New base 767 special 18 january 2016 r3

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NewBase 18 January 2016 - Issue No. 767 Edited & Produced by: Khaled Al Awadi

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UAE: Dubai moves ahead with clean energy strategy Gulf News + Newbase

Dubai is pressing ahead with its plans to develop the energy sector in line with the clean energy strategy launched by His Highness Shaikh Mohammad Bin Rashid Al Maktoum, Vice-President and Prime Minister of the UAE and Ruler of Dubai, a top official said.

Saeed Mohammad Al Tayer, Managing Director and CEO of the Dubai Electricity and Water Authority, underlined the major role played by the Supreme Council of Energy in establishing Dubai as a global model of clean energy and green economy and saving energy by 30 per cent by 2030.

“Dubai has been following a long-term strategy that aims to save energy as well as to diversify sources of energy, driven by the Dubai clean energy stagey 20150, which was launched by Shaikh Mohammad during the UAE Innovation Week in 2015. The strategy aims to transform Dubai into a global centre of clean energy and green economy, “Al Tayer said.




He added that the energy strategy would shape the energy sector in Dubai over the next three decades. It aims to provide 75 per cent of the emirate’s energy through clean energy sources by 2050, reflecting Dubai’s commitment to establish a sustainable model in energy conservation, support economic growth without damaging the environment and natural resources.

“Our goal is to make Dubai a city with the smallest carbon footprint in the world by 2050,” Al Tayer emphasised.

He referred to the “Green Charger”, which is one of the most important innovative initiatives, that was launched by Dewa last year to establish the infrastructure to build electric vehicle charging stations to offer energy supplies depending on electricity instead of conventional fuel.

Al Tayer said the initiative was launched in line with Shaikh Mohammad’s futurist vision to transform Dubai into the smartest city in the world, and support the goals of the Dubai Integrated Energy Strategy 2030.

Dubai Integrated Energy Strategy 2030 aims to have an energy mix consisting of 5per cent solar, 12per cent nuclear, 12per cent clean coal and 71per cent natural gas by 2030 and this park is part of the efforts to achieve those results.

The first phase saw the built of 100 Green Charger stations in different parts of Dubai since 2014, cutting vehicle fuel cost to Dh6 per time for charging the car in 20 minutes. Al Tayer also aspke about “Shams Dubai” initiative, which aims to encourage people to install solar panels on buildings’ roofs to produce electricity by using solar energy as well as to desalinate seawater.

“The initiative revolves around connecting solar energy to houses and buildings to encourage households and building owners to install photovoltaic (PV) solar panels to generate electricity. The PV solar system will be connected to DEWA’s grid. This encourages the use of renewable energy and increases its share in the energy mix,” Al Tayer said.

He talked about the Mohammad Bin Rashid Solar Park as one of the world’s largest solar energy projects that aims to generate 1,000MW of power by 2020, and increase it to 5000MW by 2030, with total investments of Dh50 billion.

Al Tayer said the second phase of the project which will become operational by 2017 will add 200MW. The park is expected to reduce carbon footprint by 6.5 million tonnes annually.




Egypt to Issue Exploration Tender for 11 Oil, Gas Blocks EGAS

Egypt will issue an international tender for 11 oil and natural gas exploration blocks in the Mediterranean Sea and Nile Delta during the second half of fiscal year 2015-2016 (Jul-Jun), head of state owned EGAS said Sunday.

Khaled Abdel Badie said that Egypt will also sign three new contracts for Mediterranean Sea development worth a total of $500 million. During the first half of the year four bids were accepted with total investment potential of $306 million.

He added that the total gas production from new projects during the year 2015-2016 is expected to reach about 760 million cubic feet gas per day with an average production added about 385 million cubic feet of gas per day.

In the year 2016-2017, five new projects are likely to be implemented while four new projects are expected to reach completion. Earlier this month, Petroleum Minister Tarek El Molla told Reuters that Egypt owed $3 billion to foreign oil companies till the end of December 2015.

Domestic natural gas production in Egypt has declined in recent years as foreign firms cut down on investments in the sector as government struggled to pay the arrears. The North African nation has resorted to LNG imports to satisfy local demand. The country is expected to remain an importer till the end of the decade.




