- Sort by:
- Score
- Published ▼
-
Iran Approves Higher Budget Spending In 2016-17
...ections in 2017. The Majlis also wants the government to charge progressive prices for gasoline based on the level of consumption. Under the new system, which brings back fuel smartcards, car owners would be able to consume up to 180 liters of gasoline per month at the current price of IR10,000 ($0....
Volume: 59Issue: 18Published at Fri, 06 May 2016 -
Turkey To Cut Coal Imports
...owly – a 510MW plant at Soma, due for start-up in 2017 by China’s HEI, is the only coal-fired plant currently under development. Turkey’s plans for 4.5GW of lignite-fired capacity in the southern Afsin-Elbistan region and 1.32GW at Adana near the Mediterranean coast have not progressed. UAE’s Taqa was or...
Volume: 59Issue: 18Published at Fri, 06 May 2016 -
Majors Downgraded, Gulf Sovereigns To Follow?
...sing oil prices. Brent has averaged $45/B since mid-April, some $12/B higher than the agency’s $33/B 2016 oil price assumption (it was February’s decision to downgrade its oil price assumptions that triggered Moody’s ratings review for oil-linked companies and sovereigns; its 2017 oil prices assumption wa...
Volume: 59Issue: 17Published at Fri, 29 Apr 2016 -
Total, Eni, Shell Downgraded; BP Escapes
...st production scheduled to come onstream in 2016-18, as well as rising prices, will lead to improvements in the company’s pressurized cash flow-based metrics in 2017 and beyond.” Key among these new “shorter-cycle higher return projects” is Egypt’s Zohr, which is slated to produce from late 2017, ra...
Volume: 59Issue: 17Published at Fri, 29 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 -
Saudi Crown Prince Plots $2,000bn Mega Wealth Fund
...uld likely happen in 2018, or even 2017, he says. The Aramco IPO and the transfer of its shares to the PIF will “technically make investments the source of Saudi government revenue not oil… within 20 years, we will be an economy or state that does not depend on oil,” he says Prince Muhammad, who al...
Volume: 59Issue: 14Published at Fri, 08 Apr 2016 -
Egypt Unveils Development Plan To Revive The Economy
...YPT’S 2016-2019 DEVELOPMENT PLAN: KEY OBJECTIVES • Raising GDP growth to 5-6% by end fiscal 2017-18 (June 2018) and to 6% thereafter. • Cut unemployment to 10-11% by 2017-18 and 9% by 2019-20. • Cut the budget deficit to 9-10% of GDP by 2017-18, and to 8-9% by 2019-20. • Cut pu...
Volume: 59Issue: 13Published at Fri, 01 Apr 2016 -
Iran-Pakistan Trade Boost But Gas Line Still Far Off
...e risk of sanctions being re-imposed, “we are working on it. There is no serious problem and we are going ahead with the pipeline from Gwader to Nawabshah.” He estimated it could be completed by December 2017. One positive development for Iran is that Pakistan is to increase the amount of el...
Volume: 59Issue: 13Published at Fri, 01 Apr 2016 -
Oman Presses On With Key Energy Projects Despite Revenue Slump
...l-time record of 73; in the MENA region only Saudi Arabia is running more rigs (see graph and MEES, 11 March). Some 10 of these rigs are working on the BP-led Khazzan gas project which the major says is on target for first gas in 2017 ramping up to 1.5bn cfd plateau from 2020 (MEES, 11 March). LI...
Volume: 59Issue: 11Published at Fri, 18 Mar 2016 -
Kuwait Plans Economic Reforms In Light Of Revenue Collapse
...soline in Kuwait. Additionally the reform plan envisages the rationalization of water and electricity subsidies, but that this will not happen before 2017, he notes. Kuwait’s latest budget envisages spending on subsidies of KD2.9bn ($9.6bn) for the 2016-17 financial year, down 22% in real terms (19% in...
