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Sonatrach And Gazprom Revive LNG Supply Talks
...reements with Italian importers such as Eni to slash shipments through the Trans-Mediterranean pipeline linking Algeria and Italy in order to cut costs until the end of 2014 (MEES, 10 October 2014). Shipments have edged higher so far this year but remain at only 30% of 2010 levels (see graph). However, th...
Volume: 58Issue: 09Published at Fri, 27 Feb 2015 -
Egypt Inks More LNG Import Deals
...AS for five years under a deal signed in November last year (MEES, 7 November 2014). A second FSRU will also be moored at Ain Sukhna in July but as yet no announcement has been made regarding the firm which will supply it. EGYPT LNG IMPORT DEALS Company Si...
Volume: 58Issue: 09Published at Fri, 27 Feb 2015 -
Qatar Looks To Adapt Amid Shifting Global LNG Landscape
...en as an alternative to imports of pipeline gas from Iran (MEES, 28 February 2014). With a potential easing of international relations with Tehran, Qatar also seems to be preparing the ground for potential competition with its neighbor in the longer term. LOWER FIXED PRICES; A SIGN OF THINGS TO CO...
Volume: 58Issue: 09Published at Fri, 27 Feb 2015 -
Qatar Hydrocarbons Sector In Temporary Lull
...ctor will account for more than half of nominal GDP, with its share rising further in 2016,” it says in its recently-released economic outlook report for 2014-16. The ministry predicts that Qatar’s GDP growth will top 7% for both 2015 and 2016, after posting 6.3% growth for 2014. Hydrocarbon ou...
Volume: 58Issue: 09Published at Fri, 27 Feb 2015 -
Saudi Arabia Aims For Key Role In Global Products Supply With $20Bn Jazan Plans
...ans for the region’s development, that the idea is to create value from the country’s oil and gas reserves, to serve as the engine for growth in the industrial sector rather than rely solely on crude oil exports. Latest official data submitted to the Joint Organizations Data Initiative (JODI) for 2014...
Volume: 55Issue: 09Published at Fri, 27 Feb 2015 -
Saudi Refiners End Record-Breaking 2014 On A Crude Processing High
...SAUDI ARABIA Saudi Refiners End Record-Breaking 2014 On A Crude Processing High Saudi refineries processed a record 2.22mn b/d of crude oil in December, buoyed by the ramp-up of production at the 400,000 b/d Satorp refinery in Jubail (see p12). Further records will follow this year wi...
Volume: 58Issue: 09Published at Fri, 27 Feb 2015 -
Saudi Runs, Product Exports Hit Record As Downstream Push Continues
...e Yasref start-up takes overall Saudi CDU capacity to a record 2.9mn b/d. But with December’s throughputs only 76% of this, more records can be expected in the coming months. > Saudi Arabian crude output edged up to 9.71mn b/d in 2014, the second highest (after 2012) since production briefly to...
Volume: 58Issue: 09Published at Fri, 27 Feb 2015 -
Saudi Arabia 2014 Official Crude & Oil Products Output, Trade & Balance (‘000 B/D)
...Saudi Arabia 2014 Official Crude & Oil Products Output, Trade & Balance (‘000 B/D) 2014 14vs13 2013 2012 2011 2010 De...
Volume: 58Issue: 09Published at Fri, 27 Feb 2015 -
MENA Nuclear Program Expanding, But Some Preliminary Schedules Sliding
...rst nuclear reactor before 2029. Saudi Arabia, meanwhile, with plans for 16 reactors with combined capacity of 18GW to be brought online during 2022-32, has only recently announced its progress in preparing the required legislation for nuclear development (MEES, 10 October 2014). MENA NUCLEAR PO...
Volume: 58Issue: 09Published at Fri, 27 Feb 2015 -
Saudi Arabia’s Naimi Sees Market Calm
...0,000 b/d increase in oil output from Arab Gulf heavyweights Saudi Arabia, Kuwait and the UAE, in yet another sign that they will not cut back production to prop up oil markets. The latest data from the Riyadh-based Joint Data Initiative JODI shows that Saudi output edged up to 9.71mn b/d in 2014, the se...
