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Egypt OKs Foreign Arbitration For Renewables, Cuts Solar Tariffs
...ectricity regulatory agency was quoted by Al Borsa as saying that the original tariffs were decided on the basis of a feasibility study carried out in September 2014. He attributed the lowered solar PV tariffs to a subsequent reduction in development costs for solar capacity....
Volume: 59Issue: 36Published at Fri, 09 Sep 2016 -
Mixed Opec Messages Add To Price Volatility As Output Hits New Record
...Jan-Aug‘16 v Jan-Aug‘15 Jan-Aug‘15 2015 2014 Saudi Arabia*^ 10...
Volume: 59Issue: 36Published at Fri, 09 Sep 2016 -
Libya Faces Further Output Fall, Degraded Capacity With Chronic Under-Investment
...y producers since instability reduced output to zero at the Repsol-led Sharara/Murzuq fields and Marathon/Conoco/Hess-led Waha in late 2014, both with theoretical 300,000 b/d-plus capacity. Figures for January, the last comprehensive breakdown available, showed Agoco producing 239,000 b/d and SO...
Volume: 59Issue: 36Published at Fri, 09 Sep 2016 -
Zueitina: Export Restart
...eitina terminal, which has an export capacity of 250,000 b/d, was shut down in April 2014 and has operated for only brief periods since - most recently in October 2015 (MEES, 6 November 2015). It has been closed throughout 2016, and in January was the target of attacks by Islamic State. The reopening of...
Volume: 59Issue: 36Published at Fri, 09 Sep 2016 -
IMF To Assist Egypt In Raising Bilateral Aid
...e first seven months of 2016, down 2% from the same period of 2015 and 7% from the same period of 2014 (see chart 2). At least this ‘fall’ can be put down to the strength of the dollar. The same cannot be said for tourism revenues which have been in free fall since the January 2011 revolution. Re...
Volume: 59Issue: 36Published at Fri, 09 Sep 2016 -
Iraq: Major Challenges Remain For New Oil Minister Despite Kirkuk Breakthrough
...ficials advocating Kirkuk oil be trucked to Iran in the interim, but the new agreement renders this already unlikely outcome even more so. As for whether a new revenue sharing agreement along the lines of the defunct December 2014 terms can be realized, there remains a considerable gap between their po...
Volume: 59Issue: 35Published at Fri, 02 Sep 2016 -
Iraq: New Oil Minister Seeks Investors For Four New Refineries
...tween so-called Islamic State (IS) and federal forces beginning in June 2014. More recently, the 14,000 b/d Qayara refinery was virtually destroyed by IS fighters as they withdrew in July. The upshot is that even under the most optimistic calculations, capacity is just 566,000 b/d (see table). NEW PR...
Volume: 59Issue: 35Published at Fri, 02 Sep 2016 -
Asian Importers Increase Gulf Crude Addiction
...recent years has gone into reverse since the start of 2016. For Japan and South Korea, imports from the Gulf rose above 85% of their total in the second quarter this year; for India the total hit 65% in Q2 having fallen below 60% in 2014 (see chart, and p16 for full Indian import data). IE...
Volume: 59Issue: 35Published at Fri, 02 Sep 2016 -
Libya’s Wealth Fund In Leadership Showdown
...Libya’s Presidency Council (PC) has appointed an interim steering committee to administer the country’s main sovereign wealth fund, the Libyan Investment Authority (LIA). The move is an effort to clarify the lines of authority within the organization, which since 2014 have been split be...
Volume: 59Issue: 35Published at Fri, 02 Sep 2016 -
LIA Litigation
...A’s case against Goldman Sachs began in the UK High Court in June having been filed in 2014. The LIA alleges that the firm led the LIA to make derivative transactions that it did not understand and in which it lost billions of dollars in the financial market crash of 2008. It also alleges that in an ef...
Volume: 59Issue: 35Published at Fri, 02 Sep 2016 -
LIA Overseas Fund Calls For Partners
...e LAIP itself has been based in Malta since December 2014, when its Tripoli offices were overrun by fighting, and it has not been immune from the political struggles of a divided Libya. In the first half of 2015, the unofficial Government of National Salvation (GNS) in Tripoli petitioned courts in Ma...
