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Qatar Records Fourth Consecutive Budget Surplus For 2024
...20 AND THE LARGEST SINCE 2017 ($BN) *APRIL-MARCH FINANCIAL YEAR UNTIL 2016. SOURCE: MOF, MEES. 2: STATE SPENDING ON PUBLIC SECTOR SALARIES IN QATAR SURPASSED CAPEX FOR THE FIRST TIME IN 2024 ($BN) Graph *APRIL-MARCH FINANCIAL YEAR UNTIL 2016. SOURCE: MOF, MEES....
Volume: 68Issue: 06Published at Fri, 07 Feb 2025 -
Oman’s Key Fields Hit By 2023 Output Constraints
...p created by ‘voluntary’ Opec+ cuts (MEES, 7 April 2023). KHAZZAN’S FIRST SLIP Oman’s gas output capacity gains of recent years began with the 2017 start-up of the massive Khazzan tight gas field on Block 61 (BP 40%op, OQ 30%, PTTEP 20%, Petronas 10%: MEES, 7 July 2023). But for th...
Volume: 67Issue: 07Published at Fri, 16 Feb 2024 -
Cairo Launches $10bn Privatization Drive In Bid To Plug Financing Hole
...ile Egypt agreed to hand over the two islands in 2017 in a deeply unpopular move (MEES, 4 August 2017), it has yet to finalize the deal. EGYPTIAN STATE-OWNED ENTITIES SLATED FOR 2023 PRIVATIZATION *NREA (NEW AND RENEWABLE ENERGY AUTHORITY). **SCA (SUEZ CANAL AUTHORITY). ^CBE (CENTRAL BA...
Volume: 66Issue: 08Published at Fri, 24 Feb 2023 -
Kuwait’s KPC Suffers Steep Budget Cuts
...e third GCC member of Opec is on an altogether different path. Kuwait’s production capacity has been shrinking in recent years. State firm KOC, which is responsible for the bulk of Kuwait’s upstream operations, saw capacity decline from 3.15mn b/d for 2017/18 to 2.63mn b/d in 2020/21 (financial ye...
Volume: 66Issue: 06Published at Fri, 10 Feb 2023 -
Kuwait Plans ‘Extraordinary’ $87bn Budget For 2023-24
...6.83bn ($22.5bn). Still, absent a huge oil price shock, Kuwait still looks set to generate a sizable deficit next year. Financing the deficit will remain a challenge for Kuwait, which has been unable to raise debt since 2017 as parliament has repeatedly blocked a new debt law. TAPPING STATE EN...
Volume: 66Issue: 06Published at Fri, 10 Feb 2023 -
Egypt To Seek More IMF Aid Amid Growing Budget Deficit
...se. Preliminary figures for the first half of the current 2021-22 financial year (ie for 2H 2021) show subsidies and grants spending rising to E£136bn ($8.6bn), the highest first half figure since 2017-18 and up 36% from the 1H 2020-21 figure (see table and chart 1). Whilst comparing part year ac...
Volume: 65Issue: 05Published at Fri, 04 Feb 2022 -
Saudi Arabia’s Regional HQ Ultimatum Raises Eyebrows
...e first FII back in 2017 was designed to facilitate (MEES, 27 October 2017). Yet while the biggest corporate names have often flocked to FII, many have merely paid lip service to future investments in the kingdom, while instead seeking to themselves secure investments from Riyadh. Many of those fi...
Volume: 64Issue: 07Published at Fri, 19 Feb 2021 -
Egypt 2020-21 Fundraising Boosted By $3.75bn Bond
...$7bn for 2016-17 and 2019-20 and $6.5bn for 2017-18 and 2018-19, in order to plug its financing needs (see chart 2). Despite its successful exit from the fund’s three year program in 2019 (MEES, 21 June 2019), the pandemic has exacerbated the country’s financial plight and MEES understands Egypt wi...
Volume: 64Issue: 06Published at Fri, 12 Feb 2021 -
Egypt: BP Readies Raven
...ril 2017 (MEES, 15 March 2019). The condensate output should also help boost Egypt’s oil output which fell to a new 40-year low in November of 572,000 b/d (MEES, 29 January). ...
Volume: 64Issue: 05Published at Fri, 05 Feb 2021 -
Oman Oil & Gas Revenues Flatline in 2019
...roughputs. On the refining front, the completion of the Sohar refinery project in late 2017, enabled Muscat to increase key products (diesel, jet-kero, gasoline, LPG) output from 170,000 b/d to over 220,000 b/d (MEES, 26 January 2018). This, combined with slowing growth in domestic consumption, saw key pr...
