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Gulf Petchems Attract Major Interest
...w is a partner in Kuwait’s Equate (MEES, 8 December 2017). The majors’ Gulf petchems interests are low-key in comparison with the upstream. But Total and refinery JV partner Aramco recently created headlines with a plan to integrate a 1.5mn t/y mixed-feed cracker and 800,000 t/y polyethylene un...
Volume: 62Issue: 19Published at Fri, 10 May 2019 -
Kuwait Powers Ahead With CCGT Plans After Projects Hiatus
...nder was issued in September, will help increase Kuwait’s installed capacity by 32% from 18.74GW to 24.79GW, while the two new IWPPs will raise desalination capacity by 48% to 4.07mn m3/d (see table). Meanwhile, peak load rose from 13.80 GW in 2017 to 14.07GW last year, so there was plenty of slack in th...
Volume: 62Issue: 19Published at Fri, 10 May 2019 -
Iran Threat To Nuke Deal As Exports, Revenues Face Collapse
...15, amid overall record 617,000 b/d imports. Turkey imported 91,000 b/d from Iran in February, up slightly on January’s 90,000 b/d but less than half average volumes of 210,000 b/d for 2017 and 1H 2018 when the Islamic Republic was Turkey’s top crude supplier. Certainly Turkey, as with India and Ch...
Volume: 62Issue: 19Published at Fri, 10 May 2019 -
Eni: $7bn For Iraq’s Zubair
...ly 270,000 b/d when Eni managed to renegotiate the field’s production plateau target (PPT) from 1.2mn b/d to 850,000 b/d in 2013 (MEES, 31 May 2013). Output hit 400,000 b/d in September 2016 following a production capacity increase to 660,000 b/d, encouraging Eni in early 2017 to set production ta...
Volume: 62Issue: 18Published at Fri, 03 May 2019 -
Drilling Firms Boost Mideast Operations
...ertook that of number two, Halliburton, but a 10% decline, “driven primarily by seasonality across most businesses”, saw it fall to $5.62bn and back into third place. SERVICES FIRMS 1Q19 REVENUE ($BN): REVENUES DIP QUARTER-ON-QUARTER BUT REMAIN FLAT YEAR-ON-YEAR *GE SUBSIDIARY SINCE JULY 2017...
Volume: 62Issue: 18Published at Fri, 03 May 2019 -
Sabic Boosts Transparency Ahead Of Aramco Takeover
...grow its petrochemicals footprint. As well as enabling the kingdom to squeeze additional revenue from its oil and gas output, Riyadh sees petrochemicals as driving future hydrocarbons demand growth. Meanwhile, Sabic’s agri-nutrients output has been up and down and metals output has rallied from a 2017...
Volume: 62Issue: 18Published at Fri, 03 May 2019 -
GCC Gas Burn Increasing To Power Aluminium Smelting
...en, which takes electricity from the second largest Saudi generator, SWCC with 7.81GW generating capacity, and the national grid. GCC aluminium production amounted to 4.8mn tons in 2017, equivalent to 7.9% of global output of 60.8mn tons. To power that output the GCC’s six aluminium complexes ge...
Volume: 62Issue: 18Published at Fri, 03 May 2019 -
Saudi Government Posts First Surplus Since 2014 In Q1
...rplus being unique for 2019. Indeed, Saudi Arabia does not plan on running a balanced budget until 2023, having decided in 2017 to abandon initial plans to balance the budget in 2020 at the behest of the IMF, which was concerned that the impact that such belt tightening would constrain economic gr...
Volume: 62Issue: 18Published at Fri, 03 May 2019 -
US Sanctions Hit Iran Hard
...eir return, as the mass protests in late 2017 and early 2018 highlighted (MEES, 19 January 2018). While the political leadership in the country is aware of the deficiencies in the economy, it has proven incapable of implementing suitable policies. ...
Volume: 62Issue: 18Published at Fri, 03 May 2019 -
Algeria: Sonatrach Boss Falls Victim To Politics
...months over an alleged role in a corruption scandal involving the now-dissolved Brown & Root-Condor JV (KBR and Sonatrach) which he headed (MEES, 20 August 2007). He was brought back from the dead in 2017 and took over from Amine Mazouzi as CEO of Sonatrach (MEES, 21 April 2017), with Al...
