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Syria: Key Crossing Open
...rkey have decreased 25% since the closure, with even greater losses from Syria and Lebanon. Kickstarting trade will also prove pivotal to Mr Assad’s immense challenge of rebuilding Syria (MEES, 29 September 2017). The president recently estimated reconstruction costs at $400bn. The seven-year Sy...
Volume: 61Issue: 28Published at Fri, 13 Jul 2018 -
Middle East Downstream Eyes Bunkers Boost From IMO Rules
...ys. The IEA expects additional gasoil/diesel to come from the US, followed by the Middle East, Russia and China. Saudi Arabia has developed some refineries targeting overseas sales, exporting a record 516,000 b/d of diesel in 2017. Similarly, the UAE exported a record 92,000 b/d of diesel last year, al...
Volume: 61Issue: 28Published at Fri, 13 Jul 2018 -
Saudi’s PIF Increases Stake In Local Private Firm Acwa Power
...ma Foreign Holdings. PIF is slated to have a key role in achieving Crown Prince Muhammad’s Vision 2030 economic diversification strategy – aimed at ending the Saudi “addiction to oil” (MEES, 17 November 2017). Acwa Power’s finances and ownership structure are opaque. But disclosures at the time of...
Volume: 61Issue: 28Published at Fri, 13 Jul 2018 -
Algeria: Reserves Slump To 12-Year Low, But Country Has Bigger Problems
...e country’s finances. Instead Algiers has opted for the highly-inflationary path of printing money to finance the country’s expected $19bn 2018 deficit (a cumulative $80bn since 2014 – MEES, 19 October 2017). A temporary ban on a whole swathe of imports is Algeria’s other key ‘alternative’ economic me...
Volume: 61Issue: 28Published at Fri, 13 Jul 2018 -
Egypt Pledges To End Energy Subsidies Within 12 Months
...mbit came as they faced what could otherwise have been some awkward meetings with IMF officials. “Higher than projected” oil prices mean that the country’s fuel subsidy bill hit E£121bn ($6.8bn) for the 2017-18 financial year which ended 30 June, well in excess of the E£108bn figure targeted by Egypt’s IM...
Volume: 61Issue: 28Published at Fri, 13 Jul 2018 -
Iraq Oil Revenues Soar But Stretched Southern Export Capacity Caps Gains
...en monthly earnings averaged $7.84bn (see chart).If achieved, this would be a 40% increase on last year’s $59.32bn, itself a 36% gain on 2016. 2017’s oil revenue gains helped Iraq secure a rare budget surplus of ID1.79 trillion ($1.52bn) according to data from the Ministry of Finance, a major tu...
Volume: 61Issue: 27Published at Fri, 06 Jul 2018 -
Saudi-Kuwait Neutral Zone: Supply Concerns Spur Restart Rumors
...CI) contract in 2015 for work at the Hout field. The work was scheduled for completion in 2Q 2017, but had yet to be finished at end-Q1. Meanwhile, vessel tracking site Marine Traffic shows two Saudi-flagged jackup rigs were this week at the Khafji field, including one which arrived on 3 July. Wh...
Volume: 61Issue: 27Published at Fri, 06 Jul 2018 -
Tunisia: Petrofac Quits, DNO Cuts Its Losses
...nority shares in fields off Nigeria and Gabon with net 2017 output of just 300 b/d. Not only is Panoro not paying, DNO will effectively cover Panoro for $12mn of exploration commitments on the Sfax offshore permit, which Panoro sees as the most promising and where DNO has a 87.5% operator’s stake. DN...
Volume: 61Issue: 27Published at Fri, 06 Jul 2018 -
Opec+ Leaders Make Head Start In Boosting Production
...ound 300,000 b/d from June levels. At 11.06mn b/d, Russian output was the most since March 2017 and 130,000 b/d above its previously allocated 10.93mn b/d (see chart). OPEC WELLHEAD PRODUCTION, June 2018 (MN B/D, MEES ESTIMATES) CONGO JOINED EFFECTIVE 22 JUNE, WILL BE INCLUDED IN TABLE FR...
Volume: 61Issue: 27Published at Fri, 06 Jul 2018 -
Lebanon’s Recurring Power Nightmare
...stalled Available Fuel Zouk-1 ST (x4) 1984-87 607 365 HFO Zouk extension GT* 2017 194 194 HFO (gas) Jieh-1 ST (x5) 19...
