- Sort by:
- Score
- Published ▼
-
SEC $80bn Debt Dilemma
...reement with seven Saudi banks for SR9bn ($2.4bn) to finance “general corporate purposes including capital expenditure.” Overall, SEC has raised $51.3bn since July 2007, mainly through sukuk and bank loans. The largest loan by far, of $13.2bn, was granted by the Ministry of Finance in March 2014 (ME...
Volume: 63Issue: 42Published at Fri, 16 Oct 2020 -
Turkey’s East Med Drilling Campaign: Politics By Other Means
...In the scramble for the East Med, Turkey has been mixing guns with energy. A prolific politics-first drilling campaign has so far failed to result in an ‘economic’ discovery. But will Turkey’s ‘drill, baby, drill’ mentality see it strike gas? When in 2014 your correspondent asked the now-Tu...
Volume: 63Issue: 41Published at Fri, 09 Oct 2020 -
Iraq’s Economy Teeters Despite Q3 Revenue Rebound
...ll below 3mn b/d for the first time since 2014 (see chart). If one sums up the extent of Iraq’s economic woes, it is that $43bn is far short of the $50bn earmarked this year for the bloated public sector’s ‘salaries and pensions’ alone (MEES, 8 May). Given Prime Minister Mustafa al-Kadhimi’s pr...
Volume: 63Issue: 41Published at Fri, 09 Oct 2020 -
Acwa Control At Rawec As JGC Quits
...keover, Rawec had a strained relationship with Petro Rabigh: a 2013 outage at its utilities plant damaged a number of furnaces in the petchem plant’s cracker. Petro Rabigh threatened to terminate Rawec’s supply contract until a SR1.125bn ($300mn) compensation deal was agreed (MEES, 6 June 2014...
Volume: 63Issue: 41Published at Fri, 09 Oct 2020 -
Egypt Power Use Suffers Amid Covid Demand Depression
...nce 2014-15’s 147.0TWh. *Power consumption by the industrial sector slumped 13% year-on-year to just 9.58TWh for Q2, the lowest quarter since 1Q16 and the lowest second quarter in over a decade. For 2019-20 as a whole, industrial consumption was down 7% at 41.2TWh, the lowest figure since 20...
Volume: 63Issue: 40Published at Fri, 02 Oct 2020 -
Asian LNG Demand Up This Year Despite Covid
...ers (MEES, 11 September). The slump in prices is now being felt in Qatar, and Taiwan paid an average of just $4.78/mn BTU for Qatar volumes in August (the latest data): as with its overall import price this is the lowest figure since 2014. *Other bargain-basement recent buying by Taiwan saw su...
Volume: 63Issue: 39Published at Fri, 25 Sep 2020 -
Turkey Unites Rival East Med Players As Regional ‘Gas Forum’ Expands Ambitions
...peline plans for the photo-opportunity this affords them. Plans for an Israel-Cyprus-Greece-Italy gas pipeline have been included on a list of the EU’s ‘projects of common interest’ since 2014 (MEES, 12 December 2014), with EU energy commissioners a regular fixture at related meet-ups. Never mind the gl...
Volume: 63Issue: 39Published at Fri, 25 Sep 2020 -
Saudi Petchems Firms: Consolidation Ahead?
...ead in December 2018. Sipchem and Sahara had revived a merger plan that was shelved in 2014 as a massive collapse in crude prices slashed petchems earnings (MEES, 7 December 2018). Many of the other listed Saudi petchems firms – the Aramco/Dow Sadara joint venture is not traded on Tadawul – are su...
Volume: 63Issue: 39Published at Fri, 25 Sep 2020 -
Kuwait Burns Record Crude To Meet Power Surge
...quid used in the utilities sector this summer, with a record 184,000 b/d burned in July. This is the highest figure in at least 18-years. Even in the unlikely event that no crude oil is burned in the final five months of the year, the annual average would still be the highest since 2014. Diesel co...
Volume: 63Issue: 39Published at Fri, 25 Sep 2020 -
OPEC At 60: Much Achieved, More Still To Come
...wnturn of 2014-16, and has played a major role in reviving the oil industry on the back of the unprecedented oil demand impact as a result of the Covid-19 pandemic. The decisions taken by the 23 DoC countries in April and June 2020 were well-informed and well-communicated and provided reassurance to th...
