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China’s Sinopec Secures Deal For $1.2bn Upgrade Of Iran’s Largest Refinery
...fineries with a combined capacity of 2.04mn b/d (see map). Of the eight greenfield projects, NIORDC has prioritized five: Persian Gulf Star, where the first 120,000 b/d condensate splitter is expected online by the end of March 2017; the Siraf splitters plant; the Hormuz Extra Heavy refinery; Anahita re...
Volume: 59Issue: 37Published at Fri, 16 Sep 2016 -
Surplus To 2018 Leaves Opec No Good Options
...2017 drawdowns and a deficit for the year as a whole. Opec’s latest monthly oil report, also released this week, and last week’s from the US’ EIA are marginally less bearish, though even they project a large surplus of supply over demand for 2017 as a whole. All three have markedly revised up...
Volume: 59Issue: 37Published at Fri, 16 Sep 2016 -
Iran: Government Courts Anti-Laundering Body, Spurring Conservative Backlash
...Iranian government efforts to attract foreign investment are inviting the ire of conservatives ahead of presidential elections in May 2017. The latest battleground between the Iranian government and critical conservative political elements is being formed, and it’s money laundering. An in...
Volume: 59Issue: 37Published at Fri, 16 Sep 2016 -
LNG Prices Edge Higher On Egypt Buying
...minent Egyptian tender for 120 cargoes for delivery throughout 2017 is set to provide further support. • Historically spot LNG prices have more often than not been higher than those under term contracts. But spot prices reacted more quickly than those under term contracts to the collapse in oil pr...
Volume: 59Issue: 37Published at Fri, 16 Sep 2016 -
Oman Maintains Upstream Spending Despite Revenue Collapse
...mains on track for completion in 2018, the company said at the presentation of its first half results last week. Petrofac’s other upstream projects in Oman – the Yibal Khuff integrated oil and gas facility (2020), and the Khazzan central progressing facility (2017) – also remain on schedule. But co...
Volume: 59Issue: 36Published at Fri, 09 Sep 2016 -
Aramco Eyes Houston Refining Hub As Motiva Break-Up Advances
...king over the 600,000 b/d Port Arthur refinery near Houston, currently operated by Motiva, its 50:50 US refining joint venture with Shell. Motiva is in the process of being disbanded, this week confirming that it aims to complete the separation by 1 April 2017. Aramco will get associated storage an...
Volume: 59Issue: 36Published at Fri, 09 Sep 2016 -
US Output: Is The Bottom Near?
...• The US government’s Energy Information Administration (EIA) has revised down its expectations for the fall in crude output in both 2016 and 2017. It now forecasts 2016 output of 8.77mn b/d, down 650,000 b/d on 2015’s record 9.42mn b/d. For 2017 it forecasts 8.51mn b/d, down a further 26...
Volume: 59Issue: 36Published at Fri, 09 Sep 2016 -
Qatar’s Banks Look Abroad To Boost Liquidity
...ar and with fresh supplies set to hit the market, prices look to be depressed for the foreseeable future. Some of this additional volume is slated to come from Qatar. The 1.4bn cfd Barzan project is set to come online in November and reach full capacity in the first half of 2017 according to Re...
Volume: 59Issue: 36Published at Fri, 09 Sep 2016 -
Iran Eyes Three IPC Upstream Contracts By March 2017
...Iran is adopting a more realistic target for signing the first contracts under the Iran Petroleum Contact (IPC). It is aiming for two-to-three contracts to be signed by the end of the current Iranian year (20 March 2017) says Deputy Managing Director of the National Iranian Oil Company (NIOC) Gh...
Volume: 59Issue: 35Published at Fri, 02 Sep 2016 -
Sabic Agrees Principles For China Coal-To-Chemicals JV
...ll process coal produced locally in Ningxia to produce chemicals aimed at “highly differentiated applications and segments through polymer derivatives.” SNGC is already building a coal-to-chemicals plant in Ningxia. This is scheduled for start-up in 2017 and will incorporate a 1.4mn tons/year cr...
