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Aramco Exits Indonesia’s Cilacap Refining Project, Nears Reliance Deal
...tals conglomerate Sabic, to help fund Riyadh’s Vision 2030 economic transformation. This deal is expected to complete by the end of June (MEES, 15 May). ARAMCO OVERSEAS DOWNSTREAM U/C = UNDER CONSTRUCTION *MOTIVA JV WITH SHELL SPLIT Q2 2017. **SITE CHANGED FROM RATNAGIRI. ^ORIGINALLY CA...
Volume: 63Issue: 23Published at Fri, 05 Jun 2020 -
Dubai Solar Capacity Tops 1GW
...8MW. This too is delayed, missing a first half 2019 start-up target (MEES, 2 June 2017). Germany’s Siemens and Egypt’s Elsewedy meanwhile were awarded a contract to build the 815MW fourth phase of the H-Station plant at Al Aweer, east of Dubai city, but this too has missed its intended in March-Ap...
Volume: 63Issue: 23Published at Fri, 05 Jun 2020 -
Bahrain In Talks With Neighbors Over GCC Gas Grid
...xt month, no expansion here is viable for the foreseeable future. Saudi Arabia was in fact in talks with Qatar over potential gas imports before the embargo began in June 2017 (MEES, 8 December 2017). That option is now gone, but energy ministers from Bahrain, Saudi Arabia and the UAE have all ra...
Volume: 63Issue: 22Published at Fri, 29 May 2020 -
Saudi Arabia Looks To Expand Iraq Footprint
...aken Iran’s dominance in Baghdad (MEES, 1 September 2017). As Bruce Riedel, a former CIA analyst and Middle East expert on the US National Security Council told MEES in 2018, Saudi Arabia’s evolving relationship with Iraq is “perhaps the most enlightened part of current Saudi foreign policy” (ME...
Volume: 63Issue: 22Published at Fri, 29 May 2020 -
Kuwait Eyes First Exports After Clean Fuels Upgrade
...726,000 b/d at two plants in March 2017, when KNPC shuttered the 200,000 b/d Shuaiba refinery after a series of unscheduled outages. Once CFP is finished Kuwait’s next refining capacity increase will come at a new 615,000 b/d refinery at Al-Zour. This is running behind schedule, with start-up ac...
Volume: 63Issue: 22Published at Fri, 29 May 2020 -
Lebanon-Sonatrach Fuel Scandal Lays Bare Energy Sector Corruption
...ddy and Raymond Rahme, who have a variety of business interests – including alleged ties to the Barzani family in Iraqi Kurdistan. Around 2017, the firm emerged as a heavyweight in the Lebanese products sector, suspiciously underbidding in several gasoil and gasoline contracts – an oil trader te...
Volume: 63Issue: 22Published at Fri, 29 May 2020 -
Oman Smashes Output Records
...,000 b/d in 2017 to 148,000 b/d so far this year – mainly a product of the Khazzan gas field ramp up and 2018 and the Rabab Harweel project coming online last year (MEES, 6 December 2019). ...
Volume: 63Issue: 22Published at Fri, 29 May 2020 -
KRG Oil Sector Risks Unwinding In 2020
...evitable (see box, p3). The current situation is the most perilous the KRG has faced since Baghdad reclaimed swathes of territory in the aftermath of the ill fated September 2017 referendum on independence (MEES, 29 September 2017). Oil prices have crashed so far that revenues now fall well short of th...
Volume: 63Issue: 21Published at Fri, 22 May 2020 -
Low Cost Qatar Targets Counter Cyclical Investment
...cess cargoes, prices there are just as weak (MEES, 1 November 2019), and as a result export revenues had plunged to their lowest level since 2017 (MEES, 1 May). Cutting volumes below Qatar’s 77mn t/y capacity could provide a price-boost, but QP doesn’t intend to provide a helping hand to rival pr...
Volume: 63Issue: 21Published at Fri, 22 May 2020 -
Eni Offshore Egypt: Two Steps Forward, One Step Back
...gust has been exacerbated by the effect of Covid-19. March saw just 3.00bn cfd burnt in power generation, a three-year low. Overall Egyptian gas demand remained flat quarter-on-quarter at 5.65bn cfd but down 8% on Q3 2019’s peak 6.17bn cfd (see chart 3). Up until 2017, the majority of Eni’s Egypt ga...
