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Saudi Arabia Unveils Record 2014 Budget Despite Curb On Expenditure Growth
...SAUDI ARABIA Saudi Arabia Unveils Record 2014 Budget Despite Curb On Expenditure Growth Riyadh has announced yet another record budget for 2014. But the 4.3% spending hike is lower than in previous years, in an attempt to rein in the spending boom which followed the 2011 up...
Volume: 57Issue: 01Published at Fri, 03 Jan 2014 -
IMF Says Jordanian Recovery On Track
...rect grants to the Jordanian central bank and finance ministry; a further $300mn came in direct budget support from Saudi Arabia, whilst $406mn came from the US, $82mn from the European Union and $20mn from other sources. For 2014, the IMF is projecting grants totaling $2.22bn, with $1.96bn to come fr...
Volume: 57Issue: 01Published at Fri, 03 Jan 2014 -
Iraq & Turkey: Neighbors On The Road To Prosperity?
...ab Spring” countries, who have only just started on the road to reform. Against all the odds, Iraq in 2013 is far better and stronger than it was in 2003. Some observers believe that 2014’s general election will be a game changer at all levels; I’m also hopeful that the future will positively shock th...
Volume: 57Issue: 01Published at Fri, 03 Jan 2014 -
Kurdish Oil Enters Turkey But No Exports Yet
...oducts. Current production is estimated at 240,000 b/d but is set to rise further as Gulf Keystone ramps up output from the giant Shaikan field, which is due to hit 40,000 b/d in early 2014. Keystone Wins Court Case Prospects for the UK independent to continue its operations in Iraqi Kurdistan ha...
Volume: 56Issue: 51/52Published at Fri, 20 Dec 2013 -
Lebanon LNG Imports A Distant Prospect Amid Bidding Confusion
...viewing bids; caretaker Minister of Energy and Water Gebran Bassil says he expects to sign contracts in the third or fourth quarter of 2014. It remains unclear, however, just how Lebanon intends to implement its ambitious LNG import plans. Infrastructure And Political Obstacles The Energy Mi...
Volume: 56Issue: 51/52Published at Fri, 20 Dec 2013 -
Bid Round Confusion
...banon’s Petroleum Administration board tells MEES that precisely nothing will happen on 10 January. Yet the issue is mired in confusion: IOCs are unsure what to make of continued pronouncements by Mr Basil that 10 January 2014 is the final deadline for companies to submit their bids. The deadline, li...
Volume: 56Issue: 51/52Published at Fri, 20 Dec 2013 -
Algeria Awards $4Bn EPC Contracts For Six CCGT Plants
...time to help meet summer 2014 peak demand. Renewables Plans Sonelgaz’s SKTM renewables subsidiary has also awarded China’s Yingli Solar a contract to design and install 233MW of solar photovoltaic (PV) capacity at four separate sites, with construction expected to begin in January 2018 and to...
Volume: 56Issue: 51/52Published at Fri, 20 Dec 2013 -
US Hikes Mid-Decade Output Estimates By 2mn B/D
...OPEC US Hikes Mid-Decade Output Estimates By 2mn B/D The call on OPEC crude oil production for the coming years could be set for another sharp downward revision. The US government’s Energy Information Administration (EIA), in the 16 December ‘Early Release’ of its 2014...
Volume: 56Issue: 51/52Published at Fri, 20 Dec 2013 -
MENA Economic Divergence Set To Widen In 2014-Fitch
...REGIONAL MENA Economic Divergence Set To Widen In 2014-Fitch Fitch Ratings expects sovereign creditworthiness in the Middle East and North Africa (MENA) region in 2014 to remain stable overall. However prospects are far more favorable for the region’s oil exporters than fo...
Volume: 56Issue: 51/52Published at Fri, 20 Dec 2013 -
Iran: The Subsidy Dilemma
...rmits a 38% rise in order to deal with the deficits. Leaning towards the second choice, the Majlis on 23 October voted in principle to eliminate the top 30% of subsidy recipients at the start of the 2014-15 Persian year (in March 2014). The law gives the government three months to identify 23mn well-to...
