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Egypt To Privatize Wind Management
...e Japanese Bank for International Cooperation (JBIC), Japan’s Sumitomo Mitsui Banking Corporation and France’s Societe Generale. Japanese export credit agency Nexi will provide backing. Construction will start by the end of 2017 and take around 24 months, Engie says. This seems optimistic given Eg...
Volume: 60Issue: 45Published at Fri, 10 Nov 2017 -
Opec Output Falls Ahead Of Key Meeting As US Shale Eyes Price Rally
...US E&P companies in October was the most of any month in 2017 and that the additional capital will facilitate increased investment and support US crude output growth. 1: OPEC BASKET AT $4/B PREMIUM TO WTI, 5-YEAR LOW DISCOUNT TO BRENT ($/B, MONTHLY AVERAGE PRICES*) SOURCE: ICE, OPEC. ME...
Volume: 60Issue: 45Published at Fri, 10 Nov 2017 -
Adnoc Makes $9bn Splash In International Finance Markets
...onomies. Saudi Arabia is the biggest government lender, with a recent $12.5bn bond. The Abu Dhabi government last month issued a $10bn three-tranche international bond and the Adcop bonds take to $53.5bn the amount raised by GCC international bond issues so far 2017 (MEES, 6 October). Among state pe...
Volume: 60Issue: 45Published at Fri, 10 Nov 2017 -
Egypt Gas Output Set To Soar By 2020
...timistic. For much of 2017 Egyptian officials have been touting that the country will have a gas surplus as early as mid-2018. Egypt last had an annual gas surplus in 2013 when output was almost 5.5bn cfd and it exported 50 cargoes of LNG. Output subsequently slumped, plumbing a nine-year low of 3.89mn cf...
Volume: 60Issue: 44Published at Fri, 03 Nov 2017 -
Algeria: In Amenas Hits Record Production As In Salah Output Halves
...One of Algeria’s largest wet gas fields, In Amenas, enjoyed a record nine months in 2017, producing gas at a rate not seen for more than one quarter at a time over the past seven years. The concession, operated by a consortium of the UK’s BP, Norway’s Statoil, and state energy company So...
Volume: 60Issue: 44Published at Fri, 03 Nov 2017 -
Iraq Boosts Export Capacity, Eyes Alternative Routes
...346mn b/d, up about 100,000 b/d from September (see p7). Southern exports have averaged 3.264mn b/d for the first 10 months of 2017 with output cut from January as part of the Opec agreement. October figures also saw a three-year high for export revenues at $5.455bn. The new SPM brings Iraq’s total ex...
Volume: 60Issue: 44Published at Fri, 03 Nov 2017 -
Iraq Export Revenues Soar
...2016 to 160,000 b/d in 2017, reversing a four-year trend of increasing crude burns to satiate domestic demand. Reducing flaring rates and gas imports from Iran account for the improvements. But, whilst export volumes have edged higher in recent months, the bulk of the gain in revenues has come fr...
Volume: 60Issue: 44Published at Fri, 03 Nov 2017 -
Saudi Petchems Gets Oil Price Boost; Sabic Chief Warns On Cheap Feedstock Addiction
...ntinues to pick up pace. Little of the quarter-on-quarter increase could be attributed to rising oil prices, to which petrochemicals export prices are linked: prices for Saudi Arabia’s Arab Light crude grade rose by a modest 2.9% to $50/B for Q3 2017. However, the 26% profits increase for the fi...
Volume: 60Issue: 44Published at Fri, 03 Nov 2017 -
Egypt’s Largest Solar Investor Ties Up Finance For Benban Projects
...18 start-up target represents a slippage from the original EBRD and IFC schedules, which targeted construction on the first of the backed projects by the end of 2017. Before they can begin to supply the grid, EETC must complete at least one of four substations it is building at the corners of the Be...
Volume: 60Issue: 44Published at Fri, 03 Nov 2017 -
US Exports Make More Waves, Taking Opec Share In Core Asian Markets
...ead with imports of 8.53mn b/d for January-September 2017 versus 7.97mn b/d for the US). But here too US trading patterns have been making waves, with imports from Saudi Arabia falling to just 504,000 b/d in October (based on weekly data to 27 October) the lowest monthly figure since 1987. For the we...
