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Delek Looks To Raise $1.2bn With Tamar Sell-Off
...rael’s key offshore fields. A December 2014 anti-trust ruling (MEES, 2 January 2015) was subsequently watered down, but even so operator Noble has to reduce its stake in Tamar to 25% by end-2021, with Delek required to completely dispose of its stake by the same date (MEES, 1 April 2016). HOLDING ST...
Volume: 60Issue: 26Published at Fri, 30 Jun 2017 -
Gulf Crude Shipments Fall In Q2, But From Record Levels
...May. Collectively, based on the April-May stats, Q2 is on track for the third highest quarterly volumes since the start of 2014. That said, volumes likely dipped in June as Saudi Arabia ramped up crude burning in its power plants leaving less crude for exports. MEES estimates that Saudi crude ex...
Volume: 60Issue: 26Published at Fri, 30 Jun 2017 -
Qatar’s Hydrocarbon Politics Sends Message to Saudi Arabia, UAE
...mpetition from Australia, and more gradually the US (MEES, 23 December 2016). Although market share in Asia rebounded slightly last year, volumes are still down 2mn tons on 2014. The biggest fall was in Europe, where volumes were down 3.2mn tons annually. The biggest drop off was from the UK, which opted to in...
Volume: 60Issue: 26Published at Fri, 30 Jun 2017 -
Kuwait Trade Surplus Falls In Q1
...16 1Q16 2016 vs 15 2015 2014 2013 2012 20...
Volume: 60Issue: 26Published at Fri, 30 Jun 2017 -
Algeria: Deficit Down As IMF Warns On Over-Zealous Consolidation Plans
...om $179bn at end 2014 to just over $100bn now. That said, Algeria’s finances are less stretched than some of its Opec peers. The IMF actually chastises Algiers for an unwillingness to take on international debt in order to smooth out the economic cycle. Algeria has made financing the deficit more di...
Volume: 60Issue: 26Published at Fri, 30 Jun 2017 -
Baghdad-KRG Refining Deal Eases Light Products Shortfall
...eraged 591,000 b/d in April, according to the latest information submitted by the ministry to the Riyadh-based Joint Organizations Data Initiative (Jodi). This is the highest monthly level since the 600,000 b/d reported in May 2014, the month before the onset of fighting between IS and federal forces in wh...
Volume: 60Issue: 25Published at Fri, 23 Jun 2017 -
Iraq Plans New Refining Capacity
...0,000 b/d refinery at Karbala, which the ministry decided to build without foreign investment. The ministry awarded a $6bn engineering, procurement and construction contract for Karbala in 2014 to a Korean consortium led by Hyundai Engineering & Construction. The Hyundai-led group has at times ha...
Volume: 60Issue: 25Published at Fri, 23 Jun 2017 -
Saudi Crude Exports Down, Refining Runs Up, More Products Exports
...e kingdom so far having prioritized its core buyers in Asia and the US. The big four Asian buyers – China, Japan, South Korea and India – took a record 4.216mn b/d in Q1, while the 1.285mn b/d purchased by the US was the highest since Q1 2014. The implication is that supplies to Europe are being sq...
Volume: 60Issue: 25Published at Fri, 23 Jun 2017 -
Tunisia: Oil Blockades Ease But Costs Keep Rising
...so sharply down, and imports up, lower prices mean that Tunisia is receiving three times as much gas from Algeria in lieu of transit payments than in 2014; so paid-for volumes (also from Algeria) are down (see charts 2 & 3). Tunisia’s oil production was already down 6% at 44,300 b/d for the fi...
Volume: 60Issue: 25Published at Fri, 23 Jun 2017 -
Doha’s Diplomatic Dispute – The Financial Impact
...nctions came into effect - and the stock market shrank by about $11bn in value the following day, the largest drop since 2010. It went on to post its worst weekly performance since 2014. International ratings agency S&P Global Ratings wasted little time in responding to the move. On 7 June, it lo...