Volume: 63Issue: 21Published at Fri, 22 May 2020 -
Saudi Prioritizes Core Markets As Crude Exports Drop
...ich is actually down from around 1.9mn b/d in April. Volumes shipped to No.2 buyer Japan have soared in early May. They are now running China relatively close at more than 1.5mn b/d. The most that Japan has ever imported from Saudi Arabia over the course of a month was 1.44mn b/d in February 2017...
Volume: 63Issue: 21Published at Fri, 22 May 2020 -
Saudi Gasoline, Jet-Kero Consumption Slumps In Lockdown
...ril and May. The lowest figure in Jodi’s records is 246,000 b/d from January 2002. Saudi gasoline consumption had been falling previously anyway. Having peaked at 599,000 b/d for 2017, price increases in 2018 as part of watered-down measures to ease subsidies resulted in two consecutive annual de...
Volume: 63Issue: 21Published at Fri, 22 May 2020 -
Asian LNG Pricing: Term Premium Set To Collapse
...e set to finally slump in June, and then further in July and August as lower oil prices fully work themselves through into LNG contracts. *Japan and Korea, long the two largest LNG importers (Japan remains global number 1, Korea was overtaken by China in 2017) are the two with the highest le...
Volume: 63Issue: 21Published at Fri, 22 May 2020 -
Mena Renewables Projects Tap Chinese Funding
...the Gulf power sector. But Silk Road is not the only China-based investor (see table 2). In 2017 a consortium of Chinese state banks led by state credit guarantee agency Sinosure fronted $1.6bn of the $2.1bn cost of Jordan’s 554MW Attarat oil-shale-fired power development (MEES, 28 April 2017...
Volume: 62Issue: 21Published at Fri, 22 May 2020 -
Algeria’s Revised 2020 Budget: More Questions Than Answers
...rex reserves which had already fallen to $60bn by the end of March, just 30% of their level six years earlier (MEES, 1 May). President Abdelmadjid Tebboune has ruled out both foreign debt and the country’s previous ruse of printing money (MEES, 13 October 2017) as a way of financing the fiscal de...
Volume: 63Issue: 21Published at Fri, 22 May 2020 -
BP: New North Africa Chief
...me online in March 2017. Together with a 10% stake in Eni’s giant Zohr field (see p6) WND helped boost BP’s net Egypt gas output to a record 952mn cfd for 2019. The North Africa total was 1.14bn cfd including 86mn cfd from Algeria. Oil output was 49,000 b/d (34,000 b/d Egypt, 15,000 b/d Algeria). Bu...
Volume: 63Issue: 21Published at Fri, 22 May 2020 -
Cepsa’s Upstream Shift Hampered By Algeria Output Slump
...thout petchems). Refining profits more than halved to €124mn as per barrel margins at the firm’s two refineries – 250,000 b/d San Roque in Cadiz and 220,000 b/d Huelva – fell from $7.5/B in 2017 to $4.3/B in 2019. As with other oil companies, IOCs, NOCs, upstream-focused and integrated alike, this ye...
Volume: 63Issue: 20Published at Fri, 15 May 2020 -
Delek Asset Fire Sale
...nglomerate, Delek has sought since 2017 to “become a leading E&P pure play.” The firm’s “core” upstream assets are 55% of Delek Drilling which in turn is US operator Noble’s key partner at both of Israel’s key gas developments, Leviathan (45.34%) and Tamar (22% – see p3) and 100% of UK North Sea producer It...
Volume: 63Issue: 20Published at Fri, 15 May 2020 -
Saudi Nuclear Plan: Slow Progress, But Expanded Scope Eyed
...tential increase in scope is envisaged. The energy ministry’s original announcement of the two-reactor plant said capacity would be 2.8GW (MEES, 28 July 2017). The two-reactor plant is expected to be built at one of two Gulf coast sites either side of the Qatar peninsula: Umm Huwayd to the northwest an...
Volume: 63Issue: 20Published at Fri, 15 May 2020 -
Saudi Reverts To Austerity To Shore Up Government Finances
...llowing urging from the IMF – to adopt a more expansionary economic strategy in late 2017 (MEES, 22 December 2017). The government pushed plans to balance the budget back from 2020 to 2023 as it sought to invigorate the private sector through fiscal stimulus. Large budget deficits were therefore ma...
Volume: 63Issue: 20Published at Fri, 15 May 2020