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Iraq Sends Record Volumes To Its Refineries
...finery – once the country’s largest at 310,000 b/d capacity prior to being overrun by the Islamic State in 2014 (MEES, 26 September 2014). Oil Minister Jabbar al-Luaibi announced the rehabilitation of the refinery’s 70,000 b/d Salahuddin-2 unit on 9 September, although it is unlikely that it is capable of op...
Volume: 61Issue: 42Published at Fri, 19 Oct 2018 -
Iraq Readies Baiji Unit
...Iraq is ready to restart one of three units at the Baiji refinery in Salahuddin province, which was badly damaged by Islamic State jihadists in June 2014. A unit which had 70,000 b/d crude distillation capacity before the destruction is now expected to process 60,000 b/d. “The re...
Volume: 61Issue: 35Published at Fri, 31 Aug 2018 -
Israel Refiners Pump At Record Levels
...17). 2018 should see a reverse of that trend. First half gasoline output of 88,500 b/d puts Israel on track to top the previous annual output record of 84,500 b/d set in 2014 (MEES, 25 March 2015), whilst Bazan in its first half report says that national consumption of transport fuels gasoline, diesel an...
Volume: 61Issue: 35Published at Fri, 31 Aug 2018 -
Saudi Petchems Firms Report Best Profits Since Crude Price Collapse
...Sabic attributes best quarterly earnings since 2014 to improved volumes and higher selling prices, whilst Aramco’s petchems JVs begin to pay back huge investments. The 14 petrochemicals companies traded on the Saudi stock Exchange (Tadawul) reported combined net profits of SR10.79bn ($2....
Volume: 61Issue: 32Published at Fri, 10 Aug 2018 -
Cash-Rich Gulf State Refiners Seek Overseas Capacity, Integration
...d return of international sanctions over Tehran’s nuclear program. Iraq has 600,000 b/d of refining capacity, with the 310,000 b/d Baiji refinery still offline after being badly damaged by Islamic State jihadists in 2014. Government funds are overstretched, so that the Ministry of Oil has of...
Volume: 61Issue: 31Published at Fri, 03 Aug 2018 -
Saudi Products Exports At Record Highs
...gion in the first four months of the year already the highest annual figure shipped in four years – 942,000 tons was shipped there in 2014. As a market for Saudi products North America is dwarfed by Europe and that is unlikely to change, particularly given its proximity. Saudi Arabia exported re...
Volume: 61Issue: 29Published at Fri, 20 Jul 2018 -
$11bn Egypt Petchems Project Belatedly Green Lighted
...onomic zone will also likely boost Suez Canal revenues, which in 2017 amounted to $5.28bn, second only to the record $5.47bn in 2014 (MEES, 19 January). The Tahrir project will be part financed by a $5.4bn debt package. Carbon Holdings says it is “at an advanced stage of securing financing” from ex...
Volume: 61Issue: 27Published at Fri, 06 Jul 2018 -
Saudi Petchems JVs Get Greedy For Naphtha, Cutting Into Exports
...d April, from 89.5mn barrels at end-February to 86.0mn b/d at end-April to deliver an additional 3.5mn barrels or 57,400 b/d. Meanwhile, jet-kerosene output hit a record 313,000 b/d in April, while fuel oil demand of 302,000 b/d was the lowest since March 2014 (see chart). SAUDI REFINERY TH...
Volume: 61Issue: 25Published at Fri, 22 Jun 2018 -
Algeria Advances Downstream Plans
...ssaoud, and a new naphtha reformer and hydrocracker at the Skikda refinery,” according to the firm’s comments in announcing the Exxon deal. Plans for the two new units at Skikda intended to boost the country’s diesel and gasoline output have been around in some form since at least 2014. Spain’s Te...
Volume: 61Issue: 20Published at Fri, 18 May 2018 -
Saudi Petchems Sector Gets Oil Price Boost As Sabic, Sipchem Eye Expansion
...ar. And combined net income fell short of the bumper returns in 3Q 2017, which neared $9bn for the first time since crude prices plunged in late 2014 (see chart). State-led Sabic, the biggest Saudi petchems firm by far, attributed its Q1 income boost to higher average selling prices and sales vo...