UAE-Jordan solar deal expected as World Future Energy Summit kicks The National - LeAnne Graves

A solar deal between Abu Dhabi and Jordan is among the announcements expected to be made at the World Future Energy Summit (WFES) which gets under way on Monday.

The renewable energy company Masdar is set to unveil a contract win for a 200 megawatt solar power plant in Jordan. The project will cost about US$200 million, Bloomberg reported on Sunday, quoting Ibrahim Saif, Jordan’s minister of energy and mineral resources.

Ahmad Belhoul, chief executive of the Abu Dhabi-based clean energy company, said that Jordan was an important market for Masdar and it would continue to explore various projects in the kingdom. “We will make an announcement on our activities in the kingdom in due course,” said Mr Belhoul. Jordan plans to have 500MW of wind and solar power capacity by the end of this year, according to Mr Saif.

Regional and multinational companies are hoping to capitalise on the momentum for the sector after the successful climate talks in Paris last month and are coming in force to the capital for one of the world’s largest renewable energy-focused events.

Dubai-based Abdul Latif Jameel Energy and Environmental Services, a division of the Saudi Arabian powerhouse Abdul Latif Jameel, is one of the companies that will showcase its services for the first time at the event. It is the “right time” for the company, its head Roberto de Diego Arozamena said, with the region’s solar sector rapidly expanding.

“We want to have conversations around the various plans across the region and how the industry is moving forward in the areas of water and energy.” The conference organisers said that this year’s Abu Dhabi Sustainability Week was experiencing double the growth in the number of companies attending as

well as pre-scheduled business meetings. Last year, the Sustainability Business Connect platform had 1,800 meetings scheduled while this year over 6,000 meetings are forecast. The event is also generating a return of sorts from companies that were absent in previous years.

The German multinational conglomerate Siemens will make a return to the event this year after taking a hiatus in 2015. The company’s chief executive for the Middle East, Dietmar Siersdorfer, said that Siemens was showcasing its technology this year because it has a “significant contribution to make”.

“Our presence at COP21, where we reiterated our commitment to be carbon-neutral by 2030 makes it clear that we believe the private sector has a responsibility to take action. WFES is our opportunity to do this in the Middle East,” Mr Siersdorfer said.

UAE companies showcasing in the summit’s exhibition halls include district cooling firm Empower, diversified group Dubai Investments, and Emirates Global Aluminium.




Thailand; Tap Oil, Mubadala Settle Manora Oil Field Facilities Costs by Tap Oil Ltd.|Press Release

Australia's Tap Oil Limited disclosed Friday that an agreement has been signed with the Operator of the Manora Oil Development in the Gulf of Thailand, Mubadala Petroleum (Operator), for the settlement of the final capital costs of the Manora field facilities. On March 2, 2015, Tap announced an unexpected capital expenditure increase of $28 million ($8.4 million Tap share) for the construction of the Manora Oil facilities relating to delays in hookup, commissioning and contractor claims. Tap has agreed to pay $5 million of the final disputed amount of $9.1 million as the final balance of the Manora Oil Development facilities capital expenditure. Payment of the $5 million will be made in two equal instalments on Sept. 30 and Dec. 31.

Tap’s financial statements at June 30, 2015 reflected a carrying value for the Manora Oil Development of $105.7 million. The settlement agreement will result in a further $5 million being included in the carrying value before any impairment testing at Dec. 31, 2015. The finalization of the facilities costs and the elimination of exposure to any further related costs or claims provides Tap and its lenders with greater certainty around the value of Manora. As part of the agreement, Tap also has extended time to pay $5 million of cash calls which will now be paid in equal instalments on March 31 and June 30.




NewBase 18 January 2016 Khaled Al Awadi

NewBase For discussion or further details on the news below you may contact us on +971504822502 , Dubai , UAE

Oil slides to lowest since 2003 as Iran sanctions lifted Reuters + NewBase

Oil prices hit their lowest since 2003 on Monday, as the market braced for a jump in Iranian exports after the lifting of sanctions against the country over the weekend.

On Sunday, Iran - a member of the Organization of the Petroleum Exporting Countries (OPEC) - said it was ready to increase its exports by 500,000 bpd.

