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Israel Products Output Down 17% Amid Maintenance, Strike
...The operators of Israel’s two refineries say scheduled maintenance was the key reason their output fell by a combined 50,000 b/d (17%) year-on-year in the first half of 2017. But a strike in June didn’t help. A diesel unit fire last month added to the woe. The smaller of Israel’s two re...
Volume: 60Issue: 35Published at Fri, 01 Sep 2017 -
Saudi Invites Proposals For 400MW Wind Power Project
...st year. Progress in wind has been even slower. In early 2017 state petroleum firm Saudi Aramco and US conglomerate General Electric (GE) started up a single 2.75MW wind turbine at the Turaif products storage terminal in the northwest of the kingdom. The turbine was planned as a pilot for a 50MW wi...
Volume: 60Issue: 35Published at Fri, 01 Sep 2017 -
China Crude Imports Grow At Record Rate: Can It Last?
...China has been the key driver of global oil demand this year. Consumption, as defined by output plus imports, rose by 7.8% (900,000 b/d) to 12.42mn b/d for the first seven months of 2017, around half of total global growth for the same period. Falling domestic output means the country’s cr...
Volume: 60Issue: 35Published at Fri, 01 Sep 2017 -
Storm Before The Storm: US Saudi Imports Plumb 29-Year Low
...Chinese market share, at 11.3%, was the lowest on record. Adding insult to injury, the three key countries to have gained at Saudi expense – Russia (now clear number one at 1.18mn b/d for January-July 2017), Angola (at 1.06mn b/d, a fraction ahead of Saudi), and Iraq, are all party to the Opec/non-Op...
Volume: 60Issue: 35Published at Fri, 01 Sep 2017 -
Iraq Hopes For IPSA Pipeline Access With Riyadh Rapprochement
...velopments in recent months. A number of high level visits have been held in 2017. Saudi Foreign Minister Adel al-Jubeir visited Baghdad in February – the first such visit since 1990 – and Mr ‘Abadi met the Saudi King in Riyadh in June. Then in August an agreement was reached to reopen the border cr...
Volume: 60Issue: 35Published at Fri, 01 Sep 2017 -
Lukoil’s West Qurna-II Output Holds Steady
...maining 25% is held by the state-owned North Oil Company. Output over the first half of 2017 averaged 400,000 b/d, against 412,500 b/d in the same period last year. Lukoil attributes the slight fall to Iraq’s obligations under the November 2016 Opec agreement, whereby Iraq pledged to cut production by 21...
Volume: 60Issue: 35Published at Fri, 01 Sep 2017 -
Iran Eyes $30bn EU Credit After $13bn Korea Deals
...ndensate splitters at the Siraf Refineries Park in the Assaluyeh region (MEES, 23 June). Iran needs massive amounts of money for investment following over a decade of international sanctions and isolation from international financial markets. Under its sixth five-year plan for 2017-22 Iran’s oil in...
Volume: 60Issue: 35Published at Fri, 01 Sep 2017 -
Saudi-China $20bn Fund
...passing the Malacca Straits. The idea is that Aramco will ultimately supply the bulk of the refinery’s crude feedstock. Long China’s top supplier, Saudi Arabia has been relegated to third place behind Russia and Angola for the first seven months of 2017 (see p7). However, “the goal is not only that th...
Volume: 60Issue: 35Published at Fri, 01 Sep 2017 -
Aramco Receives Bids For Hawiyah Gas Plant Expansion, Targets Gas Supply Boost
...velopment. Whether increased gas availability is contributing to reduced Saudi burning of liquids in power plants is a moot point. Certainly direct crude burning is declining: first half 2017 direct burn was 424,000 b/d, down 50,000 b/d on H1 2016. MEES forecasts that Saudi crude burning will average 44...
Volume: 60Issue: 34Published at Fri, 25 Aug 2017 -
Saudi Raises $3.5bn Sukuk
....4bn at end-2016, according to the finance ministry’s Debt Management Office. Saudi Arabia is on track to cut its budget deficit in 2017. Actual numbers from the finance ministry show a deficit of $19.4bn in the first half of the year, which on a pro-rated basis would rise to $39.1bn for the full ye...
