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IMF Projects GCC Hydrocarbons Export Losses At $300Bn
...nthly update of its Regional Economic Outlook (REO), released this week, says that while the Gulf’s key oil exporters will feel the heat from the more than halving of oil prices from $110/B in June 2014 to $45-50/B now, the region’s oil importers will benefit from lower energy import bills, which could he...
Volume: 58Issue: 04Published at Fri, 23 Jan 2015 -
MENA Youth Unemployment Chronic-ILO
...tlook Trends 2015, released 20 January, says the Middle East and North Africa have the highest unemployment rates of any global region. The rate for North Africa was 12.5% for 2014, and that for the Middle East 11%, both higher even than the crisis-hit EU (10.2%). Both are set to stay top of the ra...
Volume: 58Issue: 04Published at Fri, 23 Jan 2015 -
Egypt To Tap Bond Market
...EGYPT Egypt To Tap Bond Market Cash-strapped Egypt is planning to tap the Eurobond market in April with a $1.5bn issue to help plug a 2014-15 budget deficit of around E£240bn ($33bn), or 10 % of GDP. Finance Minister Hany Dimian says the issue will test the market for future bo...
Volume: 58Issue: 04Published at Fri, 23 Jan 2015 -
Iran Banks On Taxes, Not Oil, To Fuel 2015-16 Budget
...ich calls for the taxation of religious foundations and military-linked companies – an unprecedented measure, if it could be implemented (MEES, 12 December 2014). Past calls to tax the “bonyads”, or state welfare entities controlled by the religious theocracy or the Islamic Revolutionary Guards, have go...
Volume: 58Issue: 04Published at Fri, 23 Jan 2015 -
Saudi Arabia Official Crude & Products Output, Consumption And Trade Figures, November 2014 (‘000 B/D)
...Saudi Arabia Official Crude & Products Output, Consumption And Trade Figures, November 2014 (‘000 B/D) Nov-14 vsOct14 vsNov13 Oct-14 Sep-14 Au...
Volume: 58Issue: 04Published at Fri, 23 Jan 2015 -
China Sees Record 3.22mn B/D Mideast Crude Imports In 2014 But Saudi Volumes Slump (‘000 B/D)
...China Sees Record 3.22mn B/D Mideast Crude Imports In 2014 But Saudi Volumes Slump (‘000 B/D) vs2013 vs...
Volume: 58Issue: 04Published at Fri, 23 Jan 2015 -
Benchmark Crude Prices ($/B)
...Benchmark Crude Prices ($/B) 22-Jan 12-16 Jan 5-9 Jan Dec-14 Nov-14 Q4 2014 Q3 2014 2014...
Volume: 58Issue: 04Published at Fri, 23 Jan 2015 -
Saudi Petchems Income Curbed By Oil Price Crash, Uncertain 2015 Ahead
...SAUDI ARABIA Saudi Petchems Income Curbed By Oil Price Crash, Uncertain 2015 Ahead Saudi Arabia’s 14 traded petrochemicals companies saw their overall market capitalization increase slightly last year, but newly-released financial results show the impact of the fourth quarter 2014 sl...
Volume: 58Issue: 04Published at Fri, 23 Jan 2015 -
Decision on UAE Onshore Concession Imminent
...l prices continued to decline in the wake of OPEC’s November 2014 decision to maintain its 30mn b/d output target unchanged. ADCO STILL ATTRACTIVE AT $45/B? It remains to be seen, however, whether the commercial terms will now be acceptable to the multinational oil companies under pressure to...
Volume: 58Issue: 03Published at Fri, 16 Jan 2015 -
Afren Slashes Kurdish Reserves, Shares Tumble
...oss proven reserves of 190mn barrels and revising mean contingent reserves down to just 250mn barrels from a previous estimate of 1.243bn barrels. The revision is due to the reprocessing in 2014 of 3D seismic shot in 2012. This shows the reservoirs had not performed according to previous ex...
Volume: 58Issue: 03Published at Fri, 16 Jan 2015 -
Petroceltic Pares Capex On Lower Prices
...diterranean finds. But there is little cash to kick-off exploration on the two deepwater blocks Petroceltic was awarded in partnership with Italy’s Edison in December 2013 (North Thekah) and September 2014 (North Port Fouad – MEES, 3 October 2014). “The company’s 2015 exploration programme will be re...
