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Lebanon: Can New President Get The Country Moving?
...is week. Mr Gobril says parliament’s first priority is to approve a budget for 2017 after failing to do so for almost a decade. He stresses the need to reduce the squandering of fiscal resources and to cut the budget deficit, which is expected in 2016 to reach 8.6% of GDP, with public debt at 144% of GD...
Volume: 59Issue: 45Published at Fri, 11 Nov 2016 -
Streamlined Oxy Set to Bag UAE Gas Expansion Project
...5% to 8% in 2017.” Capex in the first nine months of 2016 was just $1.99bn, down more than 50% on the same period last year and barely a third of the first nine months of 2014. OCCIDENTAL PETROLEUM: MENA PRODUCTION *DOLPHIN PRODUCTION COMES FROM QATAR'S NORTH FIELD. **EXCLUDES iRAQ, BA...
Volume: 59Issue: 45Published at Fri, 11 Nov 2016 -
Saudi Investment & Fundraising: What A Difference A Year Makes
...change reserves are unlikely to fall much beyond their current level in the coming years. “In terms of the fiscal position, we expect the kingdom’s budget deficit to narrow to around 7.5% of GDP in 2017. Meanwhile, the dollar revenues that the international bond sale brings will also help to finance th...
Volume: 59Issue: 45Published at Fri, 11 Nov 2016 -
IMF Poised To Approve Egypt Loan
...valued pound and to a higher Brent oil price than that assumed in the original budget. Electricity tariff rates will not increase before the beginning of the next fiscal year which starts on 1 July 2017, a spokesman of the Electricity Ministry says. But after the devaluation, the ministry will incur ad...
Volume: 59Issue: 45Published at Fri, 11 Nov 2016 -
Kuwait Bonds On Track
...Kuwait’s plans to tap the international bond market to finance the 2016-17 budget deficit are firming up. Minister of Finance Anas al-Salih says Kuwait will raise KD2.9bn ($9.6bn) in dollar-denominated bonds in Q1 2017. The issue will not only diversify the sources of government revenue, it wi...
Volume: 59Issue: 45Published at Fri, 11 Nov 2016 -
LNG: Asian Buying Rises, But Output Up By More
...cargoes over a four-year period from April 2017. ASIAN 2016 LNG IMPORTS SET TO EDGE ABOVE 2015 VOLUMES ON UPTICK IN LATE-YEAR BUYING (MN TONS) F= 2016 FORECAST BASED ON JAN-SEP VOLUMES AND 2015 SEASONALITY. *ESTIMATES FOR TAIWAN, INDIA. BASED ON JAN-AUG VOLUMES. SOURCE: IM...
Volume: 59Issue: 44Published at Fri, 04 Nov 2016 -
Jordan 200mw Solar Deal
...esel 20 Sepco (2017) Samra HRSG^ 75 Sepco Samra Ga...
Volume: 59Issue: 44Published at Fri, 04 Nov 2016 -
US Firms Pull Back From The World
...ise production in 2017 whilst further cutting capital spending (capex) which is already, at just over $5bn for Q3 2016, 50% down on 2014 levels. Chevron’s 2014 capex spend was $40.4bn, it was $33.8bn for 2015 and “we will likely end [2016] below $25bn in capital outlays, in fact potentially coming in cl...
Volume: 59Issue: 44Published at Fri, 04 Nov 2016 -
UAE Plans 3% Spending Cut For 2017
...The UAE cabinet has approved a federal budget of Dh48.7bn ($13.3bn at a fixed $1=Dh3.673) for 2017, which is part of a five-year budget of Dh 248bn ($67.5bn) for 2017-21, the Emirates News Agency WAM said on 30 October. The 2017 budget in nominal terms is virtually unchanged from the Dh...
Volume: 59Issue: 44Published at Fri, 04 Nov 2016 -
Algeria: Forex Down Again, On Track For $20bn Deficit
...w banks but said that it hopes to set up in Algeria joint ventures with large international banks. The country has sought to get to grips with declining revenue by, for the first time in years, adopting a realistic oil price assumption in its 2017 draft budget (MEES, 14 October). However, wh...
