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Saudi Investment Summit Falls Short As Vision 2030 Stutters
...bn year-on-year from $166bn in 2Q 2017 to $195bn for the same period this year. But non-oil’s share of this fell below 70% as its $10bn gains were half that of oil-GDP’s $20bn increase (see chart 1). The hold oil has on the economy is even clearer to see when turning to export revenues. Oil re...
Volume: 61Issue: 43Published at Fri, 26 Oct 2018 -
Pakistan Bags Saudi Economic Assistance
...nt 73,000 b/d in the 2016-17 financial year (to June 2017). However, Pakistan is also in the tricky spot of relying on Saudi rival Qatar for its growing LNG supplies (MEES, 31 August). Qatar supplied 84% of Pakistan’s 4.6mn tons in 2017 and of the 8 cargoes Pakistan has received so far this mo...
Volume: 61Issue: 43Published at Fri, 26 Oct 2018 -
Will Saudi Geopolitical Crisis Derail PIF Plans, 2030 Vision?
...ve only seen a marginal increase to $250bn. The PIF program’s four key objectives are “growing and maximizing PIF’s assets; launching new sectors; localizing advanced technologies and knowledge, and building strategic economic partnerships” (MEES, 27 October 2017). Therefore, the decision by a ho...
Volume: 61Issue: 43Published at Fri, 26 Oct 2018 -
Iran Testing Star Project
...litter plants, the PGS units deliver naphtha into a reformer for processing further into reformate, a key blending component for gasoline. NIORDC is already operating two phases of PGS, the first being brought online in April 2017 and the second in February this year. The PGS project is central to Iran’s bi...
Volume: 61Issue: 43Published at Fri, 26 Oct 2018 -
Kuwaiti MPs Prepare Grillings As ‘Summer’ Ends
...bah and Oil Minister Bakhit al-Rashidi. The return of parliament frequently marks the exit of government ministers, and indeed the previous government resigned en-masse in November 2017, leading to Mr Rashidi’s appointment that December (MEES, 15 December). EGYPT’S FOREIGN RESERVES* HIT RECORD $44...
Volume: 61Issue: 43Published at Fri, 26 Oct 2018 -
Saudi Arabia August 2018 Oil Data ('000 B/D): Saudi Arabia Draws On Stocks To Maximize Crude Exports And Refinery Runs In August
...CHANGES EXPRESSED IN PERCENTAGE POINT TERMS WHERE ORIGINAL FIGURES ARE PERCENTAGES. *EXCLUDES FIELD LPG (650-700,000 B/D). **NAPHTHA REFINERY OUTPUT PREVIOUSLY INCLUDED IN 'OTHER PRODUCTS (479,000 B/D FOR 2017). ^PRESUMES ALL FUEL OIL CONSUMPTION IS BURNT IN POWER PLANTS. SOURCE: JO...
Volume: 61Issue: 43Published at Fri, 26 Oct 2018 -
Back To The Future: Rehabilitation Of Red Sea Terminal Boosts Saudi Export Flexibility
...e European market. Aramco confirmed the start-up of the terminal on 17 October, saying that it “marked the addition of 3mn b/d of crude oil to Saudi Aramco’s west coast export capacity.” This is less than implied by Aramco’s senior VP for upstream Muhammad al-Qahtani in a May 2017 interview with Re...
Volume: 61Issue: 42Published at Fri, 19 Oct 2018 -
Qatar Petroleum To Replace Oxy At Key Offshore Field
...SPLACED Oxy had appeared outwardly confident that it would remain QP’s partner at the field. Oxy frequently cites Qatar as central to its portfolio. CEO Vicki Hollub told a May 2017 earnings call that Oxy had “confidence that we’d be able to extend that contract…we believe that with the success our teams ar...
Volume: 61Issue: 42Published at Fri, 19 Oct 2018 -
US Permian Shale: Can It Maintain The Gains?
...om a stellar 150,000 b/d for February and March, monthly gains since have still averaged 50,000 b/d. Overall US ‘shale oil’ output which only topped 7mn b/d for the first time in May (and 6mn b/d eight months earlier in September 2017), is now well above 7.5mn b/d. Output of 7.53mn b/d for Se...
Volume: 61Issue: 42Published at Fri, 19 Oct 2018 -
2019 Global Oil Demand Projections Revised Down On Economic Headwinds
...IEA SUPPLY & DEMAND FORECASTS, OCTOBER 2018 (MN B/D) 2017 2018 vs 17 2019 vs 18 1Q18 2Q18 3Q18 4Q18 1Q19 2Q19 3Q19 4Q...
