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Rosneft: Russia Mixes Business With Politics In Mena Expansion
...rdish oil since 2014 to $3bn, implying Rosneft has coughed up around $1bn. There are indications that Rosneft is using this as leverage over the cash-strapped government. Reuters reports that Rosneft is after light crude for its German refineries, which dovetails with Rosneft’s statements. Two days af...
Volume: 60Issue: 12Published at Fri, 24 Mar 2017 -
Majors In The Middle East: 2016, A Year Of Consolidation
...on. TOTAL: GULF OUTPUT TO RISE Total’s pursuit of low cost barrels has seen it increase its presence in the Gulf states in recent years. Regional output fell in 2014 when Abu Dhabi was reshaping its onshore Adco concession, but got back on track in 2015 when Total became the first legacy partner to...
Volume: 60Issue: 12Published at Fri, 24 Mar 2017 -
Fitch Downgrades Saudi, Increasing Headwinds For $15bn Bond Plans
...ting of ‘AA’ in March 2014 it took until April 2016, over 18months after oil prices started to fall, for this to be reversed. FITCH SAUDI SOVEREIGN RATING HISTORY LONG-TERM ISSUER DEFAULT RATING. SOURCE: FITCH, MEES....
Volume: 60Issue: 12Published at Fri, 24 Mar 2017 -
Libya Oil Gains Go Into Reverse
...C officials, way below 300,000 b/d capacity but the highest level since Q4 2014. It was initially cut by 35,000 b/d due to concerns over limited storage capacity and the events unfolding at the Es Sider terminal before production halted completely on 9 March. Waha was offline between December 2014 an...
Volume: 60Issue: 11Published at Fri, 17 Mar 2017 -
Production Curbs Help Market Inch Towards Balance
...uld constitute the market once again being balanced. But there is a consensus that the buildup of global crude stocks to record highs since 2014 means a simple reversion to production equaling or outweighing demand isn’t going to cut it. Stocks are going to have to be worked down, but by how much? Mo...
Volume: 60Issue: 11Published at Fri, 17 Mar 2017 -
US Ramp-Up Lays Down The Gauntlet To Opec
...16 – just nine months ago. That said the latest rig count remains little more than half the November 2014 peak of 565 – an indication that there remain substantial numbers of idled rigs (albeit typically older and less efficient ones) and thus that whilst evidence is growing of nascent Permian cost in...
Volume: 60Issue: 11Published at Fri, 17 Mar 2017 -
Baghdad Close To Winning War In Mosul; Can It Win The Peace?
...rruption and lack of development of areas outside of Baghdad helped to facilitate the emergence of IS in 2014 (or more accurately its re-emergence from the embers of Al-Qa’ida in Iraq). Iraq’s leaders have a challenging set of circumstances if they are to prevent the same mistakes from being repeated. MO...
Volume: 60Issue: 11Published at Fri, 17 Mar 2017 -
Wood Group In $2.7bn Takeover Of Amec Foster Wheeler
...stribution of derivative products, as well as in mining, clean energy and the environment and infrastructure markets. Recent Mena contract wins include a mixture of upstream, refining and petrochemicals projects. The company was formed in 2014 by Amec’s acquisition of US firm Foster Wheeler at a time when “si...
Volume: 60Issue: 11Published at Fri, 17 Mar 2017 -
Kuwait Cuts Its Borrowing Needs With Debut $8bn Bond
...venue will likely prove substantially higher and thus the deficit will likely come in lower, albeit still around $20bn. Even with the latest bond issue, this still leaves a $12bn hole to fill. Kuwait in 2014-15 posted its first budget deficit of KD2.72bn ($8.9bn) following the collapse in oil prices in...
Volume: 60Issue: 11Published at Fri, 17 Mar 2017 -
Asian LNG Imports Hit Record High In 2016; Global Supply Glut Yet To Come
...p 5’ reached 175.1mn tons in 2016, up 4.7% on 2015’s 167.5mn tons and 1.2% above the previous record of 173mn tons set in 2014. The record came despite Japanese demand falling and that from Korea remaining stagnant in 2016. Buying was supported by nuclear plant outages especially in Korea and st...
