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Iran’s Banking Reform Bills Stalled
...d will elicit a major tussle with government. Mohammad Reza Pour-Ebrahimi head of the Majlis Economic Commission said on 22 October that he expects parliament to approve the final draft of a new banking reform bill by the end of the current fiscal year in March 2017. Although a first draft of th...
Volume: 59Issue: 43Published at Fri, 28 Oct 2016 -
Jordan Raises $1bn New Eurobond As It Bags More Aid
...reign grants of JD814mn ($1,148mn). It will also help Jordan carry on with its economic reforms and the restructuring of its debt, he added. The World Bank also has approved an aid package of $1.4bn for Jordan for the period 2017-22 under the Country Partnership Framework (CPF). This package was of...
Volume: 59Issue: 43Published at Fri, 28 Oct 2016 -
In Search Of An Equilibrium Oil Price
...TURE OPEC OUTPUT REMAINS LEVEL WITH SEP’16 (33.40MN B/D, MEES EST.) SOURCE: IEA, MEES. MAJORS BULLISH, EVEN AT $50/B Having drastically cut costs from a record $25bn in 2013 to just $16-17bn this year, BP CEO Bob Dudley says that for 2017 at “just south of $55/B” the firm will not only be ab...
Volume: 59Issue: 42Published at Fri, 21 Oct 2016 -
Sabic Shows Steely Resolve As Saudi Petchem Profits Fall In Flagging Market
...ginning in January, and by the global economic slowdown. “We predict that 2017 is going to be a quite challenging year for us,” said Mr Benyan. “We need to focus internally on how we can improve our efficiency. Despite the challenges, Sabic will continue in its growth policy. We will expand our ma...
Volume: 59Issue: 42Published at Fri, 21 Oct 2016 -
Oman Plans Big Solar Project
...e southern Dhofar governorate near the border with Yemen and plans 7MW more in small projects. Raeco aims to develop 90MW of wind and solar capacity by 2020 and has awarded UAE’s Masdar a $200mn contract to build a 50MW wind farm at Harweel in the Dhofar region for start-up in 2017 (MEES, 10 Ju...
Volume: 59Issue: 42Published at Fri, 21 Oct 2016 -
Kuwait Dissolves Parliament Amidst Subsidy Reform Uproar
...sing oil prices. For the current financial year, which ends in March 2017, oil revenues are on course to total $43bn, $10bn above budget. Kuwait Export Blend crude averaged just $34.35/B in the first half of the year but rose to $41.49/B in Q3, just $6/B below the previous year. With Kuwaiti ex...
Volume: 59Issue: 42Published at Fri, 21 Oct 2016 -
Iran Opens Pre-Qualification For Upstream Tenders
...adegan field will be the first to be offered. NIOC Managing Director Ali Kardor announced on 17 October that a tender for the 42bn barrel field, currently producing around 60,000 b/d, is planned for next month, before pre-qualification concludes. The winner is expected to be announced in early 2017...
Volume: 59Issue: 42Published at Fri, 21 Oct 2016 -
Saudi Launches Record Breaking Bond Sales
...nk Jadwa estimated that energy subsidies had cost the Saudi government $61bn (9.3% of GDP) in 2015 (MEES, 8 January). The IMF estimates that the increase in energy and water prices to international/cost recovery levels over the five-year period 2017-21 would generate gross revenue gains of SR...
Volume: 59Issue: 42Published at Fri, 21 Oct 2016 -
Iran Inks Petchems Deals With Shell, Sojitz; Tatneft Signs Up For EOR
...rms, with well-connected local firm Persia Oil and Gas (MEES, 7 October). At the signing of the NPC/Shell deal, deputy petroleum minister Amir Zamaninia said Iran aims to sign upstream deals worth $10bn by the end of the current Iranian year in March 2017. IRAN’S POST-SANCTIONS PRELIMINARY PE...
Volume: 59Issue: 41Published at Fri, 14 Oct 2016 -
Liwa Plastics Delayed To 2020
...ogram. The company is also spending $2.1bn on expanding – from 116,000 b/d to 197,000 b/d – and upgrading its Sohar refinery. The schedule here has also slipped, from 2016 to Q1 2017 (MEES, 19 August), with the UK’s Petrofac and Korea’s Daelim the key contractors. Orpic is also building 290km of 93...
