New base 507 special 29 december 2014

Copyright © 2014 NewBase www.hawkenergy.net Edited by Khaled Al Awadi – Energy Consultant All rights reserved. No part of this publication may be reproduced,
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NewBase 29 December 2014 - Issue No. 507 Khaled Al Awadi
NewBase For discussion or further details on the news below you may contact us on +971504822502 , Dubai , UAE
New Tesla Roadster Can Travel 400 Miles On A Single Charge
PRESS RELEASE
Elon Musk, the CEO of Tesla Motors, announced an exciting Christmas present for electric car
enthusiasts: an upgrade to the company’s Roadster will
enable it to travel over 400 miles — or nonstop from Los
Angeles to San Francisco, as Musk tweeted Thursday
evening — on a single charge.
In a blog post on Friday, the company said the Roadster
3.0 will feature three main upgrades. First, using a new
cell that has 31 percent more energy than the original,
Tesla was able to boost the battery in the new Roadster
significantly. The new vehicle is also 15 percent more
aerodynamic and features new tires and other
improvements that reduce the rolling resistance of the car.
As a result, Tesla says it will achieve 40 to 50 percent range improvement with the Roadster 3.0,
enabling drivers to go much further on a single charge. “There is a set of speeds and driving
conditions where we can confidently drive the Roadster 3.0 over 400 miles,” the company wrote.
“We will be demonstrating this in the real world during a non-stop drive from San Francisco to Los
Angeles in the early weeks of 2015.”
The new Roadster is just one in a steady stream of
upgrades and advancements as Tesla continues to
push the envelope for high-end electric vehicles. In
October, the company unveiled a new all-wheel
drive version of its Model S, complete with
increased efficiency, range, acceleration, and even
auto-pilot features. The next step for the Model S
will be a battery pack upgrade but according to
Musk, that won’t happen anytime in the near future.
Tesla plans to release its first SUV in 2015 and the more affordable Model III in 2017. In order to
keep up with anticipated demand, the company sought bidders for a lithium-ion battery
“gigafactory” earlier this year. Nevada came out on top and the new gigafactory is expected to
employ up to 6,500 workers and eventually produce more lithium-ion batteries than are currently
made worldwide. In addition to generous tax incentives, Nevada’s abundance of low-cost
renewable energy was said to be a major factor in the state’s selection.
While more and more electric vehicles are being sold across the U.S. — jumping 75 percent from
July 2013 to July 2014 — the hefty price tag renders them largely unaffordable for the average
family. Tesla’s Model III, which will reportedly sell for $35,000, will help bridge that gap.

In addition, the pairing of solar panels and electric vehicles make both technologies more
appealing financially, and more environmentally friendly, as Chris Mooney recently pointed outin
the Washington Post. Homeowners who install solar panels and generate their own electricity are
cutting their monthly utility bills and “at the same time, if you are able to someday generate
enough energy from solar and that energy is also used to power your electric car, well then you
might also be able to knock out your gasoline bill.”
Suburban sprawl, and the increased driving and consumption that accompanies it, is a major
contributor of the greenhouse gas emissions that drive climate change. The sheer economics of
pairing solar panels with electric vehicles could make the combination appealing to suburban
dwellers on both sides of the political aisle.
Mooney cites a new working paper by researchers at the UCLA Institute of the Environment which
estimates that “for a household that buys an electric vehicle and also owns a solar panel system
generating enough power for both the home and the electric car, the monthly cost might be just
$89 per month — compared with $255 per month for a household driving a regular car without any
solar panels.”
$170/kWh too conservative?
Given clear indications that prices for 18650 lithium-ion cells have continued to collapse, to levels
far below those indicated in the 2012 I.E.K. report, there remains some question as to whether
$170 per kWh might even be too conservative an estimate.
With that, we can look to the other statement made by Musk before he hung up on Barron's.
Specifically, he mentioned that "improvements will cut the cost of the Model S's battery to
$10,000-$12,000."
The per-cell price required to get pack cost down to that level is about $1 per cell.
If Chinese ads are to be believed, that price that might already be available to the right customer.