Volume: 63Issue: 09Published at Fri, 28 Feb 2020 -
Kuwait LNG Imports Rise In 2019
...18, this would still fall shy of 2017’s record 3.5mn tons. Nearly 60% of Kuwait’s power capacity comprises from gas-fired plants, and upgrades here in recent years have enabled more efficient generation. As such Kuwait generated record amounts of electricity in 2019 (MEES, 14 February), despite ga...
Volume: 63Issue: 08Published at Fri, 21 Feb 2020 -
Algeria’s Sonatrach: New CEO, Same Old Challenges
...e jury is still out on whether a reduced tax take of around 20 percentage points will be enough to catch the attention of IOC cash (MEES, 10 January). 1: IN AMENAS OUTPUT HAS GRADUALLY FALLEN SINCE A LATE 2016 COMPRESSION PROJECT HELPED BOOST 2017 PRODUCTION TO AN 8.4BCM RECORD SOURCE: EQ...
Volume: 63Issue: 06Published at Fri, 07 Feb 2020 -
Egypt Raises $4bn Bond, Posts $10.4bn 2H18 Deficit
...6.7bn ($10.4bn) for the first six months of the 2018-19 financial year (July-December 2018), more or less unchanged from the E£187.3bn ($10.6bn) for the first half of the previous 2017-18 financial year. The 1H 2018-19 figures suggest that Egypt is likely to post a significantly lower deficit for 20...
Volume: 62Issue: 08Published at Fri, 22 Feb 2019 -
Petroceltic Threatens Legal Action Over Egypt Dues
...der to get them to pay their dues. But after investing hundreds of millions of dollars in Egypt and creating many jobs we have no choice,” the firm Tweeted on 12 February. The firm’s most recent filings for 2017 (filed October 2018) indicate that the company’s “trade and other receivables” soared fr...
Volume: 62Issue: 08Published at Fri, 22 Feb 2019 -
China Overtakes Germany, Now Libya’s No. 1 Customer
...aim the top spot. *China took just under a fifth of all Libyan volumes last year, recording a whopping 168% increase on 2017’s 65,000 b/d and topping the previous record on 147,000 b/d set in 2012 (MEES, 1 March 2013). *Traditional European customers Germany, Spain and Italy al...
Volume: 62Issue: 07Published at Fri, 15 Feb 2019 -
Europe’s Iran Payments Mechanism: Too Little, Far Too Late?
...vember-December nadir of 800,000 b/d, but it is difficult to imagine the total hitting much more than half of the 2.64mn b/d 2017 volumes (MEES, 25 January). IRAN: INTERNAL DIVISIONS Whilst there appears little chance of Instex taking off anytime soon, its launch has shone a light on...
Volume: 62Issue: 06Published at Fri, 08 Feb 2019 -
IMF To Kuwait: Cut Public Wage Bill, Boost Private Sector, Lessen Oil Dependence
...lf monarchies, Kuwait has talked a good game on the need to diversify its economy and increase the role of the private sector. But, as the IMF makes clear, achieving this necessitates reducing the relative attractiveness of public sector employment. Kuwait’s finances improved considerably in 2017 and 20...
Volume: 62Issue: 05Published at Fri, 01 Feb 2019 -
Jordan Plans Tax Hike To Cover Planned 2019 Deficit
...ministration made a big deal of its increased assistance to Jordan, but Mr Trump himself is a wild card and King Abdullah’s opposition to the US recognition of Jerusalem as Israel’s capital in late 2017 increased bilateral tensions. Meanwhile, in the Gulf, Saudi Crown Prince Muhammad bin Salman has also pl...
Volume: 62Issue: 05Published at Fri, 01 Feb 2019 -
Egypt Economy On Track But Long Road Ahead
...ys. Overall, the IMF expects annual growth to average “4.8% in 2017-18 and rise further to around 6% in the medium term.” By comparison, the economy grew 4.2% in 2016-17. Looking at selected macroeconomic indicators, Egypt appears to be “broadly on track.” Last year’s 4.2% growth exceeded the IM...
Volume: 61Issue: 08Published at Fri, 23 Feb 2018 -
Iran Scrambles To Stop Rial Depreciation, Risks Boosting Inflation
...position to any such efforts. Latest data from the CBI on the first nine months of fiscal year 2017-18, which began on 21 March, show that budget deficit is running at IR385 trillion, or IR514 trillion, prorated for the full year. At the set budget rate of $1=IR33,000 this is equivalent to $15.6bn, bu...
Volume: 61Issue: 08Published at Fri, 23 Feb 2018