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Egypt Inks New IMF Program, Hikes Power Prices
...TERNATIONAL RESERVES DOWN ALMOST $10BN (21%) OVER LAST THREE MONTHS TO LOWEST SINCE 2017 ($BN) SOURCE: CBE. SUBSIDY EXTENSION Although subsidies on oil products have been largely removed, with Cairo implementing an automatic pricing mechanism since September last year, the pl...
Volume: 63Issue: 24Published at Fri, 12 Jun 2020 -
Qatar Signs Record-Breaking Deal For LNG Tankers
...ney to be able to do that,” Mr Kaabi told MEES in 2017 (MEES, 8 December 2017). This week’s agreements were with Korea’s Daewoo Shipbuilding & Marine Engineering (DSME), Hyundai Heavy Industries (HHI), and Samsung Heavy Industries (SHI). QP says the three “will reserve a major portion of their LNG sh...
Volume: 63Issue: 23Published at Fri, 05 Jun 2020 -
Turkey Slashes Piped Gas Imports For Cheap LNG
...sentially similar to that of Qatar in East Asia. Russia has been reluctant to cut prices in its core markets but as a result has given up market share. Russia had a market share above 50% in Turkey for every year except one between the 2004 start-up of the Blue Stream sub-Black Sea pipeline and 2017. But 20...
Volume: 63Issue: 23Published at Fri, 05 Jun 2020 -
Aramco Exits Indonesia’s Cilacap Refining Project, Nears Reliance Deal
...tals conglomerate Sabic, to help fund Riyadh’s Vision 2030 economic transformation. This deal is expected to complete by the end of June (MEES, 15 May). ARAMCO OVERSEAS DOWNSTREAM U/C = UNDER CONSTRUCTION *MOTIVA JV WITH SHELL SPLIT Q2 2017. **SITE CHANGED FROM RATNAGIRI. ^ORIGINALLY CA...
Volume: 63Issue: 23Published at Fri, 05 Jun 2020 -
Dubai Solar Capacity Tops 1GW
...8MW. This too is delayed, missing a first half 2019 start-up target (MEES, 2 June 2017). Germany’s Siemens and Egypt’s Elsewedy meanwhile were awarded a contract to build the 815MW fourth phase of the H-Station plant at Al Aweer, east of Dubai city, but this too has missed its intended in March-Ap...
Volume: 63Issue: 23Published at Fri, 05 Jun 2020 -
Oman Condensate Output At Record Highs
...quids output, the share of condensate continues to grow. Condensate output over the first five months of 2019 is running at a record high of 115,000 b/d, up from 2018’s annual record of 107,000 b/d and 2017’s 86,000 b/d. Conversely, at 856,000 b/d for January-May, crude output is on track for a five-ye...
Volume: 62Issue: 26Published at Fri, 28 Jun 2019 -
Chevron Phillips Wins Stake At Major Qatar Petchems Project
...troleum has launched its renewed petrochemicals push, announcing on 24 June that it will partner with US JV Chevron Phillips Chemical in constructing a 1.9mn t/y ethane cracker. This is a considerable expansion from the original project scope of 1.6mn t/y floated in 2017. The project also entails co...
Volume: 62Issue: 26Published at Fri, 28 Jun 2019 -
LNG Prices Remain Under Pressure Amid Buoyant Supply, Lackluster Demand
...cond half of 2017. However it is not inconceivable that monthly takings could overtake number one Japan at some stage later this year: they came close in a pre-winter buying spurt last November, and lagged Japanese takings by just over 1mn tons for both April and May. Projections in the IEA’s latest ‘Ga...
Volume: 62Issue: 26Published at Fri, 28 Jun 2019 -
Houthis Expose Saudi Arabia’s Growing Desalination Dependency
...pulation’s need for potable water. This dependency is growing at a rapid rate. The latest data from state regulator ECRA puts demand over the course of 2017 at an average 6.73mn m³/d, up a massive 9.9% year-on-year (see chart). Demand has almost certainly continued to soar over the past 18 months. Me...
Volume: 62Issue: 26Published at Fri, 28 Jun 2019 -
GCC Grid: Could An Iraq Link Give It Relevance?
...ates all have reliable domestic grids. In a bid to gain relevance the GCCIA is looking outside of the six-country grouping. Certainly the GCCIA needs to be rejuvenated somehow. Total electricity transfers last year amounted to just 1.24TWh, down sharply from 2017’s record 1.63TWh. The key reason fo...