Germany plans electric car motorway charging stations: document
Reuters + NewBase
Germany plans to expand the network of charging stations for electric cars across the country to
help boost lackluster demand, a Transport Ministry paper seen by Reuters showed.
Chancellor Angela Merkel's government wants to bring 1 million battery-powered vehicles onto the
roads of Europe's largest economy by the end of the decade.
But high vehicle costs and drivers' concerns about infrastructure and limited battery range have
held back sales in Germany to just 24,000 models out of a market of about 3 million cars,
according to government data.
Germany currently only has about 100 quick service charging points for electric cars, allowing
drivers to recharge batteries in less than an hour, and about 4,800 charging stations running on
alternating current, according to the Transport Ministry.
"We will set up quick service charging stations along the motorways across Germany," Transport
Minister Alexander Dobrindt was quoted by regional newspaper Passauer Neue Presse as saying
in an interview published on Saturday.
The Transport Ministry paper said German motorway services operator Tank & Rast GmbH was
due to set up quick service charging stations and parking spots at its 400 sites by 2017.
The Berlin-based government will shoulder some of the costs of installing cables and related
construction projects, the document showed.

Algeria Says Results of First Shale Gas Pilot Promising
APS + NewBase
Algeria has successfully completed its first pilot drilling of shale gas in the Ahnet Basin (In
Salah), which is ''very promising,'' Algeria Press Service (APS ) quoted Minister of Energy
Youcef Yousfi as saying.
This first pilot well drilled
by Sonatrach has confirmed the
existence of substantial reserves of
shale gas in the Ahnet basin, located
in In Salah, said Yousfi adding that
the well would be instrumental in
process of moving forward in the
possible exploitation of these
unconventional gas resources.
According to Sonatrach the entire
basin could hold total reserves of
200,000 billion m3 of gas of which 10%
can be extracted, Algeria Press
Service reported. Yousfi called these
resources, very important and useful
for the country, which cannot be left
unexploited.

AlGiers: $ 60 billion oil revenues expected by end of 2014
APS + NewBase
ALGIERS-Oil revenues are estimated at USD 60 billion by the end of 2014 against USD 62
billion in 2013, i.e. a decrease of USD 2 billion, Minister of Energy, Youcef Yousfi
announced Saturday.
So far, "we made nearly USD 60 billion in exports (hydrocarbons) and we will probably end the
year 2014 with USD 60 billion,'' said the minister at a press conference in In-Salah (Tamanrasset)
in response to a question on the impact of the drop in world oil prices on the revenues of Algeria's
exports.
$ 60 billion oil revenues by end of 2014, announces Minister of Energy, Youcef Yousfi
If in 2014, Algeria has maintained the level of its oil revenues despite the drop in crude oil prices,
which began in June he said, adding that "no one can predict the level of oil revenues in the
future.'' The minister made these statements at the end of an inspection visit to two shale gas pilot
wells in the basin of Ahnet located in In Salah.
Similarly, the price of natural gas will surely be affected by the decline in oil prices, since its price
is indexed to crude, noted Yousfi while preventing the effect of this decline on gas countries where
large projects may be postponed or cancelled due to lack of funding.
Despite the depression prevailing in the international oil and gas markets, Algeria will continue to
intensify the exploration of its mining resources and the development of already discovered fields,
he assured.
Thanks to this exploration effort, he said, Sonatrach was able to discover, in 2013 and 2014,
nearly 7 billion barrels of oil equivalent including 4 billion of barrels of oil equivalent reinforced
hydrocarbon reserves and fill the decline of previous years.

