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Sadara Starts First Saudi PMDI, BGE Plants; Targets Polyurethane, Solvent Markets
...lyolefins complex. Petro Rabigh is currently nearing completion of the Rabigh 2 expansion project, which will add a further 2.6mn t/y of petchems capacity, including 1.34mn t/y of paraxylene. Petro Rabigh currently expects to finish building Rabigh 2 in the second half of 2017. SQUEEZING SABIC Ar...
Volume: 60Issue: 23Published at Fri, 09 Jun 2017 -
Dubai Claims New Solar Pricing Record, This Time For CSP
...fferent assumptions in calculating LCOEs, which can skew cost estimates. A March 2017 study by Amro Elshurafa, senior research associate at Saudi Arabia’s King Abdullah Petroleum Studies and Research Center (Kapsarc), says that when Dewa announced in early 2015 that it would buy electricity from Saudi fi...
Volume: 60Issue: 23Published at Fri, 09 Jun 2017 -
Libya, Nigeria Gains Expose Opec Deal’s Limitations
...d demand which will provide key indications as to whether the market is swinging into balance. If projected non-Opec growth is again revised upwards and global demand growth down, the next JMMC calls for deeper Opec cuts will grow louder. OPEC WELLHEAD PRODUCTION, MAY 2017 (MN B/D, MEES ES...
Volume: 60Issue: 23Published at Fri, 09 Jun 2017 -
Will US Growth Stall At $45-50/B?
...mper 106,000 b/d on April, this is partly because the latter has been revised down by 40,000 b/d. Strong output growth is still projected for the remainder of 2017 and beyond. The EIA, taking into account the recent surge in investment and drilling (see p8), has hiked its output forecasts for the se...
Volume: 60Issue: 23Published at Fri, 09 Jun 2017 -
Egypt Seeks Virtuous Output Circle: Reserves Up, Dues Down, More Output
...r gas at least, Eni’s August 2015 Zohr discovery was seen as a turning point. Zohr is slated to start producing before the end of 2017. And even before then gas output has turned the corner after bottoming out at 3.89bn cfd, a third below 2011 levels, in early 2016. The latest boost, to 4.91bn cfd in...
Volume: 60Issue: 23Published at Fri, 09 Jun 2017 -
Sanctions: Tehran Tries To Come In From Cold As US Threatens To Turn Up Heat
...e termination of UN sanctions and some EU sanctions; others such as the EU embargo on Iranian oil imports were suspended. Iran wasted little time in launching itself back onto the oil market. It near-doubled crude exports from its 2015 average of 1.23mn b/d to 2.21mn b/d in Q1 2017 (and an even hi...
Volume: 60Issue: 23Published at Fri, 09 Jun 2017 -
Strong Appetite For Oman’s Sukuk
...Oman has completed its 2017 financing with a $2bn sukuk – as long as it can keep spending under control. Oman’s $2bn debut international sukuk launched on 23 May, was more than three times oversubscribed with orderbooks of $6.9bn and better than expected pricing, according to fresh de...
Volume: 60Issue: 23Published at Fri, 09 Jun 2017 -
IMF-Iraq Progress Towards Second Loan Tranche
...anche of $800mn to Iraq. The first $600mn tranche was released in December (MEES, 15 July 2016). Following a review of the SBA in Amman, the IMF mission chief for Iraq Christian Josz said that the fund and Iraq had reached agreement on a supplementary budget for 2017, objectives of the 2018 budget an...
Volume: 60Issue: 23Published at Fri, 09 Jun 2017 -
Kuwait Brings More IOCs Into Heavy Oil Development
...osting liquids capacity is showcased by the rig count figures provided by US services firm Baker Hughes. Prior to 2017, Kuwait had 40 active oil rigs in just one month, March 2015, but has exceeded this mark in each of the first four months of 2017 (see chart). As heavy oil development accelerates, this sh...
Volume: 60Issue: 22Published at Fri, 02 Jun 2017 -
Qatar: Oil & Gas Revenues Edge Up But Hit By Ratings Downgrade
...drocarbon exports have got off to a strong start in 2017 with Q1 revenues up some 25% year-on-year at $13.8bn (see charts 1 & 2). But ratings agency Moody’s swiftly took the shine off of this by downgrading Qatar’s sovereign rating one notch to Aa3 on 26 May. RAS LAFFAN REVENUE BOOST Th...
