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Aramco Eyes Sabic Stake
...sewhere. Given that the planned Aramco IPO that was intended to provide PIF with $100bn appears to have stalled, there is clear incentive for such a move. Sabic’s total 2017 output was 71.2mn tons/year, mainly of petrochemicals – including intermediate products – but also including around 5mn t/y of st...
Volume: 61Issue: 29Published at Fri, 20 Jul 2018 -
Abu Dhabi, Dubai Push Power Capacity, Diversify From Gas Fuel
...so supplies other emirati utilities. In 2017 Adwec delivered 13.97TWh (a daily average of 1.59GW) to the Federal Electricity & Water Authority (Fewa), which supplies the northern emirates, and 6.93TWh (791MW average) to Sharjah Water & Electricity Authority (Sewa). Fewa and Sewa have generating ca...
Volume: 61Issue: 29Published at Fri, 20 Jul 2018 -
Saudi Arabia Struggling To Reform Economy Despite Ambitious Plans
...ass (MEES, 28 April 2017). And as rebounding oil prices alleviate the government’s fiscal concerns, the imperative for reform lessens. The continued absence of a revamped National Transformation Plan (“NTP 2.0”) is certainly a cause for concern that momentum for reform has been lost. Originally co...
Volume: 61Issue: 29Published at Fri, 20 Jul 2018 -
Iran Budget Deficit Stubbornly High As Economic Turmoil Looms
...Iran posted an $8.2bn deficit in the last financial year. But with a growing economic crisis and looming sanctions, this may prove the highwater mark for some time. Iran posted a budget deficit of IR270 trillion ($8.2bn at the fixed budget rate of $1=IR33,000) in fiscal year 2017...
Volume: 61Issue: 29Published at Fri, 20 Jul 2018 -
Pearl Steps On The Gas In Iraqi Kurdistan
...5mn cfd in 2012 before the onset of arbitration over payments in 2013 halted development until last year’s resolution (MEES, 25 October 2013). Condensate output has stayed around 13,000 b/d and LPG at 10,000 b/d. The $2.2bn dispute was finally settled in August 2017, and both parties are keen to ma...
Volume: 61Issue: 28Published at Fri, 13 Jul 2018 -
China Puts Oil Center Stage Of Middle East Strategy
...omoted to the cabinet and appointed First Deputy Prime Minister and Minister of Defense (MEES, 15 December 2017). Progress on the project would advance the deputy PM’s credentials as a potential future Emir. A number of bilateral agreements were reached including an MoU with the China Council for the Pr...
Volume: 61Issue: 28Published at Fri, 13 Jul 2018 -
EIA Hikes 2019 US Output Forecast; Exports AT Record
...tput topped 14mn b/d for the first time in February and 15mn b/d in May. It is now set to breach 16mn b/d from January 2019 and 17mn b/d from November next year. Average 2018 output of 15.14mn b/d would represent a record 2.05mn b/d gain on the 2017 output figure; production is set to soar by a further 1....
Volume: 61Issue: 28Published at Fri, 13 Jul 2018 -
Syria: Key Crossing Open
...rkey have decreased 25% since the closure, with even greater losses from Syria and Lebanon. Kickstarting trade will also prove pivotal to Mr Assad’s immense challenge of rebuilding Syria (MEES, 29 September 2017). The president recently estimated reconstruction costs at $400bn. The seven-year Sy...
Volume: 61Issue: 28Published at Fri, 13 Jul 2018 -
Middle East Downstream Eyes Bunkers Boost From IMO Rules
...ys. The IEA expects additional gasoil/diesel to come from the US, followed by the Middle East, Russia and China. Saudi Arabia has developed some refineries targeting overseas sales, exporting a record 516,000 b/d of diesel in 2017. Similarly, the UAE exported a record 92,000 b/d of diesel last year, al...
Volume: 61Issue: 28Published at Fri, 13 Jul 2018 -
Saudi’s PIF Increases Stake In Local Private Firm Acwa Power
...ma Foreign Holdings. PIF is slated to have a key role in achieving Crown Prince Muhammad’s Vision 2030 economic diversification strategy – aimed at ending the Saudi “addiction to oil” (MEES, 17 November 2017). Acwa Power’s finances and ownership structure are opaque. But disclosures at the time of...