Volume: 63Issue: 38Published at Fri, 18 Sep 2020 -
Morocco Renewables Plans Get Wind In Their Sails
...nfirmed it would supply twenty-seven 3.2MW wind turbines for the €140mn project, with commissioning scheduled for 2022. The US firm already manages Moroccan firm Nareva’s 200MW Akhfenir wind farm which was completed in 2014. 20-YEAR PPA As with Enel and Nareva’s Midelt and Boujdour wind farms, Ed...
Volume: 63Issue: 38Published at Fri, 18 Sep 2020 -
SEC ‘Green Sukuk’ Raises $1.3bn
...ans to fund capital projects, although the largest contribution was a $13.3bn loan in March 2014 from the Ministry of Finance. The utility has a strong credit rating, enabling it to borrow at attractive rates. Earlier this month Moody’s (which gives SEC an A2 rating) said “the company enjoys a do...
Volume: 63Issue: 38Published at Fri, 18 Sep 2020 -
Opec Secretary General Mohammad Sanusi Barkindo Speaks With MEES On The Occasion Of The Organization’s 60th Anniversary
...ving the way for a future supply crunch? A: To put the investment conundrum in some perspective, our projections show capital expenditure in non-OPEC countries plummeting by 23% in 2020, to about half the $741 billion record set in 2014. And as we all know from the oil market’s sharp downturn in 2014...
Volume: 63Issue: 38Published at Fri, 18 Sep 2020 -
Sunny Hill Quits Egypt
...bstantially worse with the 2H 2014 oil price crash. The firm effectively went bust and was taken over by its key bondholder Worldview Capital in early 2016 (MEES, 8 April 2016). Worldview subsequently adopted one of the toughest stances on EGPC receivables of all IOCs in the country. It halted all but es...
Volume: 63Issue: 38Published at Fri, 18 Sep 2020 -
Egypt Takes Oil Target In-House As Production Plumbs 40-Year Low
...gust). Indeed, for many, investment has never recovered from the oil price slump in the second half of 2014. For other key global oil provinces, not least the Middle East, the late-2014 oil price slump came on the back of years of plenty. But firms in Egypt had by early 2014 already endured three years of...
Volume: 63Issue: 38Published at Fri, 18 Sep 2020 -
Oman Taps Debt Market To Cover Low Oil Revenues
...vid-19 pandemic and oil price crash came as the country was already on the brink of economic crisis. Unlike its fellow GCC oil producers, the sultanate’s more modest oil production has failed to cover its increasingly bloated public sector – particularly after the 2014 price crash (MEES, 26 July 20...
Volume: 63Issue: 37Published at Fri, 11 Sep 2020 -
Iraq Plans Qayara Refinery Expansion
...veiled plans for multiple greenfield refineries, but the only one to progress is a 140,000 b/d project at Karbala awarded to a Korean consortium led by Hyundai E&C under a $6bn contract in 2014 (MEES, 21 February 2014). The delayed project now targets 2022-startup, though even this looks optimistic. Th...
Volume: 63Issue: 37Published at Fri, 11 Sep 2020 -
Morocco Gas Development: Don’t Hold Your Breath
...rgets. Repsol relinquished the acreage in early 2014 with ‘Anchois-1’ the only one of four wells drilled to find gas. Of course the global market for virgin offshore development projects is considerably more bearish now than in 2013, when oil prices were $100/B-plus. But that isn’t stopping Chariot, wh...
Volume: 63Issue: 37Published at Fri, 11 Sep 2020 -
Conoco Enters Morocco
...fshore ‘Atlantic margin’, the hotspot for exploration earlier this decade, Repsol also has the deepwater Gharb Offshore South block, which lies further offshore from the Tangier Larache permit (now Chariot’s Lixus), which Repsol relinquished in 2014. Italy’s Eni previously partnered Chariot at the Ra...
Volume: 63Issue: 37Published at Fri, 11 Sep 2020 -
India 1h 2020 Crude Imports: A Tale Of Two Quarters
...test provisional data from the country’s Petroleum Planning and Analysis Cell shows imports of just 2.91mn b/d in July, only just above May’s 10-year low of 2.82mn b/d. June was almost 800,000 b/d higher at 3.59mn b/d, though this is still the third lowest figure since 2014 (see chart and p7 for full da...
Volume: 63Issue: 35Published at Fri, 28 Aug 2020