New base 725 special 10 november 2015

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NewBase 10 November 2015 - Issue No. 725 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 pressing ahead with oil projects, betting on recovery
Reuters + NewBase
The UAE, one of the wealthiest Gulf states, is pushing ahead with large new energy projects,
betting an oil price recovery will start as early as next year as demand begins to absorb the global
glut.
“These are times of some hesitancy, times of pain for some ... But pain is not new ... We will pass
it stronger,” Energy Minister Suhail al-Mazrouei told the UAE’s biggest annual oil show in Abu
Dhabi. “That (oil price drop) didn’t change the vision of the UAE ... We are not cancelling projects,”
he added.
Oil prices crashed after Saudi Arabia and Gulf allies the UAE, Kuwait and Qatar enforced a
decision by the Organisation of Petroleum Exporting Countries (Opec) to fight for market share
with rival producers, abandoning a decade-old policy of cutting output to prop up prices.

Prices have more than halved over the past 18 months, and Opec itself sees the current oil glut
persisting well into next year, prompting even the wealthiest Opec members, like Saudi Arabia, to
revise some field development plans.
Low prices have also slowed some non-oil projects in the UAE, including the opening of a huge
new Louvre museum, while others such as the Abu Dhabi film festival have been cancelled. But
officials insist that projects in key sectors such as energy, defence and infrastructure continue as
planned.
On the energy side, the country is pushing ahead with a plan to raise its oil production capacity to
3.5mn bpd from the current 3mn within the next two to three years, the head of the national
company ADNOC Abdullah Nasser al-Suwaidi said. The UAE is currently producing 2.9mn bpd.
Some $35bn worth of investments will flow into offshore exploration after decades of investments
into onshore, he said.
The UAE is hoping the lion’s share of its energy needs will be covered with rising gas production
by 2021, while around a third of energy needs will be met with nuclear and solar projects, said al-
Mazrouei.
He added the UAE, as part of Opec, could not afford losing market share by cutting back on
supply, suggesting continued support for the Opec strategy to fight for market share through
higher output and lower prices.
“I’m not regretting this decision. We like that decision,” he said while declining to predict the
outcome of the Opec meeting in December.
As the markets have began to rebalance, global oil prices will start an upward correction in 2016,
al-Mazrouei said. “I wouldn’t call it a crisis. I would call it a cycle ... I’m optimistic. Next year will be
a year of correction.”
Not everyone is so confident.
The bets on a price recovery might be too optimistic and the low price environment might govern
the markets for many more years,
Mohammed al-Rumhy, Oman’s
oil minister and a regular critic of
Opec’s policies, told the same
conference.
“This is a man-made crisis and it
is highly irresponsible,” said al-
Rumhy. Oman, the biggest
Middle Eastern oil producer that
is not a member of Opec, has
long argued that Opec has lost
many more billions of dollars by
not cutting production than if it
had cut output and supported the
prices.

Oman to cut costs on back of lower oil prices
Gulf News + Reuters
Oman’s oil minister said the country is looking at cutting costs due to low oil prices, adding that the
country is losing $55 million (Dh202 million) a day. Mohammad Al Rumhym, Oman’s Minister of
Oil and Gas, said that the country’s current production level was around one million barrels per
day.
“We are cutting costs but we are not cutting projects... We can blame Russia, Saudi Arabia and
China [for lower oil prices] but the bottom line is that it’s our responsibility...” Al Rumhym said.
“One of the victims of the current market prices will be technology. Low oil prices will destroy a lot
of things including technology, alternative energy, sustainability, and making the industry more
attractive for people to join.”
Commenting on Brent prices, the minister said that the bets on a price recovery might be too
optimistic. He added that the low price environment could govern markets for many more years.
“This is a man-made crisis and it is highly irresponsible,” Al Rumhy said.