Volume: 60Issue: 34Published at Fri, 25 Aug 2017 -
Algeria Pushes For Late-2017 Gas Start-Ups
...Cash-strapped Algeria is hoping to start up key gas projects, and boost revenue, before the end of 2017 with over 10bcm/year set to be added by mid-2018. Algiers has announced a new timetable for the long delayed South West Gas Project (SWGP), a series of field developments on which the co...
Volume: 60Issue: 34Published at Fri, 25 Aug 2017 -
Algeria On Track For $11bn Deficit Despite Gas Export Boost
...esent a positive picture, at least compared to the disaster years of 2015 and 2016, when the country notched up trade deficits of $17.0bn and $17.8bn respectively, the two highest figures on record (MEES, 20 January). The first half of 2017 saw a trade deficit of ‘only’ $4.85bn, less than half the H1 2016 fi...
Volume: 60Issue: 34Published at Fri, 25 Aug 2017 -
Kuwait: Al-Zour Re-Award But Delay Likely
...hi Son, Vietnam (35.1%, 2017) n/a 200 70 Duqm, Oman (50%, 2021) n/a 23...
Volume: 60Issue: 34Published at Fri, 25 Aug 2017 -
Saudi Electricity Taps $1.75bn Loan For Capacity Expansion
...ternational finance market in 2017. Last year saw the company raise $5.1bn in three deals, an annual record if the 2014 finance ministry loan is excluded (see chart). SEC says the latest agreement is for a five-year ‘bullet’ repayment loan. Bullet loans require the entirety of the loan amount to be repaid at ma...
Volume: 60Issue: 34Published at Fri, 25 Aug 2017 -
GCC Currencies: To Peg Or Not To Peg?
...untries’ currencies are pegged to the dollar (in Kuwait’s case as part of a currency basket in which the US currency is the key component), whilst all except Oman and Bahrain are members of Opec. SAUDI STRETCHED Saudi’s budget deficit of $19.4bn in H1 2017 was covered from a financing package of SR...
Volume: 60Issue: 34Published at Fri, 25 Aug 2017 -
Oman Taps Abu Dhabi For Wind Farm Cash
...scat government are overstretched, leading it to raise $10.55bn of funding from the international finance market already this year (see p12), the Abu Dhabi Fund for Development (ADFD) is already lined up to back the $200mn wind project. Raeco originally aimed to have the wind farm online in 2017. Ho...
Volume: 60Issue: 34Published at Fri, 25 Aug 2017 -
Oman Set To Shrink Deficit, But Not By Much
...urces of finance in a bid to plug its 2017 deficit. It hit the market for a $5bn conventional bond in March (MEES, 10 March) and raised $2bn from its first ever international Sukuk in late May (MEES, 9 June). This seemed more-or-less sufficient to cover the OR3bn deficit ($7.8bn at a fixed OR1=$2....
Volume: 60Issue: 34Published at Fri, 25 Aug 2017 -
Libya’s Oil Production Gains May Flatter To Deceive
...bya’s oil sector since late 2014 did not give much reason for hope. Prior to 2017, the last time that oil output had exceeded 600,000 b/d was in the first half of April 2015; the last time that it averaged more than 600,000 b/d over the course of a month was in November 2014. The figures for 2017 ha...
Volume: 60Issue: 33Published at Fri, 18 Aug 2017 -
Iran Bags Changuleh Oil Field Studies, Qualifies More Local JV Partners
...16 Study South Azadegan & Cheshmeh Khosh PNOC (Philippines) May 2017 Study Pazanan and Darkhovin Gazprom (Russia) May 2017...
Volume: 60Issue: 33Published at Fri, 18 Aug 2017 -
Saudi Petchems Firms Report Higher First Half Income As Profits Track Oil Price Rise
...ter than normal, as with the first quarter, due to new accounting rules introduced at the end of 2016 (MEES, 12 May). One firm, Alujain whose end-H1 2017 market capitalization was among the smallest at SR1.5bn, said on 17 August that it was unable to publish results on time but would issue them when “re...
Volume: 60Issue: 33Published at Fri, 18 Aug 2017