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OPEC Relaxed On Supply, Prices
...OPEC Secretary-General ‘Abd Allah al-Badri is not losing any sleep over the impact of surging tight oil production in the US, which he says will be short-lived. He says oil prices above $100/B are “reasonable” and likely to hold at current levels at least until the end of 2014. The call on OP...
Volume: 56Issue: 40Published at Fri, 04 Oct 2013 -
Iranian Economy Shrinks By 5.4%
...bn in the year to 20 March 2014, from $50bn a year earlier, according to the NDF Deputy Director Qasim Hosseini. By law 20% of oil revenue is usually allocated to the NDF, which is intended to finance major development projects. In addition to the NDF, the Iranian government with pa...
Volume: 56Issue: 40Published at Fri, 04 Oct 2013 -
Damage To Syrian Economy Tops $20Bn – Officials
...me buildings and infrastructure and that a further S£50bn ($365mn) have been allocated in the 2014 draft budget to continue reconstruction activities. Prime Minister Wail al-Halqi last month called for austerity and rationalization of current and investment expenditure in the 2014 budget an...
Volume: 56Issue: 40Published at Fri, 04 Oct 2013 -
The US Shale Revolution, Part 3: Overcoming The Obstacles
...oice for power generation, the EIA projects in its May 2013 Short-Term Energy Outlook that “year-over-year increases in natural gas prices [will] contribute to declines in natural gas used for electric power generation from 25bn cfd in 2012 to 22.8bn cfd in 2013 and 22.2bn cfd in 2014.” Low we...
Volume: 56Issue: 40Published at Fri, 04 Oct 2013 -
South Sudan Orders Oil Production Restart
...vernments to raise output. The IEA said last week it expected Sudan to produce 70,000 b/d on average this year, which should jump to 90,000 b/d in 2014, before dipping to 60,000 b/d in 2017. “Sudan and South Sudan are expected to rebound to a combined 360,000 b/d by 2015, though still 10...
Volume: 55Issue: 44Published at Fri, 26 Oct 2012 -
Qatar Faces LNG Market Challenges
...e Sabine Pass project, and the next project that is likely to go ahead probably won’t read final investment decision (FID) until 2Q13, or even 2014; putting them in the 2017-18 time frame,” Mr Flower says. But if Japan starts importing US LNG at Henry Hub prices, some feel this may re...
Volume: 55Issue: 44Published at Fri, 26 Oct 2012 -
Middle East Refinery Capacity To Surge, Says IEA
...ddle East refining expansion will include 400,000 b/d capacity projects in Saudi Arabia and the UAE – due on stream in 2013, 2014 and 2015 – and smaller expansions in Qatar, Iraq, Iran and Oman. Ambitious expansion plans in Kuwait, Bahrain, Oman, the UAE, Iraq and Iran are excluded from the forecast as fi...
Volume: 55Issue: 44Published at Fri, 26 Oct 2012 -
Iraq Wakes Up From Power Shortage Nightmare
...ld a dominant position in Iraq’s Kurdish north (MEES, 28 September). In addition to the 500mw Najibiya power plant due on stream in 2014, and a 126mw facility specifically for the Lukoil-led West Qurna-2 oil field development, Turkish firm Enka is converting the 1,000mw Single Cycle Irbil power plant in...
Volume: 55Issue: 44Published at Fri, 26 Oct 2012 -
Aramco To Spend $35bn On Stabilizing Oil Capacity
...0,000 b/d by 2014. Manifa will help stabilize Saudi capacity by offsetting declines from mature fields. Saudi Aramco is also eyeing CO2 enhanced oil recovery. It is building a new CO2 capture facility and transport system, which will compress and dry CO2 from the Hawiyah NGL Recovery Plant, send it to...
Volume: 55Issue: 43Published at Fri, 19 Oct 2012 -
IEA Predicts Bleaker Days Ahead For OPEC
...e world’s largest economy,” the report projected. And in oil demand terms non-OECD should eclipse the OECD by 2014, the MTOMR revealed. Rising North American production will lessen the need for imports, leading to an actual reduction of inter-regional crude trade by some 1.6mn b/d to 32...
