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MEES Interview: Musabbeh al-Kaabi, CEO of Mubadala Petroleum & Petrochemicals
...Q: Mubadala has accelerated energy sector investments over the past 18 months. What benefits have you realized from the increase in scale in your portfolio following the merger with IPIC in 2017? A: Our investment business is now well-established and we are very pleased with the progress si...
Volume: 62Issue: 45Published at Fri, 08 Nov 2019 -
Opec Faces Five Years Of Pain
...ve been in place since January 2017 and there is growing fatigue among producers. Ecuador has decided it’s had enough and announced last month that it is quitting Opec (MEES, 4 October). Opec+ may well secure a further extension next month, but as the current situation with Iraq and Nigeria hi...
Volume: 62Issue: 45Published at Fri, 08 Nov 2019 -
Egypt May Ax Coal Plans On Back Of Major Gas, Solar Expansion
...s since soared with the key boost coming with the December 2017 start-up of the 21.5tcf Zohr field discovered just over two years earlier. By late 2018 Egypt had again become a net gas exporter, since when output has continued to soar an all-time high of 6.75bn cfd in August (see chart, p13). 1: EG...
Volume: 62Issue: 45Published at Fri, 08 Nov 2019 -
Rabigh-2 Completion Broadens Saudi Petchems Palette
...9mn t/y mixed-feed cracker and an aromatics plant, processing locally available ethane and naphtha to deliver a range of high-value chemicals – many new to the kingdom for the first time – as well as polyolefins (MEES, 18 August 2017). Aramco’s Petro Rabigh JV processes ethane as well as naphtha from th...
Volume: 62Issue: 45Published at Fri, 08 Nov 2019 -
Saudi Arabia Expects Large Budget Deficits Until 2022
...SR1,048bn ($279bn) from SR1,106bn ($295bn - see table). The Saudi Finance Ministry issued its pre-budget statement for 2020 on 31 October. For 2020, the ministry projects the deficit will widen to SR187bn ($50bn), its highest figure since 2017 and equivalent to 6.5% of GDP. The reason for this 43...
Volume: 62Issue: 45Published at Fri, 08 Nov 2019 -
Eni Hit By Zohr Output Cap, Repeats Call For LNG Restart
...rprising if the Rome-based firm had not been involved. Meanwhile, EGAS’ freshly released 2018-19 report flags up an “MoU with Toyota to study the way to implement LNG bunkering project in Egypt.” France’s Total also has Egypt LNG ambitions having acquired 5% of ELNG (10% of Train 1) in its 2017 pu...
Volume: 62Issue: 44Published at Fri, 01 Nov 2019 -
Mauritania Sees ‘2019’s Largest’ Deepwater Find With 13tcf Orca
...smos says. True, though 2017 wells targeting oil, and ‘outboard’ (further offshore) prospects flopped (MEES, 15 December 2017). US independent Kosmos (28%) partners BP (62%) on each of the major’s four Mauritanian deepwater blocks. Indeed, it was Kosmos that made the key initial discoveries, in...
Volume: 62Issue: 44Published at Fri, 01 Nov 2019 -
Israel Offshore Awards: Small Firms, Smaller Commitments
...e ministry to attract bigger names to its offshore after 2017’s previous bidding flop (MEES, 15 December 2017). Then, just six of the 24 much smaller blocks on offer were awarded, with Energean taking five. The Greek firm has yet to undertake any exploration on the acreage. Energean’s key focus is...
Volume: 62Issue: 44Published at Fri, 01 Nov 2019 -
KRG: DNO Tawke Output Down Again
...gion’s oil sector. And whilst the 2017 start-up of the 52,000 b/d Peskhabir field has provided a boost, in recent months it has failed to offset losses at the eponymous Tawke field which saw output dip to 67,800 b/d in Q3 – down from 83,400 b/d in 3Q 2018 and 107,000 b/d in 3Q 2017. DNO expects to ex...
Volume: 62Issue: 44Published at Fri, 01 Nov 2019 -
Qatar Banks On North Field Leverage To Boost Aggressive Overseas Expansion
...rld’s dominant LNG supplier is set to strengthen further (see p9). Despite its recent acquisition spree, QP has a long road ahead of it to achieve its international aspirations. Still, Mr Kaabi has long-term aspirations, telling MEES in 2017 that “Qatar Petroleum; in 10 years from now you will not re...
