Professional Documents
Culture Documents
OPEC
Transportation
Defying predictions of a cut, Opec left its output target of 30mn b/d unchanged. Saudi Arabia hailed
a great decision. But cash-strapped members such as Venezuela and Iran were left viewing the
prospect of a precipitous fall in oil prices with trepidation.
Refining &
Petrochemicals
OPEC
Geopolitical Risk
Corporate
Economics &
Finance
Selected Data
Iraq Hikes
2015 Export
Projections
Qatar Looks
Egypt Closes In Iran Plots
Export Hike
Resilient
On Payments,
Despite No Deal To Lower Prices
Shale Bidding
OPEC
TRANSPORTATION
GCC Needs To
Broaden
Feedstock
Stocks: Chinese
Become A Bit
Less Reserved
GEOPOLITICAL RISK
28.November.2014
www.mees.com
iraq
KRG EXPORTS
Mr Abd al-Mahdi says that he cannot give precise figures for anticipated
Kurdish exports because he has not seen
any official documents. Production from
fields under federal control is in excess
of 3mn b/d, he says. Internal supply of
500,000-600,000 b/d should be added
to the 3.2mn b/d export figure, he adds,
implying an anticipated 2015 Iraqi
production figure of 3.7-3.8mn b/d.
LONG-TERM DEAL
UNDER DISCUSSION
Mr Abd al-Mahdi would not be drawn
into a discussion about conditions set by
both sides to reach a more permanent
agreement on oil exports and revenuesharing, reiterating that a hydrocarbon
law now being redrafted would help to
remove any ambiguity. It is not a question
of being flexible. Its a question of both of
us taking hard decisions, he said when
asked if Baghdad would allow the KRG to
sell its own crude. All these matters would
be discussed during talks expected to be
held in Baghdad with Masoud Barzani,
the KRGs Prime Minister, possibly next
week, he adds. The discussions will cover
the modalities of exports and the 17%
share of federal revenues to the KRG.
In the end, he says, all production from
Iraq and revenues should go into the
federal budget after they are deposited
at the New York Federal Reserve Bank.
We have no conditions on our part
and I dont think they have any conditions
from their part, he says, adding that the
constitution should form the basis of any
agreement going forward. A first step has
been taken and goodwill was shown by
both sides, he adds. As for Kirkuk, we
will sit at the table and see what we can
do. Kirkuk, he says, is a disputed area
and he did not want to prejudice the
negotiations by commenting further.
ISIS ATTACK ON BAIJI PIPELINE
Continued on p3
3.0
2.5
2.0
1.5
1.0
0.5
0.0
2003
2004
2005
2006
2007
2008
2009
2010
2011
2012
2013
1Q14
2Q14
3Q14
2015*
28.November.2014
Southern Northern
*EXCLUDES INDEPENDENT KRG EXPORTS. 2015 FIGURES ARE PLANNED AND INCLUDE THE KRG.
www.mees.com
iraq
COUNTRY
28.November.2014
www.mees.com
egypt
The government is wasting little time, and Mr Ismail says a new bid
round will be launched just a year after
the most recent auction, which was announced in the final days of 2013 and
concluded over the summer. So far nine
blocks have been earmarked for the new
auction, but the minister is aiming to
increase this to as much as 15 blocks in
Upper Egypt, the Western Desert, and
offshore acreage in the Mediterranean.
The last bid round was widely regarded
FIRST UNCONVENTIONAL
GAS DEAL CLOSE
A first deal with revised prices for
unconventional gas extraction will be
signed very soon, the minister says, as the
government has agreed on terms for a
tight gas project for the Apollonia formation in the North East Abu al-Gharadiq
concession with Shell and US independent Apache. Both companies have
confirmed to MEES that negotiations
have taken place (MEES, 14 November).
Hopefully before the end of
next week we will have this agreement signed, says Mr Ismail.
Egypt has already made inroads
into unconventional gas exploration.
Apache and EGPC subsidiary Egypt
Natural Gas Holding Company (EGAS)
have drilled a first exploration well into
shale rock at the Khalda concession in
Continued on p5
algeria
Algeria
Prepares
New Bid Round
For Mid-2015
Launch
28.November.2014
www.mees.com
egypt
COUNTRY
algeria
www.mees.com
saudi arabia
kuwait
Saudi Arabia, with current oil production capacity of 12.5mn b/d, has focused
more on gas exploration and production
as it completes its oil expansion plans.
The 900,000 b/d Manifa heavy oil field
the last of Saudi Aramcos greenfield
capacity expansion projects will reach
full capacity on schedule by end-2014.
