CENTRAL ASIA: Economic outlook remains weak despite doubling of crude price in 2016

(EnergyAsia, March 29, 2017, Wednesday) — Despite a near doubling in crude oil prices over the past year, the resources-dependent economies of Central Asia are nowhere near a full recovery and will continue to struggle in the near term, said the World Bank and Asian Development Bank (ADB). In separate reports, the two agencies said (more…)

CENTRAL ASIA: Kazakhstan more resilient than Azerbaijan in adjusting to lower oil prices, says Moody’s

(EnergyAsia, March 28 2017, Tuesday) – US ratings agency Moody’s said Kazakhstan has been more resilient than Azerbaijan in adjusting to the collapse of oil prices since mid-2014. While both countries are heavily dependent on oil and gas for revenues, Kazakhstan has shown greater economic diversification, stronger institutions and lower debt levels than its Central (more…)

AZERBAIJAN: State oil firm’s finances under pressure, could be downgraded, says Fitch

(EnergyAsia, March 21 2017, Tuesday) — US ratings agency Fitch said Azerbaijan’s state oil company, SOCAR, faces the risk of a credit downgrade due to its continuing financial struggles. Abbreviated from State Oil Company of the Azerbaijan Republic, the firm is often taken to measure the economic health of the Central Asian country. The fully (more…)

KAZAKHSTAN: Economic growth to pick up after sluggish 2016, says IMF

(EnergyAsia, March 17 2017, Friday) — Kazakhstan’s economy will continue to recover with growth projected at 2.5% in 2017 to follow through last year’s 1% expansion and 2015’s 3.7% contraction, predicts the International Monetary Fund (IMF). Higher oil production and prices in recent months have lifted the country’s conditions from its worst economic recession in (more…)

AUSTRALIA: Oil refining capacity at lowest level in over 50 years

(EnergyAsia, March 8, 2017, Wednesday) — Australia has been importing petroleum products at a rate faster than its oil companies have been shutting down refining capacity this decade, an analysis of official data has shown. Australia’s downstream oil performance Table 1. Refinery Input   2016* 2015 % change 2014 2010 Million litres 25,541.7 26,609.5 -4.01 (more…)

MALAYSIA: Petronas secures Saudi Aramco’s investment in important refinery-petrochemical project

(EnergyAsia, March 3 2017, Friday) — Saudi Arabia has handed Malaysia a major diplomatic and economic prize by agreeing to pump in a total of US$7 billion in a US$27 billion oil refinery-petrochemical complex that had been struggling to attract investors. Saudi Aramco will become the largest foreign investor in the Refinery and Petrochemical Integrated (more…)