Volume: 59Issue: 35Published at Fri, 02 Sep 2016 -
Iraq’s Embattled Government Under Fresh Pressure
...ess conference on 23 August, that the cabinet was ahead of schedule on budget planning and had met that day to discuss the 2017 budget (MEES, 26 August). In a separate statement from his office, he committed to sending the budget to parliament by mid-September. The 2017 budget will be set at an oi...
Volume: 59Issue: 35Published at Fri, 02 Sep 2016 -
LIA Litigation
...re than $200mn. The claims are “without merit,” says Goldman. The High Court ruled in late July that LIA’s lawsuit against SocGen will be delayed from January 2017 to April after lawyers representing the bank petitioned for more time to complete preparatory work on the case. They cited the on...
Volume: 59Issue: 35Published at Fri, 02 Sep 2016 -
Egypt Plans VAT At 13% From 1 October
...% from July 2017, the start of the next fiscal year. Parliament wanted to introduce this tax at a rate of 12% while the government insisted on its initial plan to set it at 14%, but at the end the above compromise was reached at the suggestion of Finance Minister ‘Amr al-Garhy. The government’s fi...
Volume: 59Issue: 35Published at Fri, 02 Sep 2016 -
Bapco, Aramco Award Pipeline Contracts
...CC). At the contract signing ceremony, Bahrain’s Minister of Energy ‘Abd al-Husain ‘Ali Mirza said that the pipeline “will be finished by the end of 2017 or early 2018 and then there will be a six-month trial period.” He added that the ageing 230,000 b/d pipeline that it is replacing would be shut down in...
Volume: 58Issue: 39Published at Fri, 25 Sep 2015 -
UAE Seeks Solar Bidders As Nuclear And Coal Plans Advance
...port says Dubai’s achievement of “the lowest solar price ever achieved worldwide” suggests solar costs are “poised to decrease even further.” Phase-2 of Dubai’s solar park recently reached financial close and is scheduled for start-up by April 2017. (MEES, 24 July). PV modules for phase-2 will be pr...
Volume: 58Issue: 39Published at Fri, 25 Sep 2015 -
Total Turns The Screw On Spending In New Strategy For $60/B Oil
...t capex further to $20-21bn, before “returning to a sustainable level of $17-19bn from 2017.” Mr Pouyanné said that “in a commodity business like oil and gas, we have to be excellent at what we control. We cannot control the price of oil and gas, but we can control costs and allocation of ca...
Volume: 58Issue: 39Published at Fri, 25 Sep 2015 -
Iran’s New Oil Investment Contract To Get First Unveiling In Tehran
...ominently on the list, many of which will be critical in the country’s plans to boost oil production capacity from around 3.5mn b/d currently, to 5.7mn b/d by 2017-18. Mr Zanganeh said this month that Iran’s production capacity will hit 4.2mn b/d by end-2016. “New contracts with foreign companies will be...
Volume: 58Issue: 39Published at Fri, 25 Sep 2015 -
Cyprus And Israel Gas Going Nowhere… For Now At Least
...pointed PM – see p15) that he expects Egypt to receive Cypriot gas by 2017 (MEES, 11 September). Cairo has also been involved in the discussions between the partners in Israel’s 22tcf offshore Leviathan gas field (Noble 39.66%, Delek 45.34%, Ratio 15%) and BG, regarding the import of gas to the LNG te...
Volume: 58Issue: 38Published at Fri, 18 Sep 2015 -
Kuwait Awards First Utility-Scale Solar Plant
...KUWAIT Kuwait Awards First Utility-Scale Solar Plant Kuwait has embarked on its first utility-scale solar power project, which it aims to connect to the grid by December 2017. Kuwait Institute for Scientific Research (KISR) has awarded Spain’s TSK a contract to build the 50MW Al-Sh...
Volume: 58Issue: 38Published at Fri, 18 Sep 2015 -
Could Egypt’s Gas Find Revive Exports?
...timate for the substantially smaller (5 tcf reserves, 1.2bn cfd output) West Nile Delta (WND) project that BP hopes to bring online from late 2017. “I think we will remain within $10bn for the overall development of the field,” Mr Descalzi told the Rome hearing, adding that Mr Isma’il’s initial $6-7bn es...
Volume: 58Issue: 37Published at Fri, 11 Sep 2015