ALGIERS: Chad seeks Algeria skills to develop hydrocarbon potentials
APS + NewBase
Chadian President Idriss Deby Itno sought on Saturday, "the Algerian proven skills" in the
field of hydrocarbons to support Chad in developing its oil and gas potential.
Speaking during the bilateral economic meeting
organized as part of his state visit to Algiers, Deby said
that his country which embarked on the development of
its oil and gas potential possesses a large number of
fields and exploration blocks operated by ten
companies of various nationalities.In this regard, he
added Algeria’s "proven skills" through Sonatrach will
help Chad to promote and develop its hydrocarbon
potentials.
The mining sector could be another avenue for the development of bilateral economic and
industrial cooperation, according to the Chadian president who has highlighted the important
mineral deposits in his country, notably gold, uranium, zinc and marble.
Besides, the country has a solid basis for the development of cement industry while the current
production (700 tons per day) remains insufficient to meet domestic demand. Deby, who pleaded
for the promotion of the South-South economic cooperation has also invited the Algerian
economic operators to contribute to the execution of the agribusiness development plan in Chad.
"Economic cooperation between Chad and Algeria is historic. We must further strengthen to move
on the path of development that will ensure the interests of the two peoples which are united by
old ties of friendship and brotherhood," Itno said at the opening of the Chadian-Algerian economic
forum.
The Chadian president, who welcomed the "major history" of Algeria and its role played over the
years in all the African struggles, hailed the "great interest" shown by Algeria, through its
businesspersons and investors, towards the development of cooperation and win-win partnership
between the two countries in various sectors.
He added that "Algeria, thanks to known its economic growth, continue to play an important role in
the development of the African continent," emphasizing the need to create the conditions for this
development whose cornerstone represents "the commitment of all African countries to
developing intra-African trade."
Besides, Chadian president noted that the "economic health of Algeria is considered as the best in
Africa" and the Algerian model of economic development "should inspire other African countries,"
stressing the importance of investment opportunities offered to Algerian businessmen in Chad.
In addition, Itno thanked President of the Republic Abdelaziz Bouteflika, for the invitation to pay a
three-day official visit to Algeria, stressing that "Algeria is a brother country."
- Chad ranks as the tenth-largest oil reserve holder among African countries, with 1.5 billion
barrels of proven reserves as of January 1, 2013, according to the Oil and Gas Journal.
- Crude oil production in Chad was an estimated 115,000 barrels per day (bbl/d) in 2011 and
105,000 bbl/d in 2012. Almost all of this was exported via the Chad-Cameroon Pipeline.
- The China National Pet. Corporation (CNPC) and the Chadian government jointly
constructed the 20,000 bbl/d N'Djamena refinery, and it began supplying the local market
with petroleum products in 2011.

Pakistan Minister Denies Newspaper Report About Iran Gas Pipeline Project
Natural Gas Asia + NewBase
Pakistan’s Federal Minister for Petroleum and Natural Resources Shahid Khaqan Abbasi has
rejected statements attributed to him by the Financial Times newspaper on Iran-Pakistan gas
pipeline, reported IRNA news agency.
On Friday, the UK based newspaper reported that Pakistan has convinced Iran to step back from
demanding $200 mn a month from January 1 to compensate for Islamabad’s failure to begin
receiving gas from Iran’s South Pars gas field.
In an exclusive interview with IRNA on Saturday Abbasi reiterated that he had never made such a
statement in his recent interview with the FT.
Abbasi told IRNA that officials from Iran’s NIOC would visit Islamabad in the next few days to meet
officials of Pakistan’s Inter State Gas Systems (ISGS) to discuss the way to implement the Iran-
Pakistan gas pipeline project and talk about outstanding issues.

