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Jordan’s Fiscal Situation Grim, Debt Nears 100% Of GDP
...rdan’s $32bn end-2015 stock of public debt, a full $7bn is due to accumulated Nepco losses. All in all a conservative estimate would be that Jordan will add at least 5% of GDP to its national debt in 2016, and likely somewhat more. This follows a five-year period corresponding with the “Arab Spring” (2011...
Volume: 59Issue: 12Published at Fri, 25 Mar 2016 -
KRG Pipeline Politics: Ankara-Baghdad Balancing Act Looks Increasingly Perilous
...G to its Turkish political connections. Former BP chief Tony Hayward, appointed as Genel chairman in 2011 when the firm listed in London, said about plans to export Kurdish gas to Turkey in the firm’s 2015 results on 3 March, Turkey’s strategy is “to try to create some semblance of stability al...
Volume: 59Issue: 11Published at Fri, 18 Mar 2016 -
Saudi Draws Down Stocks, Boosting Exports, Runs To Near Record Levels
...nthly drawdown since May 2011. This enabled crude exports to rise to 7.84mn b/d, the second highest level ever after the record 7.90mn b/d set last March, latest data from the Riyadh-based Joint Organizations Data Initiative (Jodi) indicate (see graph 1 and below for full data). • Not only were cr...
Volume: 59Issue: 11Published at Fri, 18 Mar 2016 -
Turkey’s Tüpraş Racks Up Profits, Maxes Output As Runs Of Iraqi Crude Double
...14 2010 2011 2012 2013 2014 2015 '000 b/d % Crude Throughputs 393 42...
Volume: 59Issue: 11Published at Fri, 18 Mar 2016 -
Egypt Devalues Currency: Will It Bring Stability?
...serves. Egypt has received massive external support from GCC monarchies since President Sisi took power in mid-2013. But with Gulf states themselves facing stretched finances such inflows are likely to slow this year. Egypt’s external debt has risen by $13.2bn to $48.1bn since the country’s 2011 re...
Volume: 59Issue: 11Published at Fri, 18 Mar 2016 -
Japanese Condensate Imports Fall In 2015, But Iranian Volumes Up, Near 50% Of Total* (‘000 B/D)
... 2011 2012 2013 2014 2015 Qatar 154.3 151.7 188 13...
Volume: 59Issue: 10Published at Fri, 11 Mar 2016 -
Iraq, Nigeria Outages Lead Opec Production Fall
...0 B/D): VOLUMES EDGE UP IN JAN BUT STILL 1.3MN B/D DOWN ON 2011 LEVELS *CRUDE & CONDENSATE SOURCE: OFFICIAL IMPORT STATISTICS, OIL MOVEMENTS, MEES ESTIMATES. NIGERIAN VOLUMES SET TO STAY LOWER While Iranian production is set to rise further in March, Nigerian output looks set to fa...
Volume: 59Issue: 10Published at Fri, 11 Mar 2016 -
Apache Turns To Egypt For Bargain Barrels Amid Capex Cuts
...14 2013 2012 2011 2010 2009 ‘00...
Volume: 59Issue: 10Published at Fri, 11 Mar 2016 -
Iran Could Face Major Banking Crisis Post-Sanctions
...til it has taken stock of its available assets. Oil revenue in the 2016-17 budget is projected at $22bn, a mere 18% of Iran’s oil revenue of $119bn in 2011 (MEES, 19 February). Iran is looking to tap foreign direct investment (FDI) for many of its planned projects in the post-sanctions era. The ne...
Volume: 59Issue: 10Published at Fri, 11 Mar 2016 -
Iran Back in Business, But Concerns Remain
...art). Japan increased imports of Iranian crude in January for the third straight month, with its 194,000 b/d, the highest since March 2015. Both countries’ imports in 2015 were about half the level in 2011 before sanctions against Iran were tightened significantly, and Iran will be seeking to increase ex...
Volume: 59Issue: 09Published at Fri, 04 Mar 2016 -
Taq Taq Reserves Downgrade Hits KRG And Genel Energy Plans
...er 100,000 b/d, close to a quarter of the region’s total output. Genel shares tumbled by around 40% after it announced on 29 February that Taq Taq’s original 2P reserves were being cut by 48%. The original 2P reserves as calculated in 2011 were 683mn barrels, but this was revised down to 356mn ba...
