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Algeria’s Development Plan Projects 7% Growth
...each of the last four years, and Mr Sellal acknowledges volumes have continued to fall in early 2014. With domestic gas demand rising strongly export volumes and revenue are also down (see table). Sonatrach’s Chief Executive ‘Abd al-Hamid Zerguine said at the beginning of this year that the te...
Volume: 57Issue: 23Published at Fri, 06 Jun 2014 -
Tunisia $500Mn US Guarantee
...4mn (MEES, 23 May). The World Bank, meanwhile, announced a loan program of $1.2bn in 2014. Tunis plans to raise around $1.8bn in foreign bonds helped by guarantees from the US and Japan, and to issue $435mn worth of Islamic sukuk. Moody’s this week said that although the political situation had im...
Volume: 57Issue: 23Published at Fri, 06 Jun 2014 -
Benchmark Crude Prices ($/B)
... 05 Jun 26-30 May 19-23 May May-14 Apr-14 Q1 2014 Q4 2013 2013 20...
Volume: 57Issue: 23Published at Fri, 06 Jun 2014 -
South Tunisia Gas Development Close To Go-Ahead Despite ENI Departure
...e intending to have the contracts signed before the end of the year, in order to allow construction to begin in early 2014 [and] finished by 1Q16,” Mr Mestiri says. “Inshallah [we will stick to this timeframe] as long as we don’t encounter too much social unrest,” he conceded. OMV – the ke...
Volume: 56Issue: 26Published at Fri, 28 Jun 2013 -
OMV Set For Eastern Abu Dhabi Oil Exploration
...ve a joint venture petrochemical firm, Abu Dhabi Polymers Company (Borouge), which will expand its ethylene capacity to 3.6mn tons/year in 2014 (MEES, 1 March). OMV’s announcement comes at a time of greater opportunity in Abu Dhabi for foreign firms. Eleven foreign firms prequalified to bid fo...
Volume: 56Issue: 26Published at Fri, 28 Jun 2013 -
IEA Sees ‘Significant Potential’ For Solar Power In Middle East
...lar capacity (PV and CSP) in 2013. The country has adopted long-term renewable generation targets and is seeking to install 1.8gw of large-scale solar capacity by 2014. However, “the 2014 goal may be overly ambitious, given lack of deployment history, but medium-term growth is likely to be ro...
Volume: 56Issue: 26Published at Fri, 28 Jun 2013 -
Qatar Plans First IWPP Project In Five Years
...ter, while the planned IWP will have 40-60mn gal/day capacity. Both plants are expected to be built near Ras Laffan. Kahramaa has invited expressions of interest for the two projects. The IWPP is expected to be tendered in 2014-15. Kahramaa technical director Ahmad al-Nasir told a MEED co...
Volume: 56Issue: 26Published at Fri, 28 Jun 2013 -
Analysis: Will New Amir Era Usher In QP Restructuring?
...d-2013/early 2014, Chinese state firm CNOOC and Total are expected to drill their first well in exploration Block BC. Total in May 2011 took a 25% stake in exploration Block BC (MEES, 26 April). Dolphin: Extra Gas to UAE? Until its 540mn cfd Shah gas field ramps up to full output in...
Volume: 56Issue: 26Published at Fri, 28 Jun 2013 -
Firm Oil Prices And Capital Inflows Boost UAE Growth, Says IMF
...oil production to around 2%, after two years of substantial expansion, as growth in global demand remains weak amid expanding global supply. For the period 2014-18, the GDP growth rate in real terms is projected at around 3.5%. The IMF goes on to point out that in the medium term di...
Volume: 56Issue: 26Published at Fri, 28 Jun 2013 -
KRG Drops Turkish Six-Block Bombshell; Disputed Areas Included
...ded this year with a 48-inch sealine, Mr Ghadhban says. Two more SPMs are being added, which together with expansion at the 400,000 b/d Khor al-Amaya terminal and debottlenecking at the existing 1.6mn b/d Basra terminal should give southern export capacity of around 6.8mn b/d by end 2014, Mr Ghadhban cl...
