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Aramco Advances Jazan Plans With $8bn Gas-To-Power Deal
...e IGCC. INDUSTRIAL HEART Aramco began building the Jazan refinery and terminal in 2014 as the “industrial heart” of government’s Jazan Economic City (JEC) project. JEC’s purpose is to “stimulate manufacturing and industry in the kingdom’s southwest” and “place Jazan as a commercial and in...
Volume: 61Issue: 33Published at Fri, 17 Aug 2018 -
Oman: Oil Prices Bolster Economy, For Now
...ternational observers are nonetheless troubled by the underlying economics—a fact reflected in rating agencies’ decision to downgrade Oman’s economic outlook several times following the 2014 oil price crash (MEES, 24 November 2017). S&P rates Oman as ‘junk’ status. Unlike fellow GCC members, Oman’s more mo...
Volume: 61Issue: 33Published at Fri, 17 Aug 2018 -
US Scales Back Output Growth Projections
...2018 import volumes are level with 2017 and well up on 2014’s 29-year low of 7.34mn b/d. Opec’s share of US crude imports did, however, fall to a record low of 31.6% in May Having slid to a 30-year low of 706,000 b/d in the second half of 2017 volumes from Saudi Arabia have recovered somewhat si...
Volume: 61Issue: 32Published at Fri, 10 Aug 2018 -
Saudi Petchems Firms Report Best Profits Since Crude Price Collapse
...Sabic attributes best quarterly earnings since 2014 to improved volumes and higher selling prices, whilst Aramco’s petchems JVs begin to pay back huge investments. The 14 petrochemicals companies traded on the Saudi stock Exchange (Tadawul) reported combined net profits of SR10.79bn ($2....
Volume: 61Issue: 32Published at Fri, 10 Aug 2018 -
Iraq Takes On Mansuriya
...nders in early 2014 (MEES, 28 February 2014), whilst later that year Islamic State attacks across Diyala province forced TPAO to halt operations (MEES, 10 October 2014). Despite a relatively high remuneration fee of $7/boe in the technical service contract, the stakeholders fell out with Baghdad ov...
Volume: 61Issue: 31Published at Fri, 03 Aug 2018 -
Egypt Goes West And Digs Deep In Quest For Oil Output Boost
...creases in Apache’s Western Desert output have come from the 2014 Ptah and Berenice discoveries on the Shushan and Faghur basins respectively, which were hailed as the firm’s largest finds in Egypt in 13 years (MEES, 3 April 2015 ). The fields now produce around 30,000 b/d. Italy’s Eni, on the back of...
Volume: 61Issue: 31Published at Fri, 03 Aug 2018 -
Cash-Rich Gulf State Refiners Seek Overseas Capacity, Integration
...d return of international sanctions over Tehran’s nuclear program. Iraq has 600,000 b/d of refining capacity, with the 310,000 b/d Baiji refinery still offline after being badly damaged by Islamic State jihadists in 2014. Government funds are overstretched, so that the Ministry of Oil has of...
Volume: 61Issue: 31Published at Fri, 03 Aug 2018 -
Qatar Export Revenues Hit Three-Year High Despite Continued Embargo
...gh of more than $80bn for 2018 as a whole (see chart 1). Still well down on the years to 2014 where Qatar racked up $130bn+ revenue. Provisional trade data show that Qatar’s export revenue rose to $20.8bn in 2Q 2018, the highest since the first quarter in 2015 (see chart 2). But these gains also sh...
Volume: 61Issue: 31Published at Fri, 03 Aug 2018 -
Kuwait Fiscal Deficit Falls By 19% To $16bn For 2017-18
...y fall below $10bn. After recording successive budget surpluses since 2000, Kuwait in 2014-15 posted its first budget deficit of $8.9bn following the collapse in oil prices in mid-2014, and has yet to emerge from the red. CATCH 22 Total revenue in 2017-18 jumped by 20% in real te...
Volume: 61Issue: 31Published at Fri, 03 Aug 2018 -
Iraq Exports Record In July
...Federal Iraq exported a record 3.543mn b/d in July – all from its southern Basra infrastructure. Even with the average export price dipping slightly to $69.16/B in May, Baghdad nonetheless pulled in $7.597bn. This was the highest monthly revenue figure since July 2014 when the selling price wa...