Oman, the biggest Middle Eastern oil producer that is not a member of Opec, has long argued that
Opec has lost several billions of dollars by not cutting production than if it had cut output and
supported the prices.
Low oil prices are also deterring oil majors from investing into new projects, including in the Middle
East.
The minister was speaking a panel discussion at the Abu Dhabi International Petroleum Exhibition
and Conference (Adipec) which kicked off on Monday. The event runs until Thursday and over
2,000 exhibitors are participating.
Also speaking on the same panel was Tarek Al Molla, Egypt’s Minister of Petroleum and Mineral
Resources, who said that Egypt was targeting a drop in subsidies to $8 billion this year.
“We have prioritised security, sustainability and governance, so we had to start addressing
subsidies. The government has decided to start reforming subsidies over five years — whether for
fuel or electricity,” Al Molla said.
“We started last year... and for fuels, we have been able to reduce the subsidy from $15 billion a
year to about $9 billion this year. We are aiming this year to continue with the same plan, and we
are hoping to reach $8 billion this year.”
Al Molla said that Egypt had seen an annual increase of 7-8 per cent in consumption whereas the
country’s gross domestic product has been growing at around 4-5 per cent annually.
He added that the country was adopting new measures to encourage investment in the country,
and has been studying and reforming its investment laws.

Saudia: GE Oil & Gas inaugurates first-phase expansion of 'Made in
Saudi' advanced manufacturing facility in Dammam
GE Oil & Gas today completed the first phase expansion of what will be GE's largest advanced
manufacturing facility in the region. This expands capacity of the current manufacture of advanced
pressure control technology, testing and repair services, as well as promoting job creation for
Saudi nationals through a three-fold increase in the workforce, which builds on 70% Saudization in
Dammam. The expansion forms part of GE's commitment to achieve the goal of 70% localization
in the Kingdom through strengthening local manufacturing, supply chain, service capabilities and
talent development.
Supporting the Kingdom's vision to boost domestic manufacturing and exports, the expanded
facility will serve as a center for the supply of 'Made in Saudi' equipment for Saudi and regional
markets with expanded capacity to manufacture the full range of GE Oil & Gas' Pressure Control
solutions including wellhead systems and advanced flow control solutions that are critical
components in driving productivity and operational efficiency.
The 10,500 square meter facility was inaugurated by GE Oil & Gas President & CEO Lorenzo
Simonelli in the presence of Amin Nasser, President & CEO, Saudi Aramco ; Rami Qasem,
President & CEO, GE Oil & Gas, Middle East, North Africa & Turkey, and other senior officials.
The new facility marks the first phase of an ongoing multi-million dollar investment by GE Oil &
Gas at the multi-modal MODON ( Saudi Industrial Property Authority ) site in 2nd Industrial City,
Dammam. It expands on an existing Pressure Control manufacturing facility with output capacity
now three times the original. The in-progress additional development phases at the 'One GE Oil &
Saudi Aramco President and CEO Amin Nasser along with GE Oil & Gas
President and CEO Lorenzo Simonelli pose with members of the project

Gas' MODON site will extend manufacturing and services capabilities across the GE Oil & Gas
portfolio including Measurement & Control, Subsea Systems, Turbomachinery and Artificial Lift.
Lorenzo Simonelli, President & CEO, GE Oil & Gas said: "This is a proud moment for GE as we
continue our legacy of supporting Saudi Arabia's oil and gas sector, dating back to the 1930's.
With today's announcement, we have entered a new and important phase of our partnership in the
Kingdom and are delighted that our partners from Saudi Aramco are here to celebrate with us.
With this manufacturing expansion we are delivering on our promise to be able to bring more
advanced manufacturing capacity to the Kingdom and to employ more talented Saudis."
Rami Qasem, President & CEO, GE Oil & Gas for Middle East, North Africa and Turkey added:
"This expanded manufacturing facility is a great demonstration of GE Oil & Gas' commitment to
local manufacturing in Saudi Arabia. We believe in working in true partnership with our customers
operating around the world, by their side, in order to quickly anticipate and meet their needs. We
look forward to extending our local manufacturing and services capabilities across the GE Oil &
Gas portfolio."
"The significance of this expanded GE facility lies not only in the services it will provide Saudi
Aramco and the Kingdom's wider energy sector, but also the degree to which the Kingdom
appeals to investors such as GE," Amin Nasser, president and CEO, Saudi Aramco , said at the
inauguration event.
The facility is built in accordance with GE's technical and Environmental, Health & Safety
standards. It is certified to ISO 9001: 2008 for quality, ISO 14001 for its environmental
management system, OHSAS 18001 for occupational health and safety, and American Petroleum
Institute (API) 6A/Q1 standards.
With a presence of over 80 years, three offices and seven facilities, Saudi Arabia accounts for the
largest GE workforce in the Middle East with over 1,600 employees driving the Aviation,
Healthcare, Oil & Gas, Power & Water and Transportation businesses. GE is focused on taking its
work into the next industrial era with technological solutions that create economic and social value
to the country and its people.
About GE Oil & Gas:
GE Oil & Gas works on the things that matter in the oil and gas industry. In collaboration with our
customers, we push the boundaries of technology to bring energy to the world. From extraction to
transportation to end use, we address today's toughest challenges in order to fuel the future.
www.geoilandgas.com. Follow GE Oil & Gas on Twitter @GE_OilandGas