Volume: 62Issue: 44Published at Fri, 01 Nov 2019 -
Qatar Faces Up To LNG Market Changes
...erging LNG market in which Qatar is the dominant player. State firm Petrobangla has two 3.75mn t/y floating storage and regasification units (FSRU), and a 2.5mn t/y supply deal was signed with Qatargas in July 2017 with supplies beginning in April 2018. However, the involvement of rival Saudi Arabia in th...
Volume: 62Issue: 44Published at Fri, 01 Nov 2019 -
Qatar Petroleum Puts Petchems Front & Center
...ants). The new cracker will boost capacity to 4.54mn t/y, or potentially more if the scope is increased. EYING FUTURE PROJECTS… When Mr Kaabi unveiled the new ethane cracker project to MEES in 2017 (MEES, 8 December 2017) it marked the emirate’s first planned petrochemicals expansion since it ax...
Volume: 62Issue: 44Published at Fri, 01 Nov 2019 -
‘We Are Not Aggressive Enough’: Qatar Energy Minister Speaks With MEES
...pointed minister and pushed it forward. It was really my project of looking at that. Q: What have been the advantages for you? A: No regrets. No regrets at all. ON QP’S INTERNATIONAL EXPANSION Q: When we spoke two years ago [MEES, 8 December 2017], one of your key points of fo...
Volume: 62Issue: 44Published at Fri, 01 Nov 2019 -
Egypt $4bn Benban Solar Park ‘Complete’
...developers were not satisfied with a Cairo court’s decision, did first EBRD and then the World Bank’s International Financial Corporation (IFC) get behind Benban, backing almost all the projects developed so far (MEES, 3 November 2017). EGYPT’S BENBAN SOLAR PARK REACHES 1.475GW CA...
Volume: 62Issue: 44Published at Fri, 01 Nov 2019 -
Total’s Anadarko-Algeria Assets Completion: ‘Late 2020’, Perhaps Never
...tstanding. “Discussions with the authorities” in both Algeria and Ghana “are still ongoing,” Mr Sbraire says, adding that “We have this type of discussion in particular in Algeria…We are of course familiar to this kind of discussions when we acquired the Maersk portfolio.” As part of Total’s 2017 purchase of...
Volume: 62Issue: 44Published at Fri, 01 Nov 2019 -
China LNG Imports (Mn Tons): Qatar Volumes And Share Fall In 9m 2019 With Australia Pulling Away As Top Supplier
...PPLIER WITH 9M19 VOLUMES UP 29% Y-O-Y, THOUGH Q3 SAW THE FIRST QUARTERLY DIP SINCE 2017 QATAR, NUMBER ONE TO 2014, RISKS LOSING EVEN SECOND SPOT. 9M VOLUMES OF 5.7MN T ARE DOWN 13%, WITH MALAYSIA (1.87MN T) AHEAD IN Q3...
Volume: 62Issue: 44Published at Fri, 01 Nov 2019 -
US Challenging Saudi As World’s Top Oil Exporter
...eraging 6.96mn b/d, which is slightly less than 2017’s 6.97mn b/d. 2017 was the first year of the Opec+ production agreement which was temporarily eased in the second half of 2018. Crude oil exports may be down this year, but Saudi Arabia is sending record breaking volumes to the world’s number one im...
Volume: 62Issue: 43Published at Fri, 25 Oct 2019 -
Gulf Condensate Splitters Bring Economic, Strategic Gains
...gineering arm of the Tehran regime’s Islamic Revolutionary Guard Corps (IRGC) built PGS. Work on phase one started in 2007 as the first sanctions against Iran’s nuclear program were introduced and was only completed in 2017 (MEES, 5 May 2017). With Iran again under sanctions but three PGS phases co...
Volume: 62Issue: 43Published at Fri, 25 Oct 2019 -
Qatar Axes HSFO Sales
...e of the first countries to limit the availability of marine fuels to only grades that are compliant with the International Maritime Organization’s 2020 regulation.” QP and state fuel retailer Woqod began providing bunker fuels in June 2017 to meet the fuelling needs of the Qatargas LNG fleet an...
Volume: 62Issue: 43Published at Fri, 25 Oct 2019 -
ACWA, Aramco Eye Bangla LNG
...ich is expanding its activities and in April traded its first LNG cargo (MEES, 7 June). State firm Petrobangla has two 3.75mn t/y floating storage and regasification units (FSRU), which are overwhelmingly supplied by Qatar. A 2.5mn t/y supply deal was signed with Qatargas in July 2017 and supplies be...
Volume: 62Issue: 43Published at Fri, 25 Oct 2019