Volume: 59Issue: 44Published at Fri, 04 Nov 2016 -
Saudi: New Finance Chief
...eat confidence in the Saudi Vision 2030 “despite all the challenges.” The new finance minister’s first major task will be to put the finishing touches on the 2017 budget expected to be unveiled toward the end of the year. The Saudi government has introduced a series of austerity measures, in...
Volume: 59Issue: 44Published at Fri, 04 Nov 2016 -
KNPC To Close Shuaiba In 2017
...KNPC To Close Shuaiba In 2017 Kuwait’s state refiner KNPC will shut down its ageing 200,000 b/d Shuaiba refinery permanently by April 2017, more than two years earlier than planned the company said this week. This follows a series of unplanned closures, most recently due to a fire in a he...
Volume: 58Issue: 48Published at Fri, 27 Nov 2015 -
Egypt Looks Beyond Current Storms To Gas-Fueled Upland
...cent corporate presentation, adding that Shell’s previous drilling had targeted offshore Egypt’s “classical Tertiary clastic play.” Eni’s confidence in its new model was such that it drilled the Shorouk block’s Zohr prospect despite there being no contractual obligation to do so before a second, 2017...
Volume: 58Issue: 48Published at Fri, 27 Nov 2015 -
Edison Hopes For More Zohr
...cense in the latest bidround (MEES, 9 October). It also has the Israeli Neta and Royee licenses immediately to the east of its Egyptian offshore acreage. “We plan on drilling North Thekah more towards the beginning of 2017. We would consider drilling Port Fouad in 2017 – potentially back to back to No...
Volume: 58Issue: 48Published at Fri, 27 Nov 2015 -
A New Vision: Kurdistan, A Major Gas Province?
...itial 4 bcm/year of natural gas to Turkey from 2017, rising to 10 bcm/year by 2020 and with the option of increasing to 20 bcm/year thereafter (MEES, 11 April 2014). However, Mr Hawrami acknowledged that the KRG’s financial strains mean that the timeline would likely “slip by six to twelve months, to 2019 pe...
Volume: 58Issue: 48Published at Fri, 27 Nov 2015 -
Oman Invites Bids For Building Duqm Refinery, Awards Liwa Cracker
...r a PET technology license. Ompet had planned to achieve financial close for its PTA/PET plant by mid-year, with a view to project start-up in 2017. However, the financial arrangements have yet to be concluded, which suggests that the PTA/PET plant start-up target is likely to be pushed into 20...
Volume: 58Issue: 48Published at Fri, 27 Nov 2015 -
Egypt Joins MENA Nuclear Club Through 4.8gw Deal With Russia
...pco E&C has started construction of the containment building for the last of its four 1.4GW reactors at Barakah. State nuclear firm ENEC says it is on schedule to start up one plant per year during 2017-20 (MEES, 25 September). Iran signed a deal with Rosatom to press ahead with two further 1GW re...
Volume: 58Issue: 48Published at Fri, 27 Nov 2015 -
BG Deal Brings Cyprus, Israel Gas A Step Closer To Egypt
...rket, rather than re-export as LNG, is concerned). This is especially the case given that, according to any conceivable timeframe, Zohr, slated for fast-track development with first gas in 2017, will come online years before Leviathan or Aphrodite (MEES, 23 October). Eni and Spanish firm Union Fe...
Volume: 58Issue: 48Published at Fri, 27 Nov 2015 -
Middle East To Drive Gas Growth, But Is It Sustainable?
...ian countries. Spot prices in East Asia were reported at around $6.6/mn BTU in October, compared with around $12/mn BTU a year ago. “We expect LNG prices to fall by around 20% next year, and by another 18% in 2017,” Moses Rahnama, gas analyst at London-based Energy Aspects tells MEES. LNG pr...
Volume: 58Issue: 47Published at Fri, 20 Nov 2015 -
Egypt Tying Up Gas-Fired Finance, Looks To Advance Renewables And Nuclear
...s-fired turbines will be installed in three 4.8GW combined cycle gas-turbine (CCGT) plants, at Beni Suef, Burullus and a planned new capital city 45km east of Cairo. These will be built by Egyptian firms Elsewedy Electric and Orascom Construction for start-up during 2017-20. Each plant will co...
Volume: 58Issue: 47Published at Fri, 20 Nov 2015