Qatar: McDermott awarded EPCI contract offshore
Source: McDermott International
McDermott International has been awarded a large brownfield contract by RasGas for the
engineering, procurement, construction and installation (EPCI) of a flow assurance and looping
project consisting of 74 miles of 6- and 8-inch pipeline and topside modifications, offshore Qatar.
Work is scheduled for completion by the end of the third quarter of 2017.
McDermott and RasGas have worked closely together for two decades with McDermott having
fabricated and installed numerous RasGas facilities offshore Qatar. Currently, the companies
have an Engineering Service Agreement (ESA) under which McDermott has executed several
concept studies and Front End Engineering Design (FEED) projects. Additionally, the McDermott
team is assisting with the upgrade and replacement of three helidecks.
'Some 20 years ago, McDermott and RasGas began building what has become a historically
strong working relationship,' said Tom Mackie, McDermott’s Vice President, Middle East. 'This set
the stage for this award. By combining our knowledge of the customer’s current production
infrastructure, early collaboration through our ESA, and our unique brownfield capabilities,
McDermott provided RasGas with an optimal EPCI solution.'
Engineering, procurement and fabrication is expected to be performed by McDermott’s teams
based in Dubai, U.A.E. Vessels from the McDermott global fleet are expected to undertake the
installation work.
Revenue for the order will be included in McDermott’s third quarter 2015 backlog.

Indonesia: Husky Energy achieves milestone with Madura
Strait BD gas development offshore Indonesia. Source: Husky Energy
Husky Energy and its partners have achieved a significant milestone in advancing the Madura
Strait BD gas-condensate field offshore Indonesia towards production.
The jacket and wellhead platform for the liquids-rich gas development were sailed out in late
October and have been successfully installed in approx. 55 metres of water. Development drilling
is now expected to soon commence, and the project remains on target for first production in the
2017 timeframe.
The BD field is the first of a series of gas developments the Company is advancing offshore
Indonesia. Fixed price, set volume gas sales agreements are in place for the BD field, which is
expected to produce net peak production of about 40 million cubic feet per day (mmcf/day) of gas
and 2,400 barrels of oil equivalent (boe/day) of liquids.
'Our Indonesia gas developments represent some of the strongest growth opportunities in our
deep portfolio and are particularly strategic in the current commodity price environment,' said CEO
Asim Ghosh.
Construction of an FPSO (floating production, storage and offloading) vessel to process gas and
liquids production from the field is approx. 30 percent complete, and all major long-lead time items
have been ordered.

The Company continues to progress a series of other gas developments offshore Indonesia that
are expected to add production in the 2017-2019 timeframe.
A tendering process is underway for a floating production vessel and related engineering,
procurement, construction and installation contracts for the combined MDA-MBH fields, also
located in the Madura Strait. The MDA-MBH fields are expected to produce about 50 mmcf/day
(net) at peak production, and a fixed price, set volume sales gas agreement is in place.
A third discovery, the MDK field, is planned to be tied into the MDA-MBH field infrastructure. A
plan of development has been approved, and the field is expected to produce approx. 10
mmcf/day (net) at peak. A gas price/volume contract is being negotiated.
Longer term, the Company has four other Madura Strait discoveries that are under evaluation for
development.
The Company holds a 40 percent interest in all of the Indonesia projects, which will be developed
in partnership with CNOOC Limited (as the operator) and an affiliate of Samudra Energy,
Indonesia.
Offshore China
In addition to the Indonesia offshore developments, the Company has several projects in
production and under development offshore China.
The Liwan Gas Project in the South China Sea continues to deliver steady production averaging
about 295 mmcf/day (gross) and associated liquids of about 14,800 boe/day (153 mmcf/day and
8,300 boe/day net to Husky). Negotiations for the sale of gas and liquids from a third field
associated with the development, Liuhua 29-1, continue to be pursued.
Husky also holds a 40 percent working interest in the Wench ang oil field, located in the Pearl
River Mouth Basin about 400 kms southwest of Hong Kong.