Volume: 61Issue: 42Published at Fri, 19 Oct 2018 -
Syria: Gas Output At 75% Pre-War Levels, Oil Recovery Lags
...e third day to repair,”a senior manager at one of Syria’s state oil firms tells MEES. “So today, even with the damage suffered, I can assure you that our network is good and operating at full capacity.” Islamic State militants blew up the Hayan plant in early 2017. Repairs there are currently on...
Volume: 61Issue: 42Published at Fri, 19 Oct 2018 -
Iraq Sends Record Volumes To Its Refineries
...en almost 100,000 b/d sent for refining there, with the products then brought back into northern Iraq. Given that the arrangement survived last October’s Kirkuk offensive when Iraqi troops reclaimed the city and environs from Kurdistan (MEES, 20 October 2017) a cessation looks unlikely, but the ar...
Volume: 61Issue: 42Published at Fri, 19 Oct 2018 -
Riyadh Touts Desalination Assets In Privatization Drive: What’s At Stake?
...THORITY. MEES. 2: SAUDI DESALINATION CAPACITY (‘000 M³/D): OVER 93% IS LARGELY OR WHOLLY STATE-OWNED SAUDI ARABIA’S DESALINATION FIRMS 2017 ('000 M³/D) Ownership in de...
Volume: 61Issue: 42Published at Fri, 19 Oct 2018 -
Delegates Desert Saudi Investor Conference
...tober 2017) and the publicity stunt of granting citizenship to the robot “Sophia.” The Crown Prince intended the second act to rival last year’s event, promising the unveiling of an “amazing deal…far away from oil” at FII in a Bloomberg interview earlier this month. “There is one deal in FII and th...
Volume: 61Issue: 42Published at Fri, 19 Oct 2018 -
US Crude Still Big In Asia But China Volumes Fall To Zero
...r January-August). As for Iran, though August volumes were down on the January-August average (578,000 b/d), they are actually slightly higher than the 2017 average of 484,000 b/d. That each of India’s top three suppliers saw volumes dip in August is in part a function of US volumes which hi...
Volume: 61Issue: 42Published at Fri, 19 Oct 2018 -
Aramco Chinese Refinery MOU
...val state giant PetroChina’s 260,000 b/d Anning plant in southwestern Yunnan province. Meanwhile, in May 2017 Aramco signed a joint development agreement with China’s Norinco and Panjin Xinchang for a refinery and petchems project in Liaoning in China’s northeast. Qatar’s QP previously pursued a 40...
Volume: 61Issue: 42Published at Fri, 19 Oct 2018 -
Korea Takes Libyan Condi
...ports from Iran fell from 361,000 b/d for 2017 to just 55,000 b/d for August and zero for September, volumes from alternate suppliers of condensate have soared (Korean stats don’t split crude and condensate). Korea took 230,000 b/d from Qatar in September, a two year high; the 509,000 b/d from Ku...
Volume: 61Issue: 42Published at Fri, 19 Oct 2018 -
Mubadala Shelves Cepsa IPO
...0,000 b/d for 2017. Historically Cepsa core business has been two Spanish refineries which contributed 43% of Cepsa’s net profits in 2016 and 2017. However these plants are not a clear fit with Mubadala’s overseas strategy. Petchems is a better fit. Cepsa has plants totaling 2.58mn t/y capacity in Sp...
Volume: 61Issue: 42Published at Fri, 19 Oct 2018 -
Iraq: Aging Infrastructure To Hinder Basra Gains?
...Cs operating the region’s supergiant oil fields. Iraq’s difficult contract terms, however, remain a perennial snag (MEES, 22 September 2017). BP, which operates Iraq’s largest field, the 1.5mn b/d Rumaila field (BP 47.63%, PetroChina 46.37%, SOMO 6%), is currently in talks with Iraq’s oil mi...
Volume: 61Issue: 41Published at Fri, 12 Oct 2018 -
Lukoil Optimistic On Eridu
...Perhaps Iraq’s most promising new asset is the Eridu field (Lukoil 60% op, Japan’s Inpex 40%) located south of Gharaf in Block 10. The discovery was confirmed in early 2017 (MEES, 3 March 2017) and produced 6,000 b/d crude flows from its Mishrif reservoir during appraisal testing. Lu...
Volume: 61Issue: 41Published at Fri, 12 Oct 2018