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Iran To Start Building Siraf Condensate Splitters, Targets Asia Petchems
...nstrained finances are unlikely to enable completion before 2017. NIORDC earlier began design work for the 120,000 b/d Pars splitter at Shiraz, but this has been put on the back burner along with five oil refineries with a combined capacity of 1.08mn b/d (MEES, 8 August 2014). While funding these pr...
Volume: 58Issue: 22Published at Fri, 29 May 2015 -
Egypt P’chem Funding
...phtha. The company has also clinched a $500mn deal with General Electric, in which the US engineering giant will provide technology and an undisclosed amount of equity (MEES, 4 April 2014). While Tahrir dwarves many other Egyptian downstream projects, Carbon Holdings is also seeking smaller financing de...
Volume: 58Issue: 22Published at Fri, 29 May 2015 -
OPEC Set For Rollover, In More Ways Than One
...pped in the coming months in order to meet higher domestic demand and export commitments. Despite signs that Venezuela, which has been most hit by the collapse in oil prices since June 2014, is again trying to coordinate action with non-Opec Russia, no formal meeting is planned between Opec kingpin Sa...
Volume: 58Issue: 22Published at Fri, 29 May 2015 -
Saudi Mosque Bombings Shatter Illusion Of Security
...blications criticizing Saudi Arabia and its participation in the Yemeni conflict while its leader released a speech on 14 May, his first since late 2014, claiming that Saudi rulers were “the slaves of the Crusaders and the allies of the Jews,” and had lost legitimacy to lead the Sunni people. IS ‘MORE RO...
Volume: 58Issue: 22Published at Fri, 29 May 2015 -
ENOC Moves Ahead With Offer To Absorb Dragon Oil
...later withdrew from the transaction. Petroceltic’s key production is in Egypt, while its key expansion project is in Algeria. Dragon said in its Annual Report for 2014 that it had ramped up its oil production to 92,000 b/d at the end of last year after a slow start to the year at its flagship Ch...
Volume: 58Issue: 22Published at Fri, 29 May 2015 -
Algerian PM Toughens Tone On Economy, Sonatrach Chief Pressed To Boost Output
...me period a year earlier. The lower exports weighed significantly on the trade balance which recorded a deficit of $4.32bn for January-April 2014, against a surplus of $3.4bn during the equivalent period in 2014. Total exports fell 41% to $13.4bn, with non-hydrocarbon exports accounting for $866mn, or...
Volume: 58Issue: 22Published at Fri, 29 May 2015 -
Cornered Tehran Ups Gas, Gasoline Prices To Ease Cash-Crunch
...clear deal in the coming weeks – for now at least, Iran appears more focused on identifying solutions from within: specifically, by further trimming its energy subsidy bill, which was estimated at upwards of $50bn in the last Iranian year (March 2014-March 2015). As of midnight on 26 May, Iran hi...
Volume: 58Issue: 22Published at Fri, 29 May 2015 -
KNPC Seeks Ideas, Finance For Refinery Projects
...ocurement and construction (EPC) contracts worth a combined $12bn for projects to upgrade the existing 270,000 b/d Mina Abdullah and 466,000 b/d Mina al-Ahmadi refineries, while expanding the former and reducing the latter to give a combined crude distillation capacity of 800,000 b/d (MEES, 14 February 2014...
Volume: 58Issue: 22Published at Fri, 29 May 2015 -
Morocco Solar Funds
...tober). Morocco also has coal-fired plans totaling 1.64GW under development. For these Morocco secured $290mn from China Exim Bank (320MW at Jerada), while a 1.39GW plant at Safi was backed by $2.6bn project finance led by France’s Engie (MEES 10 October 2014). Morocco’s next big funding requirement ma...
Volume: 58Issue: 22Published at Fri, 29 May 2015 -
Benchmark Crude Prices ($/B)
...OIL PRICES 28-May 18-22 May 11-15 May Apr-15 Mar-15 Q1 2015 YTD 2015 Q4 2014...