Volume: 60Issue: 10Published at Fri, 10 Mar 2017 -
UAE Generators Struggle To Take Their Foot Off The Gas
...ban development. In 2015 Fewa imported a total 12.587TWh of electricity from Abu Dhabi Water and Electricity Company (Adwec). Adwec says the peak import rate was 2.264GW, a 12% increase on 2014’s peak of 2.024GW. Like the other UAE electricity authorities, Fewa is also considering alternatives to ga...
Volume: 60Issue: 10Published at Fri, 10 Mar 2017 -
Opec Output Edges Down But Saudi Wary Of ‘Free Riders’
...c16 Jan17 Dec16 2016 vs 2015 2015 2014 S Arabia* 9....
Volume: 60Issue: 10Published at Fri, 10 Mar 2017 -
IEA Warns Of Capacity Squeeze Unless Investment ‘Rebounds Sharply’
...% cut in upstream investment over 2014-16 will have to be rapidly reversed if the world is not to face a supply crunch and a spike in prices towards the end of its forecast period. As such the IEA essentially repeats warnings in its inaugural World Energy Investment Report, released last Se...
Volume: 60Issue: 10Published at Fri, 10 Mar 2017 -
UK Pledges Funds For Reconstruction Of Iraq’s IS-Ravaged Areas
...’ish [IS].” Britain is a main partner in the US-led coalition that is currently assisting Iraq to defeat IS, which overran large swathes of Iraq in 2014. Iraqi forces backed by US support are currently battling IS to liberate Iraq’s second city of Mosul in the north of the country. The of...
Volume: 60Issue: 10Published at Fri, 10 Mar 2017 -
Iraq Eyes Oil Revenue Gains And Incremental Production Growth
...09mn b/d higher than in 2014 (MEES, 10 February). Although revenue plummeted over this period, it stands in good stead to capitalize should the latest oil price gains be sustained. Output is constrained by the production agreement in the first half of 2017 – although Iraq remains the tardiest member in te...
Volume: 60Issue: 09Published at Fri, 03 Mar 2017 -
Algeria’s LNG Sales Shrink Further, Piped Gas Jumps 49%
...ruck in 2013 and 2014 between Sonatrach and Eni to reduce deliveries due to weaker demand in Italy (MEES, 16 December 2016). Flows through the Transmed pipeline that runs to Mazara del Vallo in Italy via Tunisia almost tripled from 7.2bcm in 2015 to 18.9bcm in 2016. The deal ended in 2015 and was fo...
Volume: 60Issue: 09Published at Fri, 03 Mar 2017 -
Asian Importers’ Opec Crude Addiction Grows
...ars, Saudi Arabian crude burn has dropped by more than 22% from Q4 to Q1 the following year – the exception was from Q4 2013 to Q1 2014 when it posted a lackluster 5% drop. The largest fall was posted in Q1 2016, when crude burn fell 37%. Saudi Arabia burned an average 497,000 b/d of crude last year, 60...
Volume: 60Issue: 09Published at Fri, 03 Mar 2017 -
Lebanon’s Political And Economic Struggles Continue
...Lebanon achieved a major political breakthrough in October 2016; it ended a two-year standoff between various political groups which had prevented the election of a consensus president to succeed Michel Sulaiman after his term ended in May 2014. But sizeable structural problems persist and it...
Volume: 60Issue: 09Published at Fri, 03 Mar 2017 -
IOCs Continue To Play It Safe In Libya
...arter of 2014 with output of around 700,000 b/d. But state-owned National Oil Corporation (NOC) is yet to persuade some of its major international partners that its bullish oil and gas production targets for 2017 will be achieved. NOC is targeting production of 1.25mn b/d by the end of the year and pl...
Volume: 60Issue: 09Published at Fri, 03 Mar 2017 -
QP Petchem Merger
...bsite, Qapco saw revenues peak at QR4.45bn ($1.22bn) in 2013, before easing by 1% to QR4.40bn ($1.21bn) in 2014 and falling 8% to QR4.04bn ($1.11bn) in 2015. QVC has capacity to produce 230,000 tons/year of vinyl chloride monomer and 175,000 t/y of ethylene dichloride at its Mesaieed complex. Its ma...
Volume: 60Issue: 09Published at Fri, 03 Mar 2017