Volume: 56Issue: 25Published at Fri, 21 Jun 2013 -
Jordan: Gas Needed, No Good Options
...crease electricity tariffs by 15% for users consuming more than 601kw monthly, a figure that encompasses 90% of households according to Jordanian energy ministry estimates. However, following parliamentary pressure, the government’s liberalization scheme was delayed until early 2014. Fuel prices for all pr...
Volume: 56Issue: 25Published at Fri, 21 Jun 2013 -
Saudi Mega-Projects Take Shape As Sadara Completes Financing
...cember 2014. IPC in June 2012 obtained a SR1.4bn ($373mn) loan from four Saudi banks and in November 2011 a SR600mn ($160mn) loan from Saudi Industrial Development Fund (SIDF). Meanwhile, on 13 June US plastics firm Invista announced an exclusive agreement with Petrochemical Conversion Company (PC...
Volume: 56Issue: 25Published at Fri, 21 Jun 2013 -
Qatari Solar Plans: Dark Clouds Gather
...versify the economy away from hydrocarbons the state-funded Qatar Foundation set up a joint venture Qatar Solar Technologies (QSTec) to build a $1bn plant to make polysilicon. It will initially produce 8,000 tons/year by the second half of 2014, delayed by a year. This is enough for solar panels to fit ou...
Volume: 56Issue: 25Published at Fri, 21 Jun 2013 -
Election Result: Rohani Stresses ‘Moderate’ Message
...ould remain in power until at least the 2014 Syrian presidential election and that foreign troops should be withdrawn from Syria. Since the Iranian Revolutionary Guards Corps are active participants in the Syrian civil war, as is Iran’s Lebanese proxy Hizbollah, if Mr Rohani is demanding the withdrawal of...
Volume: 56Issue: 25Published at Fri, 21 Jun 2013 -
Korea’s KNOC In Line For ADCO Stake Despite Limited Experience
...e January 2014 renewal of Abu Dhabi’s ADCO onshore oil concession. State firm KNOC stands a decent chance of bagging a minority stake despite a relative lack of upstream experience. Eleven firms have been prequalified by Abu Dhabi’s state oil firm ADNOC for the new membership of the Abu Dh...
Volume: 56Issue: 25Published at Fri, 21 Jun 2013 -
Petrofac Wins ADCO Contract
...plemented in phases, with the first new facilities coming onstream in 2014 and end-2015 completion. The Petrofac work per se is intended to maintain pressure rather than increase overall production. However, the results of a massive concurrent CO₂ injection program at Bab are expected in 2016, wh...
Volume: 56Issue: 25Published at Fri, 21 Jun 2013 -
GCC Measures Against Hizbollah Could Undermine Lebanese Economy
...banese GDP Growth Cut To 2% In its latest Global Economic Prospects the World Bank revised Lebanon’s real GDP growth in 2013 downward to 2% from 2.8% in January. It is now estimating growth at 1.5% in both 2011 and 2012 and is projecting a rise to 2.3% in 2014 and possibly 4.0% in 2015. The World Ba...
Volume: 56Issue: 25Published at Fri, 21 Jun 2013 -
Yemen Oil Revenues Take Nosedive
...proving the business climate. An IDB statement said that it is giving Tunisia a financial guarantee to issue a sukuk worth $600mn before 2014. Tunisia hopes to raise its first sovereign sukuk of $700mn later this year. The IMF recently approved a $1.74bn loan for Tunisia for 2013-15. The program aims to st...
Volume: 56Issue: 25Published at Fri, 21 Jun 2013 -
Mideast Refining Capacity Edges Up, Runs Fall
...st ambitious expansion plan – three 400,000 b/d capacity refineries, due onstream in 2013, 2014 and 2016. The UAE is building a 417,000 b/d plant which is due onstream in 2014, while Algeria’s Sonatrach has announced a plan to build four 100,000 b/d capacity refineries for 2017 start-up. Also Oman is lo...
Volume: 56Issue: 24Published at Fri, 14 Jun 2013 -
IMF Approves $1.74Bn Reform Loan For Tunisia
...record levels of 18.9%. But, following the sharp economic decline, the economy began a moderate recovery in 2012. The IMF predicts GDP growth will strengthen to 4.0% in 2013 and 4.5% in 2014. However debt has continued to grow, with the budget deficit set to hit 6.4% of GDP this year (see gr...
Volume: 56Issue: 24Published at Fri, 14 Jun 2013