Volume: 58Issue: 22Published at Fri, 29 May 2015 -
Algeria Maintains 2015-2019 Production Plan, Keeps Quiet On Shale
...ternational Petroleum Investment Company. This was due to poor returns, MEES understands (MEES, 6 March). Even with the two new fields Algeria will struggle to keep output level with 2014’s 1.15mn b/d. Production last year received a boost from the ramp-up of output at the Anadarko-operated El Merk pr...
Volume: 58Issue: 21Published at Fri, 22 May 2015 -
Wintershall Exits Qatar Gas Block
...d Austria’s OMV signed a Technical Evaluation Agreement with the Abu Dhabi National Oil Company (Adnoc) to evaluate the potential of the Shuweihat sour gas and condensate field. A first appraisal well was drilled in March 2014. Wintershall will take over the long-term exploration and development of th...
Volume: 58Issue: 21Published at Fri, 22 May 2015 -
BP Steps Up Egypt Commitment But IOC Receivables Climb Again
...ndon’s approval. The fear is that the North Sea fields could be shut in by possible future EU sanctions against Russia following the conflict in Ukraine which began in 2014. It is rumoured that L1 is not happy with the price it could receive for its North Sea assets. This could mean the firm will fall sh...
Volume: 58Issue: 21Published at Fri, 22 May 2015 -
Receivables Up 4% But Fortunes Vary
...ross a number of opportunities in Egypt that we’re now screening and going through due diligence on. So those things have moved more onto the front burner for us,” CEO Ross Clarkson says. Kuwait Energy went even better. In its Consolidated Financial Statements for 2014, released 14 May, it says that “su...
Volume: 58Issue: 21Published at Fri, 22 May 2015 -
GKP Not Stirring On 36,000 B/D Shaikan 2015 Target
...IRAQ Gulf Keystone Petroleum (GKP) is producing 40,000 b/d from the Shaikan field in Iraq’s Kurdistan region, the maximum capacity attained at the end of 2014. The company, which has struggled to sustain its Kurdistan operation due to the delay in receiving payment for exports via Turkey, sa...
Volume: 58Issue: 21Published at Fri, 22 May 2015 -
Sonatrach Revises Algeria Petchems Strategy, But Feedstock Issues Remain
...6mn t/y ethane-fed ethylene derivatives complex and a 3mn t/y plastics/elastomers complex with a naphtha-fed cracker (MEES, 19 December 2014). The polyolefins plant as now envisaged will process ethane, LPG and naphtha to produce high-density polyethylene (HDPE), low-density polyethylene (LDPE), li...
Volume: 58Issue: 21Published at Fri, 22 May 2015 -
Egypt Seeks Funding For Coal Plant, Officially Inaugurates 2GW Of Capacity
...d supply system is a politically sensitive topic. On May 19 Prime Minister Ibrahim Mahlab and Minister of Electricity Muhammad Shakir inaugurated the 750MW Banha power plant near Cairo. However, two 250MW gas-fired turbines were completed in open-cycle mode in 2014, with the subsequent addition of...
Volume: 58Issue: 21Published at Fri, 22 May 2015 -
Jordan Taps Arab Fund For Power Expansion
...ojects. Last year the World Bank lent Jordan $221mn for a 117MW wind farm at Tafila, while the EBRD lent $25mn for a 24MW solar PV project at Ma’an (MEES, 24 October 2014)....
Volume: 58Issue: 21Published at Fri, 22 May 2015 -
Saudi Arabia Crude Production And Exports Hit Record Highs (‘000 B/D)
...0 B/D) Mar-15 vsFeb-15 vsMar-14 Feb-15 Jan-15 1Q15 vs4Q14 vs1Q14 2014 2013 20...
Volume: 58Issue: 21Published at Fri, 22 May 2015 -
South Sudan: Remaining Oil Output Under Threat
...e responsible for the entirety of South Sudan’s current oil output, following the shut-down of output from the country’s only other producing region, Unity state, in January 2014 (see table). With round after round of peace talks mediated by the eight-nation Intergovernmental Authority on De...
Volume: 58Issue: 21Published at Fri, 22 May 2015