new base energy news issue 881 dated 27 june 2016

Copyright © 2015 NewBase www.hawkenergy.net Edited by Khaled Al Awadi – Energy Consultant All rights reserved. No part of this publication may be reproduced, redistributed,

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NewBase Energy News 27 June 2016 - Issue No. 881 Edited & Produced by: Khaled Al Awadi

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

UAE:Empower to host IDEA International District Cooling Conference 2016 (WAM) - Ahmad Bin Shafar, CEO of Emirates Central Cooling Systems Corporation (Empower), the

world’s largest district cooling services provider, announced that Dubai will play host to the 2016 IDEA International District Cooling Conference for the second time in two years.

The announcement was made at the conclusion of the 107th International District Energy Association (IDEA) Annual Conference and Trade Show that was concluded recently in Saint Paul, Minnesota, USA.

The host of Dubai and the UAE to this international conference reflects the global standing of the Emirate in the district cooling industry and its leading role in disseminating this technology among other developing countries in the world not to mention its contribution in strengthening sustainability and conserving energy consumption for better natural resources for generations to come.

The IDEA conference will attract participations of world-class experts and professionals in the district cooling industry. It will also serve as a platform to exchange expertise and experiences. The sessions of the three-day event will focus on developing best ways of district cooling technologies and solutions in MENA and other developing countries via the United Nations Environment Program (UNEP) where Empower is playing an instrumental role in its implementation of District Energy in Cities initiative.

Bin Shafar said: "Our achievements are clearly recognised by hosting this global conference in Dubai as choosing the Emirate as a venue for holding a specialised conference of this scale is a clear evidence of the international vote of confidence on the advancement of the district cooling industry in the Emirate.

Empower is proud to enjoy the status of the largest district cooling provider in the world. Dubai is building a sustainable future for its nationals and expatriates and it is developing a fertile environment for conducting businesses that depend on energy efficiency practices. The conference will pay off in the long run where international delegations from different sectors will take part in it."




"Dubai is a global city with advanced infrastructure and world-class energy efficiency solutions. It also enjoys a strategic location making it an ideal meeting point to develop the district cooling industry.

This conference supports Dubai Plan 2021 that aims to build a smart and sustainable city that enjoys distinctive prosperity and high quality of life. The conference will give us an ideal opportunity to meet with our peers in the world for the better of the global industry," he said "Hosting this conference in the UAE reflects the confidence in Dubai’s role and resources and its global competiveness.

It also demonstrates the advancement of the local energy sector that always strives to adopt latest practices as far as creativity, innovation and organisational frameworks are concerned. Selecting Dubai to host the conference also shows the achievements made by the Emirate on the environment and energy efficiency fronts few years back," he concluded.

Empower currently operates more than 1.1 Million RT, providing environmentally responsible district cooling services to large-scale real estate developments, such as Jumeirah Group, Business Bay, Jumeirah Beach Residence, Dubai International Financial Centre, Palm Jumeirah, Jumeirah Lake Towers, Ibn Battuta Mall, Discovery Gardens, Dubai Healthcare City, Dubai World Trade Centre Residences and Dubai Design District, among others.




Saudi Arabia, Kuwait and the UAE follow the MENA power sector trend-- update

MEED + NewBase

Countries in the MENA region are planning independent power projects (IPPs) alongside the development of renewables in 2016, with IPPs potentially amounting to a total of US$28.8bn in value

The MENA power sector is looking forward to sustained project activity in 2016, building on the US$65.4bn-worth of contract awards seen in the September 2014–September 2015 period.

Regional utilities will be working to ensure supply keeps pace with demand. In the GCC, this demand reached 89.5GW in 2014, an increase of 8.4% on the previous year. According to the pan-Arab energy investment bank Apicorp, the GCC alone will see 76.8GW of power generation capacity added over the 2016–20 period.

All this suggests that governments have decided to give a serious push to independent power projects (IPPs) as a priority for coming years. MEED estimates the value of IPP awards could reach US$28.8bn in 2016 as state utilities turn to the private sector to assist with their capacity-building programmes.

