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Israel: Road To Gas Development Uncertain Despite Government Push
...ility Edison had previously expressed an interest in purchasing Karish and Tanin (MEES, 5 December 2014), but following Mr Gilo’s ruling the firm cooled its interest until the regulatory uncertainty cleared up. Local reports have indicated that Edison, which also has exploration acreage on the Egyptian si...
Volume: 58Issue: 26Published at Fri, 26 Jun 2015 -
Egypt Lays Out Further Subsidy Cuts For 2015-16 But Overall Spending Up
...12-13. The budget for the year beginning 1 July was recently approved by the cabinet but is yet to be signed off by President Sisi. It lays out plans to cut spending on oil product subsidies to E£61bn ($8bn at the latest exchange rate of $1= E£7.63), down 13% from the provisional 2014-15 figure of E£70...
Volume: 58Issue: 26Published at Fri, 26 Jun 2015 -
Satorp Taps Riyadh For SR2bn To Reduce Bank Dues
...udi Arabia’s Manifa oilfield (MEES, 15 August 2014). Meanwhile, Sadara Basic Services Company – a subsidiary of the Aramco/Dow petrochemicals joint venture – has agreed a SR865mn ($231mn) mortgage loan to Saudi Butanol Company (Sabuco) to help fund construction of a SR1.9bn ($507mn) butanol pl...
Volume: 58Issue: 26Published at Fri, 26 Jun 2015 -
Egypt Goes Import Crazy In Bid To Curb Power Cuts
...intenance between October 2014 and May this year while more than 3.6GW was added to the national grid. This more than meets the estimated power deficit of 2.5GW, according to Mr Yamani (see p8). The budget of state gas firm EGAS to import LNG for the 2015-16 financial year which starts on 1 July will be...
Volume: 58Issue: 26Published at Fri, 26 Jun 2015 -
Cyprus Shuts Gas Tender
...s. The tender seeks gas volumes rising from 19.5-30.4 trillion BTU in the first year to 25-43 trillion BTU by 2025. First gas is to be delivered between 1 January 2016 and 30 June 2017, with DEFA thought to favor bids that stipulate an earlier start date (MEES, 18 April 2014). MEES understands th...
Volume: 58Issue: 26Published at Fri, 26 Jun 2015 -
Questions Mounting Over GCC Refinery Plans In Wake Of Capacity Hike
...ndensate splitter in the third quarter of 2016. The plant is almost identical to the LR1 splitter which Qatargas built earlier at Ras Laffan and is expected to cost $1.5bn (MEES, 11 April 2014). GCC REFINERY/SPLITTER PROJECTS SCHEDULE Operator (Project) Lo...
Volume: 58Issue: 26Published at Fri, 26 Jun 2015 -
Egypt Power Capacity Boost Gathers Steam
...er the year to June 2014, taking total capacity to 32.02GW. This was almost 6GW above peak recorded consumption of 26.14GW. But demand spiked well above this later in the summer, when outages of both generating capacity and grid infrastructure, coupled with transmission and distribution losses, led to...
Volume: 58Issue: 26Published at Fri, 26 Jun 2015 -
Glimmer Of Hope For Oil Markets As Russia-Saudi Ink St Petersburg Deal
...ali. The price negotiations between Saudi Aramco and Lukoil have been ongoing since the Russian upstream player announced the discovery in 2006. Lukoil said in 2013 that it hoped to start producing gas from Block A in 2014. Company vice president Leonid Fedun said in late 2012 that the 14 tcf Rub’ al...
Volume: 58Issue: 26Published at Fri, 26 Jun 2015 -
Syria’s Economy: Down, Down, But Not Quite Out
...rian Center for Policy Research using patchy publicly-available data on the Syrian economy – data that includes company filings and trade statistics for neighboring Turkey – indicates an even larger contraction of 62% between 2010 and 2014. The largest losses, of 30.9% and 36.5% respectively were in 20...
Volume: 58Issue: 26Published at Fri, 26 Jun 2015 -
QP To Downsize Foreign Staff In Reorganization Plan
...0,000 b/d for 2014, and to an average of 660,000 b/d for the first five months of 2015. Some large investment projects should help to stabilize oil production, such as the $4bn plans to update facilities and increase production at Bul Hanine from 40,000 b/d to 95,000 b/d by 2028 (MEES, 8 May). As for ga...
