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BP, Eni Tout Improved Egypt Economics
...es to foreign oil firms fell sharply with two bumper payouts at the end of 2014, all the indications are that they have edged back up since, though Oil Minister Sharif Isma’il this week told Reuters that Egypt planned to cut its debts to $2.9bn by the end of August from the current $3.5bn. Dues were $3....
Volume: 58Issue: 32Published at Fri, 07 Aug 2015 -
Ganope Block Awards
...EGYPT Ganope Block Awards Ganope, the Upper (southern) Egypt-focused arm of state firm EGPC on 3 August awarded five of the 10 blocks on offer in its 2014 bid round, “an excellent result while facing the challenges of the recent decline in crude oil prices,” Ganope says. Total co...
Volume: 58Issue: 32Published at Fri, 07 Aug 2015 -
Saudi Arabia Explains Goals Of CO2 Project
...taining its goal of improving oil recovery rates from mature fields. As reported by MEES previously (MEES, 7 Feb 2014), the CO2 injection project was stepped up at the start of last year when Saudi Aramco began conducting an enhanced oil recovery project at ‘Uthmaniyah. RECOVERY BOOST Saudi Ar...
Volume: 58Issue: 32Published at Fri, 07 Aug 2015 -
EU-Algiers Political Efforts Out Of Touch With Market Realities
...om power and petrochemicals plants within the country have eaten into the volumes of gas available for export. Falling gas export volumes and the halving of oil prices saw export revenues fall by a massive 42% between the first half of 2014 and 2015 (MEES, 31 July); and with gas prices lagging those of...
Volume: 58Issue: 32Published at Fri, 07 Aug 2015 -
Egypt Signs Deals For CDU, Diesel Units In Push To Meet Rising Demand
...isomerization unit (MEES, 19 June). DIESEL DEMAND Egyptian diesel demand is on track to set new records this year: consumption for Jan-May 2015 averaged 274,000 b/d, up from 2014’s 266,000 b/d. EGPC’s efforts to revive diesel output are also already showing through in the data: from a peak of...
Volume: 58Issue: 32Published at Fri, 07 Aug 2015 -
Oil Prices Suffer As Opec Output Rises Again In July
...nce the middle of last year. Brent crude futures, which have been trading at between $55-65/B for much of the year – down from a 2014 peak of $115/B in late-June – fell further to a near five-month low this week on a combination of weaker demand data from China, the world’s second largest co...
Volume: 58Issue: 32Published at Fri, 07 Aug 2015 -
Iran Plans March Azar Start-Up
...me way off the 60,000 b/d end-2014 production target (MEES, 25 July 2014). Plateau production of 170,000 b/d is slated for 2017. Under increasingly harsh sanctions over the country’s controversial nuclear program, Iran has fallen behind its predominantly Gulf Arab neighbors in the development of it...
Volume: 58Issue: 32Published at Fri, 07 Aug 2015 -
Shell And BP Step Back From ADCO
...tal’s Chief Financial Officer, Patrick de la Chevardière, said during his company’s earnings call. ExxonMobil dropped out of the race and did not submit a bid by an October 2014 deadline. BP too now appears to have put its aspirations on hold. BP CEO Bob Dudley said during the company’s second qu...
Volume: 58Issue: 32Published at Fri, 07 Aug 2015 -
Sadara To Supply Juffali Plant With MDI
...due to start up this year and be fully operational in 2016 (MEES, 21 March 2014). While the Plaschem park will take some of Sadara’s products, most of its revenues will come from exports. Sadara expects that 60% of output will be sold in Asia, with the Middle East and Africa accounting for 15...
Volume: 58Issue: 32Published at Fri, 07 Aug 2015 -
Orpic/Samsung Go To Court Over Sohar Revamp
...finery by 81,000 b/d to 197,000 b/d, while boosting upgrading capacity (MEES, 29 November 2013). Orpic held a groundbreaking ceremony for the Sohar revamp in June 2014, after securing a $2.8bn loan from a consortium of 21 financial institutions (MEES, 6 June 2014). Orpic expects to complete the refinery ex...
