Saudi Petchem Profits Up 8% In 2016, But Sabic Under Pressure

...Petchems giant Sabic saw profits fall last year despite a stronger fourth quarter. Seemingly unfazed by President Trump’s protectionism, it is targeting strong growth in the US in 2017, as well as in China. Saudi Arabia’s 14 exchange-listed petrochemicals firms reported total net profits of...

Sabic Buys Out Shell From Sadaf JV For $820mn

...Saudi petrochemicals giant Sabic is to buy Shell’s 50% stake in their Sadaf petrochemical joint venture for $820mn in a deal announced 22 January. Sabic says the purchase is expected to be completed before the end of 2017. The Sadaf complex is located at Jubail on Saudi Arabia’s Gulf co...

Iraq Gets US Backing For $1bn Bond Issue

...ll be used to finance Iraq’s budget deficit as stipulated in the 2017 budget law, noting that Iraq is paying lower interest on this issue than other countries with similar US-guaranteed bond issues. It is unclear if the US will continue with this largess under President Donald Trump, or indeed if hi...

Jordan Slashes Planned Deficit By 25% For 2017

...Cash-strapped Jordan is slashing its budget deficit in nominal terms by 25% in 2017 to JD830mn ($1.17bn), or 2.8% of GDP, from the revised deficit of JD1.1bn ($1.55bn), or 4% of GDP in 2016, in line with the IMF-supported reforms to rationalize expenditure. The kingdom is currently ho...

Oman Divvies Up Output Cuts Among Operators

...reement in publishing details of production caps for oil firms operating Omani oil fields. The aggregate of 970,094 b/d planned crude and condensate output for January-June 2017 implies the use of November’s record output as a baseline, whereas Opec producers have agreed to use October. If Oman’s October ou...

Jordan Keeps Up Renewables Momentum With Solar Award & New Tender

...16                                                                                 176 Total End-2016                                                                                 4,524 Planned: TSK/ Enviromena (2017) Quweira So...

IEA, Opec Bring Forward Projected Market Rebalancing

...The IEA and Opec are both confident that the oil production curbs agreed upon at the end of last year are hastening the rebalancing of supply and demand. In their latest monthly reports, both organizations see sizeable stock drawdowns in 2017, although they differ considerably on the extent an...

Kuwait Energy Shuns EBRD For Vitol Cash

...ne months of 2016 and doubled from October with a second well added. A third well is set to begin producing this month with output slated to ramp up to 20,000 b/d during the course of 2017, KEC says. The Vitol cash “will enable Kuwait Energy to continue and expedite its early production efforts in...

Egypt Launches Eurobond Roadshow As It Looks To Drum Up $35bn Over Three Years

...ace when you’re in a bad starting position,” he adds. Mr Garhy says that Egypt is trying to curb its budget deficit to around 10.1% of GDP by the end of fiscal 2016-17 in June, down from 12.3% a year ago, and to cut the stock of public debt to 98% of GDP by the end of June 2017 from the 101% mark at...

Algeria Deficit Tops $17bn; Is Reserve Fund Finished?

...Algeria’s reserve fund, the Fonds de Regulation des Recettes (FRR), has most likely become superfluous following the government’s decision to divert the country’s hydrocarbons revenue to the state budget effective 2017 rather than to the FFR.    The FFR for many years collected all ‘su...

IMF Slashes Saudi Growth Forecast – Based On Questionable Assumptions

...The IMF, in the latest update to its World Economic Outlook, released 16 January, has slashed its forecast for Saudi Arabia’s 2017 economic growth to just 0.4%, down from its forecast of 2% growth made three months ago (MEES, 7 October 2016). Unsurprisingly, Saudi Arabia has taken umbrage at...

GCC Sovereigns Set Out Plans To Boost Their Balance Sheets

...wait 1Q17 10     S. Arabia 2017 10...

Iran Prepares To Boost Gas Exports

...an. Armenia appears on track to have imported around 400mn m³ (39mn cfd), again in line with normal levels. In terms of new export markets in 2017, Iraq is the likeliest destination. In November 2015, the two countries inked an agreement for Iran to deliver 700-1,200mn cfd of gas by pipeline to th...

CCED Ups Oman Output But 2017 Target Fades

KRG Set For Modest Oil Output Gains After Painful 2016

...IOCs in Iraqi Kurdistan are targeting modest production gains in 2017. But the KRG’s ability to pay remains problematic, while geological woes continue. Iraqi Kurdistan’s oil sector suffered a turbulent 2016 marred by attacks on export infrastructure, geological downgrades and failure to pa...

Iraq Crude Exports Hit Record High

...ntrolled pipeline to Ceyhan in Turkey have yet to be released but will likely be slightly up on November’s 54,000 b/d. As for 2017, H1 exports are set to fall from their current heights under the planned Opec production curbs. Oil Minister Jabbar al-Luaibi confirmed this week that it is currently im...

Egypt Hopes To Restart LNG Exports By 2020: Where Will The Gas Come From?

...e end of 2017 according to local daily Al-Borsa. This comes after state-oil firm EGPC was forced to pay some $480mn towards the bill, costs that were originally to have been covered by LNG exports. But MEES understands Shell is far from happy with the Egyptian authorities as it has failed to fo...

Aramco Awards Ras Tanura Clean Fuels, Seals Indonesia Deal

...nfiguration has been completed and the process to select technology licensors will start soon. Basic engineering design work is scheduled for completion in first quarter 2017, with progress to FEED in the second quarter and project start-up slated for 2021. The Cilacap expansion is a key part of Aramco’s ov...

UAE Sets Out Nationwide Power Strategy, Targets 50% ‘Clean Energy’ By 2050

...16) Al-Mirfa CCGT (Gas) 1.60 Dewa (2017) Solar Park 2 (PV) 0.20 Sewa (2017) Hamriyah Ex...

Saudi Cuts Deep To Boost Prices, But Will US Shale Pocket The Gains?

...der which its “allocation" was 10.06mn b/d for the first six months of 2017 (see table and MEES, 2 December 2016). Saudi crude production was 10.40mn b/d in December according to MEES estimates (MEES, 6 January), whilst the most recent official Saudi monthly figures had production at an all-time re...