Volume: 62Issue: 26Published at Fri, 28 Jun 2019 -
Aramco Crude Oil To Chemicals Vision Takes Shape
...chnology; and 2025 may be a push as Aramco’s COTC technologies are so far not commercialized. Aramco and Sabic were developing crude-to-chemicals technologies separately before they signed a memorandum of understanding (MoU) in November 2017 to develop the COTC plant under a joint venture. Sabic filed a pa...
Volume: 62Issue: 26Published at Fri, 28 Jun 2019 -
Algeria Calls Time On Quantitative Easing
...non-conventional financing is over” confirming a policy shift indicated by the Bank of Algeria in a 1 April research note. This said, the program, initiated in September 2017(MEES, 15 September 2017) was “unjustified right from the start” with “conventional financial means yet to reach their li...
Volume: 62Issue: 26Published at Fri, 28 Jun 2019 -
Egypt’s Freshly-Minted 2019-20 Budget Promises More Subsidy Cuts
...gins on 1 July. Key to Cairo’s economic plans are further cuts to spending on oil product subsidies. Latest official forecasts peg such spending at E£90bn ($5.1bn) for the 2018-19 financial year (ending 30 June), down 25% from 2017-18 and less than a third of the record $18.6bn spend seen in 20...
Volume: 62Issue: 26Published at Fri, 28 Jun 2019 -
Exxon, Total Expand In Med
...Total (40% operator), ExxonMobil (40%) and Greece’s state Hellenic Petroleum (20%), have finally put pen to paper with Athens to take two deepwater offshore blocks, covering a total area of 39,926km², to the west and southwest of Crete. The award was initially made in 2017 but crippling Greek bu...
Volume: 62Issue: 26Published at Fri, 28 Jun 2019 -
Qatar: Long-Delayed Barzan Gas Approaches Start-Up
...shed startup well beyond the initially planned 2014 (MEES, 12 October 2012). Mr Kaabi told MEES in late 2017 that the latest delays were “because we have had issues with the pipeline. That is not a secret. The contractor did not perform as well as we wanted them to…we are proceeding to rectify the is...
Volume: 62Issue: 26Published at Fri, 28 Jun 2019 -
Egypt Gas: Nour Disappoints
...ads based on the ‘sands play’ of Israel’s Leviathan and Tamar discoveries to the northeast as well as analogues with the ‘Zohr carbonate play’ as based on the seismic (MEES, 31 March 2017). EGYPT: NORTH SINAI EXPLORATION ZOHR: OVERPRODUCTION WARNING Zohr is currently pr...
Volume: 62Issue: 25Published at Fri, 21 Jun 2019 -
Thailand’s PTTEP Expands In Gulf With Partex Purchase
...itically, Partex’s partnerships could act as a springboard for PTTEP to embark on further regional expansion. The acquisition will mark a grand return to the Gulf for PTTEP following a two-year hiatus. The firm exited Oman in 2017 having announced in August 2016 that it was selling its 1,600 b/d Block 44 to lo...
Volume: 62Issue: 25Published at Fri, 21 Jun 2019 -
Saudi Fuel Oil Consumption Soars
...e latest Jodi data to April shows that combined crude and fuel burn has averaged 772,000 b/d so far in 2019 (up 6% year-on-year), crude oil burn is down 16% year-on-year to 297,000 b/d. Based on seasonal trends, this implies that liquids burn could eclipse 2017’s record 974,000 b/d and push towards 1m...
Volume: 62Issue: 25Published at Fri, 21 Jun 2019 -
Rising Gulf Tensions Cast Spotlight Back On Iran’s Nuclear Capabilities
...named site in Iran. At the time AEOI was seeking to fabricate fuel rods itself for any new plants in Iran. However, the agency decided it would need to accept an expansion of existing arrangements for using Russian fuel and returning spent rods before work on Bushehr-2 could begin (MEES, 31 March 2017...
Volume: 62Issue: 25Published at Fri, 21 Jun 2019 -
Libya Fights To Keep The Lights On
...st has been seven years in the making. Turkish contractor Enka and turbine provider Siemens have been reluctant to return since three Turkish and one South African worker were kidnapped in Ubari two years ago (MEES, 24 November 2017). But Gecol finally appears ready to roll the first unit out ov...
Volume: 62Issue: 25Published at Fri, 21 Jun 2019