Volume: 60Issue: 22Published at Fri, 02 Jun 2017 -
Qatar Eyes 2.5gw Gas-Fired Power/Desalination Project
...mestic gas requirements will be met by the much-delayed Barzan development within the North Field. This is due online in 2017 and intended mainly for domestic consumption (MEES, 7 April). Barzan and the first post-moratorium development are each expected to deliver 2bn cfd of raw gas for processing in...
Volume: 60Issue: 22Published at Fri, 02 Jun 2017 -
Adnoc Strengthens OMV Ties With Abu Dhabi Downstream Expansion Plans
...oduce a broader range of chemicals. Borealis says a final investment decision (FID) for Borouge 4 would likely be taken “around the end of 2017” with a view to plant start-up around five years after FID. Borouge also plans another polypropylene plant, PP5, which it aims to approve in 2017 to be “up an...
Volume: 60Issue: 22Published at Fri, 02 Jun 2017 -
UAE Pushes Solar, Big & Small, But Leaves Room For New Gas-Fired Capacity
...esel 2.77 Fewa 3 Gas/Diesel 0.70 End-2016 Capacity 28.63 Online 2017...
Volume: 60Issue: 22Published at Fri, 02 Jun 2017 -
Gulf Opec Maintains Asia Volumes But Loses Market Share
...Despite output cuts, Opec’s core Gulf producers actually sent slightly more crude to their core East Asian customers in the first four months of 2017 versus both the same period last year and 2016 as a whole. But this has not been enough to maintain their share of the key Chinese market where th...
Volume: 60Issue: 22Published at Fri, 02 Jun 2017 -
Lebanon Faces Looming US Financial Sanctions Over Hizbollah Ties
...falls Lebanon and its banking system,” Mr Torbey added. Like the previous legislation, the new draft entitled the “Hizballah International Financing Prevention Amendment Act of 2017” will target all political groups in Lebanon suspected to have a strong link with Hizbollah. For the first time the dr...
Volume: 60Issue: 22Published at Fri, 02 Jun 2017 -
WesternZagros Eyes Windfall From KRG Output Gains
...oduction. Shortly after WesternZagros confirmed the Crest offer, it announced that it has raised its 2017 revenue expectations up 40% on the back of increased Sarqala output. That said, WesternZagros exited Q1 with $22.5mn cash, down from $24.7mn at end-2016, according to results released 26 May. The Q1 re...
Volume: 60Issue: 22Published at Fri, 02 Jun 2017 -
Saudi Looks To Pop Deficit With Fizzy Drinks Tax
...T IN 2021 AT CURRENT* RATE OF DRAWDOWN (SAMA NET FOREIGN ASSETS, $BN END-PERIOD) *JAN-APR 2017. SOURCE: SAMA, IMF, MEES....
Volume: 60Issue: 22Published at Fri, 02 Jun 2017 -
Iraq Oil Takings Up
...erage monthly earnings of around $4.7bn in 2017, while this falls to about $4.57bn when factoring in lower oil prices in the second half of the year (see chart). This results in total annual earnings of $54.8-56.8bn over the course of the year, up from $43.71bn last year but well down on 2012’s high wa...
Volume: 60Issue: 22Published at Fri, 02 Jun 2017 -
Global upstream spending hit 10-year low in 2016-EIA ($bn*)
...*2016 PRICES. SOURCE: EIA, MAY 2017....
Volume: 60Issue: 22Published at Fri, 02 Jun 2017 -
Qalaa Looks To Trim Debts
...Cairo-based energy-focussed investment firm Qalaa Holdings – formerly Citadel Capital – plans to reduce its debt to E£4bn by the end of 2017, having already reduced its money owed from E£10bn in 2014 to E£6.5bn ($735mn) at present, according to MD Hisham al-Khazindar. Qalaa needs to slash it...
Volume: 59Issue: 25Published at Fri, 24 Jun 2016