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Iran Eyes Local Firms For Downstream Boost
...OEC), said on 30 August that “physical progress” had reached 95% at the 210,000 b/d CDU and 100,000 b/d VDU units. The project is financed by a 2017 Sinosure $1.3bn credit line (MEES, 10 February 2017), and Chinese state firm Sinopec has been involved. NIORDC expects the upgrade to be finalised this mo...
Volume: 65Issue: 36Published at Fri, 09 Sep 2022 -
Oman Oil Exports Revenues Hit New Record
...the 2017 expansion of its Sohar refinery to 197,000 b/d in 2017 (MEES, 11 February 2017). Products export revenues more than doubled in May to $680mn. While this was just a fraction of crude export revenues, it smashed the previous record of $360mn.The planned Q1 startup of the 230,000 b/d Duqm re...
Volume: 65Issue: 35Published at Fri, 02 Sep 2022 -
Tunisia’s Oil & Gas Output Falls Amid IOC Disinterest
...thout considering the firm’s limited technical capabilities. For Shell, the exit has been a long-time coming. It has only reluctantly operated in Tunisia since being landed with Miskar and Hadsrubal through its 2016 takeover of BG Group. It tried and failed to sell the assets for $500mn in 2017 (ME...
Volume: 65Issue: 34Published at Fri, 26 Aug 2022 -
Anbar Power Plants To Build Case For Akkas Gas?
...lamic State terrorist group and was only re-captured in 2017 by government forces. But the price was the extensive destruction of the facility. The Ministry awarded another $82mn for reconstruction work which has been led by a local Iraqi contractor since at least 2020. The plant’s first 125MW unit wa...
Volume: 65Issue: 34Published at Fri, 26 Aug 2022 -
Aramco’s Overseas Downstream Expansion: Much More To Come
...vestments “We’re looking at highly integrated complexes that have more than 50% liquid to chemical [conversion rate].” One such investment that was struck back in 2017 but has suffered repeated delays is the Pengerang Refining and Petrochemical (PRefChem) JV with Petronas, which operates a 300,000 b/d co...
Volume: 65Issue: 33Published at Fri, 19 Aug 2022 -
Oman: Fitch Upgrade
...scat is looking to streamline its debt portfolio having “prepaid the remainder of the pre-export financing facility taken out in 2017 ($1.3bn) and repaid a maturing $3.6bn loan from China.” The Fitch upgrade follows that of S&P which upgraded Oman to ‘BB’ with a stable outlook in April 2022. ...
Volume: 65Issue: 33Published at Fri, 19 Aug 2022 -
Algeria’s Petchems Push
...mething of a resurrection of previous plans that have struggled to advance (MEES, 3 February 2017). Of the two, one is a 1mn t/y mixed feed cracker slated for the industrial zone at the port of Skikda, while the other is a new methanol plant at Arzew for which previous plans stated a 1mn t/y ca...
Volume: 65Issue: 33Published at Fri, 19 Aug 2022 -
Iraq’s Output Hits Export Capacity Limits
...to a nominal 5.4mn b/d, in reality capacity is considerably lower due to storage constraints, inadequate pipeline capacity and insufficient pumping stations. A further 600,000 b/d-capacity terminal, Khor al-Amaya (KAAOT), has been offline since 2017 due to pipeline leaks. Perhaps wary of a re...
Volume: 65Issue: 32Published at Fri, 12 Aug 2022 -
Oman’s Economy Rebounds With $2bn 1H Surplus
...ndensate’s exemption from Opec+ cuts since January 2020 (MEES, 6 December 2019). GAS AMBITIONS Ç And condensate output is set to continue to rise over the longer term given the sultanate’s focus on developing gas/condensate plays. The 2017 start-up of BP’s 1bn cfd Khazzan tight gas project re...
Volume: 65Issue: 32Published at Fri, 12 Aug 2022 -
Italy Imports Record Volumes Of Russian Crude
...erall crude imports leaping 16% year-on-year and by 23% versus Q1 to 1.35mn b/d for Q2, the highest figure since Q3 2019 and within 50,000 b/d of the all-time record set in Q4 2017. *Unlike, for example, TotalEnergies and Shell in northern Europe, Italy’s refining sector is dominated by in...