Saudi Arabia The kingdom is tasked with meeting rising power demand in a country that boasts one of the highest per capita electricity-consumption rates in the world. According to forecasts by the kingdom’s Electricity & Cogeneration Regulatory Authority, peak demand will climb to 75,000MW in 2020, an increase of 21,000MW from 2014, based on an average population growth rate of 4.5–5% a year. Installed capacity in 2014 was estimated at 69,761MW.




Given that Saudi Arabia burns about 700,000 barrels a day (b/d) of oil for power generation during the summer months in order to keep pace with consumption, there is a pressing need to create new capacity and free up oil for export.

The kingdom’s apparent embrace of a wider range of energy sources – including renewable and nuclear – is timely. State utility Saudi Electricity Company (SEC) is progressing with plans to develop at least three integrated solar and combined-cycle (ISCC) power plants.

Consultants are working on bids for the owner’s engineering contract on the planned 3,780MW ISCC in Taiba in the western Medina region of the kingdom. SEC is moving ahead with plans to develop the plant, which will cost upwards of US$3bn to build. Spain’s Initec Energia signed a contract with SEC to provide engineering, procurement and construction services for the Duba ISCC.

Like other Gulf states, Saudi Arabia is also pushing an IPP programme, although it is expecting to award just one IPP in 2016, the 1,200–1,600MW Fadhili co-generation plant, backed by SEC in association with Saudi Aramco, which is expected to cost US$1.5bn.

Kuwait With power demand surging, Kuwait’s Ministry of Electricity & Water (MEW) estimates an additional 10,500MW of generation capacity will be required by 2022 if it is to cater for peak demand growth. Installed capacity is just 14,042MW. With renewed momentum in the project market, the MEW is looking to build new plants and expand existing ones. IPPs are set to figure prominently.

Kuwait is one of the few MENA states to publish long-term plans for IPPs. Three are planned for 2016, worth a total of about US$3bn. These comprise: the Al-Zour North 2 independent water and power project (IWPP), which will have a 1,500MW capacity; the Al-Khiran IWPP, which will have 1,800MW; and the Al-Abdaliya ISCC, with a 280MW generation capacity.

Looking further ahead into 2017, Kuwait expects to award the Al-Khiran 2 IPP, with 1,500MW of capacity, and the Al-Zour 3 IWPP, with 1,800MW of capacity.

The Kuwait Authority for Partnership Projects (KAPP) has invited prequalified consortiums to submit bids for

the Al-Zour North 2 IWPP by mid-January 2016. Tender documents will then be issued for Al-Khiran and for the Al-Abdaliya ISCC. Al-Zour North 1, meanwhile, is set to begin commercial




operations in November 2016. The MEW is also expanding existing capacity, for example inviting bids in 2015 to grow the Subiya power plant by 500MW.

UAE The UAE has proved to be one of the few MENA countries prepared to tackle electricity subsidies, having introduced price rises in January 2015. It is also in the vanguard of renewables, with the Dubai Electricity & Water Authority (Dewa) backing the region’s largest proposed solar project in the shape of the 800MW third phase of the Sheikh Mohammed bin Rashid al-Maktoum solar park.

These projects – along with an ambitious nuclear-power generation effort that will result in four 1,400MW reactors coming on stream from 2017 onwards – will help to expand installed capacity, which for the two largest emirates, Dubai and Abu Dhabi, reached 26,000 MW in 2014.

The government has announced plans to spend US$35bn to diversify its energy resources for power generation. Energy Minister Suhail bin Mohammed al-Mazroui said in October that the aim was to decrease dependence on natural gas from almost 100% of power generation to 70% by 2021.

The UAE could achieve at least 10% use of renewables in its energy mix by 2030, saving about US$1.9bn a year, according to the International Renewable Energy Agency.

The emirates are engaged in an IPP programme that takes in renewables. In Dubai, phase 2 of the Mohammed bin Rashid al-Maktoum solar park is under construction, working to a 200MW capacity. In 2016, expressions of interest are expected for the third-phase expansion to 800MW.