Volume: 61Issue: 19Published at Fri, 11 May 2018 -
Sonatrach Buys Italian Refinery In Bid To Plug Products Shortfall
...ficit shrink to ‘just’ $490mn for Q1, the nearest Algeria has come to breaking even on trade since oil prices tanked in late 2014. Export revenue rose 19.9% year-on-year to $10.72bn, with oil and gas revenues up 19.6% at $10.03bn (almost 94% of the total) – a seemingly impressive gain but actually less th...
Volume: 61Issue: 19Published at Fri, 11 May 2018 -
Kuwaiti Oil Minister Under Fire As KPI Eyes Indian Refinery
...rtamina for refineries in their countries, which would process some Kuwaiti crude oil. However, the projects have not progressed since as the parties have yet to agree terms (MEES, 13 June 2014). Most recently KPI has taken a 50% stake in the $7bn Duqm export refinery project in Oman, with OOC. The 23...
Volume: 61Issue: 18Published at Fri, 04 May 2018 -
Iraq Eyes 70,000 B/D Refinery Boost By End-2018
...rrently stands at 600,000 b/d but that given the decrepit nature of much of the infrastructure it can rarely reach such levels (MEES, 16 February). The refining sector was hit badly by the rise of Islamic State, with the 310,000 b/d Baiji refinery gutted in 2014. Baghdad’s scattergun approach to do...
Volume: 61Issue: 14Published at Fri, 06 Apr 2018 -
Israel’s Gasoline Thirst Pushes Oil Products Consumption To 5-Year High
...tput exceeded demand by 46,500 b/d in 2017, down on the previous year’s 58,300 b/d and less than half of 2014’s 95,300 b/d. Bazan says 67% of its refined products are sold on the domestic market while 33% is sold to mainly Turkey and Cyprus which took 31% and 24% respectively of exports in 2017. These pr...
Volume: 61Issue: 13Published at Fri, 30 Mar 2018 -
Iraq Reboots Downstream Development Drive
...imacy of rehabilitating the Baiji refinery, formerly Iraq’s largest at 310,000 b/d but now offline after being gutted by the Islamic State in 2014. Achieving “some level of operations” at the Baiji refinery is “the most urgent requirement within the petroleum sector,” the document says, adding that “it...
Volume: 61Issue: 07Published at Fri, 16 Feb 2018 -
Egypt: Increased Gas Availability Boosts Petchems Producers
...stallations were not directly affected, instability deterred investment, as did the cash-strapped Islamist government of Muhammad Mursi’s inability to pay IOCs for their oil and gas production. Gas output collapsed from 6bn cfd in 2011 to 4.7bn cfd in 2014 and a 12-year low of 3.9bn cfd in H1 2016. At le...
Volume: 61Issue: 06Published at Fri, 09 Feb 2018 -
Iraq Hypes Over-Ambitious Refining, Export Capacity Targets
...ve more luck with the Fao plant given that products output is slated for the export market. The only one of Iraq’s new refineries to progress is a 140,000 b/d plant at Karbala for which a $6bn EPC contract was awarded in 2014 to a Korean consortium led by Hyundai E&C. But work here has been sporadic, wi...
Volume: 61Issue: 05Published at Fri, 02 Feb 2018 -
Egypt Refining Sector Start-Ups Will Reduce Imports, But Bill Will Keep Rising
...further slippage. Updates from Enppi suggest that the start-up schedules may be further delayed. Enppi is also building an asphalt unit for Suez Oil Processing Co (SOPC). When awarded the project in late 2014, Enppi anticipated completion in 2017, which suggests that 2018 is still achievable. Ho...
Volume: 61Issue: 04Published at Fri, 26 Jan 2018 -
Libya Refinery ‘Resolution’ Fails To Hide Need For Multi-$bn Investment
...27mn b/d. But since then volumes have been unstable. Since 2014, when output averaged just 465,000 b/d and exports around 350,000 b/d, most crude has been sold to trading firms such as Glencore (MEES, 10 February 2017) which has been prepared to run the risk of delayed and irregular cargoes – and pr...
Volume: 61Issue: 03Published at Fri, 19 Jan 2018 -
Aramco Ramps Up Domestic Petchems Supply Slate, Boosts Saudi Manufacturing
...d superabsorbent polymer from the original plan (MEES, 30 May 2014). Nevertheless, Aramco and partners Dow (at the Sadara complex) and Sumitomo will offer customers a range of products unprecedented in the kingdom, enabling the manufacturing of goods for global industries including automotives, pa...
Volume: 61Issue: 02Published at Fri, 12 Jan 2018