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Apicorp And Bahri Plan $1.5bn Saudi VLCC Shipping Fund
...at “with a current fleet of 36 VLCCs and 10 newbuild orders scheduled for delivery in 2017-18, the 15 crude carriers proposed for acquisition under this fund will propel Bahri into becoming the largest operator of VLCCs in the world.” Last year Bahri awarded Korea’s Hyundai Samho Heavy Industries a co...
Volume: 59Issue: 29Published at Fri, 22 Jul 2016 -
Acwa Gets $1.8bn Power Refinance Deal
...33.” Acwa is also involved in the 2.1GW Rabigh 2 IPP project, with partners Samsung of Korea and Dubai-based Mena Infrastructure Fund. Rabigh 2 is owned 50% by the Acwa-led ground and 50% by SEC. The gas-fired plant is scheduled for completion in 2017. SEC is owned 74% by the Saudi government, 7% by...
Volume: 59Issue: 29Published at Fri, 22 Jul 2016 -
GCC Bonds’ Bumper Year: 1H16 Surpasses All Previous Full-Year Historic Highs
...pay or refinance bonds worth $94bn in 2016 and 2017. But the current Brent futures curve has oil remaining below $54/B over the next 24 months. The accumulation of debt has led to comparisons with the region's rapid credit expansion in the mid-2000s and subsequent crunch in 2009. “The concern is...
Volume: 59Issue: 29Published at Fri, 22 Jul 2016 -
Parliament Likely To Water Down Iran’s Planned Banking Sector Overhaul
...oblems in the sector, the credit crunch and the banks’ capital adequacy positions by the end of the current fiscal year in March 2017, but this looks optimistic. DEPOSIT RATES SET AT 15% At the end of June the CBI’s Money and Credit Council (MCC) lowered lending rates following a decision by pr...
Volume: 59Issue: 29Published at Fri, 22 Jul 2016 -
Algeria’s Economy: Sinking Fast Despite ‘Titanic Efforts’
...ds. PRAYING FOR OIL PRICE REBOUND Any hope of Algeria squaring the circle depends on a rapid, large and sustained rebound in oil prices. The state “anticipates hydrocarbons revenues of $35bn in 2017, rising to $45bn in 2018,” Mr Sellal says. The 2017 figure is in line with 2015 revenues when pr...
Volume: 59Issue: 29Published at Fri, 22 Jul 2016 -
World Growth Forecasts Downgraded, Again
...dia. But in a 19 July update to April’s World Economic Outlook, the IMF cut its global growth projections for both 2016 and 2017 by 0.1 percentage points compared to the April report, which already contained a set of steep downward revisions (MEES, 15 April). For the US, the 2016 growth forecast ha...
Volume: 59Issue: 29Published at Fri, 22 Jul 2016 -
Iran Takes Major Step Towards New Contracts. But Will IOCs Bite?
...oduction of 4mn b/d in the first half of the current Iranian year – by end-September – bringing the timeline aggressively forward from March 2017. This is a level not-achieved since August 2008, and not with any semblance of regularity since 2006. Production in June was 3.49mn b/d, up from 2.89mn b/d at...
Volume: 59Issue: 28Published at Fri, 15 Jul 2016 -
Gulf Keystone Deleverages, Eyes Output Boost
...mature in 2017 – reduced from more than $600mn to just $100mn, in exchange for equity. Existing shareholder’s equity would fall to 5% as a result, although they will be permitted to purchase $25mn worth of equity, bringing the total to 14.5%. This is at a price of $0.0109 per share (around £0....
Volume: 59Issue: 28Published at Fri, 15 Jul 2016 -
Zohr: Gas Upgrade
...entities interested,” with a sale “something that we could have by 2017” he says. Eni on 7 July awarded its subsidiary Saipem, a €1.5bn ($1.66bn) engineering, procurement, construction and installation contract for the giant field. Saipem will work on deepwater field development of Zohr’s si...
Volume: 59Issue: 28Published at Fri, 15 Jul 2016 -
Record Stocks Cast Shadow Over Market Rebalance
...0). OPEC'S SHARE OF WORLD OIL* OUTPUT SET TO HIT 42% BY LATE 2017-IEA *CRUDE + NGLS. FORECASTS FROM 3Q16 ('CALL ON OPEC' FOR OPEC CRUDE). SOURCE: IEA JULY 2016 OMR. IEA SUPPLY & DEMAND FORECASTS, JULY 2016 (MN B/D) OPEC SUPPLY & DEMAND FORECASTS, JULY 2016 (MN...