Volume: 59Issue: 35Published at Fri, 02 Sep 2016 -
Egypt Plans VAT At 13% From 1 October
...scal reform program began in July 2014 with a reduction in energy subsidies – since when oil prices have collapsed greatly helping Cairo achieve this goal (see chart) – and the levying of taxes aimed at slashing the budget deficit, which rose to 11.5% of GDP in fiscal 2015-16. A 14% VAT rate was ex...
Volume: 59Issue: 35Published at Fri, 02 Sep 2016 -
Jordan Gets IMF Boost
...ojected $2.7bn this year from $3.3bn in 2015 and $5.5bn in 2014. DEFICIT UP, AID DOWN Jordan posted a budget deficit of JD291mn ($410mn) in the first half of 2016, up from JD223mn ($329mn) in 1H 2015, with the country hit by a fall in foreign grants to JD241mn ($340mn) from JD295mn ($41...
Volume: 59Issue: 35Published at Fri, 02 Sep 2016 -
Increasing Fuel Supplies Top Of New Egyptian Oil Minister’s Agenda
...nd, the Suez Canal expansion and the follow-through on pledges made during the Economic Development Conference in March (MEES, 17 April). Egypt also returned to international markets with the issuance of a $1.5bn Eurobond, while growth has “rebounded to 4.2% in 2014-15, and inflation has de...
Volume: 58Issue: 39Published at Fri, 25 Sep 2015 -
SEC/Aramco Eyes Cogen Supply For Fadhili Gas Plant
...shore fields including 500,000 b/d Khursaniyah, which is already in production, as well as offshore fields. The processing plant will handle 2.5bn cfd of gas and is expected to come onstream in 2019, according to Aramco’s 2014 annual report. SEC says the cogeneration plant will reach full commercial op...
Volume: 58Issue: 39Published at Fri, 25 Sep 2015 -
Iran, Oman Sign Gas Export Pipeline Contracts, Eye 2018 Start-Up
...art of gas exports to the gas-hungry sultanate by early-2018. Mr Kameli said the project would involve the laying of 400km of pipeline, of which approximately half would be subsea. This is up from earlier estimates of 260km given early last year (MEES, 14 March 2014). The line would roughly ex...
Volume: 58Issue: 39Published at Fri, 25 Sep 2015 -
Urgency Of Peace In South Sudan Undermined By Persistent Divisions
...ternational prices, and a dwindling share of output means that South Sudan’s crude oil income has collapsed beyond all recognition. In November 2013, the last full month of South Sudanese production, government oil earnings were more than $200mn, while the 2014-15 budget envisaged monthly spending of more th...
Volume: 58Issue: 39Published at Fri, 25 Sep 2015 -
Middle East LNG Demand Impetus Takes Market By Surprise
...7mn tons in 2014. But this year, new importers Jordan, Egypt and Pakistan have been added to the picture: the three countries received about 1mn tons of LNG in the second quarter of the year to meet seasonal demand, according to data from the French international association for gas, Cedigaz. That in...
Volume: 58Issue: 39Published at Fri, 25 Sep 2015 -
Bapco, Aramco Award Pipeline Contracts
...hrain’s Awali field, along with Saudi volumes. The plant delivered an average 276,000 b/d of refined products in 2014, according to the Joint Organizations Data Initiative (JODI). Completion of the pipeline will enable Bapco to deliver extra oil to Sitra, where it intends to expand crude processing ca...
Volume: 58Issue: 39Published at Fri, 25 Sep 2015 -
Iraqi Kurdistan To Shake Up Shadow Refining Sector
...rket demand for crude was about 250,000 b/d in 2014. Genel says the Kalak and Bazian refineries typically require about 120,000 b/d and local traders comprise an additional ‘swing’ consumption of up to about 120,000 b/d for use in topping plants and for regional sales. Genel’s 250,000 b/d estimate fo...
Volume: 58Issue: 39Published at Fri, 25 Sep 2015