Volume: 61Issue: 28Published at Fri, 13 Jul 2018 -
Algeria: Reserves Slump To 12-Year Low, But Country Has Bigger Problems
...e country’s finances. Instead Algiers has opted for the highly-inflationary path of printing money to finance the country’s expected $19bn 2018 deficit (a cumulative $80bn since 2014 – MEES, 19 October 2017). A temporary ban on a whole swathe of imports is Algeria’s other key ‘alternative’ economic me...
Volume: 61Issue: 28Published at Fri, 13 Jul 2018 -
Egypt Pledges To End Energy Subsidies Within 12 Months
...mbit came as they faced what could otherwise have been some awkward meetings with IMF officials. “Higher than projected” oil prices mean that the country’s fuel subsidy bill hit E£121bn ($6.8bn) for the 2017-18 financial year which ended 30 June, well in excess of the E£108bn figure targeted by Egypt’s IM...
Volume: 61Issue: 28Published at Fri, 13 Jul 2018 -
Iraq Oil Revenues Soar But Stretched Southern Export Capacity Caps Gains
...en monthly earnings averaged $7.84bn (see chart).If achieved, this would be a 40% increase on last year’s $59.32bn, itself a 36% gain on 2016. 2017’s oil revenue gains helped Iraq secure a rare budget surplus of ID1.79 trillion ($1.52bn) according to data from the Ministry of Finance, a major tu...
Volume: 61Issue: 27Published at Fri, 06 Jul 2018 -
Saudi-Kuwait Neutral Zone: Supply Concerns Spur Restart Rumors
...CI) contract in 2015 for work at the Hout field. The work was scheduled for completion in 2Q 2017, but had yet to be finished at end-Q1. Meanwhile, vessel tracking site Marine Traffic shows two Saudi-flagged jackup rigs were this week at the Khafji field, including one which arrived on 3 July. Wh...
Volume: 61Issue: 27Published at Fri, 06 Jul 2018 -
Tunisia: Petrofac Quits, DNO Cuts Its Losses
...nority shares in fields off Nigeria and Gabon with net 2017 output of just 300 b/d. Not only is Panoro not paying, DNO will effectively cover Panoro for $12mn of exploration commitments on the Sfax offshore permit, which Panoro sees as the most promising and where DNO has a 87.5% operator’s stake. DN...
Volume: 61Issue: 27Published at Fri, 06 Jul 2018 -
Opec+ Leaders Make Head Start In Boosting Production
...ound 300,000 b/d from June levels. At 11.06mn b/d, Russian output was the most since March 2017 and 130,000 b/d above its previously allocated 10.93mn b/d (see chart). OPEC WELLHEAD PRODUCTION, June 2018 (MN B/D, MEES ESTIMATES) CONGO JOINED EFFECTIVE 22 JUNE, WILL BE INCLUDED IN TABLE FR...
Volume: 61Issue: 27Published at Fri, 06 Jul 2018 -
Lebanon’s Recurring Power Nightmare
...stalled Available Fuel Zouk-1 ST (x4) 1984-87 607 365 HFO Zouk extension GT* 2017 194 194 HFO (gas) Jieh-1 ST (x5) 19...
Volume: 61Issue: 27Published at Fri, 06 Jul 2018 -
Karadeniz Eyes 8.3gw Fleet
...wn regional allegations of neocolonialist ambition – began supplying power in Ghana in October 2017. The company also operates in Zambia and Indonesia. Dealing with cash-strapped nations is not always easy. Karadeniz began supplying Basra with 410MW in 2010, but operations came to a halt in 2016 wh...
Volume: 61Issue: 27Published at Fri, 06 Jul 2018 -
Oman Reduces Peak Electricity Load Forecast, Targets Lower Gas Burn
...rough 2024, despite a steady 7% a year growth in electricity generation. OPWP says that in 2017 electricity demand in the MIS grid grew “at a relatively slow pace compared to the historical average.” Peak demand increased by 3.3% to 6.12GW in 2017, compared with an average 7% a year during 2010-17, wh...
Volume: 61Issue: 27Published at Fri, 06 Jul 2018 -
$11bn Egypt Petchems Project Belatedly Green Lighted
...ough Egypt’s overall economic fortunes have improved over the last 18 months the country’s overall quarterly trade deficit remains stuck at around $9bn (an annual $36.5bn for 2017) as higher prices for oil imports have cancelled out a rise in export earnings (see p13). Tahrir’s anticipated export re...
Volume: 61Issue: 27Published at Fri, 06 Jul 2018