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Egypt Plans Suez Refinery Asphalt, Diesel Expansion
...phalt – this is included in ‘other products’, for which first half 2014 production averaged 22,000 b/d and demand averaged 23,000 b/d. The Suez unit will be one of a number of new diesel sources. A key project is the Egyptian Refining Company (ERC) hydrocracker being built beside the 160,000 b/d st...
Volume: 57Issue: 45Published at Fri, 07 Nov 2014 -
Turkey Backs Gas, Renewables; May Take Nuclear ‘In-House’
...4Q15. The Turkish Wind Energy Association says installed wind capacity amounted to 3.58GW at the end of September 2014. This was 926MW or almost 35% higher than at the end of August 2013. Wind capacity now accounts for more than 5% of Turkey’s power capacity. The association predicts Turkey’s wi...
Volume: 57Issue: 45Published at Fri, 07 Nov 2014 -
OPEC Outages Calm Nerves Ahead Of Crucial Late-November Meeting
...udi Arabia to the Joint Data Initiative (JODI) database, it exported 1mn b/d of refined product in August. Figures for September and October are not yet available. OPEC Well-Head Production, October 2014 (Mn B/D, MEES Estimates) Oct ‘14 Se...
Volume: 57Issue: 45Published at Fri, 07 Nov 2014 -
Is $90/B The New $100/B For Saudi Arabia?
...ar. According to provisional estimates by MEES, imports of Saudi crude in the first 10 months of 2014 averaged 1.22mn b/d, down 60,000 b/d over the same period of 2013, while Saudi Arabia’s share of US imports has edged higher in recent years (see graph). The displacement of light sweet crude oil im...
Volume: 57Issue: 45Published at Fri, 07 Nov 2014 -
Jordan Looks To Slash Deficit In 2015 Budget
...2014, according to the draft budget which was approved by the cabinet at the end of October. Domestic revenue (other than grants) is projected to rise by 10% to JD6.28bn ($8.855bn). With inflation projected at 2.4% in the 2015 budget, spending is slated to rise by less than 1% in real te...
Volume: 57Issue: 45Published at Fri, 07 Nov 2014 -
Yemen Oil Take Slumps
...ee jailed prisoners. The value of oil exports in the first eight months of 2014 fell by 33% to $1.216bn from $1.811bn in the same period of 2013, the Central Bank of Yemen (CBY) said in its latest Monthly Statistical Bulletin. The CBY blames the fall in revenue on sabotage attacks on oil ex...
Volume: 57Issue: 45Published at Fri, 07 Nov 2014 -
Chinese Crude Imports January-September 2014 (‘000 B/D)
...Chinese Crude Imports January-September 2014 (‘000 B/D) Sep-14 Aug-14 Jul-14 3Q14 2Q14 1Q14 YTD14 % of...
Volume: 57Issue: 45Published at Fri, 07 Nov 2014 -
US Imports: Gulf Looks To Keep Share Of Shrinking Pie
...US Imports: Gulf Looks To Keep Share Of Shrinking Pie • US crude oil imports fell to 7.36mn b/d for the first eight months of 2014, 400,000 b/d down on the same period last year and 1.4mn b/d down on January-August 2012. 2014 imports are on track to be the lowest since 1995. • The vo...
Volume: 57Issue: 45Published at Fri, 07 Nov 2014 -
Benchmark Crude Prices ($/B)
...Benchmark Crude Prices ($/B) 6-Nov 27-31 Oct 20-24 Oct Oct-14 Sep-14 Q3 2014 Q2 2014 20...
Volume: 57Issue: 45Published at Fri, 07 Nov 2014 -
Barzan Start-Up To Raise Qatar LPG Exports
...mn tons/year. An additional 500,000 t/y of LPG is expected to be added once the Barzan gas project is commissioned in 2014.” Dr Sada told the conference that LPG demand is rising rapidly, particularly in the residential and commercial sector: “This is particularly evident in emerging economies such as...
