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LNG Prices Edge Higher On Egypt Buying
...minent Egyptian tender for 120 cargoes for delivery throughout 2017 is set to provide further support. • Historically spot LNG prices have more often than not been higher than those under term contracts. But spot prices reacted more quickly than those under term contracts to the collapse in oil pr...
Volume: 59Issue: 37Published at Fri, 16 Sep 2016 -
Oman Maintains Upstream Spending Despite Revenue Collapse
...mains on track for completion in 2018, the company said at the presentation of its first half results last week. Petrofac’s other upstream projects in Oman – the Yibal Khuff integrated oil and gas facility (2020), and the Khazzan central progressing facility (2017) – also remain on schedule. But co...
Volume: 59Issue: 36Published at Fri, 09 Sep 2016 -
Aramco Eyes Houston Refining Hub As Motiva Break-Up Advances
...king over the 600,000 b/d Port Arthur refinery near Houston, currently operated by Motiva, its 50:50 US refining joint venture with Shell. Motiva is in the process of being disbanded, this week confirming that it aims to complete the separation by 1 April 2017. Aramco will get associated storage an...
Volume: 59Issue: 36Published at Fri, 09 Sep 2016 -
US Output: Is The Bottom Near?
...• The US government’s Energy Information Administration (EIA) has revised down its expectations for the fall in crude output in both 2016 and 2017. It now forecasts 2016 output of 8.77mn b/d, down 650,000 b/d on 2015’s record 9.42mn b/d. For 2017 it forecasts 8.51mn b/d, down a further 26...
Volume: 59Issue: 36Published at Fri, 09 Sep 2016 -
Qatar’s Banks Look Abroad To Boost Liquidity
...ar and with fresh supplies set to hit the market, prices look to be depressed for the foreseeable future. Some of this additional volume is slated to come from Qatar. The 1.4bn cfd Barzan project is set to come online in November and reach full capacity in the first half of 2017 according to Re...
Volume: 59Issue: 36Published at Fri, 09 Sep 2016 -
Iran Eyes Three IPC Upstream Contracts By March 2017
...Iran is adopting a more realistic target for signing the first contracts under the Iran Petroleum Contact (IPC). It is aiming for two-to-three contracts to be signed by the end of the current Iranian year (20 March 2017) says Deputy Managing Director of the National Iranian Oil Company (NIOC) Gh...
Volume: 59Issue: 35Published at Fri, 02 Sep 2016 -
Sabic Agrees Principles For China Coal-To-Chemicals JV
...ll process coal produced locally in Ningxia to produce chemicals aimed at “highly differentiated applications and segments through polymer derivatives.” SNGC is already building a coal-to-chemicals plant in Ningxia. This is scheduled for start-up in 2017 and will incorporate a 1.4mn tons/year cr...
Volume: 59Issue: 35Published at Fri, 02 Sep 2016 -
Iraq’s Embattled Government Under Fresh Pressure
...ess conference on 23 August, that the cabinet was ahead of schedule on budget planning and had met that day to discuss the 2017 budget (MEES, 26 August). In a separate statement from his office, he committed to sending the budget to parliament by mid-September. The 2017 budget will be set at an oi...
Volume: 59Issue: 35Published at Fri, 02 Sep 2016 -
LIA Litigation
...re than $200mn. The claims are “without merit,” says Goldman. The High Court ruled in late July that LIA’s lawsuit against SocGen will be delayed from January 2017 to April after lawyers representing the bank petitioned for more time to complete preparatory work on the case. They cited the on...
Volume: 59Issue: 35Published at Fri, 02 Sep 2016 -
Egypt Plans VAT At 13% From 1 October
...% from July 2017, the start of the next fiscal year. Parliament wanted to introduce this tax at a rate of 12% while the government insisted on its initial plan to set it at 14%, but at the end the above compromise was reached at the suggestion of Finance Minister ‘Amr al-Garhy. The government’s fi...