Volume: 61Issue: 27Published at Fri, 06 Jul 2018 -
Karadeniz Eyes 8.3gw Fleet
...wn regional allegations of neocolonialist ambition – began supplying power in Ghana in October 2017. The company also operates in Zambia and Indonesia. Dealing with cash-strapped nations is not always easy. Karadeniz began supplying Basra with 410MW in 2010, but operations came to a halt in 2016 wh...
Volume: 61Issue: 27Published at Fri, 06 Jul 2018 -
Oman Reduces Peak Electricity Load Forecast, Targets Lower Gas Burn
...rough 2024, despite a steady 7% a year growth in electricity generation. OPWP says that in 2017 electricity demand in the MIS grid grew “at a relatively slow pace compared to the historical average.” Peak demand increased by 3.3% to 6.12GW in 2017, compared with an average 7% a year during 2010-17, wh...
Volume: 61Issue: 27Published at Fri, 06 Jul 2018 -
$11bn Egypt Petchems Project Belatedly Green Lighted
...ough Egypt’s overall economic fortunes have improved over the last 18 months the country’s overall quarterly trade deficit remains stuck at around $9bn (an annual $36.5bn for 2017) as higher prices for oil imports have cancelled out a rise in export earnings (see p13). Tahrir’s anticipated export re...
Volume: 61Issue: 27Published at Fri, 06 Jul 2018 -
Egypt Indicators Show Recovery Is Gathering Pace
...yptian economy are looking firmer than they have for some time. The country’s current account deficit fell to $5.3bn for the first nine months of the 2017-18 financial year (ie 3Q17-1Q18), down 58% from $12.5bn a year earlier, though the country’s quarterly trade deficit remains stuck at around $9bn (see ta...
Volume: 61Issue: 27Published at Fri, 06 Jul 2018 -
Can Oman Capitalize On Opec+ Production Deal?
...ok effect in January 2017, last week’s decision to reduce over-compliance means Oman has freedom to increase output (MEES, 22 June). The Joint Ministerial Monitoring Committee (JMMC) will “coordinate amongst the countries with spare capacity” says Saudi Energy Minister Khalid al-Falih, adding th...
Volume: 61Issue: 26Published at Fri, 29 Jun 2018 -
Sharjah Launches Debut Licensing Round
...ring 2017 which covers the whole concession area. The smaller 264km² Area B was also fully covered by 3D seismic in 2017. However, the third area, Area C, while much larger at 1,184km² only has a small area of 3D seismic shot in 2013 along the border with Area B. Any successful bidders will be re...
Volume: 61Issue: 26Published at Fri, 29 Jun 2018 -
Eni Ramps-Up Zohr, Mubadala Farms In
...this year(MEES, 12 May 2017). This will mean Cairo will be able to bring an end to LNG imports which began in April 2015. Mr Molla signalled that a six-cargo tender awarded to trading firms Trafigura, Gunvor and Vitol for deliveries in July and August will likely be the last. “I don’t th...
Volume: 61Issue: 26Published at Fri, 29 Jun 2018 -
Opec’s Monitoring Committee Takeover, Instability Promote Supply Concerns
...s expanded in November 2017 to officially include Saudi Arabia, which also shares chairmanship with Russia. The other members are Venezuela, Algeria, Kuwait and the UAE alongside non-Opec member Oman. As Saudi Energy Minister Khalid al-Falih said following the 23 June non-Opec meeting, “it just so ha...
Volume: 61Issue: 26Published at Fri, 29 Jun 2018 -
Libya Port Attacks Derail Oil Export Prospects
...December 2017), resurgent political violence has torpedoed Libya’s oil sector. Militias commanded by Ibrahim al-Jathran attacked the Ras Lanuf and Es Sider oil terminals in mid-June, causing damage that the National Oil Corporation (NOC) describes as “catastrophic.” The Libyan National Army (LN...
Volume: 61Issue: 26Published at Fri, 29 Jun 2018 -
Adnoc Joins Aramco In $44bn Indian Refining And Petchems Venture
...dian firms will hold 50% equity (IOC with 25%, BPCL and HPCL each with 12.5%). RRPCL was formed by the Indian firms in June 2017 to develop a 1.2mn b/d refinery comprising three 400,000 b/d crude distillation units (CDUs), which will be integrated with an 18mn tons/year petchems complex. While Ad...
Volume: 61Issue: 26Published at Fri, 29 Jun 2018