Dewa’s Hassyan IPP – a 1,200MW coal-fired project – is also seeking finance. Dewa named a consortium comprising Saudi Arabia’s Acwa Power and China’s Harbin as preferred bidders on the Gulf’s first large coal-fired power project.




Kuwait says $1.7bn power project set to launch full ops in Nov.16 Arabian business + NewBase

The construction teams of Shamal Azzour Al-Oula, Hyundai Heavy Industries and Societe Internationale De Dessalement have commissioned the final power generation unit for Kuwait's first independently owned power and water facility.

Construction of the $1.7 billion Azzour North One, phase one of the country’s IWPP project, is expected to start full commercial operation by the end of November, a statement said.

Shamal Azzour CEO Andy Biffen said: “Team members from all companies involved in the project are very proud of their achievements. While this is a very modern and complicated facility, the project has progressed without delays, overspend or technical difficulties, reflecting the skills, efficient organization and expertise of all those involved.”

When fully operational, the project will represent 10 percent of Kuwait power peak capacity (1,539MW) and 20 percent of water generation (107 million gallons per days), the statement said. It added that the project will be fueled from a blend of local gas and imported LNG.

Shamal Azzour Al-Oula is 40 percent owned by a private consortium comprising ENGIE (formerly GDF SUEZ), Sumitomo Corporation, and AH Al Sagar & Brothers. The remaining 60 percent is owned by the Government of Kuwait, which is mandated to sell 50 percent of the total ownership through an IPO to Kuwaiti citizens after construction is completed. The government will retain a 10 percent stake following the IPO.




Bangladesh Approves Construction of FSRU at Moheshkhali United News of Bangladesh (UNB).

Bangladesh government on Wednesday approved construction of floating LNG terminal at Moheshkhali in Chittagong area, reported United News of Bangladesh (UNB). The cabinet gave a green light to Petrobangla to ink agreement with Excelerate Energy Bangladesh Limited (EEBL), as subsidiary of Excelerate Energy, for setting up the terminal with next 18 months.

Bangladesh has been working for a long time on build a floating unit in order to facilitate LNG imports. The South Asian economy is facing severe shortage of gas. Currently, Bangladesh is producing about 2,700 mmcfd gas against demand for 3,200 mmcfd.

The FARU will have a 138,000 cubic metres capacity and will supply 500 million cubic feet (mmcf) gas per day by regasification of imported LNG to the national gas network, UNB said.

Bangladesh will have to pay a total of $ 90 million as terminal charges excluding tax, VAT and insurance fee to the LNG terminal operator to use its facilities.

The government will spend about of $1.56 billion annually to import 182.5 billion cubic feet of LNG from abroad

gas at an estimated cost of $8 per MMBTU gas. This means, Bangladesh has to spend about $2.5 billion annually to supply 500 mmcfd imported gas, according the officials.




India: Oilex planning new well at Cambay Source: Oilex

Oilex plans to drill a vertical well at the Cambay Block in Gujarat state in India once it can get the finances. The well will target the Eocene siltstone (EP-IV or Y Zone) and is essential prior to drilling a horizontal extension for potential later fracking and exploitation of the Eocene siltstones. Detailed planning for this well is still being finalised and is subject to JV/Budget approvals.

At end May, Oilex had cash A$6.3mln and was talking with joint venture partner Gujarat State Petroleum Corporation over money it is owed and the budget for the coming year. The junior is currently bearing all of the ongoing costs of the joint venture, though it recently settled its legal dispute with shareholder Zeta.

Production from Cambay in May was 42 barrels per day and from Bhandut-3 the gas equivalent of 120 barrels per day.

Jonathan Salomon, managing director, said:

'Last week's agreement with Zeta Resources to end legal proceedings between the parties has provided Oilex with a clearer path forward and was a key priority for us. The revitalised management team can now gather momentum on the path to the potential development of Cambay that reflects what was learned from the previous wells. We look forward now to resolving issues with GSPC and progressing work at Cambay'.




