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Prince Muhammad’s Vision 2030: Far Sighted Or Over-Ambitious?
...ars designed to end the kingdom’s “addiction to oil.” With a large dose of optimism the prince envisages that the kingdom will be able to survive without oil by 2020. Given that oil represented 87% of the kingdom’s export revenue in 2014, and even after oil prices collapsed, was still 73% last ye...
Volume: 59Issue: 17Published at Fri, 29 Apr 2016 -
Services Firms: Get Mideast Tonic As Revenue Whacked
...all three firms continues to rise. Revenues for the three largest quoted services firms took another pounding in the first quarter of 2016. Schlumberger, Halliburton and Baker Hughes’ revenues were just $6.52bn, $4.20bn and $2.67bn respectively; a mere 52%, 48% and 40% respectively of peak Q4 2014...
Volume: 59Issue: 17Published at Fri, 29 Apr 2016 -
Total, Eni, Shell Downgraded; BP Escapes
...Moody’s downgraded its credit ratings on four of the seven international oil majors in late March and early April following a review started 22 January in the light of the 60%-plus oil price collapse since mid 2014. France’s Total had its rating cut by two notches to Aa3 with the co...
Volume: 59Issue: 17Published at Fri, 29 Apr 2016 -
Japanese Banks Plug The Financing Gap Amid Tightening Gulf Liquidity
...ring 2014 to around 3% during 2015 and we expect liquidity to remain tight over 2016,” it adds. GULF BANKS LOSS, ASIAN BANKS GAIN But this change in fortune for GCC banks is creating the opportunity for foreign banks to regain lost ground in the region’s financial sector where Gulf lenders had do...
Volume: 59Issue: 17Published at Fri, 29 Apr 2016 -
Saudi Wraps Up $10bn Loan
...s aimed at countering its dwindling oil revenues which has led Saudi Arabia to draw on roughly $150bn in financial reserves since late 2014, with reserves standing at $593bn as of end-February (see chart). According to the FT, bankers close to the deal said it had priced at around 120 basis points ov...
Volume: 59Issue: 17Published at Fri, 29 Apr 2016 -
Egypt: UAE Joins Saudi In Bolstering Sisi With $4bn In Aid
...om E£37.7bn in the current year 2015-16. The cut in energy subsidies will be resented by consumers as was the case in July 2014, when petroleum product prices where hiked by up to 78%. The 2016-17 budget is based on an oil price assumption of $40/B and an official exchange rate of $1=E£9. But the va...
Volume: 59Issue: 17Published at Fri, 29 Apr 2016 -
Iran Aims For Bid Round By July To Speed Up IOC Return
...firms about investment in Iranian petrochemicals projects. The company has a backlog of 67 partially completed petchems projects with almost 46mn t/y of combined capacity. They were halted by a lack of funds and gas feedstock (MEES, 10 October 2014). “Iran needs $55bn for 60 projects in the pe...
Volume: 59Issue: 16Published at Fri, 22 Apr 2016 -
Libya Lays Out Plans For Output Hike
...ere through some maintenance. The Elephant field has capacity of 90,000-100,000 b/d.” The Sharara fields, on Blocks NC-115 and NC-186, produced up to 340,000 b/d prior to 2011, and were producing an average of 300,000 b/d in 2012, but output in 2014 averaged just 78,000 b/d, and it has been zero si...
Volume: 59Issue: 16Published at Fri, 22 Apr 2016 -
Saudi Petchem Firms Slide Further In Tough Market, Sabic Looks To Consolidate
...so announced this week that it produced a total 70.5mn tons of plastics, chemicals and metals in 2015, which was 1.1% up on 69.7mn tons for 2014. A common theme in the companies’ first quarter results is reduced income due to lower sales prices, largely due to the indexing of petchems products to cr...
Volume: 59Issue: 16Published at Fri, 22 Apr 2016 -
Irena Sees Renewables Growth In MENA, But Less Than Elsewhere
....34GW last year. But this represents just 1.3% of global 1.99TW end-2015 renewables capacity, up 8.3% on 2014, according to freshly-released statistics from the Abu Dhabi-based International Renewable Energy Agency (Irena). MENA regional renewables capacity has increased by almost 28% since the end of 20...