"Iranian exports come at a very bad time," said Barclays analysts. A chronic global surplus of a million barrels or more of crude daily has pulled down oil prices by over 75 percent since mid-2014 and by over a quarter since the start of 2016.

Worries about Iran's return to an already glutted oil market drove down Brent to $27.67 a barrel early on Monday, its lowest since 2003. The benchmark was at $28.55 by 0523 GMT, still down over 1 percent from its settlement on Friday.

U.S. crude was down 38 cents at $29.04 a barrel, not far from a 2003-low of $28.36 hit earlier in the session. However, traders and analysts described the plunge in prices as a kneejerk reaction, saying Iran's ambitions to export 500,000 bpd were not very realistic.

"If you track Iran's rhetoric over the past 12-18 months, officials were projecting a 1 million bpd rise in exports as soon as sanctions were lifted," said analyst Virendra Chauhan at Energy

Oil price special

coverage




Aspects, adding that the most recent downgrade in the number is indicative of the challenges that face Iranian upstream and the markets capacity to absorb its supply.

Analysts expect Iran to take time to fully revive its export infrastructure that has suffered from years of underinvestment.

The U.N. nuclear watchdog on Saturday said Tehran had met its commitments to curtail its nuclear programme, and the United States immediately revoked sanctions that had slashed Iran's oil exports by around 2 million barrels per day (bpd) since its pre-sanctions 2011 peak to little more than 1 million bpd.

But the OPEC member does have at least a dozen Very Large Crude Carrier super-tankers filled and in place to sell into the market, and traders are betting that oil prices will drop some more.

Data shows that short positions in U.S. crude markets, which would profit from further price falls, have hit a fresh record high.

"Since the market is strongly one dimensional with net shorts at an all-time high", it could face further downside potential in the short term as "investors would be cautious of catching the falling knife", analyst Chauhan said.

Saudi Oil Minister says he's optimistic crude prices to rise

(WAM) --- Saudi Oil Minister Ali al-Naimi said crude prices will rise and foresees that market forces and cooperation among producing nations will lead in time to renewed stability.

"I am optimistic about the future, the return of stability to the global oil markets, the improvement of prices and the cooperation among the major producing countries," al-Naimi said during a meeting with Mexican President Enrique Pena Nieto, who arrived Saturday night in Saudi Arabia.

"Market forces as well as the cooperation among producing nations always lead to the restoration of stability. This, however, takes some time."

Al-Naimi declined to comment when asked how the removal of economic sanctions against Iran might affect crude prices. Iran, freed of curbs on its oil exports, plans to boost shipments by 1 million barrels a day this year.




Led by Saudi Arabia, the Organization of Petroleum Exporting Countries, which supplies about 40 percent of the world’s oil, abandoned limits on output on 4th December amid efforts to squeeze higher-cost producers such as Russia and U.S. shale drillers out of the market.

The decision contributed to a global glut and led to a further drop in prices. Saudi Arabia produced 10.25 million barrels a day in December, up 750,000 barrels a day from the end of last year, according to data compiled by Bloomberg.

Brent crude dropped US$1.94, or 6.3 percent, to US$28.94 a barrel on the London-based ICE Futures Europe exchange on Friday. The benchmark grade has dropped 22 percent this year after tumbling 35 percent in 2015.

Saudi Arabia, the world’s biggest crude exporter, together with non-OPEC producer Mexico have "an especially important role to play," al-Naimi said Sunday in Riyadh at an event with the Mexican president and energy minister. When oil prices plummeted in 1998, Mexico cooperated with the Saudis and other suppliers to restore market stability and boost prices, he said.

"Mexico and the kingdom have an especially important role to play in achieving this objective, in the past, at the present, and in the future," al-Naimi said. Saudi Arabia will sign an agreement on Sunday to cooperate with Mexico in the oil industry, with provisions for exchanging experts, setting up joint ventures and encouraging mutual investments, he said.

THIS will bring oil producers to their knees: Kilduff Bloomberg - Tom DiChristopher |

With crude futures trading below $30 per barrel, analyst John Kilduff said Friday that prices will spiral even lower before they bounce.

The most bearish outlooks now see oil bottoming around $10 per barrel. While those estimates sound crazy, the long-awaited recovery will not come until the market finds a price that will finally persuade drillers to turn off the tap, Again Capital's founder said.