Malaysia: Lundin Petroleum Spuds Malaysia Offshore Well
Lundin
Lundin Petroleum has commenced drilling of the Selada-1 exploration well in Block PM308A,
offshore Malaysia.
The well will target hydrocarbons in Miocene aged sands and is located 14 km to the south of
the Bertam field operated by Lundin Malaysia. The Selada-1 exploration well will be drilled with
the to a total depth of approximately 1,700 metres below mean sea level. The drilling of the well is
expected to take about 30 days.
Lundin Malaysia is the operator of and holds a
75 percent working interest in PM308A with
PETRONAS Carigali holding a 25 percent
working interest. Lundin Malaysia operates
seven blocks in Malaysia, namely PM307,
PM319, PM308A, PM308B, PM328, SB303
and SB307/308.
As per the company website, the Selada
Prospect has estimated net unrisked
prospective resources potential of 5 MMboe
and a chance of geological success of 55%.

U.S: New biofuels eliminate need for blending with petroleum fuels
Source: U.S. Energy Information Administration,
A new type of renewable diesel fuel is meeting the growing demand for renewable biofuels, which
is driven by biofuel mandates and customer demands for higher quality. Unlike other biofuels,
hydroprocessed esters and fatty acids (HEFA) fuels are nearly indistinguishable from their
petroleum counterparts. Worldwide, more than a billion gallons of HEFA fuels were produced in 2014.
HEFA fuels are hydrocarbons rather than alcohols or esters. Hydrocarbons from nonpetroleum
sources are known as drop-in fuels because they are nearly identical to comparable petroleum-
based fuels. During the refining process, the oxygen present in the alcohols and esters is
removed, leaving only hydrocarbons.
HEFA fuels are the most common drop-in biofuels; they can be used in diesel engines without the
need for blending with petroleum diesel fuel. Currently, HEFA fuels are approved by ASTM
International for use in jet engines at up to a 50% blend rate with petroleum jet fuel.
The most common HEFA biofuel production to date has been a diesel replacement fuel alternately
marketed as hydrotreated vegetable oil (HVO) abroad, or as renewable diesel in the United
States. HEFA fuels are produced by reacting vegetable oil or animal fat with hydrogen in the
presence of a catalyst.
The equipment and process are very similar to the hydrotreaters used to reduce diesel sulfur
levels in petroleum refineries. There are currently 10 plants worldwide that produce renewable
diesel, one of which is ENI's former petroleum refinery in Venice, Italy. Total is planning to convert
its La Mede, France, refinery to HVO production, and four additional renewable diesel projects are
being developed by other producers. Finnish Neste is the world's largest producer of renewable
diesel. Other major producers are Italy's ENI, U.S.-based Diamond Green Diesel, and Swedish
refiner Preem.
Beyond diesel, another outlet for HEFA fuels using similar technology is biojet fuel, which can
currently be blended with petroleum jet fuel in proportions up to 50%. As with any alternative jet
fuel, HEFA biojet has to meet stringent specifications that ensure it will perform under a wide
range of conditions.

NewBase 10 November - 2015 Khaled Al Awadi
NewBase For discussion or further details on the news below you may contact us on +971504822502 , Dubai , UAE
Crude oil rises after OPEC says market to be balanced in 2016
Reuters + NewBase
Oil prices rose on Tuesday 10 Nov-2015 after the head of OPEC forecast a more balanced market
next year and the U.S. energy department said domestic output is likely to fall further, though
gains were limited as the overall picture of a market in glut remains.
U.S. crude rose 28 cents to $44.06 a barrel by 0409 GMT, after falling about 1 percent on Monday
to $44.15 for a fourth consecutive decline. Brent crude, the global benchmark, was up 21 cents at
$47.40 a barrel. The contract slipped 0.5 percent on Monday to $47.19 a barrel, also falling for
four trading days in a row.
Still, the comments from OPEC Secretary-General Abdullah al-Badri on Monday did provide a
little bullish relief to the market. "The expectation is that the market will return to more balance in
2016," al-Badri said in a speech in the Qatari capital Doha.
"We see global oil demand maintaining its recent healthy growth. We see less non-OPEC supply.
And we see an increase in the demand for OPEC crude," Badri said. Most of the oil supply
increases in recent years have come from high-cost production, Badri said, in a reference to
supply sources such as U.S. shale oil.
Shale production is expected to fall for an eighth consecutive month in December, according to a
forecast on Monday from the U.S. Energy Information Administration (EIA). Total output is set to
decline by 118,000 barrels per day (bpd) in December, the biggest monthly decline on record, to
4.95 million bpd, the least since September 2014, according to EIA data going back to 2007.
Oil price special
coverage