Volume: 62Issue: 17Published at Fri, 26 Apr 2019 -
Abu Dhabi’s Taqa: Upstream Down Despite Price Recovery, Power Steady
...t losses from 2013 onwards forced the company to rethink its finances. In 2018 Taqa reported a net profit of AD398mn ($108mn), an increase of 145% from the $44mn reported in 2017. This return to profit came after a four-year period of net losses which cumulated in a 2015 deficit of AD19bn ($5....
Volume: 62Issue: 17Published at Fri, 26 Apr 2019 -
Aramco Buys Shell’s Sasref Stake In Push To Increase Downstream Control
...tiva JV, following which the Saudi firm assumed complete control of the 600,000 b/d Port Arthur refinery (MEES, 10 March 2017). The bond will help fund Aramco’s $69.1bn purchase of the 70% of state-led conglomerate Sabic currently held by sovereign wealth fund PIF (MEES, 5 April). Although Ar...
Volume: 62Issue: 17Published at Fri, 26 Apr 2019 -
Sudan Secures Gulf Aid
...though the US lifted some trade and economic sanctions on Sudan in October 2017, it remained on Washington’s list of sponsors of terrorism (MEES, 13 October 2017). Mr Burhan says a Sudanese delegation could travel to the US this month to discuss the removal of Sudan from this list, although while the mi...
Volume: 62Issue: 17Published at Fri, 26 Apr 2019 -
Syria To Lease Tartous Port To Russia
...Damascus is set to lease Tartous seaport on the Mediterranean to Russia for 49 years, Russia’s deputy prime minister said following a meeting with Syrian President Bashar al-Assad, Russia’s TASS reported this week. The 49-year lease for “economic uses” follows a 2017 deal that saw Moscow ba...
Volume: 62Issue: 17Published at Fri, 26 Apr 2019 -
KRG: Shewashan Production Suspended
...oducing a mere 1,000 b/d last year before production was halted altogether. The main culprit was water-cut issues which also saw output phenomenally collapse at nearby Taq Taq (MEES, 31 March 2017). Despite the disappointing news, the KRG’s recovering oil sector has cause for considerably optimism: MEES fo...
Volume: 62Issue: 17Published at Fri, 26 Apr 2019 -
QP Enters Argentina
...forts to transform the company through international expansion. QP CEO Saad al-Kaabi said in 2017 that “we are seriously looking at entering Mexico, and we are looking at some of the South American countries” as well as keeping an eye on African opportunities. The firm is also eying US upstream as...
Volume: 62Issue: 16Published at Fri, 19 Apr 2019 -
Israel: Energean Bags More Reserves, But More Needed
...x additional wells. ISRAEL’S OFFSHORE GAS FIELDS & PROSPECTS MORE PROSPECTS? Energean was the key winner of Israel’s 2017 bid round, with five blocks (12, 21, 22, 23, 31: (MEES, 24 November 2017). The firm highlights a number of new prospects with the eventual goal of ra...
Volume: 62Issue: 16Published at Fri, 19 Apr 2019 -
Chevron Goes All-In On The Permian
...l sector, but it may well lower the purchase price for any asset sale. And France’s Total, which bagged 12.25% stakes in Anadarko’s two Algeria blocks (208 and 404a) via its 2017 takeover of Maersk, would be the most likely suitor. In sharp contrast to Chevron, Total bigged up the attractiveness of...
Volume: 62Issue: 16Published at Fri, 19 Apr 2019 -
RAK Bags Eni For Offshore Exploration
...January). Long a peripheral part of Eni’s portfolio with oil output of just 40,000 b/d in 2017 all from Iraq, the firm’s entry into two Abu Dhabi offshore concessions last year (MEES, 16 March 2018) bumped this up to a record 67,000 b/d for 2018. With new exploration assets in Abu Dhabi, Oman, Ba...
Volume: 62Issue: 16Published at Fri, 19 Apr 2019 -
Saudi Nuclear Plans Fuel Geopolitical Concerns
...SSIA Certainly Russia’s Rosatom has had the most success in nuclear power awards in the Mena region. It has built the region’s first and only operational plant, at Bushehr on Iran’s Gulf coast, and is building two more (MEES, 31 March 2017). Rosatom is also slated to build Egypt’s nuclear project on th...
Volume: 62Issue: 16Published at Fri, 19 Apr 2019