"The market is going to have to get to a shock price point that's going to bring producers … really to their knees and to finally react," he told CNBC's "Squawk Box." High-cost production has thus far weathered a Saudi-led OPEC policy of maintaining output in order to maintain market share and pressure non-OPEC members.

U.S. drillers have proved more resilient at lower prices than previously thought, while exporting nations dependent on oil revenue, such as Russia, have refused to draw down production.

But Kilduff noted that Russian officials have begun to entertain the notion of doing just that. On Wednesday, Russian Deputy Finance Minister Maxim Oreshkin told Russian news agency Tass that current prices may result in "quite hard and fast closures" of some producers in the coming months.

However, the bad news just keeps on coming for the oil markets, Kilduff said.

Overnight, Reuters reported that Iran's crude oil exports are on target to hit a nine-month high in January as buyers prepare for the lifting of sanctions against the Middle Eastern country within days.




Iran is on track to ship 1.10 million barrels per day of crude excluding condensate this month, according to an industry source with knowledge of the OPEC member's tanker loading schedule.

The market is already oversupplied by 500,000 to 2 million barrels per day, according to various estimates.

On the demand side, Kilduff pointed to separate data that showed China's new bank loans slowed in December, raising questions over the quality of borrowing in the face of weak demand and deflationary pressure.

Ultimately, OPEC needs to come together and cut back supply to get prices up in order to sell less oil at higher numbers and bring in more revenue, Kilduff said.

Some members have advocated for production cuts, but those calls have so far been resisted by top exporter Saudi Arabia, which has some of the lowest production costs, hundreds of billions in reserve assets, and ample ability to borrow.

"I don't know when that's going to dawn on them, but it's going to be lower from here. It seems pretty clear," Kilduff said.

Matt Smith, director of commodity research at ClipperData, said Friday oil prices can fall farther as the market remains trapped in a vicious circle, in which economic concerns exert pressure on crude, which in turn eggs on economic concerns.

Diverging central bank policy around the world will also have implications for crude, as easy money abroad drives down international currencies, making dollar-denominated oil more expensive around much of the globe, Smith told "Squawk Box."

He noted that the weaker dollar propelled crude prices higher between 2009 and 2012, followed by a period of peaking crude costs through mid-2014, which dovetailed with the lows for the U.S. dollar.

With the U.S. outperforming relatively week economies abroad, dollar strength looks set to persist, he said. "From that perspective, if you think the dollar is going to strengthen going forward, you've really got to expect headwinds for the crude market," Smith said..

THIS will bring oil producers to their knees: Kilduff An economic boom usually follows a big drop in the oil price but this time maybe different – indicative not of oversupply but weakness in demand

Markets fear the falling oil price is a symptom of weak demand rather than excess of

supply. Support for this thesis comes from a big fall off in freight shipping. Photograph:

Roslan Rahman/AFP/Getty Images

The Guardian - Larry Elliott




There was a time when Blue Monday meant a song by New Order. These days it is the third Monday in January, allegedly the most depressing day of the year.

Whether there is any scientific basis for this claim is debatable, but for what it’s worth the argument is that people feel miserable because Christmas is over, the credit card bills are arriving, it’s dark when you go to work in the morning and it’s dark when you head home.

This year, there has been an additional reason to feel down in the dumps: it is more than 80 years since financial markets have had such a miserable start to the year. The gloomy mood was summed up by RBS, which advised clients to sell everything apart from high-grade bonds.

The markets are haunted by the fear of recession. That hardly bears thinking about given that the repair job from the biggest slump of the postwar age is far from complete. The net sum of seven years of unprecedented stimulus provided by zero interest rates and quantitative easing would be a half-baked recovery, a widening of the gap between rich and poor, emerging markets in crisis, and developed countries deep in deflation.

All of which explains why policymakers are hoping that the bears are wrong and that the markets are making a fuss about nothing. Indeed, the dumping of shares and the collapse in the oil price below $30 a barrel will quickly be forgotten if the global economy continues to expand at its current modest pace.