Volume: 56Issue: 48Published at Fri, 29 Nov 2013 -
US LNG To Challenge Qatar In Key Asian Markets
...gher than current production levels, by the end of the current Iranian calendar year on 20 March 2014. While this pronouncement is likely without merit, it is worth pointing out that Iran has expansive gas reserves to tap. If a future agreement between the P5+1 countries and Iran relaxes sanctions and Ir...
Volume: 56Issue: 48Published at Fri, 29 Nov 2013 -
Oman Takes Its Place In Gulf Refining Expansion
...sref) Yanbu’, S Arabia 400 U/C**. Due onstream 2014. Takreer (Ruwais Expansion) Ruwais, UAE 417 U/C. Due onstream 2014. NIOC (Persian Gulf St...
Volume: 56Issue: 48Published at Fri, 29 Nov 2013 -
Hydrocarbons Remain Key To MENA Power Expansion
...nagement contract for PP13 and PP14 to Australia’s WorleyParsons. SEC plans to award engineering, procurement and construction (EPC) contracts for the plants in 2014 with a view to 2017 start-up (MEES, 3 May). In September, Korea’s Hyundai awarded France’s Alstom a €170mn contract for four 720MW steam tu...
Volume: 56Issue: 48Published at Fri, 29 Nov 2013 -
Oman Plans First Solar Unit Under Rural Plan
...ar. Start-up is scheduled for June 2014. AER decreed in March that Raeco must incorporate renewables technology – either solar or wind – in each project for which it seeks authority funding. AER estimates Raeco’s total generating capacity at 282MW from 45 diesel-fired plants. Most of Oman’s ca...
Volume: 56Issue: 48Published at Fri, 29 Nov 2013 -
Iran Prepares For Full Return To Oil Markets But Will Saudi Make Way?
...-nation group meets to determine output policy for the first quarter of 2014, it will have to contend not only with the faster-than-expected rise in US shale oil production, but also prepare the ground for the eventual rise in Iranian oil output if the sanctions are scrapped. Back home, Iran has been bu...
Volume: 56Issue: 48Published at Fri, 29 Nov 2013 -
Lebanese Bid Round Hostage To Politicial Stalemate
...fore IOCs are sure what they are bidding for and under what specific terms – all subject to the approval of a future government. With no grand compromise in sight, it may be well into 2014 before Mr Salam is able to form a new government. It is therefore highly likely that there will be fu...
Volume: 56Issue: 48Published at Fri, 29 Nov 2013 -
Egypt’s Gas Crunch: Is A Quick Fix Possible?
...ne 2014. This fiscal burden has prevented it from paying oil and gas producers in full, and IOC receivables stood at over $6.4bn by the third quarter of this year – likely well over given that this figure excludes key producers such as Eni, Shell and Apache (see table, MEES, 15 November). Eg...
Volume: 56Issue: 48Published at Fri, 29 Nov 2013 -
GCC Growth ‘Robust’ Despite Geopolitical, Economic Headwinds-IMF
...ojects are implemented and private sector confidence remains high. For 2014, the IMF projects an increase in oil production, which, coupled with steady non-oil growth, would yield an overall GDP growth rate of just over 4%. Curbing Energy Consumption Absent policy reforms, the IMF expects GCC do...
Volume: 56Issue: 48Published at Fri, 29 Nov 2013 -
Iran: Rohani Slams Legacy
...mmitments this figure rises to some $133bn, he says. The country had entered a state of “stagflation” with year-to-year inflation in late September 2013 at 43%, but falling to 36% in the year to late October 2013. Mr Rohani is targeting a fall in the inflation rate to 35% by March 2014 and 25% by March 20...
Volume: 56Issue: 48Published at Fri, 29 Nov 2013 -
China Consolidates Its Position In The Iraqi Oil Sector
....33%. Production from the field is expected to average 1.45mn b/d in 2013, rising to 1.55mn b/d in 2014. The production plateau in the Rumaila contract is 2.85mn b/d sustainable for seven years. BP and CNPC have proposed three lower plateaus and longer periods, but negotiations have been in...
Volume: 56Issue: 48Published at Fri, 29 Nov 2013