Volume: 58Issue: 09Published at Fri, 27 Feb 2015 -
Warring South Sudan Factions In Last-Chance Saloon
...e twin threats of the falling oil output and the sharp decline in global oil prices. Oil accounted for 99% of South Sudan’s 2014 exports, 95% of state revenues and about one half of GDP, according to IMF figures. Brent crude, against which South Sudan oil exports are priced, is currently trading at...
Volume: 58Issue: 09Published at Fri, 27 Feb 2015 -
Gulf Keystone ‘For Sale’ Amid Kurdish Cash-Flow Woes
...s no guarantee that any offers would be received or any transaction concluded. LOAN REPAYMENT DUE Perhaps critical to the timing of the ‘for sale’ announcement is that the first tranche of repayment of a $250mn loan secured in April 2014 is due in April this year. The financing is intended to...
Volume: 58Issue: 09Published at Fri, 27 Feb 2015 -
Atlantic Drilling
...MAURITANIA/MOROCCO Atlantic Drilling US firm Kosmos is pressing on with plans to spend $300mn drilling four 2014 wells deepwater Morocco and Mauritania. CEO Andy Inglis, speaking on the firm’s 23 February results conference call, says that drilling of the Al Khayr prospect (1bn boe 2P...
Volume: 58Issue: 09Published at Fri, 27 Feb 2015 -
Syria’s Economic Hardships Intensify With Fuel Shortage
...ude production from the government-controlled areas slumped to 9,325 b/d in 2014, or a mere 2.4% of 385,000 b/d output before the start of uprising in March 2011. Syria’s imports of crude oil in the first nine months of 2014 were estimated at 124,600 b/d, according to The Syria Report. The tiny oi...
Volume: 58Issue: 09Published at Fri, 27 Feb 2015 -
Egypt’s Qalaa Raises Capital
...th majority stakes in its core infrastructure and industrial investments. In 2014 Qalaa raised its capital to E£8bn ($1.05bn) from E£3.64bn ($478mn). According to Qalaa’s chairman Ahmad Heikal, the time is right to complete the company’s transformation through the acquisition of additional stakes in...
Volume: 58Issue: 09Published at Fri, 27 Feb 2015 -
Lebanon Launches ‘Largest Ever’ $2.2Bn Eurobond
...a low cost, given that a 10-year bond in local currency would be priced at 7.46%. DEBT BURDEN TO EASE According to the minister, total debt stood at $66.5bn at the end of 2014, 62% of which is denominated in Lebanese Pounds, and the remaining 38% in foreign currency. He forecasts that the de...
Volume: 58Issue: 09Published at Fri, 27 Feb 2015 -
Dubai’s DEWA Adding 700mw, Repays $1bn
...ndering for the 1.2GW Hassyan coal-fired plant, which will comprise two 600MW units due online in 2020 and 2021 (MEES, 19 September 2014). DEWA, meanwhile, says in a Nasdaq Dubai filing that it plans to repay a $1bn bond that matures in April out of its own cash reserves. The filing says DEWA’s ne...
Volume: 58Issue: 09Published at Fri, 27 Feb 2015 -
Saudi Arabia: How Long Will Its Buffers Last If Oil Prices Stay Low?
...at comes at the expense of oil prices – the policy which won out at OPEC’s November meeting (MEES, 28 November 2014). In this context, Saudi Arabia’s high reliance on petroleum for export earnings and budget revenues has brought the sustainability of its external and fiscal positions under the sp...
Volume: 58Issue: 09Published at Fri, 27 Feb 2015 -
Benchmark Crude Prices ($/B)
...Benchmark Crude Prices ($/B) 26-Feb 16-20 Feb 9-13 Feb Jan-15 Dec-14 Q4 2014 Q3 2014 2014...
Volume: 58Issue: 09Published at Fri, 27 Feb 2015 -
Iraq Considers Production-Sharing For New Acreage
...at the state cannot take on at this time. Foreign investors need incentives to enter into exploration contracts that offer higher rewards, he says. Iraq, which according to BP’s 2014 Statistical Review of Energy has the world’s fifth largest oil reserves –some 150bn barrels – has since the fall of...
Volume: 58Issue: 08Published at Fri, 20 Feb 2015