The idea that a falling oil price might be a problem seems intuitively wrong. Since the early 1970s there has been a simple equation: sharply rising oil price equals global recession. That held true in 1973-74, 1979-80, 1990 and 2008. Meanwhile, periods when the oil price has been falling – the mid-1980s and the second half of the 1990s – have been associated with booms.

There’s a reason for that. When the oil price goes up, producers of crude benefit but save a good chunk of the windfall. When the price goes down, consumers gain but they spend rather than bank the proceeds. As such, the fact that a barrel of oil was trading at just under $30 a barrel on Friday night as opposed to $115 a barrel in August 2014 should be good news. It means cheaper petrol, smaller energy bills and lower transport costs for business.

But the old equation doesn’t seem to be working this time. Producers of oil arecertainly feeling the pinch but global growth is slowing rather than accelerating. And that, markets fear, is because the falling oil price is a symptom of weak demand rather than an excess of supply. Support for this thesis comes from stagnant trade growth, a decline in freight movements in the US, a fall in the Baltic Dry Index – an imperfect but much-watched guide to movements of goods by ship – and the steep price falls for industrial metals. Copper, iron ore and aluminium prices have crashed, making it harder to argue that the collapse in the oil price is simply a function of a glut of oil and the inability of the Opec cartel to get its act together.

All that said, a falling oil price should eventually provide a stimulus, since by putting more money in the hands of consumers and businesses it has the same effect as a tax cut or a reduction in interest. The lower the oil price goes, the bigger the boost – with two important provisos.

The first is that some of the bigger emerging market producers of oil and other commodities don’t hit the wall first. Many of them are looking at a potentially toxic cocktail of widening trade deficits, weaker currencies and debts that have to be repaid in dollars.




The second proviso is that a period of prolonged deflation can be avoided. When oil prices fell heavily in late 2014, the assumption among central banks was that the impact would be transitory. Inflation would fall but since employers and employees alike knew that oil prices would rebound there would be no lasting impact on the level of pay settlements.

That is now looking a questionable assumption. Inflation is below target in most advanced countries, and the fear is that it will go lower as a result of the fresh slide in oil prices and a willingness of China to use currency depreciation to dump cheap goods on the rest of the world.

China escaped from the worst of the 2008-09 downturn through a mixture of government spending and a credit boom. Private debt has doubled in the past eight years and there has been an expansion in industrial capacity, much of it unproductive at a time when global demand has disappointed. Beijing may well be successful in its attempts to rebalance its economy away from a reliance on exports and towards domestic demand, but the process will be long and tough. The temptation to boost exports by depreciating the currency is strong.

Were this to happen, the credibility of the Federal Reserve – and to a lesser extent, the Bank of England – would be on the line. The Fed’s decision to raise rates last month was governed by the belief that falling unemployment would lead to more generous pay settlements and eventually to higher inflation. For years now, Threadneedle Street has been consistent in its view that falling unemployment will lead to upward pressure on wages.

But wage growth in the US is not accelerating and in the three months to October, average earnings in the UK were 2.4% higher than in the same three months a year earlier. That was down from 3% in the three months to September. Excluding bonuses, earnings growth fell from 2% to 1.8%. Further falls are expected when the latest wage data is published by the Office for National Statistics on Wednesday.

One explanation for this development is that the economy has cooled off. Another is that jobs are being created in low-skill, low-wage sectors of the economy and that this is depressing overall wages growth.

By far the most worrying explanation, though, is that employers have started to assume that the fall in inflation to zero is permanent rather than temporary and are using a lower benchmark when they begin pay negotiations.

The Bank’s latest published forecast is that average weekly earnings will increase by 3.75% this year. That looked optimistic when the forecast was made in November; it looks even less plausible now. Plunging oil prices mean lower inflation for longer, with a heightened risk of deflation through the knock-on effect on wages.

That risk means no immediate prospect of the Bank raising interest rates. Indeed, there is a growing – if still outside – chance that its next move will be to provide more stimulus.




NewBase Special Coverage

News Agencies News Release 18 January 2016

Global economic turmoil to dominate Davos discussions Business leaders and policymakers at the World Economic Forum will focus on Chinese downturn, a commodities rout and stock market turmoil

The Guardian - Katie Allen

The fragility of the global economy will take centre-stage this week with the International Monetary Fund poised to warn of growing economic risks as business leaders and policymakers gather for the annual World Economic Forum in Davos.