Iraq pins hope on privatisation as oil price falls
Reuters + NewBase + The National
Iraq plans to divest state-owned enterprises as part of a major privatisation push to diversify
income and revenues in light of lower oil prices . “A number of industries and manufacturing
factories have been identified and will be offered to the private sector,” says Mudher Saleh, the
newly appointed economic advisor to the prime minister Haider Al Abadi.
Mr Saleh, the former deputy
governor at the central bank, faces
a daunting task, providing
recommendations on keeping the
economy afloat when Brent has
sunk from US$90 in October to
about $60 a barrel last week.
“The goal is to maximise revenue
and to minimise expenses,” says Mr
Saleh, who has helped the premier
with Iraq’s 2015 federal budget that
was passed on to parliament last
week. “This was our priority and
reflected in the budget either
directly or indirectly,” he says.
The 2015 budget is set at 123
trillion dinars (Dh378.3 billion), based on a $60 a barrel price for oil. It factors in a deficit of 23tn
dinars. Lower oil prices have affected the budgets of the oil-producing states of the Arabian Gulf
that are equally spending money on the public sector. Saudi Arabia followed Iraq last week, in
announcing a deficit of $39bn.
The political wrangling and upheaval that forced Mr Abadi’s predecessor Nouri Al Maliki to step
down in August prevented the 2014 budget from being passed this year. Iraq’s 2013 budget hit a
record at 138tn dinars based on an oil price of $90 and average exports of 2.9 MBD.
“The previous government used to waste a lot of money, so we’re having to re-engineer the
expenditure and find alternative resources to finance the budget,” Mr Saleh says. The IMF this
month revised its October outlook for the country, in which it had forecast a contraction of 2.7 per
cent, and now sees the economy shrinking by about 0.5 per cent to reflect higher oil production
despite economic shocks from the ISIL insurgency.
With about 80 per cent of the budget spent on public-servant salaries in the absence of a viable
private sector, there has been little room in the way of investment and infrastructure over the past
eight years. This year, the government is having to finance an unexpected war, hence fiscal
discipline is the name of the game.
The finance minister Hoshyar Zebari complained of excessive spending on Shiite militias by the
government, a decision made during the office of Mr Al Maliki. The government has spent more
than $1bn on the volunteer army, Mr Zebari said in November.

The 2015 budget prioritises defence, oil, electricity and Iraq’s internally displaced population, with
more than 2 million people having lost their homes in the past year. Iraq secured a one-year
reprieve on a $4.6bn payment in war reparations to Kuwait from the United Nations last week that
will ease the pressure on the cash-strapped country’s budget.
The UN compensation commission said it had taken into account “the extraordinarily difficult
security circumstances in Iraq and the unusual budgetary challenges associated with confronting
this issue”.
Iraq’s central government struck a much-needed oil deal with the Kurdish Regional Government
(KRG) last month, ending months of animosity between the two parties. As part of the deal, the
Kurds have pledged to export 300,000 barrels of Iraqi crude from federally owned fields in Kirkuk
to Ceyhan. In addition, the autonomous region will export an extra 250,000 of Kurdish crude with
Iraq’s state organisation for marketing of oil (Somo) selling it using the same mechanisms used for
selling oil from Basra or elsewhere in federally administered Iraq. In return, Baghdad has pledged
a $500 million payment to the KRG.
While the oil sector applauded the deal, albeit a little too late, political analysts expressed
weariness over the ramifications of this agreement. “The attitude of the central government has
been right on this front,” says Mustafa Alani, the senior advisor and director of the department of
security and defense studies at the Gulf Research Centre in Geneva. “The Kurds are taking
advantage of the problems in Baghdad, a weak government, coupled with terrorism.
By legitimising their direct sale of oil, they legitimise a lot of issues between Kurdistan and the
central government. They should have a clear stand, either they are part of the state or not. They
can’t get the benefits at the same time with no obligation,” he says.
Other analysts say the deal comes amid desperate measures.
“Any deal is better than no deal provided it is clear and constitutional. The recent “agreement” will
undoubtedly close the gap between Baghdad and Erbil,” says Luay al Khateeb, the director of the
Iraq Energy Institute and an advisor to the parliament.
“However, the announced terms are still vague, too political, less constitutional and have left many
questions unanswered and vulnerable to negative speculation.” “It is very difficult under the
current situation, basically the whole country depends on oil,” he says. “There’s no other
possibility- absolutely none – it needs years and years to revive industrial, tourism and other
sectors.”

