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Iraq Pursues Crude Capacity Gains As Revenues Rise
...is implies southern export capacity of 3.8mn b/d from the Khor al-Amaya oil terminal, Basra Oil Terminal and three single point mooring (SPM) systems. IOC PAYMENT BURDEN DIPS The output deal is paying dividends for Iraq, with revenues on track to rise $10bn to $54bn in 2017 (see chart). Mo...
Volume: 60Issue: 21Published at Fri, 26 May 2017 -
Iraq Looks To Get Savvy On Crude Trading
...pand it to another company, maybe with shipping for example, or with storage.” Somo has simultaneously started selling Basra Light volumes on the Dubai Mercantile Exchange (DME). Its debut auction of 2mn barrels on 28 April was a success, with an unnamed Asian buyer purchasing the June 2017 cargo at...
Volume: 60Issue: 21Published at Fri, 26 May 2017 -
Egypt’s Gasoline Imports Rising, But Key Hydrocracker Start-up Put Back To 2018
...eady. First quarter gasoline net imports averaged 71,000 b/d, the same level recorded for 2016 as a whole. However, Q1 2017 net gasoline imports are almost 40% higher than the 51,000 b/d recorded for Q1 2016, suggesting that 2017 as a whole may prove to be another record year. In contrast, Egypt’s ne...
Volume: 60Issue: 21Published at Fri, 26 May 2017 -
Oman Sees Peak Power Demand Up 51% By 2023; Gas Fuel Crunch Looms
...) 2023 vs 2016 *2016 2017 2018 2019 2020 20...
Volume: 60Issue: 21Published at Fri, 26 May 2017 -
Opec Output Cuts Extended But Market Relevance Wanes
...tension. US crude production is surging and is rapidly approaching record heights, while there is a strong likelihood that Opec output itself will grow this month thanks to strong gains in Libya. IEA FIGURES IMPLY MARKET REBALANCING* REMAINS ON COURSE FOR Q4 2017... (CUMULATIVE 2017 STOCK DRAWDOWN MN BA...
Volume: 60Issue: 21Published at Fri, 26 May 2017 -
Trump/Saudi Love-In Dulls Iran Post-Election Oil Investment Hope
...d Inpex from Japan have expressed serious interest in participating in the development of the Iranian oil sector. They will now have to decide if the time is right to take the plunge. Under Iran’s sixth five-year plan 2017-22, the oil industry requires around $200bn of investment if it is to me...
Volume: 60Issue: 21Published at Fri, 26 May 2017 -
Saudi Aramco Courts Investors Ahead Of IPO
...ecuted. Little surprise then that Aramco executives and government ministers have been eagerly travelling the globe during the course of 2017, meeting with the heads of flagship stock exchanges, in a bid to decide which will maximize the IPO’s success. Efforts are also being made to ensure that th...
Volume: 60Issue: 21Published at Fri, 26 May 2017 -
Egypt Raises $3bn Bond
...duction in subsidies and a cut in the budget deficit in 2017-18 to E£370bn, or 9% of GDP, from 9.8% of GDP in the current year. Egypt also allowed the pound to float as part of the IMF reforms. The new issue was oversubscribed attracting $11bn of book orders. According to Finance Minister Amr al-Ga...
Volume: 60Issue: 21Published at Fri, 26 May 2017 -
Tunisia: Key Gas Project Faces Further Delays As Unrest Grows
...rget start-up date remained 2017 (see table). Nawara, a project previously flagged up as key to OMV, was totally missing from prepared Q1 results material. The firm’s more detailed May capital markets presentation indicates that the overall project is 77% complete with the 95mn cfd gas treatment pl...
Volume: 60Issue: 20Published at Fri, 19 May 2017 -
Egypt Gas Boost Cuts Import Needs, But Self-Reliance Still A Distant Goal
...er 70% of total output at the end of 2011 and the beginning of 2012, that share fell to just 38% in Q1 2017 (see chart 4). It’s not just the Eni/BP fields; production at the Shell (ex-BG) West Delta Deep Marine project has fallen even more steeply. ENI/BP OFFSHORE NILE DELTA PRODUCTION (MN CF...
