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Oman Oil Exports Revenues Hit New Record
...the 2017 expansion of its Sohar refinery to 197,000 b/d in 2017 (MEES, 11 February 2017). Products export revenues more than doubled in May to $680mn. While this was just a fraction of crude export revenues, it smashed the previous record of $360mn.The planned Q1 startup of the 230,000 b/d Duqm re...
Volume: 65Issue: 35Published at Fri, 02 Sep 2022 -
Algeria’s Oil & Gas Revenues ‘To Hit $30-33bn’ For 2021
...94.8bcm and 94.5bcm set in 2016 and 2017 respectively. Higher output is also translating into higher exports, with first half supplies at 28.8bcm almost double last year’s 15.6bcm. All of this is happening at a time when global gas prices have soared on the back of strong demand and co...
Volume: 64Issue: 35Published at Fri, 03 Sep 2021 -
Adnoc $1bn Sell-Off
...cember 2017 with a 10% flotation (MEES, 16 February 2018). Following this week’s placement, 20% of Adnoc Distribution is now listed on the Abu Dhabi stock exchange. Adnoc retains 80%. Adnoc CEO Sultan al-Jaber says the firm’s fuel sales subsidiary “has delivered solid business results and de...
Volume: 63Issue: 38Published at Fri, 18 Sep 2020 -
Morocco Renewables Plans Get Wind In Their Sails
...e blades for the turbines from its Tangier factory built in 2017. Siemens Gamesa has so far installed 856MW worth of wind capacity across eight separate projects in Morocco. It is also currently in the final stages of completing the MD2.5bn ($260mn), 180MW Midelt wind farm, which forms the first st...
Volume: 63Issue: 38Published at Fri, 18 Sep 2020 -
EBRD Ups Egypt Renewables Funding For Kom Ombo Solar
...yptian court. Only after the ministry accepted that disputes could be settled internationally did EBRD and the World Bank’s International Finance Corporation (IFC) kick-start Benban development by pledging $1.6bn combined for 27 projects (MEES, 3 November 2017). EBRD is a key backer of Egypt, le...
Volume: 63Issue: 36Published at Fri, 04 Sep 2020 -
Iran Scrambles To Plug Budget Deficit
...om the original 2019-20 budget. Some IR100trn ($870mn) on additional funding will come from the sale of state-owned assets, and IR45trn ($391mn) from state foreign currency reserves. As of 2017 Iran had foreign reserves of $130bn according to an IMF estimate, although this figure has likely sh...
Volume: 62Issue: 39Published at Fri, 27 Sep 2019 -
Egypt Eyes More Borrowing Despite Falling Deficit
...ar ending 30 June. Some $4bn came from a dollar denominated bond in February 2019, with a euro-denominated bond in April chipping in €2bn ($2.5bn). For 2017-18, Egypt raised $6.5bn: $4bn in February 2018 and €2bn ($2.5bn) in April 2018 (MEES, 20 April 2018). Both 2016-17 bonds were in dollars for a to...
Volume: 62Issue: 37Published at Fri, 13 Sep 2019 -
Qatar Enlarges LNG Expansion, Drilling Expected Imminently
...is putting its money where its mouth is, this week upwardly-revising its North Field gas expansion plans for the second time since they were initially launched in April 2017 (MEES, 3 April 2017). A fourth 7.8mn t/y LNG train now forms a definitive part of the expansion plans, taking Qatar’s total en...
Volume: 61Issue: 39Published at Fri, 28 Sep 2018 -
Vision 2030: Is The Public Investment Fund’s Strategy Due An Overhaul?
...ers of banking services in the region.” At last October’s Future Investment Initiative forum, PIF announced that it was aiming to beef up its assets to $400bn by 2020 from its current $240bn (MEES, 27 October 2017). A year later there is little evidence of a major increase having occurred. With it...
Volume: 61Issue: 38Published at Fri, 21 Sep 2018 -
Iran Offers Big Discounts To Retain Customers
...dn’t have to cut prices to such levels even during the previous tightening of sanctions from 2011-2016 (see chart 1). Iran’s five key Asian buyers took 1.66mn b/d for 2017, 68% of Iran’s 2.46mn b/d crude and condensate sales, highlighting their critical importance to the Iranian economy. In 2011, th...
