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Saudi Petchem Profits Hit By Crude Slump; Feedstock Price Hikes Add To Stress
...34.25bn for 2014. The total value of the 14 companies, measured in terms of market capitalization, fell by 20.5% between end-2014 and end-2015. The decline follows the slide in crude oil prices since mid-2014. Global benchmark crudes are currently trading at around 75% below their mid-2014 le...
Volume: 59Issue: 03Published at Fri, 22 Jan 2016 -
IMF Downgrades MENA, Saudi Growth; Is It Enough?
...untries for which the IMF published growth forecasts in its six monthly WEO between 1999 and 2014, there were 220 instances where an economy grew in one year before contracting the next. How many of these 220 instances had the IMF flagged up by April of the preceding year? Precisely zero. ...
Volume: 59Issue: 03Published at Fri, 22 Jan 2016 -
Oman Raises $1bn Loan
...unge in oil prices which began in 2014 has hit Oman’s finances hard, with Oman slashing budgeted spending by 11% for 2016. Also it axed subsidies by a whopping 56% to OR400mn in 2016 and raised domestic petroleum product prices. Latest statistics from the Ministry of Oil and Gas show that wh...
Volume: 59Issue: 03Published at Fri, 22 Jan 2016 -
Egypt Aiming To Trim Energy Subsidies This Year
...pidly, hitting E£10.4bn ($1.4bn) for July-October 2015, the most recent period for which data are available, up E£8.6bn on the figure for the same period a year earlier. For 2015-16 as a whole the spending on electricity subsidies is slated to hit E£31.1bn, up from E£23.6bn for 2014-15 and E£13...
Volume: 59Issue: 03Published at Fri, 22 Jan 2016 -
Iran Inaugurates New South Pars Phases, But Ambitious Targets Look Unrealistic
...reement: actual supplies through the Tabriz-Ankara pipeline were lower at 8.9 bcm in 2014 (MEES, 11 December 2015). Prospects for increased volumes appear slim due to an ongoing pricing dispute, which is currently being considered by the International Court of Arbitration. Iran has an agreement to export 70...
Volume: 59Issue: 02Published at Fri, 15 Jan 2016 -
Oman, Bahrain, Qatar Follow Saudi In Hiking Fuel Prices
...3.7bn ($12.18bn) in 2014, of which oil products accounted for 35% (MEES, 11 December 2015). However, Commerce Minister Yusuf al-‘Ali has said the plan is to rationalize subsidies to improve targeting of needy people. While the political rationale for maintaining high subsidies to placate the po...
Volume: 59Issue: 02Published at Fri, 15 Jan 2016 -
Aramco Clarifies Downstream Divestment Plans After IPO Announcement
...id. SAUDI ARAMCO DOWNSTREAM ASSETS *EXCHANGE-LISTED. SOURCE: ARAMCO, PARTNERS. SAUDI ARAMCO UPSTREAM, 2014 SOURCE: ARAMCO....
Volume: 59Issue: 02Published at Fri, 15 Jan 2016 -
Jordan Steps Up Power Diversity Efforts, Eyes More LNG Imports
...2014 to receive gas from Israel’s Leviathan field, but Jordan has since said the agreement no longer holds (MEES, 18 December 2015). Though Egypt’s recent discovery of the giant Zohr gas field has reopened the possibility of future gas exports, a resumption of shipments through the Arab Gas Pi...
Volume: 59Issue: 02Published at Fri, 15 Jan 2016 -
US Crude Defies Expectations, Thwarts Saudi Strategy
...d the country’s 16-year low rig count numbers (see p19), posting an average of 9.4mn b/d in 2015 – up a further 100,000 b/d on the figure the US government’s Energy Information Administration (EIA) was predicting even a month ago – versus 8.7mn b/d in 2014. It does however estimate a larger fall in cr...
Volume: 59Issue: 02Published at Fri, 15 Jan 2016 -
IS Attacks Again As Baida-Aligned Guards Block Tripoli Crude Shipment
...mpeting authorities. Tripoli-based state oil company National Oil Corporation (NOC) has attempted to ship its first cargo from the Ras Lanuf export terminal since force majeure was declared at the facility in December 2014. Following attacks against the Ras Lanuf and Es Sider terminals by Is...