Volume: 65Issue: 32Published at Fri, 12 Aug 2022 -
Iran’s Energy Sector: Lots Of Bluster But Limited Progress
...m/year to the sultanate for re-export through the Oman LNG facilities (MEES, 14 March 2014). Notably, Oman was to be supplied with volumes from the Kish field. In 2017 a new route was approved to avoid UAE waters (MEES, 24 March 2017), but other than that there was no apparent progress between the ea...
Volume: 65Issue: 31Published at Fri, 05 Aug 2022 -
Saudi Budget Surplus Tops $20bn
...Saudi Budget Surplus Tops $20bn Freshly released Ministry of Finance figures show that Saudi Arabia posted a $20.8bn surplus in Q2 – by far the highest figure since the ministry began releasing quarterly figures in 2017. Revenues were up across the board, rising by nearly $25bn to $98...
Volume: 65Issue: 31Published at Fri, 05 Aug 2022 -
China Gas: Record Domestic Output & Piped Russian Imports Cut Need For LNG
...erland volumes from Russia since the start up of the ‘Power of Siberia’ pipeline at the end of 2019. For 2021 these volumes hit 10bcm, and deliveries saw a further 63% year on year surge to 7.6bcm for 1H 2022. As such LNG’s share of China’s gas imports has fallen below 60% for the first time since 2017, wi...
Volume: 65Issue: 30Published at Fri, 29 Jul 2022 -
Kuwait’s Emir Appoints Eldest Son As PM
...bt law’s validity ended in October 2017,” Kuwait withdrew “about KD19.8bn” ($65bn) from its General Reserve Fund (GRF). The fund is now almost exhausted (MEES, 28 January). ...
Volume: 65Issue: 30Published at Fri, 29 Jul 2022 -
Saudi Gas Expansion Progress
...A key gas processing expansion project in Saudi Arabia is on track to be completed this year. The 1.07bn cfd Hawiyah gas plant expansion is being developed by Italy’s Saipem under a 2017 contract (MEES, 15 December 2017). Gas shortages mean that Saudi Arabia power and water desalination pl...
Volume: 65Issue: 30Published at Fri, 29 Jul 2022 -
KRG Revenues Up But Dire Finances & Political Disputes With Baghdad Linger
...loitte began auditing the sector in 2017. Once Q2 figures are released they should show a further increase given that oil prices surged in late February following Russia’s invasion of Ukraine and have remained over $100/B for most of the period since. Nevertheless, the Ministry of Natural Re...
Volume: 65Issue: 30Published at Fri, 29 Jul 2022 -
Kuwait Upstream Costs Soar
...ntre (GC-32) which was intended to offset declines elsewhere at the field. The 120,000 b/d facility was awarded to British firm Petrofac in March 2017 and was scheduled to come online in mid-2020. It has yet to be completed. UNCONVENTIONAL AND DIFFICULT The other major ju...
Volume: 65Issue: 29Published at Fri, 22 Jul 2022 -
Saudi Crude Burn Soars
...*Saudi Arabia’s crude oil burn jumped by 130,000 b/d to 582,000 b/d in May. Not just was this up a massive 185,000 b/d year-on-year, but it was the highest May figure since 2017 (see chart & p23 for full Saudi May oil data). Crude oil is burned in power and desalination plants where gas is no...
Volume: 65Issue: 29Published at Fri, 22 Jul 2022 -
Global LNG: Does The Current Boom Risk Seeding Its Own Downfall?
...tright contraction in demand to 2025 and beyond according to IEA projections. For China, the IEA predicts that gas demand growth will fall from an average of 11%/year for 2017-21 to somewhat below 5%/year for 2021-25 as, amid high gas prices, “gas-fired generation remains under pressure in the Ch...
Volume: 65Issue: 28Published at Fri, 15 Jul 2022 -
Opec: Another Month, Another Missed Target
...rget. With oil prices more than $100/B, the country has every reason to maximize output if possible. But gone are the days when the country was able to produce more than 1.7mn b/d – a level it last reached in October 2017. Even with efforts to boost effective capacity over the past few mo...
Volume: 65Issue: 27Published at Fri, 08 Jul 2022