Volume: 58Issue: 32Published at Fri, 07 Aug 2015 -
Libya Looks To Recover Overseas Cash
...mbia and Niger – is the latest in a series of LIA court actions as part of a renewed effort to exert some authority over the fund and its assets, at a time when the country’s financial resources are dwindling rapidly. According to Hasan Buhadi, the chairman of the LIA appointed in October 2014 by th...
Volume: 58Issue: 32Published at Fri, 07 Aug 2015 -
Israel Closes $1bn Solar Financing
...e 121MW CSP project last year (MEES, 18 July 2014). Megalim laid the cornerstone for the 121MW project in June, with a view to connecting to the Israeli grid in 2017. The partners expect the plant to deliver 320GWh of electricity to the grid annually. The plant will comprise a 240m high solar to...
Volume: 58Issue: 32Published at Fri, 07 Aug 2015 -
Iran Slashes Cash Handouts In Bid To Balance Books
...dent critic of the Ahmadinejad administration, said last year that only 3% of privatization transactions under the program to sell off state assets were “real deals” (MEES, 21 March 2014). ...
Volume: 58Issue: 32Published at Fri, 07 Aug 2015 -
Jordan Taps Bumper Aid; IMF Praises Energy Policy
...11 Egyptian revolution and discontinued in early 2014. As a result the National Electric Power Company (Nepco) had to shift to the more expensive liquid fuels, raising the company’s debt to JD4.6bn ($6.5bn) by end-2014 (MEES, 3 April). But with international oil prices having halved over the last ye...
Volume: 58Issue: 32Published at Fri, 07 Aug 2015 -
SAMA Plans More Debt
...evious four months of 2015, local investment bank Jadwa reported in its July update on the kingdom. Growth in credit to the private sector rose by 12.1% in 2013, 11.9% in 2014 and a projected 10.4% in 2015....
Volume: 58Issue: 32Published at Fri, 07 Aug 2015 -
Benchmark Crude Prices ($/B)
...15 2014 2013 2012 WTI 44.66 47.96 49.36 51.15 59.86 58.02 48...
Volume: 58Issue: 32Published at Fri, 07 Aug 2015 -
Iran Mulls Offering South Pars To IOCs As Opening Delayed
...l firms is intricately tied to the fate of ongoing talks between Iran and the P5+1 group of world powers over its nuclear program. Nuclear talks were due to have ended on 22 July, hence the roadshow scheduled for the second half (and originally the first half) of 2014. But, with a deal not re...
Volume: 57Issue: 35Published at Fri, 29 Aug 2014 -
The US Shale Gas Revolution: A Threat To Gulf LPG Exporters
...r 2014 and 2015 will see US LPG exports to Japan increase. Korean firms are negotiating contracts to import LPG as well. Threat To Pricing The basis of US LPG prices differs entirely with that of Gulf LPG exports, a dynamic that will put pressure on margins of Gulf sales into Asia. Saudi Ar...
Volume: 57Issue: 35Published at Fri, 29 Aug 2014 -
Israel Refineries Hit Throughput Record, Diesel Exports Boom
...ISRAEL Israel’s refinery output hit a record 291,000 b/d for the first half of 2014, up 16,000 b/d on a year earlier as the country’s second largest plant in Ashdod completed a significant upgrade. Exports, especially of diesel, are rising even faster. Israel has been rapidly sh...
Volume: 57Issue: 35Published at Fri, 29 Aug 2014 -
GTL Back On The Radar For Mideast Downstream Planners
...oposed Iran Sarv/IDRO GTL Pilot, Saveh †1 2014 Iran RIPI Qeshm GTL, Qeshm Island 3 20...
Volume: 57Issue: 35Published at Fri, 29 Aug 2014