Oil Price Drop Special Coverage
Myths are exploding!
With crude markets traveling a full circle, an eventful year is coming to a close. From its June peak
of $116 a barrel, and after fluctuating above the three digit mark for over eight months of the year,
crude has finally shed almost half its value.
And in the process, the $100 era seems to have gone and for good. The price of a barrel of oil first
broke the $100 mark in 2008, and has been frequently crossing it in the six years since then.
But the norm of the last several years now is changing, pundits are conceding. When asked by the
Middle East Economic Survey, if oil markets would ever lift prices to $100 a barrel again, industry
veteran, the wheeler and shaker of the crude market today, Saudi Arabian Minister of Petroleum
and Mineral Resources Ali Al-Naimi responded, “we may not.”
Not too long ago deemed a “fair” price by many major producers, $100 a barrel crude apparently
also helped bring a number of new, high cost resources online, generating to the detriment of the
markets, a glut like scenario, many felt.
And it was in this perspective that in recent weeks and months, Gulf, OPEC officials have been
making clear that their oft-repeated mantra of $100 a barrel crude as a “fair” price has been set
aside, at least for the foreseeable future.

Naimi’s blunt comment to MEES on the issue was just an official indication of the realization at the
top of the crude fundamentals in play at the hour. With conspiracy theories making the rounds,
Saudi Arabia has also opted to play out cards, rather straight.
While talking to MEES, without mincing words, Naimi reiterated, OPEC will not cut production
even if the price falls to $20 a barrel. “As a policy for OPEC — and I convinced OPEC of this,
even Al-Badri is now convinced — it is not in the interest of producers to cut their production,
whatever the price is.
“Whether it goes down to $20, $40, $50, $60, it is irrelevant,” he said. And this was new,
confirming in rather bold terms that the traditional OPEC strategy of keeping prices ‘fair’ by limiting
oil output has been replaced with a new policy of defending the cartel’s market share — and — at
all costs.
This represents a “fundamental change” in policy that is more far-reaching than any seen since
the 1970s, Jamie Webster, oil analyst at IHS Energy was quoted as saying. “We have entered a
scary time for the oil market and for the next several years we are going to be dealing with a lot of
volatility,” he added.
“Just about everything will be touched by this.” And Naimi was rather articulate in presenting his
viewpoint, underlining if the Kingdom (and the OPEC) reduced output, “the price will go up and the
Russians, the Brazilians, US shale oil producers will take my share”.
And he had a point to make. Efficient producers needed to be encouraged and not discouraged.
“We want to tell the world that high efficiency producing countries are the ones that deserve
market share,” he emphasized.
“Is it reasonable for a highly efficient producer to reduce output, while the producer of poor
efficiency continues to produce?” Naimi counter asked the MEES interviewer. Naimi also added it
was “unfair” for the world to expect OPEC, with a market share of around 40 percent, to reduce
output. Others needed to be a part of the arrangement too, he underlined.
“The Kingdom of Saudi Arabia and other countries sought to bring back balance to the market, but
the lack of cooperation from other producers outside OPEC and the spread of misleading
information and speculation led to the continuation of the drop in prices,” he said at an energy
conference in Abu Dhabi last week.
“Let the most efficient producers produce.” He also sought to rebut broader claims that Saudi
Arabia has been using the oil price as a political tool. “The talk about conspiracy by Saudi Arabia
for political motives?.?.?.?is baseless and shows lack of understanding,” he said. “The [oil] policy
of the Kingdom is based on a strict economic basis.”