Russia: Rosneft and and Beijing Enterprises sign agreement on Verkhnechonskoe field development …Source: Rosneft

Rosneft and Beijing Enterprises Group have signed Heads of Agreement for cooperation in a number of spheres. The document was signed in the presence of the Russian President Vladimir Putin and the Chinese President Xi Jinping by Rosneft CEO Igor Sechin and Beijing Enterprises Group Chairman of the Board of Directors Wang Dong.

The document sets the basis for future cooperation development between the companies in various areas of the oil and gas business. In particular, the parties agreed on the potential sale by Rosneft to a designated subsidiary of Beijing Enterprises Group of 20% shares in Verkhnechonskneftegaz* (a Rosneft subsidiary).

The parties intend to sign binding agreements on the transaction in Q4 2016..The completion of the transaction shall be subject to, in particular, certain regulatory clearances.

Following the signing of the documents, Igor Sechin said: 'The alliance with Beijing Enterprises opens up new prospects for the development of our long-term projects in East Siberia.

Following the best international practice, we join our efforts with international partners to implement upstream projects which help us minimize our expenditures and increase the immunity of our projects to market volatility. Expertise and capabilities of our partner at the key energy resources’ end market offer significant synergies to our cooperation.'

*Verkhnechonskneftegaz holds a licence to develop theVerkhnechonskoe oil, gas and condensate field. The ?1+?2 remaining reserves of the field are 173 mmt of oil and gas condensate and 115 bcm of gas. In terms of the reserves volume, this field is of federal importance category. The current oil production level is 8.5 mmtpa.




Germany: DONG Energy to build German offshore wind farm Borkum Riffgrund 2 …Source: DONG Energy

DONG Energy has decided to build the German offshore wind farm Borkum Riffgrund 2, which is expected to be fully commissioned in the first half of 2019. Borkum Riffgrund 2 is the Company's fourth offshore wind farm in Germany.

With this decision, DONG Energy will reach 6.7GW of installed offshore wind capacity, exceeding the 2020 target of 6.5GW installed capacity.

DONG Energy to build German offshore wind farm Borkum Riffgrund 2

Samuel Leupold, Executive Vice President and Head of Wind Power in DONG Energy, says:

'Offshore wind is a significant contribution to the German energy transition, and Borkum Riffgrund 2 confirms DONG Energy’s position as one of the major investors in the renewable energy infrastructure in Germany. The 8MW turbine takes offshore wind efficiency a further step forward, and the size of the Borkum Riffgrund 2 project is yet another indication of market maturity. We’ll continue our relentless efforts to drive down the cost of electricity from offshore wind.'

Trine Borum Bojsen, Country Manager of DONG Energy Wind Power Germany, says:

'With Borkum Riffgrund 2, we’ll start the construction of our fourth offshore wind farm in Germany. After completion of Borkum Riffgrund 2, DONG Energy will have installed approx. 1.35GW of offshore wind in German waters and supply power to 1.4 million households.'

Borkum Riffgrund 2 will have a total export capacity of 450MW, and will feature the largest

wind turbines in German waters: 56 units of MHI Vestas’ 8MW wind turbines with rotor spans

of 164 meters. The offshore wind farm will supply CO2-free power corresponding to the

annual electricity consumption of approximately 460,000 German households.




NewBase 27 June 2016 Khaled Al Awadi

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

Oil extends decline as Brexit concerns linger Reuters + NewBase

Oil prices dropped around half a percent on today Monday, extending sharp declines after Britain's vote to leave the European Union sparked a sharp selloff in global markets on Friday amid concerns over risk aversion.

Global financial markets plunged on Friday as results from a referendum defied bookmakers' odds to show a 52-48 percent victory for the campaign to leave a bloc Britain joined more than 40 years ago.

London Brent crude for August delivery was down 24 cents at $48.17 a barrel by 2250 GMT on Sunday, after settling down $2.50, or 4.9 percent, at $48.41 on Friday.

NYMEX crude for August delivery was down 26 cents at $47.38 a barrel, after closing down $2.47, or 4.9 percent, on Friday.

Oil prices were also under pressure as the British pound fell anew in early Asian trading on Monday, with investors still at a loss as to what happens next now that the country has voted to leave the European Union.

