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Egypt Touts $33bn Gas Investment, But Receivables Worry Remains
...e award of a tender for a third floating storage and regasification unit (FRSU), to be moored at the Red Sea port of Safaga in the first half of 2017. The ship’s capacity will be 750mn cfd to add to its two existing FSRUs totaling 1.3bn cfd. Both moored at Ain Sukhna, north of Safaga, these started op...
Volume: 59Issue: 34Published at Fri, 26 Aug 2016 -
Aramco Seeks To Cut Indonesia Refinery Stake
...ster Wheeler is scheduled to develop the scope of the proposed upgrade project and finalize the process configuration and licensors’ package by the end of February 2017. Pertamina and Aramco aim to have front end engineering design completed in 2018, with a view to tendering for engineering, pr...
Volume: 59Issue: 34Published at Fri, 26 Aug 2016 -
Dubai Plans Gas-Fired Expansion As UAE Pursues Powergen Diversity
...ec recently performed structural integrity tests on Barakah-1, which will be the first of the reactors to be brought online. Enec originally intended Barakah-1 to start up in 2017, but this target has slipped. The agency now says the four plants are scheduled to be fully operational in 2020. Enec sa...
Volume: 59Issue: 34Published at Fri, 26 Aug 2016 -
Oil Market Bulls & Bears In Pre-Algiers Stand-Off
...ec figures. Most analysts now see the global surplus of supply over demand continuing well into 2017. And of course inventories are already at record levels. Having fallen by 20mn barrels from May’s record of 540mn bl, US crude stocks unexpectedly rose again last week to stand at 524mn barrels on 19 Au...
Volume: 59Issue: 34Published at Fri, 26 Aug 2016 -
US Data: Reading The Runes
...ilst output from US shale formations is still falling, September’s projected fall of 85,000 b/d (to 4.47mn b/d) is the lowest this year. Meanwhile, the EIA’s forecasts for 2016 and 2017 in its latest Short Term Energy Outlook are up by 120,000 b/d and 110,000 b/d on those made the previous month (see ch...
Volume: 59Issue: 34Published at Fri, 26 Aug 2016 -
Iraq Cuts 2017 Project Spending
...Iraq’s Planning Ministry has axed 296 projects worth $9bn and postponed a further 2,169 worth $31bn from the 2017 investment budget in a bid to slash public spending, ministry spokesman ‘Abd al-Zahra al-Hindawi says. At the same time Baghdad needs to secure funding for some 4,500 ongoing pr...
Volume: 59Issue: 34Published at Fri, 26 Aug 2016 -
Oman’s Sohar $2.1bn Refinery Expansion Schedule Pushed Back
...mmissioning its expanded Sohar refinery until the first quarter of 2017, having initially aimed to have the plant ready to begin commercial operations by the end of 2016. The refinery’s crude processing capacity is being expanded from 116,000 b/d to 197,000 b/d by UK’s Petrofac and Korea’s Daelim under a $2....
Volume: 59Issue: 33Published at Fri, 19 Aug 2016 -
SEC Identifying Sites For Solar Plants, Sanctions 300MW Renewables Program
...CC 50 2017 SEC Waad Al-Shamal (1.39GW) ISCC 50 2018 SE...
Volume: 59Issue: 33Published at Fri, 19 Aug 2016 -
New Iraqi Oil Minister Sets Out Priorities
...l production if it’s going to substantially boost its oil revenues. But this doesn’t look like occurring any time soon. UAE’s Taqa announced last week that first oil at the Atrush field – planned for 30,000 b/d – might slip into Q1 2017. Taqa is partnered with US-firm Marathon and Canada’s Sh...
Volume: 59Issue: 33Published at Fri, 19 Aug 2016 -
GCC Fiscal Reforms: Long Overdue And A Long Road Ahead
...arter of this year. The agreement paves the way for the introduction of these taxes in the GCC from 1 January 2017, for excise duty, and 1 January 2018, for VAT, respectively. The introduction of a GCC-wide VAT of 5% in 2018 will play a central role in supporting revenue diversification, however the li...