Volume: 60Issue: 44Published at Fri, 03 Nov 2017 -
Opec Producers Cash In On WTI Weakness Amid Tight Asia Market
...• Cuts to Opec output from the start of 2017 have focussed on the grouping’s Mideast core. This has tightened markets in Asia, raising the value of the Opec crude basket against Brent, and especially US marker WTI. The latter is priced at Cushing, Oklahoma, an inland location just to the no...
Volume: 60Issue: 44Published at Fri, 03 Nov 2017 -
Kuwaiti Government Resigns As Political Dysfunction Grows
...ve months of the current financial year (April-August 2017) imply that capital spending is on track to fall well short of the budgeted amount. The budget calls for $11.2bn capital spending, but Kuwait is on track to spend just $7.7bn. Prospects of a surge in the second half of the year are reduced by th...
Volume: 60Issue: 44Published at Fri, 03 Nov 2017 -
Saudi Eyes Blowout Budget For 2018 Despite Low Oil Revenue
...ivate sector which has hitherto been reliant on state patronage. Mr Jad’an says Saudi Arabia plans to boost spending to SR928bn ($247.5bn) in 2018. On this face of it this is a 4.3% increase from the SR890bn ($237.3bn) budget figure for 2017. However actual spending in the first half of 2017, at SR...
Volume: 60Issue: 44Published at Fri, 03 Nov 2017 -
IMF Latest Breakeven Oil Price* Estimates ($/B)
...FOR GCC COUNTRIES... …AND OTHER KEY MENA OIL EXPORTERS *OIL PRICE AT WHICH FISCAL BALANCE IS ZERO. SOURCE: IMF REGIONAL ECONOMIC OUTLOOK, OCT 2017....
Volume: 60Issue: 44Published at Fri, 03 Nov 2017 -
Iran Tells Banks To Comply
...ogress in implementing the set “Action Plan” (MEES, 1 July 2016). The waiver was extended in June 2017 for a further unspecified period of time. Ensuring compliance by these institutions comes at a crucial time as more US sanctions loom. President Donald Trump in mid-October refused to certify Ir...
Volume: 60Issue: 44Published at Fri, 03 Nov 2017 -
Crude Official Selling Prices ($/B)
...*VS ICE BRENT FROM JULY 2017 PREVIOUSLY VS BWAVE....
Volume: 60Issue: 44Published at Fri, 03 Nov 2017 -
Total Aims To Become Mena’s Dominant IOC
...ying the groundwork for production gains in 2017. Total is increasingly focusing on this region: unlike its peers, which are increasingly focusing any spare cash on the US in general and Texas’ Permian basin in particular (MEES, 4 November). With global upstream investment having declined for two st...
Volume: 59Issue: 47Published at Fri, 25 Nov 2016 -
Eni Touts Zohr As East Med Hub
...OM THE ORIGINALLY-IMPLIED 22.5 TCF. ^OFFICIAL START-UP END 2017. SOURCE: MEES, BASED ON ENI STATEMENTS & PRESENTATIONS. DRILLING EXPEDITED IN SEARCH FOR MORE ZOHR Eni is set to drill Block 9 in late 2017, Mr Barberis says. Eni drilled two previous wells here in early 2015. These fl...
Volume: 59Issue: 47Published at Fri, 25 Nov 2016 -
Qatargas Ramps Up Output At Ras Laffan 2 Splitter
...mpletion in Q3 2016. While a recent Ministry of Development Planning report said start-up had been pushed back from Q4 2016 to 2017 (MEES, 24 June), the latest information suggests a Q4 2016 start-up is still possible. Ras Laffan 2 will process untreated condensate from the giant offshore North Field. Th...
Volume: 59Issue: 47Published at Fri, 25 Nov 2016 -
Morocco Awards Three PV Projects, As Mena Gets Serious About Solar
...ll as 80MW at Laayoune and 20MW at Boujdour in the Moroccan-occupied Western Sahara. Construction will begin in Q1 2017 and take 12 months. Acwa says the Noor PV1 electricity price is US¢4.8/kWh. This lowest bid is significantly higher than the ¢2.99/kWh for the 800MW third phase of the 5GW solar pa...
Volume: 59Issue: 47Published at Fri, 25 Nov 2016