Speaking at the conference, Suhail Bin Mohammed Al-Mazroui, the UAE energy minister, said
one of the principal reasons for the price fall was “the irresponsible production of some producers
from outside the OPEC”.
Mazroui also echoed a previous statement, saying “OPEC was not a swing producer” and “it’s not
fair that we correct the market for everyone else.” Ahead of last month’s OPEC meeting in Vienna,
Mazroui told the Financial Times: “Yes, there is an oversupply but that oversupply is not an OPEC
problem.”
He added that non-OPEC countries and high-cost production — such as oil from US shale fields
— should play a role in balancing the market. Lower prices would help cut excess supplies from
more expensive oilfields while preserving the share of lower-cost OPEC producers as well as
induce demand. The “market will fix it”, he had said in November.
Ali Al-Omair, Kuwait’s oil minister, too said there was no need to cut production. Qatar Energy
Minister Mohammed Al Sada also hit out at rising rates of crude production outside OPEC, saying
the oil market is over-supplied by 2m barrels a day.
This is almost four times the 540,000 barrel a day surplus recent International Energy Agency
(IEA) data highlighted in its global daily production estimate of 93.6m barrels. Al Sada hinted that
higher-cost methods of oil production — such as shale in the US — could be in for a long wait until
prices climb back to levels where they make economic sense for them.
“We are now in a provisional, correctional period,” Al Sada told Bloomberg. “Markets have
mechanisms that will bring stability. We don’t know exactly how long it will take but it will stabilize
because the current prices will separate the efficient producers from the producers who have high
costs.”
Analysts say that the altered OPEC policy seems challenging the high-cost sources of crude —
from the oil sands of Canada and US shale to deepwater Brazil and the Arctic — in an attempt to
face down the threat they pose to its market share. The crude world is changing — and — for
ever. A new global energy order is taking final shape!
Saudi budget at $80 crude reflects belief in rebound
BLOOMBERG NEWS + NewBase
Saudi Arabia's 2015 budget is probably assuming an oil price of $80 a barrel, and will be seen as
a sign of confidence in the market, according to a former economic adviser to the country's
government
The assumption is down from $103 a barrel for this year, John Sfakianakis, who used to be chief
economic adviser to Saudi Arabia's Ministry of Finance, said by phone after the budget was
announced on Thursday
The world's biggest crude exporter set 2015 spending at SR860 billion ($229 billion) with revenue
falling to SR715 billion from SR1.046 trillion in 2014, the Finance Ministry said. Oil, which has
slumped 47 per cent this year to $60.23 a barrel in London, accounted for 89 per cent of its 2014
revenue.

Brent crude tumbled into a bear market this year as the US pumped the most oil in more than
three decades, leading the United Arab Emirates Energy Minister Suhail Al Mazrouei to urge
producers from outside the Organisation of Petroleum Exporting Countries (Opec)to trim output.
Iraq, the second-biggest producer in Opec, said this week its 2015 budget is based on $60 oil.
"Everyone was expecting to see a budget built on a price around $60 but that would have sent a
negative message to the oil market," Sfakianakis said from Riyadh. "With a fiscal break even price
of $80 a barrel, the government is sending a message to the market that we are expecting to see
a rebound in oil prices.
Sfakianakis is Middle East director at London- based Ashmore Group.
Saudi Arabia is confident that crude prices will rebound with global economic growth boosting
demand as high-cost producers cut back, Oil Minister Ali Al-Naimi said on December 21. "I'm 100
per cent sure prices will go up, they have no other direction but to go up.
Brent crude slid one cent to $60.23 a barrel on the London- based ICE Futures Europe exchange
at 4:33pm Singapore time. West Texas Intermediate added 19 cents to $56.03. US stockpiles
climbed 7.27 million barrels in the week ended on December 19 as imports surged, according to
the Energy Information Administration
Saudi Arabia has 265 billion barrels of oil reserves, with production of 9.65 million barrels a day in
November, according to data compiled by Bloomberg. Iraq, the second-biggest producer, was
pumping 3.35 million barrels
Opec's decision to maintain output at its November 27 meeting in Vienna fanned speculation that
Saudi Arabia and other members want North American shale drillers and other producers outside
the group to be the first to cut production. Saudi Arabia and Iran this month cut the official price
levels of their main light crude grades for sale to Asia to the lowest in at least 14 years.
Russia may burn wealth funds in three years
Bloomberg
Protesters take part in a rally against the banks and the growth of the dollar in central Moscow
yesterday. Moscow: Russia, poised to enter a recession, will burn through its rainy-day funds in
three years if the government doesn’t change the budget structure, according to Finance Minister
Anton Siluanov.