Panama opened the long-delayed $5.4 billion expansion of its shipping canal amid cheering crowds on Sunday, despite looming economic uncertainty in the shipping industry and a heated battle over billions in cost overruns.

Oil price special

coverage




Hedge funds betting on summer gasoline demand raised their bullish bets on U.S. crude futures last week, just before the market's crash on Friday on Britain's shock decision to leave the European Union, trade data showed.

Russia and China sealed a raft of energy deals during President Vladimir Putin's visit to Beijing on Saturday, strengthening economic ties while pledging to preserve the strategic balance of power among nations.

Algeria's oil output will reach 69 million tonnes of oil equivalent in 2016, against 67 million tonnes last year, helped in part by increased production at existing fields, state energy company Sonatrach said on Sunday.

No Longer a Commodity Powerhouse, U.K.’s Price Impact Won’t Last Bloomberg - Javier Blas javierblas2

The U.K. decision to quit the European Union probably sparked the country’s biggest impact on global commodity markets in decades. It may not last.

While the surprise result of the June 23 referendum sent gold surging and oil plunging -- and disrupted world stock, bond and currency markets -- the U.K. hasn’t mattered much to the commodity world in a long time. Back in the days of colonial empire, everything from tea to copper was priced in the British currency, the pound, making it a global benchmark. That’s no longer the case. Today, almost every major commodity is sold in dollars.




The prospect of life outside the EU has weakened the pound and raised questions about the British economy for companies reconsidering whether to do business there, which could hurt trade with other countries.

But that probably won’t significantly alter the global supply and demand of raw materials, because the U.K. isn’t a major buyer or producer. The country ranks 15th among the world’s oil consumers, isn’t a major user of base metals, and trails most of the top growers of grain, industry data show.

"Commodities aren’t the immediate focus," said Paul Horsnell, head of commodities research at Standard Chartered Bank in London.

As recently as the 1980s, British politics and economic policy played a more significant role in valuing the world’s raw materials. Commodities including copper, nickel, zinc, robusta coffee, tea and cocoa traded in pounds and were market benchmarks. Today, oil, natural gas, electricity, metals -- including zinc since 1988 and copper since 1993 -- and nearly every agricultural commodity are priced in U.S. dollars.

Even black tea -- the quintessential British beverage -- trades in dollars, after the London market closed in the 1990s and trading moved to Mombasa, the commercial port city of Kenya. Only cocoa futures in London are priced in pounds, though the same commodity trades in New York in dollars.

That doesn’t mean Britain’s decision to leave the EU -- dubbed Brexit -- will have no impact, especially if it means slower growth around the world as businesses delay investment decisions. The U.K. has the world’s fifth-largest economy, and London has been a global financial hub for decades. The vote already has led investors to unload assets perceived as more risky -- a category which usually includes raw materials.

‘Investment Drag’

Brexit could create an “investment and spending drag,” particularly in Europe’s $13 trillion economy, said Saad Rahim, chief economist at commodities trading house Trafigura Group Pte. in Geneva. “The U.K. itself is not a global giant in terms of commodity demand, but there is an interplay between the U.K. and the EU.”

Few analysts expect any major long-term impact, though the actual process of leaving the EU may take years and the specific conditions of that departure aren’t yet known.

“We expect the effects to be relatively modest unless the vote triggers a broader macro-economic meltdown,” said Richard Mallinson, geopolitical analyst at Energy Aspects Ltd., a London-based consultant.

Global demand for oil, the biggest commodity by value traded, probably won’t be affected much, according to the International Energy Agency.

Fundamentals Unchanged

“The fundamentals of demand and supply remain unchanged," the Paris-based agency said Friday, after the tally of the U.K. referendum showed 52 percent of voters supported leaving the EU. Earlier this month, the IEA said that the global oil glut that had sent prices plunging over the past two years was ending, with supply and demand coming into balance.




“These distractions have little to nothing to do with tightening oil and gas macro fundamentals,” Tudor, Pickering, Holt & Co., the Houston-based oil investment bank, told clients in a note. “Nothing in this result changes the structural realities of solid global demand and challenged supply.”