Volume: 59Issue: 41Published at Fri, 14 Oct 2016 -
Opec Cut Plans: Will They Happen? Will They Work?
...ices what will be the reaction from the shale oil production and how will that once again affect the market?” Without any Opec action, the IEA expects the market to rebalance in the second half of 2017 Mr Birol says. This is backed up by data from its latest Monthly Oil Market Report (MOMR), re...
Volume: 59Issue: 41Published at Fri, 14 Oct 2016 -
Saudi Debt Doubles, Further Rise Planned With Imminent Bond Launch
...e exact stake has yet to be decided upon. On timing, Mr Nasser says that the market is now recovering and “we expect it to recover even more in 2017, and I think the time in 2018 will be almost right.” All potential listing locations remain on the table for the kingdom, including New York, London, Ho...
Volume: 59Issue: 41Published at Fri, 14 Oct 2016 -
Algeria Gets Real With $50/B 2017 Budget Oil Price
...Algeria is finally adopting a realistic oil price of $50/B in its 2017 draft budget, instead of the $37/B “reference fiscal price” which was assumed in all previous budgets since 2009. This bore no resemblance to actual market prices, especially at times when the price of Algeria’s Saharan Bl...
Volume: 59Issue: 41Published at Fri, 14 Oct 2016 -
Gulf Equity Markets: Change Is Afoot
...d the introduction of securities lending and covered short selling regulations. The proposed changes will be the subject of new regulations published by the CMA in the first half of 2017 (MEES, 20 May). “Whilst some of these amendments focused on loosening previous rules on participation and ow...
Volume: 59Issue: 41Published at Fri, 14 Oct 2016 -
Abu Dhabi Oil Shakeup Continues With Offshore Consolidation
...alan fields which produce around 20,000 b/d. Cosmo expects first oil from Adoc’s Hail field in the first half of 2017, with full production projected to be 20,000 b/d. Another 10,000 b/d is provided from the Total-operated Abu al-Bukhoosh field, and around 7,000 b/d from the Bunduq field. These are tr...
Volume: 59Issue: 40Published at Fri, 07 Oct 2016 -
Iraq’s Falling Crude Burn Bolsters Exports
...Iraqi exports have remained largely static this year, but are set to increase in the fourth quarter as seasonal crude burn falls. With increased gas supplies freeing up more crude for export, Iraq’s 2017 export target looks eminently achievable. Iraq’s draft budget for 2017 envisions ex...
Volume: 59Issue: 40Published at Fri, 07 Oct 2016 -
More Delays, Cost Hike At Saudi Petro Rabigh JV
...The Petro Rabigh joint venture of state oil giant Saudi Aramco and Japan’s Sumitomo has acknowledged that construction of its Rabigh 2 expansion project will not be completed until the second quarter of 2017 with the anticipated total development cost now 10% higher than the previous fi...
Volume: 59Issue: 40Published at Fri, 07 Oct 2016 -
Saudi Electricity Seeks Outside Funds For 5.4GW Capacity Hike
...l 0.16 2016 Shuqaiq (SEC) Oil 2.64 2017 PP13 (SEC) Ga...
Volume: 59Issue: 40Published at Fri, 07 Oct 2016 -
Shell Restarts LNG Exports From Gas-Strapped & Cash-Strapped Egypt
...port tender is to be launched before the end of the year, with the bulk to be delivered in 2017 and 2018. Cairo’s desire for relaxed payment terms has meant that most of its import cargoes have come from traders at a premium to prevailing market rates for mid-to-long term deals from suppliers. Eg...
Volume: 59Issue: 40Published at Fri, 07 Oct 2016 -
IMF Praises Iran’s Planned Reforms, But Implementation Is Questionable
...The IMF says Iran’s economic reforms are on the right track. But Tehran has a fight on its hands to implement the reform plans before the 2017 presidential elections. The IMF concluded its second visit to Iran since May this week – and only its second since the 1979 revolution – and is...
Volume: 59Issue: 40Published at Fri, 07 Oct 2016