Oil Supply Outside OPEC to Stagnate by 2020 in IEA Forecast
Bloomberg - Grant Smith
Oil supply outside OPEC will cease growing by 2020 as spending cuts that started this year take
their toll on the global industry, according to the International Energy Agency.
Production growth from countries not part of the Organization of Petroleum Exporting Countries
will slow over the next five years to less than a third of the rate recorded from 2010 to 2015, the
IEA said in a report. U.S. shale oil output will taper off in the early part of the next decade after
peaking at about 5 million barrels a day, while crude prices recover to $80 in 2020 and keep
rising, according to the agency.
Investment in new oil supply has been slashed by more than 20 percent this year, the IEA
estimates, as crude prices slumped following OPEC’s decision to defend its market share rather
than support prices. Iran and Iraq will lead an expansion of the group’s output in the coming years
as growth stalls in non-member countries, the report said.
“The plunge in oil prices has set in motion the forces that lead the market to rebalance, via higher
demand and lower growth in supply,” the Paris-based adviser to 29 nations said in its annual
World Energy Outlook. “Prices at today’s levels push out higher-cost sources of supply.”
Shale Stumbles
The global oil and gas industry will need to keep spending $630 billion on exploration and
production each year just to maintain output at current levels as aging fields decline, the agency
said. The current drop in spending will result in non-OPEC crude supply leveling off at about 55
million barrels a day before 2020. That’s 1.3 million higher than this year, compared with total
growth of 5 million from 2010 to 2015.
U.S. drillers have cut the number of rigs in use by an unprecedented 63 percent in the past year
and daily production has fallen by 450,000 barrels from its June peak. While the nation’s shale
production “stumbles” in the short term, it will resume “its upward march” once prices recover to
plateau at 5 million barrels a day early next decade, the agency said. Output will gradually decline
in the early 2020s as costs increase and operators exhaust the most prolific areas.
Annual global demand growth will average 900,000 barrels a day during the rest of the decade,
driven by emerging economies, according to the report. That compares with an average of 1.15
million a day from 2000 to 2010, IEA data show.
Consumption growth will slow from 2020 because of rising oil prices, efforts to phase out fuel
subsidies, energy efficiency policies and increased used of alternative fuels. By 2040, oil
consumption in the U.S., European Union and Japan will have dropped by 10 million barrels a
day, the IEA said.
If global economic growth falls short of forecasts, OPEC bolsters production more than expected
or U.S. shale supply proves surprisingly resilient, oil prices may remain near $50 a barrel this
decade, the agency said. While the market share of Middle Eastern producers would climb to its
highest in 40 years in this situation, OPEC’s revenues would be 25 percent lower as weaker
prices counter increased sales volumes.

NewBase Special Coverage
News Agencies News Release 10 Nov.. 2015
Oil price rise seen as industry cuts spending
SG/Agencies + Reuters + NewBase
The scale of the global oil and gas industry’s spending cuts are making another surge in energy
prices possible by diminishing future supply, Saudi Assistant Minister of Petroleum & Mineral
Resources Prince Abdulaziz Bin Salman said.
Investments have been cut by $200 billion this year and will drop another 3 percent to 8 percent
next year, marking the first time since the mid-1980s that industry cut the spending for two
consecutive years, Bloomberg report cited Prince Abdul Aziz in a copy of his speech for delivery
to energy ministers in Doha on Monday. Nearly 5 million barrels a day of projects have been
deferred or cancelled, he said in the remarks.
Just like high oil prices can’t last, a prolonged period of low prices is “also unsustainable, as it will
induce large investment cuts and reduce the resilience of the oil industry, undermining the future
security of supply and setting the scene for another sharp price rise,” the prince said in the
remarks. “As a responsible and reliable producer with long-term horizon, the kingdom is
committed to continue to invest in its oil and gas sector, despite the drop in the oil price,” he
pointed out.
Oil prices have declined 42 percent in the past year as Saudi Arabia led the Organization of
Petroleum Exporting Countries in maintaining production in the face of a global glut rather than

