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Iran’s Banking Reforms Delayed By Government Bickering
....6bn in August 2013. The cabinet in January approved the allocation of $3.8bn from the CBI’s surplus assets to reduce the government debts to a number of banks. Meanwhile the CBI has ordered all banks to draw up annual financial statements by 20 March 2017 in accordance with International Financial Re...
Volume: 60Issue: 06Published at Fri, 10 Feb 2017 -
Dubai Seeks $3bn Airports Loan
...sorting to borrowing to ensure that key projects keep moving. The emirate’s 2017 budget projects a small deficit of $681mn, or 0.6% of Dubai’s GDP, unlike previous years of balanced budgets (MEES, 13 January). Dubai is pressing on with plans to boost its already flourishing tourism sector by aiming to at...
Volume: 60Issue: 06Published at Fri, 10 Feb 2017 -
Qatar: No Need For New Bonds
...Qatar may not need to issue an international bond in 2017 as pressure on the emirate’s state finances is easing, Finance Minister Sharif al-‘Imadi said this week. The minister added that with oil prices “close to breakeven levels,” though a new bond issue remains an option for 2017, no de...
Volume: 60Issue: 06Published at Fri, 10 Feb 2017 -
Oil Markets: A Turn Away from Trade?
...ternational oil trade, which has made petroleum the model of a highly functional global market. The 2015 lifting of the US ban on crude oil exports may go down in history as the capstone of the era of global oil trade (MEES, 23 December 2016). As we sit here in 2017, two developments threaten that mo...
Volume: 60Issue: 06Published at Fri, 10 Feb 2017 -
Egypt Plots Upstream Revival, If It Can Find The Cash
...,500 b/d for 2017 as a whole with a planned $40mn capex spend. Its receivables had fallen to $14.4mn by September 2016, down from a peak of $216mn in Q3 2014. The firm expects to recoup between $15-$17mn from the sale of 350,000 barrels of oil production in Q1 this year, implying around $45/B, or a $10...
Volume: 60Issue: 05Published at Fri, 03 Feb 2017 -
Algeria’s Sonatrach Lines Up Majors For Petchems Projects
...d 9 bcm/year (870mn cfd) of output by the end of 2017. However, Sonatrach’s petchems plans – if all occurred as planned – would add over 650mn cfd to Algeria’s gas-based feedstock requirement by 2021. This need for gas, coupled with a major capital requirement, will likely thwart any rapid pe...
Volume: 60Issue: 05Published at Fri, 03 Feb 2017 -
Oman Lines Up 11 Companies For Misfah Power Project, Eyes Import Options
...ectricity generated and expects the project to be ready for operation in the third quarter of 2017. ROOFTOP SOLAR Oman is also looking to encourage building owners to install small-scale solar photovoltaic (PV) systems – typically these are installed on rooftops – so they can meet their own power ne...
Volume: 60Issue: 05Published at Fri, 03 Feb 2017 -
Opec Cuts: US Shale The Early Winner
...ot in the arm as majors and US-focussed independents begin to announce their 2017 spending plans. As recently as September, the IEA was flagging up the potential for a third straight year of capex cutbacks in 2017 (MEES, 16 September). But the mood has shifted markedly, partly due to the jump in pr...
Volume: 60Issue: 05Published at Fri, 03 Feb 2017 -
Services Firms See Light At End Of Tunnel, In US At Least
...lliburton lost $53mn while Baker Hughes lost $14mn. But Mideast resilience is last year’s news. For 2017 the firms’ focus is back on the US, and the Permian shale formation in particular (see p8). US REBOUND TO BOOST PROFITS… Schlumberger says it expects an increase in upstream and E&P activity th...
Volume: 60Issue: 05Published at Fri, 03 Feb 2017 -
Kuwait Budgets For Lower Deficit In 2017-18
...Kuwait projects a healthy 30% revenue hike for the 2017-18 financial year (beginning 1 April). The deficit will fall by 18.4% from the 2016-17, according to preliminary details on the state budget approved by the Kuwait cabinet this week. The budget still has to go before parliament, which ca...
Volume: 60Issue: 05Published at Fri, 03 Feb 2017 -
Egypt Bonds: Looking East
...murai bonds,” without specifying how much his country will seek to borrow. Mr Garhy says the proceeds of January’s bond issue, which was more than three times oversubscribed, has helped his ministry to plug the budget gap for both the current 2016-17 fiscal year (ending June 2017) and part of the an...