Volume: 61Issue: 38Published at Fri, 21 Sep 2018 -
Egypt Gets $3bn Finance As Import Cost Soars
...e up in the first quarter of 2018, bringing in $6.8bn, compared to $5.5bn in Q1 2017, imports have also increased from $14.9bn to $16.0bn, meaning Egypt’s trade deficit was $9.3bn for both quarters. The share of oil and gas in Egypt’s exports grew from 31.0% in Q1 2017 to 32.6% in the first qu...
Volume: 61Issue: 37Published at Fri, 14 Sep 2018 -
Saudi $2bn Sukuk
...Saudi Arabia is raising $2bn in an international sukuk, its second ever after $9bn in April 2017 (MEES, 21 April 2017), “part of the Ministry of Finance’s commitment to develop Sharia-compliant debt capital markets,” it announced on 12 September. Global coordinators are Citi, HSBC and JP Mo...
Volume: 61Issue: 37Published at Fri, 14 Sep 2018 -
Japan Set To Follow South Korea and France In Halting Iran Oil Imports
...thout this, firms don’t want to risk damaging commercial links with the US. Japan imported 162,000 b/d from Iran in the first half of 2018, a figure broadly in line with the 170,000 b/d it imported over the course of 2017 (see chart). Q2 volumes of 130,000 b/d were down from 193,000 b/d the previous qu...
Volume: 61Issue: 36Published at Fri, 07 Sep 2018 -
Algeria’s Risky ‘Cash Creation’ Plan: From One Pocket To The Other
...ned banks – equating to 87% of the total liquidity. Then in July 2017, the rate was further lowered from 8% to 4%, generating a further AD347bn - of which state banks accounted for AD301bn. However, while this helped to create more liquidity in the banking system, adjusting the reserve re...
Volume: 60Issue: 39Published at Fri, 29 Sep 2017 -
Saudi Oil Addiction Deepens Despite Ambitious Reform Drive
...st two years are on track for a third consecutive fall in 2017. This is because “non-oil” is dominated by related industries such as petrochemicals production, where prices have fallen along with oil and gas. With oil prices so far this year averaging around 16% more than over the course of 2016, ex...
Volume: 60Issue: 39Published at Fri, 29 Sep 2017 -
Saudi Raises Bumper $12.5bn International Bond
...cently confirmed it had qualified 13 Saudi banks to participate in Sukuk issuance. Riyadh initially projected its 2017 budget deficit at $53bn. But the actual figure is likely to be lower: the actual deficit was $19.4bn for 1H 2017. MEES calculates that the deficit for the full year could fall to $40...
Volume: 60Issue: 39Published at Fri, 29 Sep 2017 -
Jordan Eyes $1bn Eurobond
...nage. Amman is tapping the international debt market to refinance maturing debt and meet other fiscal obligations as stipulated in the borrowing limits set out in the 2017 budget (MEES, 5 May). In April it issued a 2026-maturity $500mn Eurobond which priced at 5.875%. In its previous Eurobond, in Oc...
Volume: 60Issue: 39Published at Fri, 29 Sep 2017 -
Egypt: Economy Looking Up But Long Road Ahead
...vember with the IMF (MEES, 18 November 2016). Foreign direct investment (FDI) rose from $6.9bn in 2015-16 to $8.7bn in the 2016-17 financial year (to June 2017). Inflows in the first three months of 2017-18 put it on track to surpass $10bn, according to Investment Minister Sahar Nasr. This comes as Pr...
Volume: 60Issue: 39Published at Fri, 29 Sep 2017 -
Iran Signs For $10bn Chinese Credit, Eyes A Further $25bn
...int projects (MEES, 1 September). Iran is among the Middle East’s main suppliers of crude to China, with exports averaging 612,000 b/d in the second quarter of 2017, although Russia and Angola have recently been top suppliers, followed by Saudi Arabia (MEES, 28 July). Chinese energy companies have be...
Volume: 60Issue: 38Published at Fri, 22 Sep 2017 -
Bahrain Taps Debt Market For Record $3bn
...gative reviews in recent months. It is therefore paying considerably higher rates on the bond than its fellow GCC states. S&P lowered its assessment of Bahrain to BB-, three notches below investment grade, in December 2016 and furthermore added a negative watch on 2 June. “At the end of February 2017...
Volume: 60Issue: 38Published at Fri, 22 Sep 2017