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Fitch Upgrades Egypt
...duced, the investment laws are revised and disputes with foreign investors settled. Fitch also says that economic growth is picking up, with year-on-year growth rising to a provisional 6.8% in 3Q 2014, the highest since 2008, from 3.7% in 2Q 2014. Consumption and investment have led to growth driven by...
Volume: 58Issue: 02Published at Fri, 09 Jan 2015 -
Dubai 2015 Budget
...UAE Dubai 2015 Budget Dubai has announced a record balanced budget of Dh41bn ($11.2bn) for 2015, up by 9% in nominal terms from 2014, which projected a deficit of Dh882mn ($240mn). The budget will continue to stimulate growth and prioritize social services, despite the collapse in oi...
Volume: 58Issue: 02Published at Fri, 09 Jan 2015 -
Oman Slashes Spending For 2015, But Will More Cuts Be Needed?
...ice for Oman crude, $30/B above current levels. Muscat will likely be forced to raid its relatively-limited foreign reserves. Oman’s 2015 budget, released on 1 January, envisages total spending of OR14.1bn ($36.7bn at OR1=$2.60), compared to actual 2014 spending of OR14.5bn ($37.7bn), based on pr...
Volume: 58Issue: 02Published at Fri, 09 Jan 2015 -
Saudi Arabia Official Crude & Products Output, Consumption And Trade Figures, October 2014 (‘000 B/D)
...Saudi Arabia Official Crude & Products Output, Consumption And Trade Figures, October 2014 (‘000 B/D) Oct-14 vs Sep 14 vs Oct13 Sep-14 Aug-14 YT...
Volume: 58Issue: 02Published at Fri, 09 Jan 2015 -
Saudi ‘Off-Spec’ On 2016 Product Quality Target
...oducts Output, Consumption And Trade Figures, October 2014 (‘000 B/D) Oct-14 vs Sep 14 vs Oct13 Sep-14 Aug-14 YTD14 vs YT...
Volume: 58Issue: 02Published at Fri, 09 Jan 2015 -
MENA Active Drilling Rigs,December 2014
...MENA Active Drilling Rigs,December 2014. Dec-14 Nov-14 Dec/Nov Oct-14 Dec-13 Dec 14/13 Dec-12 Oi...
Volume: 58Issue: 02Published at Fri, 09 Jan 2015 -
Benchmark Crude Prices ($/B)
...Benchmark Crude Prices ($/B) 8-Jan 29 Dec - 2 Jan 22-26 Dec Dec-14 Nov-14 Q4 2014 Q3 2014 2014...
Volume: 58Issue: 02Published at Fri, 09 Jan 2015 -
Iraqi Provinces Demand Payment Hike After KRG Deal
...nister Hoshyar Zebari recently told MEES that the payment was being postponed due to the projected deficit as a result of lower oil prices and the cost of fighting Islamic State (IS) militants (MEES, 12 December 2014). Oil exports account for nearly all of Iraq’s revenues, with monthly takings falling fr...
Volume: 58Issue: 01Published at Fri, 02 Jan 2015 -
Baghdad Looks To Press On With Jordan Pipeline
...aqi consortium has been formed and asked to submit a preliminary technical proposal for the 2.25mn b/d pipeline that will tie Basra oil fields to Jordan’s Red Sea port of Aqaba. (MEES, 21 November 2014). The companies, led by Chinese state firm CNPC, one of the biggest investors in southern Iraq, is ca...
Volume: 58Issue: 01Published at Fri, 02 Jan 2015 -
Subsidies Should Go As Oil Price Falls: IEA Chief Tells Arab Ministers
...ould take advantage of lower crude oil prices now to phase out costly energy subsidies or miss a golden opportunity to stop burning their oil and gas for power generation, she said. Oil prices have sunk to a five year low since peaking at $115/B for Brent futures in mid-June 2014. This makes the im...
Volume: 58Issue: 01Published at Fri, 02 Jan 2015 -
Egypt: Oil Price Fall Slashes Subsidies Spend
...cember. This is 30% below the E£104bn ($14.5bn) projection in the country’s 2014-15 budget which in turn is down on 2012-13’s record outlay of $22bn (MEES, 14 November). Front month Brent crude was trading around $57/B as MEES went to press, down 50% from the mid-June peak (see p24). Cairo assumes an...
