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UAE: Bonds Not Needed
...UAE UAE: Bonds Not Needed The UAE has no urgent need to issue federal bonds, the Minister of Finance and Dubai Crown Prince Shaikh Hamdan bin Rashid al-Maktum said on 22 February at a press conference to review the 2014 budget. But he said that the government, together wi...
Volume: 57Issue: 09Published at Fri, 28 Feb 2014 -
Italy’s Eni In New Tirade Against Iraq Contract
...pay them around $12.5bn in 2014, he said. The efforts of the foreign oil companies since the first and second oil auctions were held in 2009-10 have helped to raise oil production capacity to levels above 3mn b/d from just over 2mn b/d before 2010. Exports are expected to average 2.7mn b/d th...
Volume: 57Issue: 09Published at Fri, 28 Feb 2014 -
Iran Cuts Gasoline Additives
...ORDC, petrochemical components in gasoline are polluting and don’t meet standards. This gasoline will not be distributed in Tehran any more. Based on an agreement with the government for the next Iranian year [beginning 21 March 2014], no more gasoline will be received from petrochemical plants,” Mr Za...
Volume: 57Issue: 09Published at Fri, 28 Feb 2014 -
DNO Plan New KRG Pipeline, Targets 270,000 b/d End-2014 Output
...t to ramp up its exploration and appraisal program in 2014 after achieving yet another production milestone at Tawke. Bijan Mossavar-Rahmani, DNO’s Executive Chairman, said after announcing fourth quarter and provisional full 2013 results that Tawke had established a single day record for de...
Volume: 57Issue: 09Published at Fri, 28 Feb 2014 -
DNO Posts Mediocre ’13
...REGIONAL DNO Posts Mediocre ’13 Whilst work to fully commercialize the company’s 1bn barrel Tawke field in the KRG dominates DNO’s 2014, it also plans exploration wells in Oman and Tunisia this year. In Tunisia, DNO will focus on commercializing existing discoveries in th...
Volume: 57Issue: 09Published at Fri, 28 Feb 2014 -
Saudi Arabia On Track For 26% Refining Capacity Hike This Year
...eration. The new plants will add to 2.1mn b/d of capacity at seven fully operational refineries and 200,000 b/d at the first Satorp CDU, which was started up last year (MEES, 13 September 2013). This will take Saudi Arabian refining capacity to almost 3mn b/d by the end of 2014 (see table 1). Rising do...
Volume: 57Issue: 09Published at Fri, 28 Feb 2014 -
Iraq: Al-Sadr Withdrawal Realigns Shi’a Alliances Prior To Parliamentary Poll
...the failure of his economic policies. The 2014 draft budget (yet to be approved by parliament) is around $150bn, with a projected deficit of $30bn (MEES, 31 January). Some 93% of the public budget depends on oil revenue, according to IMF figures. Around 63% of public budget expenses are allotted to...
Volume: 57Issue: 09Published at Fri, 28 Feb 2014 -
Saudi Arabia, Qatar And The Pakistani Prize
...the deadline to build its section of the line (MEES, 7 February). Iran’s Oil Ministry has stuck to its guns however, saying this week that Pakistan is “contractually obliged” to complete its side of the project by the (wholly unrealistic) original December 2014 deadline. Long-Term Ta...
Volume: 57Issue: 09Published at Fri, 28 Feb 2014 -
Libya: Power Outages, Power Vacuum
...at wave. It is hardly a good time for power plants to fall into further disrepair. Libya’s government has so far failed to approve a budget for 2014, and admitted to curbing spending at several ministries, as income is reduced by the continued blockage of oil exports that is slashing re...
Volume: 57Issue: 09Published at Fri, 28 Feb 2014 -
Mauritania Hopes To Open New Atlantic Frontier
...rldwide. Banda Advances Meanwhile a positive final investment decision on the Banda offshore gas to power project, the other key element of Mauritania’s hoped for hydrocarbons renaissance, “is expected by the second quarter of 2014,” Premier Oil said on 27 February. First production is slated for 20...