While the pound plunged to the lowest in more than 30 years on Friday, Brent crude oil, the global benchmark, posted its biggest drop in four months. Over the last five years, prices had bigger one-day swings about two dozen times. Brent for August settlement fell 41 cents, or 0.9 percent, to $48 a barrel on the London-based ICE Futures Europe exchange as of 8:22 a.m. Singapore time.

Slumping British Pound

Similar moves occurred in metals and agricultural markets. Of the 21 items tracked by the Bloomberg Commodity Index, each fell less than 5 percent Friday, as gold and silver advanced on buying by investors seeking a haven. The index fell 1.6 percent, less than it dropped several days in January and February, when commodities prices collapsed.

Still, even a short-lived drop in prices is a major setback for commodity markets that still haven’t recovered from the recession in 2008. Glencore Plc, the world’s largest commodities trader, fell 8.8 percent in London.




NewBase Special Coverage

News Agencies News Release 27 June 2016

Iran's Oil Boom Fizzles Out ,, see why Julian Lee -Julian Lee is an oil strategist for Bloomberg First Word. Previously he worked as a senior analyst at the Centre for Global Energy Studies.

Five months after sanctions on Iran were eased, the rapid rise in the country's oil production and exports appears to be ending as quickly as it began.

Any slowdown in Iranian output will hasten the rebalancing of global oil supply and demand, adding weight to the assertion by Saudi Arabia's oil minister Khalid Al-Falih that "theoversupply has disappeared."

Crude Recovery Output recovered much more quickly after the easing of sanctions than most analysts thought possible

Iran's observed crude oil exports, which exceeded 2 million barrels a day in both April and May, slipped by almost 20 percent in the first three weeks of June. One of the country's primary aims after restrictions on oil sales were eased was to regain its markets in Europe. Before the latest sanctions were imposed in 2012, Iran was exporting about 600,000 barrels a day of crude to countries in the European Union, with Italy, Spain and Greece its biggest buyers.




Regaining Europe Iran's crude oil exports to Europe have faltered amid the French refinery strike

By May, Iran had regained more than half of those EU sales, delivering more than 350,000 barrels a day of crude and spurring expectations that flows would soon be back to their pre-sanctions level. Upgrades were also completed at Iran's principal loading terminal at Kharg Island, allowing it to load nine vessels at a time and store 30 million barrels of crude.

But deliveries fell to 285,000 barrels a day in the first three weeks of June. What happened?

Bloomberg tracks the tankers loading Iranian crude, which allows us to examine in detail where this oil is going.

The big Asian buyers -- China, India, Japan and South Korea -- remain Iran's most important customers. But the pattern of sales to Europe is now very different from that seen before the sanctions era.

A strike that shut most French refineries has clearly had an impact. No cargoes were sent there in the first part of this month and three vessels remain anchored off French ports waiting to unload Iranian crude.

Divided Buyers




But more worrying for Iran is the difficulty that it

seems to have had in persuading its biggest pre-sanctions buyers to resume purchases. Italy, previously Iran's best customer in Europe, loaded its first cargo in mid-June, five months after the restrictions were lifted. Purchases by Spain and Greece are also well below pre-sanctions levels.

Outside Europe, Iran has also struggled to regain customers it lost to sanctions. A delivery to the Tanzanian port of Dar Es Salaam in March remains its only post-sanctions sale to Africa, while purchases by U.S. companies are still banned.

There may be a simple explanation for this dip in exports. It could be that the holy month of Ramadan has had an impact on Iran's oil industry -- although it doesn't appear to have had a similar effect on exports from neighbouring Iraq.

Or, it may be a simple matter of scheduling the tankers to call at Iran's oil ports -- but we are running out of time for a late surge in loadings to boost monthly average exports to May's level.

If there isn't, then a slump in output after a short-lived surge will leave Iran producing less oil than analysts had expected in the second half. And that will only help hasten the supply-demand balance so eagerly sought by oil producers.




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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

Mobile: +97150-4822502 [email protected] [email protected]

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 27 June 2016 K. Al Awadi