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Jordan: China Cash Ties Up $2.1bn Oil Shale Funding
...ich Hydro, biogas 10 Planned: Enviromena/TSK (2017) Quweira Solar 10...
Volume: 60Issue: 12Published at Fri, 24 Mar 2017 -
Saudi Gets Creative To Maintain Crude Exports Despite Output Fall
...bruary 2016 – almost twice the January 2017 figure – and averaged 328,000 b/d for the rest of the year. The changing fortunes of diesel in Europe may lead Aramco to seek sales elsewhere, although many of world’s fastest developing countries already have major pollution problems to address. SAUDI CR...
Volume: 60Issue: 12Published at Fri, 24 Mar 2017 -
Libya Output Gets Waha Boost; Targets Bu Attifel, Sharara Next
...ARARA FIELDS HAS RAMPED UP SINCE 20 DEC RESTART, BUT STILL HAS A LONG WAY TO GO (‘000 B/D) *LATE/END MONTH IN EACH INSTANCE. ^AS GIVEN BY OPERATOR REPSOL FEB 2017. 2018 TARGET IS TO HIT 340,000 B/D CAPACITY DURING THE YEAR, NOT AS AN ANNUAL AVERAGE. SOURCE: REPSOL, STATOIL, OMV, MEES ES...
Volume: 60Issue: 12Published at Fri, 24 Mar 2017 -
Rosneft: Russia Mixes Business With Politics In Mena Expansion
...erators that will make the project successful.” Eni, in its 2016 annual report, released this week, says it expects Rosneft’s Zohr purchase “will be finalized in the first half of 2017.” Rosneft also seemingly sees itself as a key LNG player, despite having no LNG production of its own either now or...
Volume: 60Issue: 12Published at Fri, 24 Mar 2017 -
Majors In The Middle East: 2016, A Year Of Consolidation
...Oil Majors consolidated their positions in the Middle East in 2016, with preliminary results indicating a slight fall in liquids production against 2015. But while output flatlined, key contracts were signed that will see sizeable gains in 2017 and beyond. The combined Middle East liquids sh...
Volume: 60Issue: 12Published at Fri, 24 Mar 2017 -
Fitch Downgrades Saudi, Increasing Headwinds For $15bn Bond Plans
...reign assets as of end-January falling below SR2 trillion for the first time since October 2011. At $524bn they are 30% below the record $746bn level hit in mid-2014 (MEES, 10 March). The country’s 2017 budget projects a whopping $53bn deficit, albeit down by a third from 2016 (MEES, 6 January). Fi...
Volume: 60Issue: 12Published at Fri, 24 Mar 2017 -
Lebanon Raises $3bn In Record Bond Issue
...Lebanon on 21 March raised a record $3bn through a Eurobond issue which was six times oversubscribed with offers of $17.8bn. As such Lebanon has raised the full $3bn of Eurobond debt authorized by parliament for 2017. Some $600mn was raised from foreign banks and financial institutions, wi...
Volume: 60Issue: 12Published at Fri, 24 Mar 2017 -
Life After Oil: How Can Gulf Countries Localize Jobs & Broaden Their Economies?
...rakah is scheduled to be completed in 2017; the other three for 2020. The need has never been greater for Gulf countries to lessen dependence on oil. With the decline in crude prices over the last two years, GCC countries are experiencing deficits and unemployment for the first time in decades. This ha...
Volume: 60Issue: 12Published at Fri, 24 Mar 2017 -
Libya Oil Gains Go Into Reverse
...rf offshore field, which “continued without interruption,” it said. The events prove IOCs are right to be cautious on Libya (MEES, 3 March). ConocoPhillips excluded the territory from its Q4 2016 results release, published on 2 February, and discounted it from its 2017 production guidance. In its Q4...
Volume: 60Issue: 11Published at Fri, 17 Mar 2017 -
Libya’s East-West Divide Flares Up Amid Oil Port Fighting
...me by. LIBYA’S 2017 OUTPUT TARGETS BY JV (‘000 B/D) ^ACTUAL JAN-FEB OUTPUT WAS 680,000 B/D. SOURCE: NOC. NOC SPLIT RENEWED On 14 March an LNA spokesman said that a decision over control of the oil terminals would not be reached before they had been inspected by Naji al-Ma...