Volume: 59Issue: 11Published at Fri, 18 Mar 2016 -
Saudi Arabia Eyes International Loan But Risks Credit Downgrade
...llows Moody’s recent decision to lower its price assumptions for Brent to $33/B for 2016, $38/B for 2017 and $48/B for 2019. The agency now “expects [prices] to remain low for several years.” Moody’s says that it expects to complete these reviews “within two months,” ie by early May. The review pe...
Volume: 59Issue: 10Published at Fri, 11 Mar 2016 -
Iran Could Face Major Banking Crisis Post-Sanctions
...rch 2017. The new five-year plan will then start, by when the government expects its financial positon to have improved after the lifting of sanctions. While no reason was given for the delay in launching the new plan, the delay gives the Rohani administration more time to review the outcome of the cu...
Volume: 59Issue: 10Published at Fri, 11 Mar 2016 -
Oman Downgrades Threaten Bond Issue
...nancial assets amounting to only about three years of spending.” The downgrade comes as Moody’s cuts its oil price assumptions for Brent to $33/B in 2016 and to $38/B in 2017, rising only slightly to $48/B by 2019. The downgrading of Oman comes at an inopportune time as the country seeks to tap the in...
Volume: 59Issue: 09Published at Fri, 04 Mar 2016 -
Iran Sets Out FDI Strategy As Foreign Cash Starts To Trickle In
...ich projects it to increase to 12.6% in 2017-18 before beginning to fall. Mr Nili adds that the Iranian economy must create 655,000 jobs annually, just to keep unemployment at its current level; to bring down the unemployment rate to below 10% Iran needs to create 1mn jobs each year, he ad...
Volume: 59Issue: 07Published at Fri, 19 Feb 2016 -
Morocco: QP Boost
...15: Chevron has had zero Mena output for the past nine months. Chevron says it hopes the spat between the two GCC allies that has cut PNZ output to zero will be resolved with output restarting “by 2017” (MEES, 6 November, 2015). ...
Volume: 59Issue: 06Published at Fri, 12 Feb 2016 -
Kuwait’s Budget Deficit Set To Soar As Spending Continues Despite Subsidy Cuts
...main at current levels,” he says. The current Brent forward curve for the April 2016-March 2017 budget period averages $38/B, well above the budgeted figure. But, as he estimates that the 2016-17 budget will need a breakeven oil price of $65/B, a deficit still looks on the cards. In recent years Ku...
Volume: 59Issue: 05Published at Fri, 05 Feb 2016 -
IMF: Saudi Fiscal Reforms A Positive Step, More Needed
...pressing economic growth in the private sector and curtailing non-oil economic activity, as many companies in this sector depend on public sector spending. The IMF therefore expects growth in 2016 to average 1.2% and rise to 2% in 2017, down from 2015’s 2.8% and 2014’s 3.5% (MEES, 22 January). Ad...
Volume: 59Issue: 04Published at Fri, 29 Jan 2016 -
IMF Downgrades MENA, Saudi Growth; Is It Enough?
...nk’s similar forecasts earlier this month (MEES, 15 January), the IMF’s oil price assumptions are already way out of date, and as a result its MENA economic forecasts way optimistic. The IMF has chopped 1 percentage point from its Saudi growth projections for 2016 and 2017, compared to those it...
Volume: 59Issue: 03Published at Fri, 22 Jan 2016 -
World Bank Hikes Iran Growth Forecast But Global Storm Clouds Gather
...l demand growth from 1.2mn b/d to 1.0mn b/d on the back of global economic headwinds. The IEA, in its most recent monthly market report had already pushed back its expectations of global oil market rebalance – that is to say demand catching up with supply – from 3Q 2016 to early 2017 (MEES, 18 De...
Volume: 59Issue: 02Published at Fri, 15 Jan 2016 -
Growth Forecasts - Caveat Emptor
...is caused a MEES double take. Using estimates that evidently predate the latest collapse in oil prices, the Fund gives 2015 Iraqi oil revenue as $59bn (the actual figure was $49bn). It then has revenues rising to $70bn in 2016 and $84bn in 2017. In fact, using current futures prices (the IM...
Volume: 59Issue: 02Published at Fri, 15 Jan 2016