Volume: 60Issue: 20Published at Fri, 19 May 2017 -
Egypt’s Petchems Boosted By New Gas – But Demand Also Rising
...rea Misr petchems plants this week reported a “stellar performance” in Q1 2017, with revenues up 15% year-on-year to $82.6mn. Alexfert utilization was “north of 100%” with the plant “receiving its full gas allocation.” At the end of 2016 EKH was already “quickly regaining its position” in the global fe...
Volume: 60Issue: 20Published at Fri, 19 May 2017 -
Egypt Oil Debts Put Brake On Investment
...June. Egypt owed a total of $3.4bn at end-March according to its own reckoning, so, if completed, these two 1H 2017 payments would equate to 44% of the then total. Oil Minister Tarek El Molla says receivables will be halved by the end of the year and eliminated by mid-2019. REGULAR PA...
Volume: 60Issue: 20Published at Fri, 19 May 2017 -
Riyadh Refinery Maintenance Set To Conclude
...t still rises seasonally. Jodi data released this week shows that Saudi direct crude burn averaged 280,000 b/d in Q1 2017, down 14% from 327,000 b/d in Q1 2016 (see p9)....
Volume: 60Issue: 20Published at Fri, 19 May 2017 -
Saudi Electricity: Debt Write-Off Clears Way For Break-Up
...rst quarter of 2017, a quarter in which it typically makes a loss. However, the income boost appears to be the result of a reclassification of debt, with an accompanying adjustment to the credit balance. In its Q1 financial results report posted on the Saudi Stock Exchange (Tadawul), SEC says the qu...
Volume: 60Issue: 20Published at Fri, 19 May 2017 -
Opec Facing Tough Choices Ahead Of Vienna Meeting
...RKET REBALANCING* REMAINS ON COURSE FOR Q4 2017... (CUMULATIVE 2017 STOCK DRAWDOWN MN BARRELS) ...BUT OPEC’S LATEST NUMBERS SHOW THE FINISH LINE GETTING EVER FURTHER AWAY *BASED ON OPEC SEC-GEN STATEMENT THAT REBALANCING REQUIRES 270MN BARREL STOCKDRAW. SOURCE: OPEC, IEA, MEES. BU...
Volume: 60Issue: 20Published at Fri, 19 May 2017 -
Algeria Parliamentary Poll: Status Quo - On, And On, And On Again
...ts. With the government announcing further fiscal consolidation this year, the World Bank expects real GDP growth to average 1.2% in 2017-19, down from 3.8% in 2016 – that was primarily due to a strong recovery in hydrocarbon production and higher-than-expected spending. “In 2017-19, a modest 2....
Volume: 60Issue: 20Published at Fri, 19 May 2017 -
Egypt Economic Reforms Remain On Track But Long Road Ahead
...the draft 2017-18 budget, which has just been submitted to parliament but not yet approved. Mr Molla says the restructuring and rationalization of subsidies across the board, covering petroleum products, electricity and consumer goods among others, are part of a comprehensive government plan to...
Volume: 60Issue: 20Published at Fri, 19 May 2017 -
Oman Export Revenues Down, Rating Junked
...port for the first time since 2015. EXPORTS DOWN, REVENUES UP Despite crude and condensate exports falling, export revenues have steadily increased from Q2 2016 through Q1 2017. MEES calculates Omani crude revenues totaled $3.7bn in Q1, up $800mn year-on-year and the highest since Q3 2015 (see ch...
Volume: 60Issue: 20Published at Fri, 19 May 2017 -
Mubadala Taps Softbank
...ami says the fund “is a significant opportunity for good financial returns.” Its net profit for the year ending in March 2017 tripled to ¥1,439bn ($12.5bn) from ¥474bn the previous year – it attributes much of this to the sale of an undisclosed number of its shares in Chinese online retailer Al...
Volume: 60Issue: 20Published at Fri, 19 May 2017 -
Asian LNG Prices Weaken Despite Aussie Plant Delays ($/Mn Btu)
...s on 12 May shut for at least a month, only the latest in a series of unplanned outages. And the 8.9mn t/y Ichthys project operated by Japan’s Inpex has had start-up pushed back from 3Q 2017 to 1Q 2018. • On the bearish side are signs that Egypt is looking to defer or cancel cargoes as the ramp up...
Volume: 60Issue: 20Published at Fri, 19 May 2017