Volume: 60Issue: 11Published at Fri, 17 Mar 2017 -
Production Curbs Help Market Inch Towards Balance
...ude inventories hit a new all-time high of 528.4mn barrels on 3 March, before edging lower to 528.1mn barrels this week. This brought an end to a run of nine consecutive weekly builds caused by buoyant shale production as well as imports. 1: IEA FIGURES IMPLY MARKET REBALANCING* IN Q4 2017... (CU...
Volume: 60Issue: 11Published at Fri, 17 Mar 2017 -
US Ramp-Up Lays Down The Gauntlet To Opec
...a whopping 180,000 b/d upward revision on the number in last month’s report and the first time in a year that US crude output has topped 9mn b/d. The latest STEO revises up projected output for the remainder of 2017 even further, by an average of 270,000 b/d for April-December. Production is now set to...
Volume: 60Issue: 11Published at Fri, 17 Mar 2017 -
Kuwait Cuts Its Borrowing Needs With Debut $8bn Bond
...Kuwait this week raised $8bn in a debut Eurobond slated to cover its expected budget deficit for the 2017-18 year starting 1 April. The issue was three times oversubscribed, attracting $29bn in bids. Kuwait previously said it would seek to raise $10bn from its debut foray in the debt ma...
Volume: 60Issue: 11Published at Fri, 17 Mar 2017 -
Iran Fiscal Outlook Improves As New Year Dawns
...ound 68 million Iranians only and not the 77 million current recipients. So the government will have the unenviable task of cutting out a few million recipients, or diverting resources from the development budget. The Guardian Council this week approved the draft 2017-18 budget, with some am...
Volume: 60Issue: 11Published at Fri, 17 Mar 2017 -
Iran FDI: Set For Takeoff?
...rve a second term, or be replaced by a hardline opponent (MEES, 10 February). IRAN’S FDI INFLOWS SET TO SOAR ($BN) IRANIAN YEARS ENDING c.20MAR. *2016-17 NUMBERS ARE PROVISIONAL, 2017-18 A PROJECTION. **ONLY SOME ANNOUNCED PROJECTS WILL RESULT IN ACTUAL INVESTMENT, TYPICALLY IN SUBSEQUENT YE...
Volume: 60Issue: 11Published at Fri, 17 Mar 2017 -
Federal Iraq’s Oil Revenue Set For 30% Annual Rise In 2017
...*MEES CALCULATIONS BASED ON EXPORT PROJECTIONS AND CURRENT FUTURES CURVE AS OF 17 MARCH 2017. FEDERALLY CONTROLLED EXPORTS ONLY. SOURCE: IRAQ OIL MINISTRY, MEES CALCULATIONS. • Iraqi crude revenues in the first two months of 2017 have totaled $9.5bn, more than twice the $4.5bn fi...
Volume: 60Issue: 11Published at Fri, 17 Mar 2017 -
Asian LNG Imports Hit Record High In 2016; Global Supply Glut Yet To Come
...oduction from new plants in Australia and elsewhere was mostly absorbed by Asian buyers, but at the ‘cost’ of pushing down prices. As more LNG comes online during 2017, the ability of Asian buyers to soak up additional supplies will be further tested for this year. Collective imports to the global ‘to...
Volume: 60Issue: 10Published at Fri, 10 Mar 2017 -
Aramco Agrees To Pay Shell $2.2bn In Break-Up Of US Motiva Refining JV
...0 Overseas Current & Planned 3,114 1,412 *CURRENT STAKES. MOTIVA TO BE SPLIT IN Q2 2017 WITH ARAMCO TAKING 100% PORT ARTHUR AND SHELL 100% OF CONVENT & NORCO. ^ARAMCO OWNS 63.4% OF S-OIL WITH THE RE...
Volume: 60Issue: 10Published at Fri, 10 Mar 2017 -
UAE Generators Struggle To Take Their Foot Off The Gas
...esel 0.70 Total Operating 28.63 Planned: 26.65 Adwea (2017...
Volume: 60Issue: 10Published at Fri, 10 Mar 2017 -
Opec Output Edges Down But Saudi Wary Of ‘Free Riders’
...e to resurgent US shale production: the EIA this week revised up its forecast of US 2017 crude output by 230,000 b/d to 9.21mn b/d. Opec Secretary General Mohammad Barkindo has previously said he thinks a 270mn barrel fall in OECD stocks is required. But, whilst overall OECD stocks are falling, ME...
Volume: 60Issue: 10Published at Fri, 10 Mar 2017