Volume: 59Issue: 16Published at Fri, 22 Apr 2016 -
Crude Price Gains Further Reduce Incentive For Output Freeze
...rticipated in the November 2014 meeting when the market-share strategy was adopted - Indonesia is therefore excluded as it only rejoined in 2016. Based on average Q1 2016 prices and production, the group’s export earnings slump by 36% on 2015, which itself was down an eye watering 49% on the previous ye...
Volume: 59Issue: 16Published at Fri, 22 Apr 2016 -
Eni: Unlikely Libya Boost Returns North Africa To Center Stage
...0,000 b/d in 2014. This, and concerns over payments, led partner Occidental (23.44%) to announce its intention to sell its stake in November 2015. Eni’s 19,000 b/d output gain in Iraq in 2015 was outpaced by a 21,000 b/d boost in Iran where the company receives oil in lieu of payment for pre-2011 in...
Volume: 59Issue: 16Published at Fri, 22 Apr 2016 -
Corporate Profile: OMV Looks To Iran To Re-Boot MENA Portfolio
...s) out to 2020 despite taking a further ax to exploration spending. 2015 spending of €607mn on exploration was already down by 12% on 2014’s record €693mn. OMV plans a 26% cut to €450mn this year with a further 33% cut to €300mn for 2017 (and this figure maintained for 2018). Overall capex fell from €3....
Volume: 59Issue: 16Published at Fri, 22 Apr 2016 -
Saudi Plans $10bn Loan, First Since 1991
...ternational borrowing by Saudi Arabia, combined with the domestic debt issuance could push the general government debt to 9.4% of GDP in 2017, compared to 1.5% in 2014, due to the plunge in oil prices. Longer term, the issue of international sovereign debt will support the development of a market for Sa...
Volume: 59Issue: 16Published at Fri, 22 Apr 2016 -
Lebanon: $1bn Bond Success
...ate since President Michel Sulaiman’s term expired in May 2014, with parliament unable to agree on a successor. Political and economic relations between the GCC countries and Lebanon have also worsened: the GCC accuses Shia militia-come-party Hizbollah of terrorism. Hizbollah is part of the Le...
Volume: 59Issue: 16Published at Fri, 22 Apr 2016 -
Algeria Oil & Gas Revenues Collapse Further
...Algerian customs data for the first two months of 2016 show that the country’s earnings from oil and gas exports are on target to be just 40% of 2014 levels. Total exports for the first two months of 2016 were worth just $4.19bn, $25.6bn on an annualized basis, down from $62.9bn for 2014 an...
Volume: 59Issue: 16Published at Fri, 22 Apr 2016 -
SOUTH KOREAN 1Q16 LNG IMPORTS: VOLUMES EDGE UP BUT PRICES CONTINUE TO FALL
...*BASED ON 1T LNG =52MN BTU. ACTUAL NUMBER VARIES WITH CALORIFIC CONTENT. ** CHANGES EXPRESSED IN PERCENTAGE POINTS. N/A INDICATES ZERO IMPORTS FOR PERIOD. SOURCE: KOREA CUSTOMS SERVICE, MEES CALCULATIONS. KOREAN LNG IMPORT VOLUMES RISE Year-On-Year FOR FIRST TIME SINCE 2014...
Volume: 59Issue: 16Published at Fri, 22 Apr 2016 -
Egypt: Receivables Worries Risk Choking Off Exploration Boom
...oduction in the concession areas until the delayed payments are made,” he says. The government was hoping to have paid off its dues to foreign firms by the end of this year according to Prime Minister Sharif Isma’il, who made the comments in late 2014, when he was oil minister. But the collapse in oil pr...
Volume: 59Issue: 15Published at Fri, 15 Apr 2016 -
Egypt Appoints New Heads Of State Oil And Gas Firms
...-Badi’, who will become President of state investment firm Midtap. Mr Masry will be returning to EGAS where he served as deputy head for operations from February 2014 until his appointment as head of EGPC in October last year, taking over from the current oil minister Mr Molla. Taking over from Mr...
Volume: 59Issue: 15Published at Fri, 15 Apr 2016 -
Kuwait Seeks More LNG, Strives To Hike Domestic Gas Output
...Already the MENA region’s top LNG importer, Kuwait is powering ahead with plans to secure extra supplies to meet growing gas to power demand as it looks to capitalize on slumping prices. Prices have fallen by approximately $8/mn BTU to around $4/mn BTU since 2014 according to Kuwait Pe...
Volume: 59Issue: 15Published at Fri, 15 Apr 2016