make way for booming US output. Supply from outside the 12-member group will start to decline
next year and the drop will accelerate after that, according to his speech.
The impact of the current price instability is not just confined to the oil sector as “the spillovers are
being strongly felt in other parts of the energy complex, such as renewables and natural gas,”
Prince Abdul Aziz said. Oil prices will probably rebound next year, UAE Energy Minister Suhail Al
Mazrouei told a conference in Abu Dhabi on Monday.
Oil demand is expected to be 94 million barrels a day this year, rising 1.5 percent from last year,
with about 2 million barrels a day of spare capacity, mainly held in Saudi Arabia, the prince said in
the prepared remarks. Growth in Asia’s demand may slow “by efforts to efficiency enhancement
and oil substitution,” he said.
“But the petroleum industry should not lose sight of the fact that scale matters,” with billions of
people moving up into the middle class, the prince said. The size of the world’s middle class will
expand from 1.8 billion to 3.2 billion in 2020, and to 4.9 billion in 2030, with the bulk of this
expansion occurring in Asia, he said.
“Rather than being a commodity in decline, as some would like to portray, supply and demand
patterns indicate that the long-term fundamentals of the oil complex remain robust.”
Saudi Aramco chairman Falih says no plans to cut oil production
State-owned oil company Saudi Aramco's chairman Khalid Al Falih said that the company has no
plans to cut oil production and he foresees the oil market rebalancing in 2016, the Financial Times
reported.
"The only thing to do now is to let the market do its job. There have been no conversations here
that say we should cut production now that we've seen the pain," Falih said in an interview to the
Financial Times.
Last month, Saudi Arabia's oil minister Ali Al Naimi echoed similar sentiments when he said he
saw signs of global oil demand improving despite the economic slowdown in China and that the
market's supply/demand balance would shortly move more into line.

Saudi Aramco's chairman called oil at $100 a free of charge insurance policy provided by Saudi
Arabia that allowed shale and deep-sea oil producers to flourish, as "$100 oil was perceived as a
guarantee of no risk for investment," he told the FT.
However, the free of charge insurance policy "does not exist any more," Falih said to the paper.
Referring to the slump in oil prices, Falih said officials in Riyadh knew it would be painful, but the
extent of the pain went beyond their expectations.
"The market has overreacted as it typically does in such down-cycles. Now everyone is running to
the exit and projects are being canceled. That's necessary, but what will happen five to 10 years
from now? Investment is needed. Hopefully, however, there will be enough investment to meet the
needs beyond 2017," Falih said to the paper.

Russia’s weak currency has hit consumers hard but helped oil producers
BloomBerg - Anna Andrianova
Today marks the one-year anniversary of when the ruble was set free for the first time in its post-
Soviet history.
In five charts, we show how the central bank's decision to stop depleting international reserves to
prop up the currency has upended every facet of the Russian economy, from decimating wages to
enriching oil exporters.
1. Runaway Inflation
The ruble has shed about 30 percent against the U.S. dollar, stoking inflation to a 13-year high
that the central bank sought to counter with repeated interest-rate hikes up to 17 percent last
December. The Bank of Russia has since unwound much of that emergency rate increase.
2. Rising Poverty
Runaway inflation eroded consumers' purchasing power. The resulting drop in wages and
disposable income has been so dramatic as to make more Russians destitute. The World Bank
predicts Russia will experience for the first time since the 1998-1999 financial crisis a
significant increase in its poverty rate, which had almost halved since 2000 when President
Vladimir Putin assumed power and oil prices began to rise.

3. Salary Cuts
As it has done so many times in its history, the Russian labor market adapts to hard times
by cutting salaries and reducing the number of work hours rather than laying off workers. The
unemployment rate, which was at 5.2 percent in November 2014, shrugged off a brief
increase and has since returned to 5.2 percent in September.

4. Goodbye Travel
With dwindling incomes, consumers have cut back on expensive shopping habits. They travel less
abroad and have switched to Russian food brands. A ban on certain imports slapped on top of a
weaker ruble means coveted foreign goods are off limits.
5. Oil Exporters
Russia's key oil producers have benefited from the weakening currency thanks to the tax system
and the fact their costs are mainly in rubles and their revenue is in foreign currencies. It's helped
counter their losses from the slump in crude. The government is now considering a windfall tax on
oil and gas companies for next year, which would limit oil exporters' benefits from the ruble’s
devaluation.

NewBase For discussion or further details on the news below you may contact us on +971504822502, Dubai, UAE
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For additional free subscription emails please contact Hawk Energy
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
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 10 November 2015 K. Al Awadi

New base 725 special 10 november 2015

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