Volume: 61Issue: 31Published at Fri, 03 Aug 2018 -
Algeria On Track For $11bn Deficit Despite Gas Export Boost
...e fall particularly marked in Q2 (see chart). Revenues from number four customer the USA were up 22% in H1 2017. The US took 76,000 b/d of Algerian crude in Jan-May 2017, higher than any annual average since 2012 (though Q4 2016 saw 132,000 b/d). Volumes dwindled to near zero in 2014 and 2015 as...
Volume: 60Issue: 34Published at Fri, 25 Aug 2017 -
Kuwait: Al-Zour Re-Award But Delay Likely
...am al-Marzuq says samples will be analyzed to determine the source. The spill is unlikely to hasten a solution to a dispute between Kuwait and Saudi Arabia over Neutral Zone operations, which has seen 300,000 b/d Khafji field shut in since October 2014 and the 200,000 b/d onshore Wafra field si...
Volume: 60Issue: 34Published at Fri, 25 Aug 2017 -
Saudi Electricity Taps $1.75bn Loan For Capacity Expansion
...hieved. The deal is SEC’s largest syndicated loan to date. It takes to $36.2bn the outside funding the utility has secured since 2007, although the biggest single contribution was a $13.2bn ‘soft loan’ from the Ministry of Finance in 2014 (see table). The syndicated loan is SEC’s first foray into the in...
Volume: 60Issue: 34Published at Fri, 25 Aug 2017 -
GCC Currencies: To Peg Or Not To Peg?
...Opec’s core GCC countries peg their currencies to the US dollar, an anchor that has served them well given that it is the currency in which their key export is denominated. But as the third anniversary of the late 2014 collapse in oil prices approaches, debate is becoming more lively as to wh...
Volume: 60Issue: 34Published at Fri, 25 Aug 2017 -
Algeria PM Sacked As Tebboune Bites Off More Than He’s Allowed
...habilitated leader of parliament’s second-largest party, the RND, Mr Ouyahia has been on the rise since he was appointed director of the president’s cabinet in March 2014. In June 2015 the RND appointed Mr Ouyahia interim secretary-general, a post he had resigned in January 2013, and in May 2016 the ap...
Volume: 60Issue: 34Published at Fri, 25 Aug 2017 -
Oman Taps Abu Dhabi For Wind Farm Cash
...wever, its earlier estimate that the development work would take 24 months suggests that start-up is unlikely before the second half of 2019 (MEES, 17 October 2014). Masdar’s partners in building the wind farm will be US conglomerate General Electric (GE) and Spanish engineering contractor TSK. GE wi...
Volume: 60Issue: 34Published at Fri, 25 Aug 2017 -
Oman Set To Shrink Deficit, But Not By Much
...% of Oman’s total export revenues. Presuming that non-hydrocarbon revenues and imports held roughly steady in Q2, the figures for oil and gas imply that Oman notched up a trade surplus of $2.56bn in the first half of 2017 the highest figure since 2014 when Oman notched up a $22.2bn trade surplus on th...
Volume: 60Issue: 34Published at Fri, 25 Aug 2017 -
Libya’s Oil Production Gains May Flatter To Deceive
...bya’s oil sector since late 2014 did not give much reason for hope. Prior to 2017, the last time that oil output had exceeded 600,000 b/d was in the first half of April 2015; the last time that it averaged more than 600,000 b/d over the course of a month was in November 2014. The figures for 2017 ha...
Volume: 60Issue: 33Published at Fri, 18 Aug 2017 -
Saudi Crude Exports At 33-Month Low As Refineries, Power Plants Take More Crude
...arply, to just 6.89mn b/d in June, their lowest level since September 2014, as refineries process just below record levels and direct crude burning in power plants rises seasonally (see charts and p8 for full data). The decline in Saudi crude exports is giving Iraq and Russia in particular a chance to...
Volume: 60Issue: 33Published at Fri, 18 Aug 2017 -
US Shale Output – Gains Continue Despite Cost-Cutting, Fewer New Rigs
...ministration indicates expected average June-September monthly gains for seven key US shale formations of 124,000 b/d, a level of growth in line with levels seen in the boom year of 2014. The latest projections have September output up 980,000 b/d year-on-year. Given that December last year was only up fr...
Volume: 60Issue: 33Published at Fri, 18 Aug 2017