Volume: 59Issue: 28Published at Fri, 15 Jul 2016 -
Dubai In 2.4GW Coal Award
...ys Barakah-1 is “88% complete” while the last reactor, Barakah-4, is “31% complete.” Korea’s Kepco E&C originally intended to bring one reactor online each year during 2017-20. However, Enec has recently been saying that the units are “scheduled to be delivered by 2020,” suggesting a delay in sc...
Volume: 59Issue: 28Published at Fri, 15 Jul 2016 -
Panama Expansion Puts East Asia In Reach Of Nascent US LNG Exports
...G cargo in February with the start-up of shipments from the first two 4.5mn tons/year trains at the Sabine Pass facility in Louisiana. And volumes from the US Gulf will soon become a flood, with over 14mn t/y more capacity (equivalent to 19bcm/year or 1.8bn cfd of gas) set to start up in 2017 to be fo...
Volume: 59Issue: 27Published at Fri, 08 Jul 2016 -
Saudi Electricity Taps China For $1.5bn, Takes Expansion Funding To $33bn
...ant, due online in 2017, which is being built by Korea’s Hyundai Heavy Industries, incorporating turbines and generators from Japan’s Mitsubishi Heavy Industries (MEES, 11 December 2015). ICBC’s loan is not linked to a specific project, and is likely an opportunistic investment by China at a time wh...
Volume: 59Issue: 27Published at Fri, 08 Jul 2016 -
Abu Dhabi Banking Giants In $29bn Merger
...spectively. The expected “effective merger date” is Q1 2017 and the combined bank will retain NBAD’s legal registration and the brand name “National Bank of Abu Dhabi.” FGB’s shares will be delisted on the effective merger date. Shaikh Tahnun bin Zayid Al Nahyan, currently FGB chairman, and brother of the UAE pr...
Volume: 59Issue: 27Published at Fri, 08 Jul 2016 -
Iran: Payments Start Flowing But Fear Factor Remains
...rt of OFAC to be crystal clear about this because they want to keep a little bit of uncertainty and therefore leverage in the system. I think it is unlikely we’ll see normal trade with Iran restored in 2016 – I think it’s more likely to be 2017. It’s all driven by what the US does and says on fi...
Volume: 59Issue: 27Published at Fri, 08 Jul 2016 -
Kuwait Eyes Short Term $17bn Debt Market Boost; Longer-Term Reform Is Needed
...uculent parliament. And with elections due by July 2017, MPs will be especially wary of supporting measures that could hit citizens in the pocket when they return from summer recess in October. Kuwait plans to tap the debt market to the tune of KD5bn ($16.7bn at KD1=$3.33) from domestic and in...
Volume: 59Issue: 27Published at Fri, 08 Jul 2016 -
QP Ousts Maersk At Key Qatari Oil Field Amid Sectoral Revamp
...tar announced on 28 June. Maersk’s current 25-year 100% operating production sharing contract (PSC) at al-Shaheen expires in July 2017. This will be replaced by a joint venture comprised of Total (30%) and state oil firm Qatar Petroleum (QP, 70%). Often seen as incidental to Qatar’s economy due to th...
Volume: 59Issue: 26Published at Fri, 01 Jul 2016 -
Algeria: No Cash, Investment Slashed… Output To Soar. Come Again?
...nual report indicate that the company sees Algeria’s oil output rising to 75mn tons/year (1.62mn b/d using a 1 ton =7.86bl conversion factor for light Saharan Blend crude) in 2017 and 2018, before increasing further to 77mn tons (1.66mn b/d) in 2019 and 82mn tons (1.77mn b/d) in 2020. Algeria produced 1....
Volume: 59Issue: 26Published at Fri, 01 Jul 2016 -
Algeria Seeks Schedule Discipline For New Refineries, Hints At Outside Equity Need
...fineries to raise refining capacity from 651,000 b/d now to almost 1mn b/d. Mr Mekmouche says that if oil prices stay above $60/B from 2017 there is a “high probability” that Sonatrach will be able to finance all its projects “from its own resources.” But prices of around $30/B would leave pe...
Volume: 59Issue: 26Published at Fri, 01 Jul 2016 -
Dubai Sets New PV Cost Benchmark In 800MW Phase Three Of Solar Park
...rgest single-site solar park in the world. A 13MW first phase was connected to the grid in 2013, while the 200MW second phase is scheduled to become operational in 2017. Dubai’s success with reducing electricity costs in its second and third phase solar park bids will likely be scrutinized with gr...
Volume: 59Issue: 26Published at Fri, 01 Jul 2016