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India’s Key Crude Suppliers 2009-15*: Iran Slides From Second To Seventh Spot (‘000 B/D)
...INDIA’S KEY CRUDE SUPPLIERS 2009-15*: IRAN SLIDES FROM SECOND TO SEVENTH SPOT (‘000 B/D) 2014-15 rank vs13-14 vs09-10 2013-14 20...
Volume: 58Issue: 29Published at Fri, 17 Jul 2015 -
Egypt Petchems Plans Continue To Expand As Tahrir Gets Styrene Plant
...ocess units, while Italy’s Tecnimont and Holland’s Archirodon are building offsites and utilities (MEES, 4 April 2014). ECHEM PROJECTS State firm Echem is currently building three petchems plants. Its Ethydco ethylene derivatives unit has awarded contracts to Japan’s Toyo Engineering and the En...
Volume: 58Issue: 29Published at Fri, 17 Jul 2015 -
Iran Deal To Pressure Prices Through 2016
...end that is especially likely on the back of this week’s Iran nuclear deal - this will serve only to maintain the downward pressure on world oil prices, and further delay any potential rebalancing of the market. After growing by a massive 2.4mn b/d in 2014, production growth from outside Opec lo...
Volume: 58Issue: 29Published at Fri, 17 Jul 2015 -
Libya: Oil Boost Hopes Fizzle Out Amid Hollow ‘Peace Deal’
...cember 2014 by Salim Dirbi as a successor to the Al-Qa’ida-affiliated Abu Salim Martyrs Brigade. But IS has made inroads elsewhere. It raised its black flag over the town of Harawa, about 60km east of Sirte, on 5 June, and over Qadhafi’s former stronghold, Sirte, in early July. In February, it took co...
Volume: 58Issue: 29Published at Fri, 17 Jul 2015 -
Saudi Taps Domestic Market For $4bn Amid Soaring Deficit
...gh oil prices put the country in a position to maintain spending despite the decline in oil revenues, Mr Mubarak says. But these surpluses are gradually being eroded. Saudi net foreign assets fell to $680bn at end-May, down $66bn, or 9% from their August 2014 peak of $746bn (MEES, 3 July). Sa...
Volume: 58Issue: 29Published at Fri, 17 Jul 2015 -
SEC Seeks Expansion Cash
...e exploring all options available in the debt market.” SEC last year issued SR4.5bn ($1.2bn) of sukuk and $2.5bn of international bonds to help fund its expansion program. Two previous Sukuk raised $2bn in 2013 and $1.75bn in 2012 (MEES, 31 January 2014). Like all regional state-owned ge...
Volume: 58Issue: 29Published at Fri, 17 Jul 2015 -
Iraq To Slash 2016 Investment Budget
...an 90% of total Iraqi revenues (MEES, 20 March). 2015 REVENUES BELOW BUDGET, WAY DOWN ON 2014 This year’s federal budget forecast is based on 3.3mn b/d of oil exports at an average price of $56/B – implying revenue of $67.5bn, down 20% on 2014’s $84.1bn takings. Iraqi crude export revenues hi...
Volume: 58Issue: 29Published at Fri, 17 Jul 2015 -
Iran Fronts Syria $1Bn
...pport to Syria has been essential since the beginning of the Syrian uprising, which began in early 2011. It continues to offer a lifeline of economic support in the form of oil supplies and credit. In 2014 Iran’s oil deliveries to Syria ranged between 50,000 b/d and 70,000 b/d, probably free of charge (ME...
Volume: 58Issue: 29Published at Fri, 17 Jul 2015 -
Upstream Investment Climate Unstable, Forecast: More Of The Same
...vestment is being transformed by recent price volatility and the potential for low prices longer-term, a tough financial environment and the impending strengthening of policy to mitigate climate change. Between June 2014 and January 2015, Brent crude prices plunged by 60%, from $115/B to $45/B, ca...
Volume: 58Issue: 29Published at Fri, 17 Jul 2015 -
Benchmark Crude Prices ($/B)
...15 2014 2013 2012 WTI 50.91 52.41 57.44 59.86 59.43 58.02 48...