Volume: 59Issue: 09Published at Fri, 04 Mar 2016 -
South Sudan Oil Revenues Collapse
...serves and infrastructure incurred when the south seceded from Sudan in July 2011 (see tables 3 & 4). This latter agreement, known as the Transitional Financial Arrangement (TFA), covered the repayment of $3.028bn over a three and a half year period, due to expire in December 2016. There is no chance of...
Volume: 59Issue: 09Published at Fri, 04 Mar 2016 -
Aramco Dusts Off Plans For $2bn Ras Tanura Clean Fuels Project
...at at least three rounds of bidding for the Ras Tanura upgrade have been conducted already without any EPC awards. The project is expected to cost $2bn. Aramco awarded front end and engineering design (FEED) for the Ras Tanura clean fuels upgrade to US firm Jacobs Engineering in 2011, under the Ge...
Volume: 59Issue: 09Published at Fri, 04 Mar 2016 -
Iranian Election Prompts Optimism On Investment
...esident Ali Akbar Hashemi Rafsanjani secured the most votes overall, while Mr Rohani was also voted in; both were already members of the assembly and Mr Rafsanjani had previously served as its chairman from 2007 to 2011. Elections for the assembly are held every eight years and the body is co...
Volume: 59Issue: 09Published at Fri, 04 Mar 2016 -
Libya: Companies Have Only Bad News, Apart From Eni
...8mn cfd, the highest level since the 2011 ouster of Mu’ammar al-Qadhafi. In the second quarter of the year they averaged almost 800mn cfd – within touching distance of pre-Revolution levels. However, volumes slumped to just 450-460mn cfd in December and January before a modest rebound to 486mn cfd in Fe...
Volume: 59Issue: 09Published at Fri, 04 Mar 2016 -
Egypt Taps Expat Savings
...ood at $16.5bn at end-February, less than half the $34bn level before the 2011 revolution. The “Biladi” certificates will be marketed by three state-owned Egyptian banks: National Bank of Egypt (NBE), Banque du Caire and Banque Misr. Immigration Minister Nabila Makram says they will provide ov...
Volume: 59Issue: 09Published at Fri, 04 Mar 2016 -
Egypt Looks To New Gas Finds To Ease Record Energy Deficit
...oducts demand has risen by over 80,000 b/d (11%) since 2011, including a 37,000 b/d rise last year alone (see table). This saw the country’s overall oil deficit more than double to 250,000 b/d last year (see chart). Tariq ‘Amir, Governor of the Central Bank of Egypt (CBE) says that the country hopes to...
Volume: 59Issue: 08Published at Fri, 26 Feb 2016 -
Iranian Volumes Re-Enter Crowded European Market
...bargo on Iranian crude came into force in 2012. In 2011, EU countries imported 598,000 b/d of Iranian crude, some 24% of Iran’s exports (see chart). Far and away the largest EU importers were Italy, Spain and Greece, which between them took 75% of Iranian crude imports to EU states (see charts). Ot...
Volume: 59Issue: 08Published at Fri, 26 Feb 2016 -
Algeria Boosts Its Share In Spain’s Gas Imports In 2015
...ntracts with Spanish buyers, according to data from Cedigaz, equivalent to a total of 14.92 bcm/year. This includes a 0.96 bcm/year, 20-year contract through the Medgaz link with France’s Engie which dates back to 2006, even if commercial flows through the pipeline only started in 2011. The other 13.96 bc...
Volume: 59Issue: 08Published at Fri, 26 Feb 2016 -
Algeria’s Sonelgaz Eyes Foreign Loans To Bridge $10bn Funding Gap
...15. Former energy minister Youcef Yousfi announced a plan in 2011 calling for 22GW of renewables capacity by 2030. This included 13.6GW of solar photovoltaic capacity, 5GW of wind capacity and 2GW of concentrated solar power. A first phase of 6GW by 2024 was priced at AD1.31trillion ($12.21bn – ME...
Volume: 59Issue: 08Published at Fri, 26 Feb 2016