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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 -
Israel Refineries Maintain KRG-Fueled Near-Record Runs
...mes on the back of near-100% runs for 2014. Added together with shipping data, this indicates that the two plants are continuing to gorge themselves on cut-price crude from Iraqi Kurdistan. > The KRG has increased its independent crude exports from the Turkish Mediterranean port of Ceyhan to ar...
Volume: 58Issue: 39Published at Fri, 25 Sep 2015 -
UAE Seeks Solar Bidders As Nuclear And Coal Plans Advance
...r the Barakah-1 reactor started in 2012. ENEC has applied for operating licenses for the first two plants (MEES, 3 April). ENEC received government approval in September 2014 to build the third and fourth plants. ENEC recently completed the installation of two steam generators at Barakah-2, wh...
Volume: 58Issue: 39Published at Fri, 25 Sep 2015 -
Saudis Ease Off Export Pedal, Boosting Stocks To New High
...D15 vsYTD14 YTD14 2Q15 vs1Q15 vs2Q14 1Q15 2014 2013 2012 Crude Production 10...
Volume: 58Issue: 39Published at Fri, 25 Sep 2015 -
Saudi Official Crude & Oil Products Output, Trade & Balance (‘000 B/D)
...15 vs1Q15 vs2Q14 1Q15 2014 2013 2012 Crude Production 10,361 10,564 10,333 10...
Volume: 58Issue: 39Published at Fri, 25 Sep 2015 -
Iraqi Political Scene In Tumult Over Regional Intrigues
...tonomy, a hardening which overshadows the current oil export conflict. In December 2014, Baghdad and the KRG negotiated an oil export agreement which had the potential to lead to an end to years of wrangling over Kurdish oil exports which has been harmful to both sides. The initial agreement, passed by th...
Volume: 58Issue: 39Published at Fri, 25 Sep 2015 -
Moody’s Assigns Poor Rating For Iraq Bond
...ile the non-oil sector is dominated by the public sector. Manufacturing and construction together accounted for only 10% of GDP in 2014, and services had a share of 37%. More than one-third of this originated from general government services. Iraq also has very weak institutional strength. This is re...
Volume: 58Issue: 39Published at Fri, 25 Sep 2015 -
Total Turns The Screw On Spending In New Strategy For $60/B Oil
...ile seeking sustainable operations in a market where it predicts a recovery to $60/B medium term. “Strong discipline on organic capex” is the company’s mantra as it targets a reduction in capital expenditure to $23-24bn in 2015 from a peak of $28bn in 2013 and $26/B in 2014. For 2016 Total will cu...
Volume: 58Issue: 39Published at Fri, 25 Sep 2015 -
Kuwait Energy: Egypt Output Hits Record, Yemen Collapses
...at, despite the increase in output over the same period, KEC saw revenue fall by 27% from Q2 2014 to $46.7bn for the second quarter this year. However, revenue was up a touch on Q1’s $44.9mn figure. Kuwait Energy Production (‘000 B/D, Working Interest Basis)...
Volume: 58Issue: 39Published at Fri, 25 Sep 2015 -
Aramco And Lanxess Bond For Elastomers JV
...dara and Petro Rabigh-2 will be 295,000 tons/year of elastomers (MEES, 17 October 2014). Aramco recently secured a $10bn standby credit facility from international and local banks to create a ‘war chest’ that would enable it to acquire strategic businesses. For Lanxess the deal provides a we...
Volume: 58Issue: 39Published at Fri, 25 Sep 2015 -
IMF Calls On Kuwait To Cut Spending As Lower Oil Prices Linger
...owed growth in 2014-15 to almost zero, the IMF says. The slide in oil prices to below half year-ago levels saw the emirate post an ‘actual’ budget deficit for the first time since 1999-2000 as crude revenues for the year ending 31 March 2015 fell to KD22.5bn, from KD29.5bn in the previous year. In it...
Volume: 58Issue: 39Published at Fri, 25 Sep 2015 -
US Pledges $400mn Aid To Jordan
...ama and the Jordanian monarch in December 2014. Acknowledging the role of Jordan in accommodating displaced Syrian refugees, the White House announced it will grant Jordan a further $44mn to help with the refugee effort. These pledges come in addition to the $250mn financial package by the World Ba...
Volume: 58Issue: 39Published at Fri, 25 Sep 2015 -
Benchmark Crude Prices ($/B)
...15 2014 2013 2012 WTI 44.91 45.46 44.99 42.90 51.15 58.02 48...
Volume: 58Issue: 39Published at Fri, 25 Sep 2015 -
GCC Fertilizers Capacity Hits 41Mn T/Y, But Feedstock Crunch Awaits
...mpeting technologies may curb their ambitions. GCC fertilizer capacity rose from 20.2mn tons/year in 2004 to 40.9mn t/y in 2014, according to the Gulf Petrochemicals and Chemicals Association (GPCA). Capacity grew by 4% in 2014 alone, according to the GPCA’s freshly-released ‘Fertilizers Indicators 2014...
Volume: 58Issue: 38Published at Fri, 18 Sep 2015