Volume: 58Issue: 29Published at Fri, 17 Jul 2015 -
Cairo Edges Closer To Paying International Gas Prices
...cline, falling from 3.4bn cfd to 2.4bn cfd between the start of 2014 and April 2015 – and this with the Eni-operated Denise-Karawan (DEKA) fields, ramping up from August 2014 start-up to 460mn cfd in the meantime (MEES, 29 May). The Italian firm has been stalling on plans to invest $5bn in developing ad...
Volume: 58Issue: 28Published at Fri, 10 Jul 2015 -
Jordan Enjoys Cheap LNG Prices, But For How Long?
...ices stayed at 2014 levels ($99/B for Brent) throughout the next decade, savings from LNG could exceed $400mn/year (1.3% of GDP), he says. Also, longer term, LNG’s relative competitiveness could increase, if the terms of the supply contract were adjusted to take account of lower oil prices once the in...
Volume: 58Issue: 28Published at Fri, 10 Jul 2015 -
Algeria Pushes New Refineries Beyond 2020, Fuel Deficit To Worsen
...nts to expand its refining capacity to meet domestic demand growth and produce oil products in line with European standards. Demand grew by 7.4% in 2014 and strong growth is expected to continue with Algiers insisting that it will not cut oil product subsidies (MEES, 3 July). Algeria’s total oil pr...
Volume: 58Issue: 28Published at Fri, 10 Jul 2015 -
Oman Turns To Sun For EOR And Rural Electricity
...ojects under development by PDO. It is among the four most advanced, along with Qarn Alam (steam), Harweel (miscible) and Marmul (polymer). PDO is looking to EOR to help maintain its crude oil production at 550,000 b/d (MEES, 5 September 2014). MIRAAH BY NUMBERS PDO says the Miraah plant will de...
Volume: 58Issue: 28Published at Fri, 10 Jul 2015 -
OPEC Output Keeps Rising In June To Hit 38-Month High
...posed 30mn b/d production ceiling since May 2014, and above 31mn b/d since March this year. But while this Opec ‘over-production’ shows no sign of abating in the months ahead, particularly when one factors in the Iranian upside should a nuclear deal materialize, a slowdown in US output growth since Ma...
Volume: 58Issue: 28Published at Fri, 10 Jul 2015 -
A New Deal For South Sudan
...rtfolios. The government will retain a majority (53%) of central government positions, and a group of 10 former SPLM party members who were detained for a period in 2014 on charges of plotting against the government, known as the SPLM former detainees (SPLM-FD; or G10), will take 14% of the positions. Pr...
Volume: 58Issue: 28Published at Fri, 10 Jul 2015 -
KRG Helping Hand To Kirkuk Province Threatens To Widen Rift With Baghdad
...ys is housing half a million Iraqis and refugees displaced as a result of the jihadist incursion into Iraq in June 2014. He said in an interview with Kurdish Rudaw television that Kirkuk had not received its share of the federal budget for six months and has not been paid for its oil in two ye...
Volume: 58Issue: 28Published at Fri, 10 Jul 2015 -
Dana Gas, KRG Cross Swords
...the fields, will be heard in early 2016. Meanwhile, Dana Gas says, the KRG still remains in default of the Arbitral Tribunal’s Peremptory Order of October 2014 to pay the consortium $100mn on an interim basis, forcing the consortium to seek English Court enforcement of this order, it says. A he...
Volume: 58Issue: 28Published at Fri, 10 Jul 2015 -
Sabic Taps Korean Tech
...ES, 20 June 2014). The Korean plant produces linear low-density polyethylene (LLDPE), polyolefin plastomers and polyolefin elastomers using metallocene catalysts. Sabic sees growing demand for these materials in the flexible packaging, industrial and agricultural films, automotive, footwear, me...
Volume: 58Issue: 28Published at Fri, 10 Jul 2015 -
Kuwait Posts First Deficit In 15 Years
...KUWAIT Kuwait Posts First Deficit In 15 Years For the first time since 1999-2000, Kuwait has posted an “actual” budget deficit. The KD2.31bn ($8.0bn) deficit for fiscal year 2014-15 after transfers to state reserves is almost entirely due to the $22/B fall to $81/B in the average pr...
Volume: 58Issue: 28Published at Fri, 10 Jul 2015