Volume: 58Issue: 26Published at Fri, 26 Jun 2015 -
Qatar Stares Deficit In The Face
...mpares with previous forecasts in December 2014 of 7.7% and 7.5% respectively. The latest forecasts are broadly in line with the IMF’s latest forecasts of 7.1% for 2015 and 6.5% for 2016 contained in the latest update to the fund’s MENA Regional Economic Outlook, released last month. If spending is ke...
Volume: 58Issue: 26Published at Fri, 26 Jun 2015 -
Russia Becomes China’s No. 1 Crude Supplier In May As Middle East Share Falls Below 50% (‘000 B/D)
...YTD14 May-15 Apr-15 Mar-15 YTD15 ‘000 b/d % YTD14 2014 2013 2012 20...
Volume: 58Issue: 26Published at Fri, 26 Jun 2015 -
Benchmark Crude Prices ($/B)
...Benchmark Crude Prices ($/B) 25-Jun 15-19 Jun 8-12 Jun May-15 Apr-15 Q1 2015 YTD 2015 Q4 2014...
Volume: 58Issue: 26Published at Fri, 26 Jun 2015 -
Iran Going The Extra Mile With New Oil Contracts
...clear program fast approaching, and prospects good that a deal could be struck, IOC interest in Iran is again on the rise – just as it was some 12 months ago in the run-up to the first, ultimately missed, deadline of 20 July 2014. Just last week a delegation from Anglo-Dutch major Shell arrived in Te...
Volume: 58Issue: 25Published at Fri, 19 Jun 2015 -
Morocco Sticks To LNG Plan, Keeps Calm And Keeps Drilling
...stem,” reducing the country’s “external and fiscal vulnerabilities,” the IMF says. DEFICIT DOWN Morocco’s trade deficit in January-May 2015 fell by 25.3% to MD63.12bn ($6.52bn at $1=MD9.68) from MD84.54bn ($10.33bn at $1=MD8.18) in the corresponding period of 2014. The cost of energy imports fe...
Volume: 58Issue: 25Published at Fri, 19 Jun 2015 -
Iraq To Revise Pipeline Route To Jordan
...nsortium was formed last year and asked to submit a preliminary technical proposal for the project, known as the Strategic Crude Oil Export Pipeline Infrastructure Project. This was shelved when IS, then known as ISIS, launched a lightning offensive capturing Iraq’s second city of Mosul in June 2014. IS la...
Volume: 58Issue: 25Published at Fri, 19 Jun 2015 -
Egyptian Refiners Award Contracts For New Gasoline Units, Plan Coker Rehab
...rlier estimated the overall cost of the plant at $250mn and said the plant was expected to start up in 2018. Egypt’s annual average gasoline demand reached a new peak of 144,000 b/d in 2014, when refinery output of 75,000 b/d required EGPC to import 69,000 b/d – equivalent to 48% of demand (see gr...
Volume: 58Issue: 25Published at Fri, 19 Jun 2015 -
Egypt Completes Smaller Power Plants Amid Major Capacity Hike
...has also connected a 300MW second phase of a power plant at 6th of October City. State generator Egyptian Electricity Holding Company (EEHC) has already secured loans to upgrade the Damietta West power plant to combined cycle operation (MEES, 7 November 2014). This will raise Damietta West ca...
Volume: 58Issue: 25Published at Fri, 19 Jun 2015 -
Egypt’s Taqa Plans To Double Capacity To Help Cairo Bridge Power Shortage
...ound 31.5GW, but government faces a steep challenge in tackling both short and medium term supply crises. Peak demand reached 28.25GW in summer 2014, and could rise by 6% this year, according to Electricity Minister Muhammad Shakir. Taqa Executive Chairman Khalid Abu Bakr, speaking to MEES at last we...
Volume: 58Issue: 25Published at Fri, 19 Jun 2015 -
Saudi Runs Hit Record, Cut Into Exports (Jodi April Data, ‘000 B/D)
...D15 vs YTD14 vs YTD13 2014 Crude Production 10,308 +14 +648 10,294 9,980 +269 +81...
Volume: 58Issue: 25Published at Fri, 19 Jun 2015