Volume: 57Issue: 09Published at Fri, 28 Feb 2014 -
Iran Advances Subsidies Reform
...ipulated minimum will have to pay a penalty of three times the amount of the subsidies received. $2bn Savings The government expects the reform to translate into savings of IR480,000bn ($19.2bn) over the 2014-15 Iranian year. However, almost 90% of these ‘savings,’ some IR425,000bn ($17bn), has be...
Volume: 57Issue: 09Published at Fri, 28 Feb 2014 -
Egypt Banks: Moody’s Wary
...pply 150,000 tons of gasoline and diesel every month with effect from 1 March until the end of 2014, as part of the Kuwaiti grant to Egypt. Dimian Heads Finance Minister Prime Minister Ibrahim Mahlab has appointed Hani Qadri Dimian as Finance Minister, replacing Ahmad Jalal. Mr Dimian was as...
Volume: 57Issue: 09Published at Fri, 28 Feb 2014 -
Groundhog Day In Iraqi Kurdistan: Oil Exports Stall, Again
...rder. Genel Admits Delay Mr Hayward’s remarks contrast with a more optimistic forecast he made in November last year, when he said that full commissioning of the pipeline would be complete by the end of 2013, allowing full exports to start in early 2014. Since early January, only crude oil from th...
Volume: 57Issue: 08Published at Fri, 21 Feb 2014 -
Jordan Takes Plunge With Israel Gas Deal
...ich earlier this month secured a 25% stake in the Leviathan consortium, said on 19 February that the Leviathan joint venture expected to start front end and engineering work on the FLNG project some time in 2014. Woodside CEO Peter Coleman told a briefing after announcing annual results that a fi...
Volume: 57Issue: 08Published at Fri, 21 Feb 2014 -
Egypt Boosts Gas Offering As Receivables Fall
...ma’il told Bloomberg that the first of several cargos of imported liquefied natural gas (LNG) for 2014 will arrive before the summer, and negotiations over a floating import terminal are in the final stages. LNG imports will continue for a period of up to five years starting in 2015, the minister sa...
Volume: 57Issue: 08Published at Fri, 21 Feb 2014 -
Libya: Political Process Still Holds Hope
...the near term, with periodic spikes in violence probable. 2014: Gloomy Outlook For Iocs Mr Howard’s outlook is mirrored by oil companies active in Libya. Italy’s Eni, which has been affected by the disruption of gas supplies from Wafa this month, and saw its crude shut in at El Feel last ye...
Volume: 57Issue: 08Published at Fri, 21 Feb 2014 -
Iraq Hopes Japan Loan Will Help Ease Export Constraints
...5mn b/d, as bad weather and work to clear sunken vessels delayed tanker loadings. Iraq has calculated revenues for its 2014 draft budget on the basis of 3.4mn b/d of oil exports, including 400,000 b/d of Kurdish oil. However, given that current exports are languishing at levels close to January’s 2....
Volume: 57Issue: 08Published at Fri, 21 Feb 2014 -
Saudi Arabia Increases Asian Focus With Japan Oil Storage Deal
...bsidiary, for the sale of shares in the companies containing the retail, supply and distribution logistics and aviation businesses in Italy. The sale, the commercial terms of which remain confidential, is subject to regulatory approval and is expected to be completed by 2014, Shell said. Under the ag...
Volume: 57Issue: 08Published at Fri, 21 Feb 2014 -
Oman Needs To Sell Assets Or Borrow
...OMAN Oman Needs To Sell Assets Or Borrow Oman may have to turn to selling its foreign assets, or borrowing on the international market, to sustain its government spending, should oil prices slide, an article in the January-February 2014 issue of the Central Bank of Oman’s (CB...
Volume: 57Issue: 08Published at Fri, 21 Feb 2014 -
Saudi Reserves Hit $753Bn But Trade Surplus Falls
...udi economy, notes that the growth in the 2013 reserve accumulation is lower than in 2012 and 2011, a reflection of a 7% decline in oil export revenues and a high appetite for imports which rose 8% in value last year. Looking ahead, Samba is forecasting an increase in foreign assets to $823bn in 2014...
Volume: 57Issue: 08Published at Fri, 21 Feb 2014