Volume: 56Issue: 51/52Published at Fri, 20 Dec 2013 -
Crude Official Selling Prices ($/B)
...Crude Official Selling Prices ($/B) 2013 2014...
Volume: 56Issue: 51/52Published at Fri, 20 Dec 2013 -
Libya: Another False Dawn?
...pede oil production, analysts believe. In a report released on 9 December, investment bank Morgan Stanley predicts average Libyan production of 800,000 b/d for 2014, half pre-revolution output. The bank’s base case scenario “assumes blockades of the eastern terminals remain in place for some time and in...
Volume: 56Issue: 50Published at Fri, 13 Dec 2013 -
KRG: Oryx Hits Big In KRG, Plans Wasit Development
...e discovery will be established as commercial, he added. Toronto-listed Oryx is conducting further analysis of the ZEG-1 well and intends to drill an appraisal well at Zey Gawra in 2014, as part of a multi-well appraisal and development drilling program in the Hawler license area, which is ad...
Volume: 56Issue: 50Published at Fri, 13 Dec 2013 -
Oman-BP Tight Gas Deal Expected By End-2013
...d producing either additional gas from Barik, or from Amin,” he says. “We don’t yet know if we will move towards a Phase 2 or 3,” he continues, warning the upcoming agreement would “only be addressing Phase 1.” BP in February 2014 reaches the end of it six-year appraisal plan to assess the Kh...
Volume: 56Issue: 50Published at Fri, 13 Dec 2013 -
Oman Upstream Survey: Indies Boost Output To New Highs
...mpaign, supported by the recent addition of a fourth rig. A fifth rig is set to be deployed in 2014, MEES learns, to support its output target of 45,000 b/d in 2014, and 50,000 b/d in 2015. “We believe Daleel can then sustain this level of production or slightly more for many more years,” a source close to...
Volume: 56Issue: 50Published at Fri, 13 Dec 2013 -
Lebanon LNG Tender
...gasification unit (FSRU). Mr Basil says that the ministry will begin a round of negotiations with five preferred bidders in January 2014 and expects to sign contracts in the third or fourth quarter of 2014. But it remains unclear if the ministry has the proper authority to execute the LNG deal, given its “ca...
Volume: 56Issue: 50Published at Fri, 13 Dec 2013 -
Kuwait Plans Big Downstream Strides, But Takes Small Steps
...gineering, procurement and construction (EPC) contracts for both Al-Zour and the clean fuels project in 2014. Kuwait Petroleum Corporation (KPC) market research manager Nagham al-‘Umar told the Platts Oil Markets Middle East conference in Dubai on 11 December that Kuwait’s refineries are currently pr...
Volume: 56Issue: 50Published at Fri, 13 Dec 2013 -
DEWA Plans $1.9Bn 2014 Projects Spend, Eyes Coal And Solar
...UAE DEWA Plans $1.9Bn 2014 Projects Spend, Eyes Coal And Solar Dubai Electricity and Water Authority (DEWA) has announced a total budget of Dh20.56bn ($5.55bn) for 2014, of which more than one third is intended for spending on capacity expansion projects and equipment pu...
Volume: 56Issue: 50Published at Fri, 13 Dec 2013 -
OPEC Gets Through The Year But Oversupply Threat Looms
...rsus 4Q13. The latest OPEC Monthly Oil Market Report (MOMR) says that demand for OPEC crude is set to contract by 310,000 b/d to 29.57mn b/d in 2014 from estimated 2013 demand of 29.88mn b/d. Yet when OPEC ministers met in Vienna on 4 December, they decided to maintain the 30mn b/d target for the next si...
Volume: 56Issue: 50Published at Fri, 13 Dec 2013 -
Sipchem-Sahara Merger MoU
...d continued negotiations with a view to signing a merger agreement in the first half of 2014. According to a joint statement “the proposed merger is expected to enhance the [combined] company’s leading position in the local and international petrochemical industry. The combined business is ex...
Volume: 56Issue: 50Published at Fri, 13 Dec 2013