Volume: 59Issue: 35Published at Fri, 02 Sep 2016 -
Egypt Touts $33bn Gas Investment, But Receivables Worry Remains
...e award of a tender for a third floating storage and regasification unit (FRSU), to be moored at the Red Sea port of Safaga in the first half of 2017. The ship’s capacity will be 750mn cfd to add to its two existing FSRUs totaling 1.3bn cfd. Both moored at Ain Sukhna, north of Safaga, these started op...
Volume: 59Issue: 34Published at Fri, 26 Aug 2016 -
Aramco Seeks To Cut Indonesia Refinery Stake
...ster Wheeler is scheduled to develop the scope of the proposed upgrade project and finalize the process configuration and licensors’ package by the end of February 2017. Pertamina and Aramco aim to have front end engineering design completed in 2018, with a view to tendering for engineering, pr...
Volume: 59Issue: 34Published at Fri, 26 Aug 2016 -
Dubai Plans Gas-Fired Expansion As UAE Pursues Powergen Diversity
...ec recently performed structural integrity tests on Barakah-1, which will be the first of the reactors to be brought online. Enec originally intended Barakah-1 to start up in 2017, but this target has slipped. The agency now says the four plants are scheduled to be fully operational in 2020. Enec sa...
Volume: 59Issue: 34Published at Fri, 26 Aug 2016 -
Oil Market Bulls & Bears In Pre-Algiers Stand-Off
...ec figures. Most analysts now see the global surplus of supply over demand continuing well into 2017. And of course inventories are already at record levels. Having fallen by 20mn barrels from May’s record of 540mn bl, US crude stocks unexpectedly rose again last week to stand at 524mn barrels on 19 Au...
Volume: 59Issue: 34Published at Fri, 26 Aug 2016 -
US Data: Reading The Runes
...ilst output from US shale formations is still falling, September’s projected fall of 85,000 b/d (to 4.47mn b/d) is the lowest this year. Meanwhile, the EIA’s forecasts for 2016 and 2017 in its latest Short Term Energy Outlook are up by 120,000 b/d and 110,000 b/d on those made the previous month (see ch...
Volume: 59Issue: 34Published at Fri, 26 Aug 2016 -
Iraq Cuts 2017 Project Spending
...Iraq’s Planning Ministry has axed 296 projects worth $9bn and postponed a further 2,169 worth $31bn from the 2017 investment budget in a bid to slash public spending, ministry spokesman ‘Abd al-Zahra al-Hindawi says. At the same time Baghdad needs to secure funding for some 4,500 ongoing pr...
Volume: 59Issue: 34Published at Fri, 26 Aug 2016 -
Oman’s Sohar $2.1bn Refinery Expansion Schedule Pushed Back
...mmissioning its expanded Sohar refinery until the first quarter of 2017, having initially aimed to have the plant ready to begin commercial operations by the end of 2016. The refinery’s crude processing capacity is being expanded from 116,000 b/d to 197,000 b/d by UK’s Petrofac and Korea’s Daelim under a $2....
Volume: 59Issue: 33Published at Fri, 19 Aug 2016 -
SEC Identifying Sites For Solar Plants, Sanctions 300MW Renewables Program
...CC 50 2017 SEC Waad Al-Shamal (1.39GW) ISCC 50 2018 SE...
Volume: 59Issue: 33Published at Fri, 19 Aug 2016 -
New Iraqi Oil Minister Sets Out Priorities
...l production if it’s going to substantially boost its oil revenues. But this doesn’t look like occurring any time soon. UAE’s Taqa announced last week that first oil at the Atrush field – planned for 30,000 b/d – might slip into Q1 2017. Taqa is partnered with US-firm Marathon and Canada’s Sh...
Volume: 59Issue: 33Published at Fri, 19 Aug 2016 -
GCC Fiscal Reforms: Long Overdue And A Long Road Ahead
...arter of this year. The agreement paves the way for the introduction of these taxes in the GCC from 1 January 2017, for excise duty, and 1 January 2018, for VAT, respectively. The introduction of a GCC-wide VAT of 5% in 2018 will play a central role in supporting revenue diversification, however the li...
Volume: 59Issue: 33Published at Fri, 19 Aug 2016