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Iraq: Major Challenges Remain For New Oil Minister Despite Kirkuk Breakthrough
...ficials advocating Kirkuk oil be trucked to Iran in the interim, but the new agreement renders this already unlikely outcome even more so. As for whether a new revenue sharing agreement along the lines of the defunct December 2014 terms can be realized, there remains a considerable gap between their po...
Volume: 59Issue: 35Published at Fri, 02 Sep 2016 -
Iraq: New Oil Minister Seeks Investors For Four New Refineries
...tween so-called Islamic State (IS) and federal forces beginning in June 2014. More recently, the 14,000 b/d Qayara refinery was virtually destroyed by IS fighters as they withdrew in July. The upshot is that even under the most optimistic calculations, capacity is just 566,000 b/d (see table). NEW PR...
Volume: 59Issue: 35Published at Fri, 02 Sep 2016 -
Asian Importers Increase Gulf Crude Addiction
...recent years has gone into reverse since the start of 2016. For Japan and South Korea, imports from the Gulf rose above 85% of their total in the second quarter this year; for India the total hit 65% in Q2 having fallen below 60% in 2014 (see chart, and p16 for full Indian import data). IE...
Volume: 59Issue: 35Published at Fri, 02 Sep 2016 -
Libya’s Wealth Fund In Leadership Showdown
...Libya’s Presidency Council (PC) has appointed an interim steering committee to administer the country’s main sovereign wealth fund, the Libyan Investment Authority (LIA). The move is an effort to clarify the lines of authority within the organization, which since 2014 have been split be...
Volume: 59Issue: 35Published at Fri, 02 Sep 2016 -
LIA Litigation
...A’s case against Goldman Sachs began in the UK High Court in June having been filed in 2014. The LIA alleges that the firm led the LIA to make derivative transactions that it did not understand and in which it lost billions of dollars in the financial market crash of 2008. It also alleges that in an ef...
Volume: 59Issue: 35Published at Fri, 02 Sep 2016 -
LIA Overseas Fund Calls For Partners
...e LAIP itself has been based in Malta since December 2014, when its Tripoli offices were overrun by fighting, and it has not been immune from the political struggles of a divided Libya. In the first half of 2015, the unofficial Government of National Salvation (GNS) in Tripoli petitioned courts in Ma...
Volume: 59Issue: 35Published at Fri, 02 Sep 2016 -
Egypt Plans VAT At 13% From 1 October
...scal reform program began in July 2014 with a reduction in energy subsidies – since when oil prices have collapsed greatly helping Cairo achieve this goal (see chart) – and the levying of taxes aimed at slashing the budget deficit, which rose to 11.5% of GDP in fiscal 2015-16. A 14% VAT rate was ex...
Volume: 59Issue: 35Published at Fri, 02 Sep 2016 -
Jordan Gets IMF Boost
...ojected $2.7bn this year from $3.3bn in 2015 and $5.5bn in 2014. DEFICIT UP, AID DOWN Jordan posted a budget deficit of JD291mn ($410mn) in the first half of 2016, up from JD223mn ($329mn) in 1H 2015, with the country hit by a fall in foreign grants to JD241mn ($340mn) from JD295mn ($41...
Volume: 59Issue: 35Published at Fri, 02 Sep 2016 -
Egypt Touts $33bn Gas Investment, But Receivables Worry Remains
...00 STANDARD LEGACY PRICE 2.65 *PAID TO IOCS FOR EGYPT PRODUCTION **$2.96/'000FT³ FOR 2014 ($2.65 WITH UPWARDS ADJUSTMENT FOR LIQUIDS CONTENT). CASH CRUNCH Mr Molla says that Egypt’s dues for foreign firms active in the co...
Volume: 59Issue: 34Published at Fri, 26 Aug 2016 -
Dubai 50% Splitter Boost
...s share of the UAE diesel, jet fuel and LPG markets. Enoc expanded the capacity of its twin-splitter Jebel Ali plant from 120,000 b/d to 140,000 b/d in 2012. Further expansion has been planned for some time, with Enoc awarding US engineering firm KBR a front end engineering design contract in 2014...