Volume: 58Issue: 01Published at Fri, 02 Jan 2015 -
Cairo Hopes $2.1Bn IOC Payment Will Pave Way For Bid Round Success
...yments throughout 2014. “We… try every quarter, or four months, to have something, so that we can [pay down the arrears] over a maximum of two years from now. It’s working. We started to turn the wheel and it’s ongoing,” he says (MEES, 5 December). Company filings tracked by MEES suggest that the to...
Volume: 58Issue: 01Published at Fri, 02 Jan 2015 -
Egypt To Ease Gas Crisis With Algeria LNG
...EGYPT Egypt To Ease Gas Crisis With Algeria LNG Cairo saw a flurry of activity in the final days of 2014 as Egypt moved to address a number of issues regarding its current energy crisis. Egypt’s Ministry of Petroleum and Mineral Resources’ first move was to sign a contract to receive si...
Volume: 58Issue: 01Published at Fri, 02 Jan 2015 -
New Gulf Petchems Start-Ups In Shadow Of Aramco Mega-Projects
...oject) Location Start-Up Main Products (‘000 T/Y) Borouge (Borouge 3)* Ruwais, UAE 2014 1,080 PE, 960 PP, 350 LDPE Sipchem* Ju...
Volume: 58Issue: 01Published at Fri, 02 Jan 2015 -
MENA Power Survey: Generators Seek Fuel Diversity; Capacity Up 3.4% To 370GW
...REGIONAL MENA Power Survey: Generators Seek Fuel Diversity; Capacity Up 3.4% To 370GW Regional electricity generators raised total capacity by 3.84% to 372.1GW in 2014. GCC countries led the expansion through an increase of almost 4.5% over 2013, equivalent to 5.45GW of new capacity (se...
Volume: 58Issue: 01Published at Fri, 02 Jan 2015 -
Saudi Oil Policy In Spotlight As King Admitted To Hospital
...ergy policy, which took a dramatic turn in 2014, would survive the king’s departure. Mr Naimi, who is serving his fifth term in office, is known to be close to the present king and enjoys his unwavering support and trust. The king has reportedly refused to allow the veteran minister, who will turn 80...
Volume: 58Issue: 01Published at Fri, 02 Jan 2015 -
South Sudan Turns To China As Warring Parties Prepare To Renew Hostilities
...5,000 b/d pre-conflict output online for the best part of 2014, despite repeated rebel threats against its key fields. And it is the production from these fields in Upper Nile state which South Sudan is looking to consolidate and ramp up, while also bringing its Unity state production – all offline since Ja...
Volume: 58Issue: 01Published at Fri, 02 Jan 2015 -
IOCs Consider Yemen Pull-back As Attacks Mount
...cilities were being used as a base from which drone strikes were being launched on their members and bases, and claimed responsibility for a failed 18 December rocket attack on the 6.7mn tons/year Total-operated Yemen LNG liquefaction plant in Balhaf (MEES, 19 December 2014). This warning came just ho...
Volume: 58Issue: 01Published at Fri, 02 Jan 2015 -
Lebanon Bid Round
...l and gas file has spent months on ice – with essentially no progress whatsoever towards advancing the bid round since the end of former President Michel Sulaiman’s term in May of 2014. Political deadlock thwarted the election of a new president, and Lebanon has since faced a vacuum in its executive br...
Volume: 58Issue: 01Published at Fri, 02 Jan 2015 -
Israel: Leviathan Development Set For Further Delays Following Anti-Trust U-Turn
...fshore Israel, to keep hold of both the giant 22 tcf Leviathan field and the 10 tcf Tamar field. Anti-trust Commissioner David Gilo labelled the firms, which operate all of Israel’s major offshore discoveries (see table), a cartel. This reverses a March 2014 ruling stating Noble and Delek could keep ho...
Volume: 58Issue: 01Published at Fri, 02 Jan 2015