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Saudi Arabia Increases 2023 Budget Expectations
....3bn, and to rise further to $41.9bn in 2023. These capex figures remain well below historic levels. Saudi capex peaked at $85.2bn in 2014 before being cut as oil prices dropped. But it was still running at $45.9bn in 2019 before the Covid-19 pandemic. The low planned capex figure for this year wa...
Volume: 65Issue: 49Published at Fri, 09 Dec 2022 -
Iraq Shakes Up Fuel Exports
...TSUBISHI BERTH’ The long-awaited addition to Iraq’s product terminals is the 340m long and 12m deep “berth number 2” at KAZ which has been funded through a $380mn JICA loan package approved in 2014 (MEES, 21 February 2014). The plan to turn KAZ to a products hub had involved a subsidiary of BP at on...
Volume: 65Issue: 41Published at Fri, 14 Oct 2022 -
Egypt Refining Runs Rise To Record High
...22 were the lowest since 2014, whilst Egypt’s overall oil products imports of 144,000 b/d were also less than half 2016-17 levels (see chart 2). Egypt’s overall oil products demand has been edging up to its highest levels since around 2018 – even when excluding this year’s sharp uptick in fuel oi...
Volume: 65Issue: 39Published at Fri, 30 Sep 2022 -
Iraq Hopes To Slash Products Imports By 60% From Next Year
...cord levels this year. The Karbala project had seen years of delay since its EPC contract was awarded in 2014 to a Korean consortium led by Hyundai Engineering (MEES, 10 January 2014). Former oil minister Thamir al-Ghadhban told MEES in 2019 that delayed payments by the government were the culprit (ME...
Volume: 65Issue: 33Published at Fri, 19 Aug 2022 -
Morocco’s Samir Refinery: Is There A Case For A Restart?
...wards trend save for a Covid related blip in 2020. Total products demand recovered to near record levels of above 290,000 b/d last year. Diesel imports, a fuel globally in high demand, for example hit a record 126,000 b/d in 2021 (see chart 1). In its last full year of operations in 2014, Samir pr...
Volume: 65Issue: 24Published at Fri, 17 Jun 2022 -
Israel Refiners Post Late-2021 Output Rebound
...th Q4’s 87,300 b/d still well shy of capacity. The two plants’ combined gasoline output increased 9% to 67,400 b/d for 2021, although this remains 20% below 2014’s record 84,500 b/d. Diesel – output of which fell by less than that of other transport fuels last year – saw a more modest 4% year on ye...
Volume: 65Issue: 13Published at Fri, 01 Apr 2022 -
Saudi Arabia’s Oil Export Revenues Jump To Three Year High
...art 1), while the $64.2bn Q4 figure was the highest for any quarter since prices first collapsed in late 2014. The increase came despite Saudi Arabia’s crude oil production dipping by 100,000 b/d to an 11-year low of 9.12mn b/d for 2021, with gross oil exports in turn dropping to an 11-year low 7.56mn b/d ac...
Volume: 65Issue: 08Published at Fri, 25 Feb 2022 -
Saudi Arabia’s Sabic Hails Exceptional 2021
...Sabic recorded earnings of $6.14bn for 2021, the highest since 2014. While Sabic may boost revenues in 2022, the firm expects profits to dip from last year’s “exceptional” highs due to rising feedstock prices. Saudi petchems giant Sabic raked in its highest profits in seven years for 2021 as...
Volume: 65Issue: 05Published at Fri, 04 Feb 2022