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Hyundai Awards Subcontracts For Abu Dhabi’s Mirfa
...rfa IWPP project in Abu Dhabi. Hyundai E&C, Hyundai Engineering and Italy’s Ansaldo are building the plant for Mirfa IWPP partners Abu Dhabi Water and Electricity Company (ADWEC) and France’s GDF Suez, under a $988mn EPC contract (MEES, 11 July 2014). Atkins will provide civil design review an...
Volume: 58Issue: 07Published at Fri, 13 Feb 2015 -
IEA Slashes Non-OPEC Supply Growth projections
...ually sharp corrections” that have rocked the market every 10 years or so – this time, the circumstances are different, the Agency argues, as “US light tight oil has changed the rules of the game.” The Paris-based IEA now sees oil supply from countries outside OPEC growing by 3.4mn b/d from 2014 le...
Volume: 58Issue: 07Published at Fri, 13 Feb 2015 -
Now Or Never For Iran Oil As US Cranks Up The Rhetoric
...rgeted investments in oil, gas and petrochemicals projects – encompassing banking and insurance transactions – and more recently third-country purchases of Iranian crude, which as a result, have tailed off dramatically over the past two years: total imports of Iranian oil were at just 1.1mn b/d in 2014, do...
Volume: 58Issue: 07Published at Fri, 13 Feb 2015 -
Saudi Arabia Wakes Up To Yemen Threat
...onomy (MEES, 19 December 2014). NEXEN TO QUIT Oil and gas operations in Marib, Shabwa and Hadhramaut provinces have continued, though intermittently, as a result of the crisis. Canadian independent Nexen is set to become the latest oil company to relinquish acreage following similar moves by Dove En...
Volume: 58Issue: 07Published at Fri, 13 Feb 2015 -
Abu Dhabi Plays High Stakes Oil Game
...urces say the numbers being touted are in the right ballpark. WILL MAJORS, NOCs STUMP UP THE CASH? Abu Dhabi is holding out for the big bucks in the knowledge that what it is offering is unique in the industry. The new concession, which replaces a 70-year license that expired in January 2014, of...
Volume: 58Issue: 07Published at Fri, 13 Feb 2015 -
Mauritania Exploration: One Step Forward, Two Steps Back
...llow has shares in ten blocks offshore Mauritania, seven of which it operates. But it now plans no further exploration drilling for the foreseeable future. Development of its 1.5 tcf Banda prospect has been shelved, and it is selling a stake in another block. Tullow’s 2014 results on 11 February we...
Volume: 58Issue: 07Published at Fri, 13 Feb 2015 -
King Salman’s Social Package: A Likely Economic Stimulant
...if fiscal performance significantly weakens. The ratings could come under pressure if domestic or regional events compromised political and economic stability. The ratings agency adds that while in December 2014 it expected Brent oil prices to average $80/B in 2015 and $85/B in 2015-18, it now as...
Volume: 58Issue: 07Published at Fri, 13 Feb 2015 -
Egypt’s Economy Begins To Turn The Corner
...Sharm al-Shaikh. Egypt is expecting to attract sizeable foreign direct investment at the event, to boost its ailing economy. With the successful implementation of these policies and confidence in recovery, the IMF is projecting growth to reach 3.8% in 2014-15, and edge up to 5% over the medium-te...
Volume: 58Issue: 07Published at Fri, 13 Feb 2015 -
Morocco Advances Subsidy Reform
...with an earlier 2012 PLL, the Moroccan authorities say they intend to treat this arrangement as precautionary, and have no plans to draw on it, unless the country experiences actual balance of payments needs from a deterioration of external conditions. Morocco’s fiscal deficit fell in 2014 to 4....
Volume: 58Issue: 07Published at Fri, 13 Feb 2015 -
Thailand 2014 Crude Imports: UAE And Saudi Arabia Remain Top Of The Pile But Volumes Fall (‘000 B/D)
...Thailand 2014 Crude Imports: UAE And Saudi Arabia Remain Top Of The Pile But Volumes Fall (‘000 B/D) 14vs13 14...