With oil prices at $60 a barrel, Russia’s economy may contract about 4 percent next year and
have a budget deficit of more than 3 percent of output, Siluanov told reporters in Moscow. The
ministry will use these estimates and an exchange rate of 51 roubles per dollar to review the 2015
budget.
Russia is facing its first recession since 2009, and the contraction may last for two years,
according to economists in a Bloomberg survey. Oil, its biggest export earner, is trading near a
five-year low, compounding the effect of sanctions imposed by the US and its allies over President
Vladimir Putin’s annexation of Crimea in March. The deterioration puts Russia at risk of a
downgrade to below investment grade, Standard & Poor’s said this week.
“If no decisions are made, we’ll burn through all the reserves in 2016-2017,” Siluanov said. “At one
third of all budget spending, defence has too large a share. We need to reshuffle and restructure
spending for infrastructure, education and so on.”
Russia’s international reserves, which include central bank’s reserves and two sovereign wealth
funds, have shrunk by about one-fifth this year to $398.9bn as of December 19 as the Bank of
Russia sought to defend the currency. Policy makers rolled out measures to ease foreign-currency
refinancing as $120bn debt payment looms next year after the US and European Union limited
Russia’s access to international capital markets.
The Reserve Fund held the equivalent of $88.9bn as of December 1, while the National Wellbeing
Fund, created to cover long-term outlays for social spending, was equal to $80bn.
The ministry has said it will use at least 500bn roubles from the Reserve Fund to cover next year’s
fiscal gap and plans to invest money from the Wellbeing Fund to boost banks’ capital and to
finance infrastructure projects.
Oil is heading for the biggest
annual drop since 2008 amid
slowing global demand
growth. Brent, the benchmark
for more than half of the
world’s crude, fell 0.3 percent
to $60.06 in London today,
dropping from $115 a barrel in
was in June. The rouble has
lost more than 39 percent
against the dollar this year,
the worst performance after
Ukraine among about 170
currencies tracked by
Bloomberg.
It has rebounded from a record low of 80.10 last week on the government and central bank’s
measures. The budget deficit will reach about 0.7 percent of gross domestic product in 2014 due
to a 1-trillion rouble plan for bank recapitalisation, according to Siluanov.
Previously, the ministry saw a budget surplus of 0.7 percent. Parliament approved the 1 trillion-
rouble plan as part of the government’s steps to prevent the rouble’s collapse from spreading into
a banking crisis. Other measures include the doubling of insured deposits and a possible
investment of as much as 10 percent of the National Wellbeing Fund to boost lenders’ capital.

Your Guide to Energy events in your area

Your partner in Energy Services
NewBase energy news is produced daily (Sunday to Thursday) and
sponsored by Hawk Energy Service – Dubai, UAE.
For additional free subscription emails please contact Hawk Energy
Khaled Malallah Al Awadi,
Energy Consultant
MSc. & BSc. Mechanical Engineering (HON), USA
ASME member since 1995
Emarat member since 1990
Mobile : +97150-4822502
khdmohd@hawkenergy.net
khdmohd@hotmail.com
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 29 December 2014 K. Al Awadi

New base 507 special 29 december 2014

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