Volume: 60Issue: 25Published at Fri, 23 Jun 2017 -
US Shale Output Soars But Permian Productivity Falling
...oductivity metric has fallen for every month since, to 627 in May and a projected 617 and 602 in June and July respectively. The latter figure would take productivity back to numbers last seen in March 2016, though it remains at three times 2014 levels. Of course the Permian ‘rig count’ continues to ri...
Volume: 60Issue: 24Published at Fri, 16 Jun 2017 -
EBRD Kick-Starts Egypt Solar With $500mn Investment In 16 PV Projects
...ypt,” says EBRD head of power and energy Harry Boyd-Carpenter. “We have been working with the Egyptian authorities since 2014 to help them fulfil their ambitious goals in this area. We are delighted now to be in a position to commit very significant financing to projects, which we expect to start co...
Volume: 60Issue: 24Published at Fri, 16 Jun 2017 -
Opec Confirms 13% 2016 Revenue Fall: Iran The One Winner
...12 2013 2014 2015 2016 vs'15% vs '12% 2017* vs'16...
Volume: 60Issue: 24Published at Fri, 16 Jun 2017 -
Erbil Plays Russian Roulette With Independence Vote
...ashpoints such as Kirkuk, Sinjar, Khanaqin and Makhmour will all be participating. The exact delineation of the areas which will vote has yet to be confirmed, but Kurdish peshmerga have held large swathes of disputed territories against the Islamic State since 2014, enabling de facto control for Erbil. Re...
Volume: 60Issue: 24Published at Fri, 16 Jun 2017 -
Troubled Waters: GCC Internal Schisms In The Spotlight Again
...milar accusations leveled at it from multiple fronts. Saudi Arabia appears motivated to try to clamp down on its smaller neighbor’s highly vocal independent foreign policies that refuse to adhere to Riyadh’s line. This was also the case in 2014 when Saudi Arabia, UAE and Bahrain withdrew their am...
Volume: 60Issue: 23Published at Fri, 09 Jun 2017 -
UAE Gas Supplies: Qatar Dependence Remains Despite LNG Diversification
...eater LNG supply diversification As Dubai’s LNG buying picks up with the start of summer the emirate faces no shortage of supply options. Australian volumes more than quadrupled since 2014, hitting 265,000 tons last year, and while the UAE hasn’t bought any yet this year, this could change in the su...
Volume: 60Issue: 23Published at Fri, 09 Jun 2017 -
Rig Count: Iraq Drilling Resurgent, Saudi Offshore Growth Slow To Materialize
...gs in Iraq (all are onshore oil rigs) hit a 17-month high of 51 in May. Drilling is still well down on 2014’s highs, but has been steadily increasing since the second half of 2016. How much further it will rise in 2017 is unclear as IOCs are still cautious on investment in Iraq. Shell has mo...
Volume: 60Issue: 23Published at Fri, 09 Jun 2017 -
Sadara Starts First Saudi PMDI, BGE Plants; Targets Polyurethane, Solvent Markets
...ll as 700,000 t/y of paraxylene and 200,000 t/y of propylene (MEES, 15 August 2014). Aramco is mulling further petchems capacity at Jubail, where besides Sadara and Satorp it has equity in the 300,000 b/d Sasref refinery joint venture with Anglo-Dutch major Shell. Aramco’s website says the co...
Volume: 60Issue: 23Published at Fri, 09 Jun 2017 -
Dubai Claims New Solar Pricing Record, This Time For CSP
...cording to an authoritative 2014 Baker Institute paper citing an Abu Dhabi energy official. Since then LCOEs for both CSP and PV solar capacity plunged (see charts), driven in particular by tumbling solar technology costs. However, there is some concern in the industry that developers are making di...
Volume: 60Issue: 23Published at Fri, 09 Jun 2017 -
Libya, Nigeria Gains Expose Opec Deal’s Limitations
...nce November 2016, while Libya’s 770,000 b/d was its highest monthly output since October 2014. Both countries have flattered to deceive in the recent past, securing production gains that they have been unable to maintain and this may again be the case. This has especially been the case in Libya wh...
Volume: 60Issue: 23Published at Fri, 09 Jun 2017