Volume: 59Issue: 33Published at Fri, 19 Aug 2016 -
Dana Gas Eyes Further Egyptian Production Gains
...unterclaim will be held by the court in early September. A further hearing for the level of damages will take place. A date has yet to be confirmed, but Mr Allman-Ward expects it to be in 4Q16 or Q1 of 2017. The English High Court last year ordered the KRG to pay $100mn of this, and Mr Allman-Ward told th...
Volume: 59Issue: 33Published at Fri, 19 Aug 2016 -
IMF Loan To Egypt Will Need To Be Supplemented With Serious Reforms
...though the country had not received any grants since last year. Mr Garhy for his part, noted that the negotiations with the IMF should be seen in conjunction with the government’s growth and reform plan for the periods 2016-17 and 2017-18, as well as that for Egypt’s 2030 vision. He acknowledged the ma...
Volume: 59Issue: 33Published at Fri, 19 Aug 2016 -
Iran Struggles To Reduce Cash Subsidies Outlay
...at those whose annual income exceeds IR350mn ($10,000) are classified as being in high income brackets and should be removed from the list by the end of the current fiscal year ending on 20 March 2017. Mohammad Nobakht, head of the Management and Planning Organization, argued then that the $10,000 cu...
Volume: 59Issue: 33Published at Fri, 19 Aug 2016 -
Eni Output Down In Q2 But On Course To Meet 2015 Levels
...ws (MEES, 5 August). For instance, on 24 May it declared force majeure on the Brass River crude stream following a pipeline attack. Speaking on the firm’s 29 July Q2 earnings call, CEO Claudio Descalzi attempted to paint a positive picture for investors, looking ahead to 2017 when the firm ex...
Volume: 59Issue: 32Published at Fri, 12 Aug 2016 -
KRG Struggling To Make IOC Payments As Prepayments Dry Up
...s committed to. Production is expected to average around 5,000 b/d in the second half of the year. The Sarqala-2 well will provide an output boost, but won’t be spudded until H1 2017. There has been no update on Western Zagros’ other Kurdistan asset, the Repsol-operated Kurdamir block. A field de...
Volume: 59Issue: 32Published at Fri, 12 Aug 2016 -
Iran Lines Up Linde To Design Cracker In Giant 12th Olefin Complex
...% by private firm Parsian Oil and Gas, 40% by the government’s Teachers Investment Fund and 2% by private investment firm Hamun Sepahan. Work on the 12th Olefin plant was originally intended to start in 2012, with a view to production start-up in 2017. However, state-owned National Petrochemical Co...
Volume: 59Issue: 32Published at Fri, 12 Aug 2016 -
Morocco Wind Farm Award
...the European Bank for Reconstruction and Development (EBRD). EBRD and Banque Marocaine du Commerce Exterieur (BMCE) provided €126mn ($140.9mn) in equal tranches (MEES, 13 November 2015). Vestas says that delivery of the turbines is scheduled for the second quarter of 2017, with commissioning ex...
Volume: 59Issue: 32Published at Fri, 12 Aug 2016 -
Temporary Oil Market Balancing Offset by Record Stocks
...mporary. Not just is supply set to overtake demand again in Q4 as refinery maintenance steps up, but the IEA has revised down its expected demand growth rate for 2017 on the back of weakening global economic growth forecasts. The IEA’s July Oil Market Report (OMR) expects demand growth of 1.42mn b/d this ye...
Volume: 59Issue: 32Published at Fri, 12 Aug 2016 -
Algeria’s Trade Balance Worsens As Government Ponders Austerity Policy
...onomy, including renewable energy sources, agro-industries, and hydrocarbon and mining downstream industries, the cabinet statement said. The Finance Ministry projects growth at 3.5% in 2016 and 4% in 2017, under the new model. Algeria has already taken some austerity measures by cutting energy su...
Volume: 59Issue: 32Published at Fri, 12 Aug 2016 -
Algeria: In Amenas Gas Boost But Oil Set For Further Slide
...oject is the Central Areas Field Complex in the Berkine Basin: operator Eni on 29 July reiterated that it “expects” the 44,000 b/d project to start-up in 2017. As for key current fields, latest figures for gross liquids output from the Anadarko-operated facilities in the Berkine Basin that process ou...
Volume: 59Issue: 31Published at Fri, 05 Aug 2016