF program is likely in 2016, while a small deficit is forecast for 2017. The agency adds that the Iraqi government has cleared $9bn in payment arrears to international oil companies (IOCs) that were run up in 2014. REFORM PLAN AP...
Volume: 58Issue: 33Published at Fri, 14 Aug 2015