Volume: 58Issue: 03Published at Fri, 16 Jan 2015 -
Egypt Receivables Down 40%, But $5.4bn Still Owed – MEES Analysis
...anwhile, capex cuts in response to lower oil prices may stymie Cairo’s attempts to boost output. Egyptian state-owned firm EGPC made $2.1bn-worth of payments to international oil companies (IOCs) in the dying days of 2014, reducing the total monies owed to $3.1bn according to its calculations (MEES, 2 Ja...
Volume: 58Issue: 03Published at Fri, 16 Jan 2015 -
Cairo Steps On The GasIn Bid To Ease Shortages
...s, or 7.5% of Egypt’s current output (and thus consumption). Egyptian gas production fell to just 4.6bn cfd, its lowest since 2006 in July 2014, though it has since edged up slightly following the ramp up of output at German firm RWE Dea’s Disouq field to 150mn cfd in August. The company expects ou...
Volume: 58Issue: 03Published at Fri, 16 Jan 2015 -
Mideast Plastics Conversion To Rise 40% By 2020, But ‘Specialty’ Needed
...61mn t/y of polyethylene capacity and 960,000 t/y of polypropylene as they come onstream during 2014-16. Yet the bulk of these commodity products will come from the first project to go ahead – Borouge 3. Sadara and Petro Rabigh 2, on the other hand, will produce a combined 2.02mn t/y of specialty products th...
Volume: 58Issue: 03Published at Fri, 16 Jan 2015 -
UAE’s DFT Opens Niche Fuels Processing Plant Near Ajman Port
...is will process ‘tanker slops’ from visiting vessels, turning a waste liquid into saleable oil products (MEES, 4 July 2014). At the same time Dubai’s Petrixo is building a 23,000 b/d biofuel refinery in Fujairah for 4Q15 start-up. This will be the first commercial plant outside North America pr...
Volume: 58Issue: 03Published at Fri, 16 Jan 2015 -
Morocco In 350MW Solar Awards As Part Of Diversity Plan
...rder with Algeria. The award of Noor 2 and Noor 3 follow the conclusion of financing agreements with international lenders in December. The World Bank is providing $519mn (MEES, 3 October 2014) and the African Development Bank a further €176mn (MEES, 19 December 2014). Morocco is pushing solar an...
Volume: 58Issue: 03Published at Fri, 16 Jan 2015 -
US, Saudi In Energy Talks As Oil Prices Plunge
...cluding around 3mn b/d of NGLs, US output, at 11.6mn b/d for 2014 and 12.3mn b/d for December is already well in excess of Saudi production even if the kingdom’s 1.25mn b/d of condensate output is factored in (see p21). Mr Naimi’s decision to engineer a rollover of OPEC’s production at the group’s la...
Volume: 58Issue: 03Published at Fri, 16 Jan 2015 -
Saudi-UAE: The Start Of A Beautiful Relationship?
...2014 came to a close. Galvanized by the triple threats of the Muslim Brotherhood’s rise to power in Egypt, albeit briefly, the stalemate in Syria against their common foe Bashar al-Asad and the subsequent takeover of a third of Iraq by the brutal Islamic State (IS) in June last year, Saudi Arabia an...
Volume: 58Issue: 03Published at Fri, 16 Jan 2015 -
Qatar Shelves $6.5bn Al-Karaana Project, QP Rethinking Ethane Usage
...10 Q-Chem II HDPE 350 2010 Linear α-Olefins 345 Total 2014 15...
Volume: 58Issue: 03Published at Fri, 16 Jan 2015 -
Oman Puts Oil Assets On The Block Amid Budget Squeeze
...0,000 t/y of HDPE, 215,000 t/y of polypropylene and 40,000 t/y of MTBE. Orpic’s expansion of Sohar is already under way following the award of a $2.1bn engineering, procurement and construction contract (MEES, 6 June 2014). Orpic is also building a 93,000 b/d products pipeline network linking the re...
Volume: 58Issue: 03Published at Fri, 16 Jan 2015