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Saudi Crude Burn Tumbles In October
...cord 10.7bn cfd on 6 August 2020 (MEES, 6 November). When it comes to crude burn in particular, Saudi levels have remained well below record highs. While they did soar well above recent levels over summer, at 702,000 b/d in August the annual peak remained well below 2014-15 levels (see ch...
Volume: 63Issue: 51Published at Fri, 18 Dec 2020 -
SEC $80bn Debt Dilemma
...reement with seven Saudi banks for SR9bn ($2.4bn) to finance “general corporate purposes including capital expenditure.” Overall, SEC has raised $51.3bn since July 2007, mainly through sukuk and bank loans. The largest loan by far, of $13.2bn, was granted by the Ministry of Finance in March 2014 (ME...
Volume: 63Issue: 42Published at Fri, 16 Oct 2020 -
Egypt Power Use Suffers Amid Covid Demand Depression
...nce 2014-15’s 147.0TWh. *Power consumption by the industrial sector slumped 13% year-on-year to just 9.58TWh for Q2, the lowest quarter since 1Q16 and the lowest second quarter in over a decade. For 2019-20 as a whole, industrial consumption was down 7% at 41.2TWh, the lowest figure since 20...
Volume: 63Issue: 40Published at Fri, 02 Oct 2020 -
Kuwait Burns Record Crude To Meet Power Surge
...quid used in the utilities sector this summer, with a record 184,000 b/d burned in July. This is the highest figure in at least 18-years. Even in the unlikely event that no crude oil is burned in the final five months of the year, the annual average would still be the highest since 2014. Diesel co...
Volume: 63Issue: 39Published at Fri, 25 Sep 2020 -
SEC ‘Green Sukuk’ Raises $1.3bn
...ans to fund capital projects, although the largest contribution was a $13.3bn loan in March 2014 from the Ministry of Finance. The utility has a strong credit rating, enabling it to borrow at attractive rates. Earlier this month Moody’s (which gives SEC an A2 rating) said “the company enjoys a do...
Volume: 63Issue: 38Published at Fri, 18 Sep 2020 -
Egypt’s Economy & Energy Sector Reel From Covid-19
...w for April (see chart, p7). With the power sector accounting for 55% of Egypt’s gas consumption, and industrial activity also down, it is no surprise that overall gas use is also at the lowest level since 2016 (see chart 3). From a chronic gas shortage for 2014-17, Egypt rapidly switched to...
Volume: 63Issue: 27Published at Fri, 03 Jul 2020 -
Mena Renewables Projects Tap Chinese Funding
...tensibly multilateral identity, the Silk Road Fund is intimately linked to President Xi Jinping’s flagship Belt & Road Initiative which is intended to promote Chinese investment, and with it influence, across a swathe of the planet, including the Gulf region. Founded in December 2014, Silk Road Fund cash co...
Volume: 62Issue: 21Published at Fri, 22 May 2020 -
Egypt Gas Burn Falls Despite Powergen Record
...el, although the fact that most of Egypt’s gas turbines can also burn HFO means that some of these plants burnt liquid fuel at times during 2014-17 when gas was scarce. Egypt also has 1.87GW or 3.3% of capacity for which light fuel oil (mainly diesel) is the primary fuel. These are mainly older pl...
Volume: 63Issue: 12Published at Fri, 20 Mar 2020