Volume: 60Issue: 05Published at Fri, 03 Feb 2017 -
Thai Crude Imports 2016 (000 B/D): Record Opec Volumes, Saudi Closes On Uae As Top Supplier
...*OPEC NUMBERS INCLUDE INDONESIA FOR 2007, 2008 AND 2016 ONLY. INDONESIA'S MEMBERSHIP WAS SUSPENDED FROM 1 JANUARY 2017. ^CHANGES EXPRESSED ON A PERCENTAGE POINT BASIS. SOURCE: THAI CUSTOMS, MEES CALCULATIONS. RECORD 2016 OPEC SHARE IS PARTLY THANKS TO IN...
Volume: 60Issue: 05Published at Fri, 03 Feb 2017 -
Kufpec Shells Out In Thai Expansion
...ere first oil is expected in the second quarter of 2017, and 9.4% in the Sleipner West producing field. Kufpec says the new Norwegian assets add 46mn boe of net reserves with 9,000 boe/d of production backdated to 2016 and with production expected to rise to 13,000 b/d once Gina Krog comes on...
Volume: 60Issue: 05Published at Fri, 03 Feb 2017 -
Egypt Looks To New Gas Finds To Ease Record Energy Deficit
...ping deficit that will likely get worse this year, Cairo is sticking with ambitious 2017 target start-up dates for its two key gas output expansion projects. Needless to say, gas output of 4.31bn cfd for 2015 was at a 10-year low; it has already fallen further, to 4.07bn cfd, and will almost certainly av...
Volume: 59Issue: 08Published at Fri, 26 Feb 2016 -
Algeria Boosts Its Share In Spain’s Gas Imports In 2015
...taling 2.67mn t/y, with Iberdrola, Endesa and Cepsa. The 0.75mn t/y contract with Iberdrola is expected to expire in 2017, with the other two set to end in 2022. SKIKDA STILL OUT Algeria’s 4.5mn t/y Skikda LNG complex remains out of action for maintenance, according to reports. The mega train was ru...
Volume: 59Issue: 08Published at Fri, 26 Feb 2016 -
Algeria’s Sonelgaz Eyes Foreign Loans To Bridge $10bn Funding Gap
...nerators and petrochemicals producers, not to mention export customers. However, gas supply prospects received a welcome boost last week with the start-up of four fields in the Southern Fields expansion program at In Salah. These are slated to provide a gross addition of 4.5 bcm/year by 2017, though th...
Volume: 59Issue: 08Published at Fri, 26 Feb 2016 -
IEA Warns Of Future Price Spike As Opec Divisions Deepen
...The supply glut of crude oil is set to extend into 2017 due to the resilience of non-Opec production, according to the IEA’s 2016 Medium Term Oil Market Report (MTOMR), released 22 February. But with global production capacity growth slowing over the report’s 2015-21 timeframe due to in...
Volume: 59Issue: 08Published at Fri, 26 Feb 2016 -
Middle East Refiners To Add 2.3mn B/D Capacity By 2022-IEA
...pected to complete its 146,000 b/d Ras Laffan 2 condensate splitter, while the 81,000 b/d expansion of Oman’s Sohar refinery – officially due for 2016 start-up – is expected “around 2017.” Saudi Arabia’s next big refinery, a 400,000 b/d plant at Jazan, is still slated for 2018 but “could well be delayed” as...
Volume: 59Issue: 08Published at Fri, 26 Feb 2016 -
Egypt Tying Up Deals For $2.2bn Dairut Power Plant
...art-up during 2017-20 (MEES, 29 January). Turbines for the three 4.8GW plants are being provided by Germany’s Siemens, under an €8bn ($8.81bn) contract. German trade credit insurance agency Euler Hermes is underwriting a €4.1bn, 12-year loan to the Egyptian government to help fund the Siemens de...
Volume: 59Issue: 08Published at Fri, 26 Feb 2016 -
East Mediterranean Gas Faces Crucial 2016
...ant. The tender sought gas volumes rising from 19.5-30.4 trillion BTU in the first year to 25-43 trillion BTU by 2025. According to the terms of the tender, first gas was to be delivered between 1 January 2016 and 30 June 2017 although, with Cyprus currently lacking gas infrastructure of any sort these da...
Volume: 59Issue: 07Published at Fri, 19 Feb 2016