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Aramco Prices IPO
...ibaba’s $25bn 2014 listing in nominal terms at least. Aramco confirms that Stabilizing Manager Goldman Sachs may yet increase the share issuance by 15% (450mn shares) to stabilize the market price. The stabilization period is 30 days from the date at which shares begin trading, and if implemented the move wo...
Volume: 62Issue: 49Published at Fri, 06 Dec 2019 -
New Hydrocracker Boosts Egypt To New Downstream Records
...llowing Cairo taking an ax to subsidies (MEES, 12 July). At 700,000 b/d for 9M19 domestic products demand is down 5% year-on-year. Fuel oil, down 36% at 81,000 b/d, has seen the biggest fall with the expansion of gas-fired power capacity. *Egypt has since 2014 been a net oil importer. But up...
Volume: 62Issue: 47Published at Fri, 22 Nov 2019 -
Northern Iraq Secures Vital Infrastructure Upgrades
...an to rehabilitate the Baiji-1 and Baiji-2 powerplants is also central to Baghdad’s broader initiative to restore services to the areas hardest hit by the Islamic State (IS) insurgency that wracked the country between 2014 and 2018. Baiji lies in Salahuddin Province and supplies power to the north, in...
Volume: 62Issue: 38Published at Fri, 20 Sep 2019 -
End In Sight For Egypt’s Fuel Subsidies
...Egypt has ended fuel subsidies for the majority of oil products, bringing an end to four years of reform that has seen the average price of gasoline almost triple and diesel prices rise by a whopping 514% in local currency terms, since Cairo began removing subsidies on oil products in June 2014...
Volume: 62Issue: 28Published at Fri, 12 Jul 2019 -
Aramco Crude Oil To Chemicals Vision Takes Shape
...chemicals plant it will not be the first. In 2014 ExxonMobil started up a 1mn t/y crude-to-olefins unit at its 592,000 b/d Singapore refinery which “can crack anything from light gases to heavy liquids, including crude oil” (MEES, 1 December 2017). ...
Volume: 62Issue: 26Published at Fri, 28 Jun 2019 -
Gulf Refiners Push 2.7Mn B/D Crude Processing Hike By End-2025
...udi Arabia which will lift the kingdom’s refining capacity to 3.3mn b/d. The refinery was originally due online in 2017 (MEES, 28 February 2014) and its planned late-2019 start up may yet slip into 2020 (MEES, 22 February). However, the project looks more likely to come online this year with Iraq’s pl...
Volume: 62Issue: 22Published at Fri, 31 May 2019 -
Shell’s Oman GTL Proposal: What’s Changed This Time Around?
...ned. Given such a propensity to budget blowouts it’s little wonder that remaining interest in GTL evaporated in the wake of the collapse in oil prices in the second half of 2014. South Africa’s Sasol had signed preliminary agreements for a GTL project in Uzbekistan of a similar size to Oryx, but put th...
Volume: 62Issue: 20Published at Fri, 17 May 2019 -
Israel Oil 2018 Data: Gasoline Imports At Record On Refinery Outage
...62mn tons (77,000 b/d) or 2017, a year that saw renovation, a strike and a fire at one of its diesel units (MEES, 1 September 2017). Paz increased its crude throughput capacity from 4.5mn tons (90,000 b/d) in late 2013 (MEES, 29 August 2014). *But overall, the gains at Paz were not enough to make up...
Volume: 62Issue: 15Published at Fri, 12 Apr 2019 -
Iraq’s Downstream Dreams: Back To Square One?
...e long-delayed Karbala refinery is the only new refinery making any progress at present. Work on the $6bn 150,000 b/d project was awarded to Hyundai in 2014 (MEES, 10 January 2014) per an EPC contract, but payment problems saw the project – once slated for a 2019 start-up – delayed. Mr Ghadhban te...
Volume: 62Issue: 15Published at Fri, 12 Apr 2019 -
Sabic Reorganization Continues Ahead Of Planned Aramco Takeover
...rformance for 2018 was the best since oil prices crashed in 2014. Sabic made a profit of $5.73bn in 2018 on revenues of $45.1bn, figures which were respectively 17.0% and 12.8% up on 2017, though prices for Saudi Arabia’s key Arab Light crude were up even more at 33.5% (MEES, 1 February). SABIC OUTPUT TO...