The IMF will update its forecasts for global growth on Tuesday and is widely expected to paint a bleaker picture for the year ahead amid the deepening Chinese downturn, a commodities rout and turmoil on global stock markets.




Investors are also awaiting the first speech of the new year from the Bank of England governor, Mark Carney, and hoping for assurances that interest rates will stay at their record low for many months given the shaky global backdrop, a slowdown in the UK economy and low inflation.

The official theme of this year’s Davos meeting is “the fourth industrial revolution”, or the looming impact of robots and artificial intelligence. But central bankers, ministers and business bosses meeting in the Swiss ski resort will doubtless be distracted by the torrid start to the year on financial markets that has so far seen almost $4tn (£2.81tn) wiped off global shares in the worst opening weeks on record.

Even before the global rout, IMF head Christine Lagarde had warned that the slowdown in China, the world’s second-biggest economy, and the prospect ofrising interest rates in the US were feeding uncertainty and denting growth prospects for 2016. The IMF is expected to use Tuesday’s update to its World Economic Outlook to underscore that message and cut its global GDP forecasts.

China will add to the global gloom with GDP figures on Tuesday expected to show the weakest full-year growth for quarter of a century, at 6.9%. Further confirmation of China’s slowdown will heighten worries over the futility of a series of moves by Beijing to shore up growth and investor confidence.

China-related fears have battered stock markets from the US to Asia while in the UK, the FTSE 100 has lost 7% since the start of 2016. Globally, stock markets have shed $3.83tn in value since the start of the year, according to S&P Dow Jones Indices.

In the UK, a raft of economic figures are likely to underline the uncertain outlook, including fresh confirmation that Britain’s pay recovery has stalled. Earnings growth, excluding bonuses, is expected to dip to 1.8% in the three months to November compared with 2% in the three months to October, according to a Reuters poll of economists.

Leaving interest rates at the record low of 0.5% last week, the Bank noted signs that wage growth had dipped. Policymakers also said the latest sharp fall in oil prices, which hit fresh 12-year lows last week, would probably keep inflation lower than they had been expecting.

Economists forecast official figures on Tuesday will show inflation edged up to 0.2% in December from zero the month before. Inflation has been below the Bank’s 2% target for almost two years and is expected to stay low thanks to a supermarket price war and low oil prices. Brent crude prices fell below $30 a barrel last week.

The growth outlook for the UK has also been clouded by news of a recession in the manufacturing sector and uncertainty over the outcome of a referendum on Britain’s EU membership, promised before the end of 2017 but expected to take place this year.

In recent weeks, financial markets and economists have pushed back their expectations for an interest rate rise to the second half of this year at the earliest. Last July, Carney had appeared to warn households to prepare for a rate rise in early 2016 when he said the decision on when to increase borrowing costs would “likely come into sharper relief around the turn of this year”.




Mortgage holders and investors will be hoping for a fresh update from Carney in Tuesday’s speech although the Bank governor may want to avoid providing any clear hints having been forced to row back on such guidance in the past.







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Khaled Malallah Al Awadi, Energy Consultant MS & BS Mechanical Engineering (HON), USA Emarat member since 1990 ASME member since 1995 Hawk Energy member 2010

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Khaled Al Awadi is a UAE National with a total of 25 years of experience in the Oil & Gas sector. Currently working as Technical Affairs Specialist for Emirates General Petroleum Corp. “Emarat“ with external voluntary Energy consultation for the GCC area via Hawk Energy Service as a UAE operations base , Most of the experience were spent as the Gas Operations Manager in Emarat , responsible for Emarat Gas Pipeline Network Facility & gas compressor stations . Through the years, he has developed great experiences in the designing & constructing of gas pipelines, gas metering &

regulating stations and in the engineering of supply routes. Many years were spent drafting, & compiling gas transportation, operation & maintenance agreements along with many MOUs for the local authorities. He has become a reference for many of the Oil & Gas Conferences held in the UAE and Energy program broadcasted internationally, via GCC leading satellite Channels.

NewBase : For discussion or further details on the news above you may contact us on +971504822502 , Dubai , UAE

NewBase 18 January 2016 K. Al Awadi