Volume: 58Issue: 07Published at Fri, 13 Feb 2015 -
Benchmark Crude Prices ($/B)
...Benchmark Crude Prices ($/B) 12-Feb 2-6 Feb 26-30 Jan Jan-15 Dec-14 Q4 2014 Q3 2014 2014...
Volume: 58Issue: 07Published at Fri, 13 Feb 2015 -
Palestinian Economic Growth Stalls
...PALESTINE Palestinian Economic Growth Stalls Economic activity in Palestine contracted by nearly 1% in real terms in 2014, the IMF says, on the back of mounting political tensions in the West Bank, and the war in Gaza. This represents the first year-on-year contraction since 2006, and co...
Volume: 58Issue: 06Published at Fri, 06 Feb 2015 -
BG Slashes Egyptian Spending As Production Plummets
...s overall capital expenditure (capex) budget to around $6bn, almost half that of 2013’s $11.2bn and down some 30% from 2014’s figure of $9.2bn. The firm has faced a double whammy of reduced reservoir performance, meaning lower wellhead volumes, and increased diversions of its gas output to the do...
Volume: 58Issue: 06Published at Fri, 06 Feb 2015 -
Iran Oil Shipments Up 15% In 2014 As China, India Overlook Limits
...IRAN Iran Oil Shipments Up 15% In 2014 As China, India Overlook Limits Intakes of Iran’s crude oil and condensate rose around 15% year-on-year in 2014, despite still being under sanctions, as its two biggest customers China and India looked to take advantage of an improved diplomatic at...
Volume: 58Issue: 06Published at Fri, 06 Feb 2015 -
Morocco Looking To Boost Gas Output
...lfsands last November entered into a strategic partnership with Arawak “to jointly acquire projects in the MENA region,” which Gulfsands would operate with 30%, while Arawak would hold a 70% stake and will provide financing (MEES, 28 November, 2014). Through this, Gulfsands could pursue “projects that mi...
Volume: 58Issue: 06Published at Fri, 06 Feb 2015 -
Bapco, Aramco Invite Sitra Pipeline Proposals
...finery currently processes around 45,000 b/d of crude from Bahrain’s Awali field and crude arriving via a 230,000 b/d capacity 54km pipeline from Dhahran in Saudi Arabia to Sitra. Bapco aims to complete the new pipeline well ahead of commissioning of the refinery expansion (MEES, 24 October 2014)....
Volume: 58Issue: 06Published at Fri, 06 Feb 2015 -
South Korean LNG Imports: Qatar Cements Top Position In 2014
...South Korean LNG Imports: Qatar Cements Top Position In 2014 2014 2014 vs 2013 2013 2012 2011 ‘00...
Volume: 58Issue: 06Published at Fri, 06 Feb 2015 -
Suez Canal Record Revenue And Volumes For 2014 (‘000 Tons)
...Suez Canal Record Revenue And Volumes For 2014 (‘000 Tons) 2014 vs 2013 vs2010 2013 2012 20...
Volume: 58Issue: 06Published at Fri, 06 Feb 2015 -
Sadara Nears Completion, Recruiting Processors For PlasChem Park
...lowing the production of specialty chemicals not previously available within the region. Among these will be 600,000 t/y of isocyanates, which can be combined with polyols (Sadara will produce 390,000 t/y of polyether polyols) to produce polyurethanes (MEES, 21 March 2014). Polyurethanes are one of th...
Volume: 58Issue: 06Published at Fri, 06 Feb 2015 -
UAE Targets Improved Efficiency ‘Throughout Electricity Value Chain’
...r capita energy consumption among the highest in the world, the emirates’ Ministry of Energy has set a target of improving energy efficiency by 30% by 2030 (MEES, 26 September 2014). Abu Dhabi-based Masdar Institute of Science and Technology and US electrical engineering giant GE have produced a wh...
Volume: 58Issue: 06Published at Fri, 06 Feb 2015