Volume: 59Issue: 02Published at Fri, 15 Jan 2016 -
KRG Falling Oil Revenue Exacerbates Economic Crisis
...vering the backlog in the salaries, and pay international oil companies (IOCs). There are currently no indications that a resumption of the December 2014 agreement is imminent. Indeed, in the KRG Ministry of Natural Resources Monthly Export report for December 2015, the section detailing de...
Volume: 59Issue: 02Published at Fri, 15 Jan 2016 -
Gulf Keystone Cash Position Slowly Improves on KRG Payments
...mn gross, with Gulf Keystone receiving net payments of $12mn. The previous payment had been received on 2 December. In the interim period, the company’s cash balance increased slightly from $54.6mn to $58.4mn. This is considerably down on the firm’s position at the end of 2014. Its cash re...
Volume: 59Issue: 02Published at Fri, 15 Jan 2016 -
IMF Approves Iraq Monitoring Program
...frastructure and assets, disruptions in trade, and deterioration of investor confidence.” Under the SMP, the authorities will cut spending in line with revenue. They will also aim to reduce the non-oil primary deficit by $20bn, or 12% of non-oil GDP between 2014 and 2016, according to the IMF. Ac...
Volume: 59Issue: 02Published at Fri, 15 Jan 2016 -
Iran Prepares To Slash Spending
...cember 2014). Oil revenue in the new budget is projected at $22bn according to Mansour Moazzami, an advisor to Mr Zanganeh, with tax revenue at $28bn. Again, there is discord, with Mr Tayyebnia saying Iran only expects to earn $20bn in oil revenue in the current year. With the imminent lifting of...
Volume: 59Issue: 02Published at Fri, 15 Jan 2016 -
Algeria Needs To Streamline Operations Not Just Improve Terms, Firms Say
...sts. “[Service] cost levels are far too high for the industry to survive,” Mr Viken says, “the margins are the same now at $30/B as they were with $100/B.” But Statoil remains interested in the Algerian upstream. Like most of its peers, Statoil has been implementing a cost-cutting plan since late 2014...
Volume: 59Issue: 01Published at Fri, 08 Jan 2016 -
Adnoc Forms Overseas Arm
...pensive oil and gas assets in North America in recent years. The resultant accumulated debt has left it especially exposed to the collapse in oil prices since late 2014. The firm’s Q3 results show oil and gas revenues collapsing to Dh1.49bn ($414mn) from Dh3.18bn in Q3 2014. This contributed to an overall qu...
Volume: 59Issue: 01Published at Fri, 08 Jan 2016 -
Iraq’s 2015 Oil Figures: The Best Of Times, The Worst Of Times
...ports through official channels brought in just $49.1bn for 2015, down by 42% on 2014’s $84.1bn, and 48% on 2012’s record $94.0bn. This is despite output having risen by 950,000 b/d over the same period (see table). For 2015, Iraqi production was, at 3.97mn b/d according to MEES estimates, not only an...
Volume: 59Issue: 01Published at Fri, 08 Jan 2016 -
2015 Sees Saudi Arabia Notch Up Record Output, Stocks, Runs, Burn
...Opec put November output at 10.19mn b/d. But not all the records are good. Saudi Arabia is also set to notch up record crude burn in 2016. For the first 10 months of the year – including all of the peak summer demand months – crude burning averaged 598,000 b/d, up 8,000 b/d on 2014’s record. Oc...
Volume: 59Issue: 01Published at Fri, 08 Jan 2016 -
Riyadh Cuts Fuel Subsidies, Petchem Producers Count The Cost
...ar, with the impact being first reflected in results for the first quarter of 2016. All the companies will announce their annual figures for 2015 in the coming weeks. The 14 companies, whose total profits amounted to SR34.4bn ($9.17bn) for 2014, are expected to report a further decline linked to th...
Volume: 59Issue: 01Published at Fri, 08 Jan 2016 -
Saudi Fuel Price Hikes Hit Generators But Make Gas Exploration More Economic
...om consumers in 2014, more than 10% below the average generating cost of SR0.154/kWh. The impact of heavily subsidized electricity on SEC’s earnings has led government to provide what ECRA describes as “soft loans and government grants” to help balance its books. However, SEC’s growing need to ad...
Volume: 59Issue: 01Published at Fri, 08 Jan 2016