Volume: 59Issue: 34Published at Fri, 26 Aug 2016 -
US Data: Reading The Runes
...oks very modest when set aside the peak rig count of 1,609 hit in October 2014 (see chart 1). On the back of this increased drilling there are initial indications that US crude output may finally be close to bottoming out. Latest provisional US production data show crude output falling by a fu...
Volume: 59Issue: 34Published at Fri, 26 Aug 2016 -
Libya: Zueitina Crude Shipment Threatens To Be False Dawn
...ntain about 3,080,000 barrels of crude oil and 180,000 barrels of condensate,” added NOC. The Zueitina terminal, which has an export capacity of 250,000 b/d, was shut down in April 2014 and has operated for only brief periods since (most recently in October 2015 MEES, 6 November 2015). It has been cl...
Volume: 59Issue: 34Published at Fri, 26 Aug 2016 -
Egypt Secures Saudi-UAE Cash For IMF Facility
...volving further devaluation of the Egyptian pound. Egyptian officials reiterated this week that the government plans to end fuel subsidies within three years. This tallies with its earlier plan unveiled in July 2014 to phase out fuel subsidies over a period of five years. Spending on petroleum su...
Volume: 59Issue: 34Published at Fri, 26 Aug 2016 -
UAE Moors 2nd FSRU As It Looks To Take Advantage Of Cheap LNG
...duce the imperative to bring fields online. Spot LNG prices in East Asia fell from around $14/mn BTU in the first half of 2014 to around $5.5/mn BTU currently, as more liquefaction capacity has come onstream (MEES, 17 June), and demand growth has faltered. Prices were recently bolstered partly by above av...
Volume: 59Issue: 33Published at Fri, 19 Aug 2016 -
GCC Fiscal Reforms: Long Overdue And A Long Road Ahead
...th petrodollars only a couple of years ago, times have certainly changed for the Gulf countries. Between June 2014 and February 2016, the international oil price plunged by 70% and the IMF forecasts that GCC states’ oil export earnings will fall by $300bn in 2016. This is in line with MEES ca...
Volume: 59Issue: 33Published at Fri, 19 Aug 2016 -
IMF Loan To Egypt Will Need To Be Supplemented With Serious Reforms
...more than a decade (see p16). Egypt has cut its spending on petroleum subsidies by 23% from E£71.5bn in 2014-15 to E£55bn in 2015-16, with a further cut to E£35bn projected in the 2016-17 budget, according to state-oil firm EGPC. ...
Volume: 59Issue: 33Published at Fri, 19 Aug 2016 -
Iran Lines Up Linde To Design Cracker In Giant 12th Olefin Complex
...mpany (NPC) – which originally conceived and planned the project, before it was handed over to Kian in 2014 under government’s privatization push – said that the project was still at the preliminary design stage at the end of 2014. Linde has been lined up to design the project’s cracker and 13...
Volume: 59Issue: 32Published at Fri, 12 Aug 2016 -
Egypt Hikes Electricity Prices To Cut Subsidies Bill, As IMF Agrees $12Bn Loan
...stated in the government plan approved by the parliament.” As Egypt looks to raise revenues and rationalize spending, he said the budget for 2016-17 “will adopt the VAT law after approval by the parliament, and will continue the program begun in 2014 to rationalize energy subsidies.” Go...
Volume: 59Issue: 32Published at Fri, 12 Aug 2016 -
Libya Unification Deal On Shaky Ground, Exports Increase Still To Materialize
...km from the terminal, said Mr Abu Thafirah. The Zueitina terminal, which has capacity of 250,000 b/d, was shut down in April 2014 and has operated for only brief periods since (most recently in October 2015 - MEES, 6 November 2015). It has been closed throughout 2016, and in January was the ta...
Volume: 59Issue: 32Published at Fri, 12 Aug 2016 -
Slimmed Down Oxy Emerges Following Divestments
...a proportion of overall Oxy production over the last 18 months and averaged 60% in Q2, down from 65.8% a year ago. Gas has seen its share rise from 24% to 27.4% over the same period, its highest share since Q1 2014. However, Oxy’s divestment of its Bahrain asset, the Awali field, last month will re...
Volume: 59Issue: 32Published at Fri, 12 Aug 2016