Volume: 62Issue: 12Published at Fri, 22 Mar 2019 -
Kuwait Eyes Revenue Boost From Clean Fuels Upgrade
...na al-Ahmadi 347,000 b/d. Combined crude processing capacity will be increased by 9% to 801,000 b/d from 736,000 b/d. At the time of the CFP award in 2014 project management contractor Foster Wheeler said that the upgrade would mean fuel oil output with a maximum of 1% sulfur (MEES, 14 February 2014...
Volume: 62Issue: 10Published at Fri, 08 Mar 2019 -
Saudi Reaps Rewards Of Downstream Investment
...erall trade surplus over the first 11 months of last year was $149.4bn, already $62bn more than over the whole of 2017. The full-year 2018 trade surplus will likely fall just shy of 2014’s $168.6bn. LOOKING AHEAD Saudi Arabia has cut production more deeply than mandated under the terms of...
Volume: 62Issue: 08Published at Fri, 22 Feb 2019 -
Sabic Reports Higher Profits As It Prepares For Aramco Buy-In
...nference that the results reflect the “success of the company’s transformation initiative, which was designed to make Sabic even more competitive globally.” The 2018 net profit was the biggest since 2014’s $6.23bn, though short of 2013’s record $6.74bn. Mr Benyan says Sabic’s business transformation in...
Volume: 62Issue: 05Published at Fri, 01 Feb 2019 -
Iraq Northern Refining Boost At Baiji
...ptember although Oil Ministry statements suggest current capacity may be as low as 47,000 b/d. The refinery had been offline since it was ransacked by Islamic State (IS) in 2014 (MEES, 26 September 2014). Because of the extensive damage to all three Baiji units (the two 70,000 b/d older Salahuddin un...
Volume: 62Issue: 05Published at Fri, 01 Feb 2019 -
Aramco’s Sabic Takeover: Are Assets Compatible?
...s been variable in recent years. Sabic took a hit in 2014 when oil prices collapsed, since petchems sales prices are index linked to crude prices. Since then, however, Sabic’s market capitalization has recovered in line with rising crude prices. Sabic’s end-2018 market capitalization was $92.96bn, im...
Volume: 62Issue: 03Published at Fri, 18 Jan 2019 -
Qatar Petchems To Benefit From QP’s Upstream Ambition
...January 2018 (MEES, 5 January 2018). Driving through such efficiency-boosting measures has been a hallmark of Mr Kaabi since he took over as CEO in 2014. But he also opted to cancel Qatar’s two petchems projects amid falling oil prices. The $6bn 1.4mn t/y Al-Sejeel polymers project (QP 80%, Qa...
Volume: 62Issue: 02Published at Fri, 11 Jan 2019 -
Lebanon’s Ailing Economy: Will The Music Stop in 2019?
...)… vs 1H17 1H17 2014 2015 2016 2017 1H...
Volume: 61Issue: 51-52Published at Fri, 21 Dec 2018 -
Kuwait Launches Refining Expansion Plan, Readies For Clean Fuels Commissioning
...te 2017 completion, the project has been heaviliy delayed and it now appears that commissioning of some units could begin by the end of 2018. The CFP engineering, procurement and construction (EPC) contracts were awarded in three packages in early 2014 – two packages for the Mina Abdullah revamp an...
Volume: 61Issue: 48Published at Fri, 30 Nov 2018 -
Bumper Nine Months For Saudi Petchems As Sabic Prepares For Aramco Buy-In
...cent weeks – small firm Alujain is again expected to report late – disclosed total net profits of $7.66bn for the first three quarters of 2018, up 33% on the $5.74bn for the same period in 2017 and up 2.7% on the $7.46bn previous periodic high in 2014. Yet quarterly earnings fell by 12% from $2.89bn in 2Q...
Volume: 61Issue: 45Published at Fri, 09 Nov 2018 -
IMO Tightening Sulfur Limits In Bunker Fuels: Will Mena Refiners Cope?
...ovide IMO-compliant fuels is unclear. Libya has three refineries, but these have mainly been shut in by security concerns of late. Libya’s last data submission to Jodi was in March 2014, when the plants processed 116,000 b/d of crude. Output included 33,000 b/d of fuel oil, of which 4,000 b/d was ex...
Volume: 61Issue: 44Published at Fri, 02 Nov 2018