Volume: 55Issue: 43Published at Fri, 19 Oct 2012 -
Tamar Partners To Supply Dorad Energy With Gas
...fshore infrastructure in order to meet contracted supplies. But as some buyers will not be ready to receive gas until the end of 2014 or later, the Tamar partners are expected to be able to juggle deliveries. However, an offshore LNG regasification facility supplied by Excelerate of the US is due to come in...
Volume: 55Issue: 43Published at Fri, 19 Oct 2012 -
Luberef Lines Up Samsung For Expansion Project
...it (doubling capacity to 12,500 b/d) and vacuum distillation unit (increasing throughput capacity from 26,000 b/d to 39,000 b/d). He said that engineering work under the EPC contract is scheduled to be completed in March 2014. Procurement is scheduled to take place from December 2012 to July 2014. Co...
Volume: 55Issue: 43Published at Fri, 19 Oct 2012 -
Wärtsilä-Led Group To Build Jordan Power Plant
...able a switch to natural gas “once the infrastructure for natural gas supply is in place.” The plant will be built at al-Manakher, 30km outside ‘Amman. It will be developed in three phases, with the first scheduled to come on-line in February 2014 and the entire plant to be operational by Se...
Volume: 55Issue: 43Published at Fri, 19 Oct 2012 -
ENPPI Upbeat On Ethydco Ethylene Project
...EGYPT ENPPI Upbeat On Ethydco Ethylene Project The Egyptian Ethylene and Derivatives Company (Ethydco) ethylene project will be completed in 2014 at a cost of $1.2bn, according to Engineering for the Petroleum and Process Industries (ENPPI) Chairman and CEO ‘Abd al-Nasir Sa...
Volume: 55Issue: 42Published at Fri, 12 Oct 2012 -
Marafiq Extends Jacobs’ Project Management Contract
...C contract – reportedly worth $1.05bn – was awarded in early 2011 to South Korea’s Hanwha Engineering and Construction. Construction work began in March 2011 and project start-up is expected in 2014. The Yanbu’ 2 power plant will mainly run on heavy fuel oil, although it will also be able to use Ar...
Volume: 55Issue: 41Published at Fri, 05 Oct 2012 -
Flow Of Egyptian Gas To Israel Resumes, New Price Struck With Jordan
...n per year by 2014. Meanwhile, Egyptian officials have said they have not yet received notice of a suit from EMG. The company told MEES in July that it had filed for international arbitration against the government for claims on damages of $8bn due to Egypt’s failure to meet the terms of its Ga...
Volume: 54Issue: 44Published at Mon, 31 Oct 2011 -
Political Comment (31 October 2011)
...21 October the UN Security Council intervened in the continuing political crisis in Yemen with Resolution 2014, in which, inter alia, it "strongly condemns the continued human rights violations by the Yemeni authorities, such as the excessive use of force against peaceful protestors as well as th...
Volume: 54Issue: 44Published at Mon, 31 Oct 2011 -
Saudi Banks Dominate Oversubscribed $3.6Bn Ma'aden Project Financing
...ll’s construction in August. First commercial production from the smelter and mill is scheduled for early 2013, with first production from the mine and refinery set for early 2014. Alcoa will supply alumina to the smelter in the interim period. The smelter has been designed to accommodate ex...
Volume: 54Issue: 43Published at Mon, 24 Oct 2011 -
Fight For Abu Dhabi Oil And Gas Field Concessions Heats Up
...ich expires in January 2014. The emirate may break up the consortium’s – ADNOC (60%), Shell, Total, BP and ExxonMobil (9.5% each) and Portugal’s Partex (2%) – concession, which includes most of the emirate’s major onshore fields, and allow individual firms to operate separate fields. An advantage to Ab...
Volume: 54Issue: 42Published at Mon, 17 Oct 2011 -
Satorp Paves Way For Saudi Project Sukuk Issuers With $1Bn Offering
...nerally want to hold long dated limited recourse instruments with call options that ultimately change the tenor, said one bank expert, noting that that the Satorp Mudaraba sukuk carries a 14-year tenor and an embedded call option (so it matures in 2014). Even in mature markets like the US the project bo...
Volume: 54Issue: 42Published at Mon, 17 Oct 2011