The offshore field will provide feedstock to two refineries, the Satorp JV
refinery with Total, which is now operating
at its full 400,000 b/d capacity, and the
newly commissioned 400,000 b/d Yasref
JV refinery with Chinas Sinopec. Crude
runs began in late September, but the plant
is not expected to be fully online until well
into 2015. The source tells MEES that
commissioning will take six months.
Saudi Oil Minister Ali Naimi said in a
speech in Mexico in early November that
the kingdom has no intention of exporting gas or developing an LNG business,
despite plans to double gas production
capacity over the next decade. Saudi
Arabias conventional gas reserves are at
least 300 tcf: developing these is a fundamental part of Saudi Arabias longer-term
development and prosperity, he says.
Saudi Arabias gas development has
28.November.2014
SAUDI ARABIA/regional
3Q12
2012
1Q13
1H13
3Q13
2013
1Q14
1H14
3Q14
1H13
2013
1Q14
1H14
3Q14
Diesel/Gasoil
27.7
30.8
28.5
26.3
28.1
Gaoline
28.4
26.5
24.7
25.2
27.2
16.3
16.1
15.7
16.2
15.8
1,064.0
1,064.0
1,060.3
1,088.1
1,063.9
1,069.0
1,053.0
1,079.7
1,074.9
1,051.2
Japan
423.5
425.8
423.6
419.4
405.9
403.8
404.5
424.2
420.0
422.6
Jet-Kero
S Arabia
273.6
269.3
276.6
271.3
275.7
281.9
287.9
287.7
279.4
294.5
Fuel Oil
9.6
9.7
10.1
11.1
11.1
Germany
149.1
154.6
156.7
158.8
161.3
160.1
159.2
161.3
161.3
160.8
LPG
0.3
0.3
0.3
0.3
0.3
Korea
107.2
119.0
113.1
122.3
124.3
123.1
111.2
118.3
117.7
119.0
Other
3.7
4.3
3.6
4.5
5.0
Turkey^
34.2
35.1
34.0
33.8
35.5
35.8
34.7
34.4
34.4
34.3
Venezuela^
28.1
29.4
30.3
28.7
25.0
28.1
NA
29.0
NA
NA
300
166.0
Germany
129.0
122.0
124.9
125.5
121.8
120.1
123.4
121.6
123.8
120.7
Japan
90.5
110.2
99.6
99.5
101.8
114.2
104.3
94.9
96.9
115.1
France
103.9
105.8
103.5
104.7
106.4
105.3
103.6
108.9
107.6
110.2
78.4
82.8
82.7
80.7
86.0
85.6
87.6
82.9
83.6
87.6
Venezuela^
81.7
68.1
54.0
63.5
27.9
81.3
NA
84.5
NA
NA
Turkey^
28.2
28.5
28.2
28.4
29.2
27.7
27.8
28.7
28.5
28.5
1,723.5
1,631.8
1,660.0
1,664.0
1,653.2
1,671.1
1,685.0
1,630.7
1,615.7
1,663.3
Japan
514.0
536.0
523.2
518.9
507.6
518.0
508.9
519.0
516.9
537.7
S Arabia
352.0
352.1
359.3
351.9
361.6
367.5
375.6
370.5
362.9
382.2
Germany
278.1
276.6
281.5
284.4
283.2
280.3
282.6
282.9
285.1
281.5
Korea
164.3
184.0
176.8
187.1
189.4
188.6
177.7
187.3
179.8
187.2
Venezuela^
109.9
97.5
84.4
92.2
52.9
109.5
NA
113.5
NA
NA
62.4
63.5
62.2
62.2
64.6
63.5
62.4
63.1
62.9
62.8
Turkey^
*NO DATA FOR CHINA, RUSSIA, INDIA. ^TURKEY AND VENEZUELA ARE THE ONLY OPEC OR MENA COUNTRIES OTHER THAN SAUDI ARABIA IN THE
TOP 30. SOURCE: JODI.
250
200
150
100
50
3Q14
672.3
166.0
2013
588.4
165.5
2012
536.0
159.2
2011
577.6
NA
2010
616.0
145.4
2009
607.3
146.1
2008
565.1
111.0
2007
603.7
134.9
2006
596.0
100.8
2005
567.8
S Africa
2004
USA
2003
S Arabia
2002
USA
TRANSPORTATION
CHINESE RESERVE(S)
28.November.2014
www.mees.com
Stocks Special:
Saudi Strong, Chinese A Bit Less Reserved
28.November.2014
www.mees.com
regional
BUILDING BLOCKS
INNOVATION NEEDED
Mr Falih envisages a retrofit program including not only changes to the
SOURCE: GPCA.
2003
2005
2007
2009
2011
2013
36.1
44.1
54.4
73.0
83.1
91.5
Qatar
7.8
10.8
11.1
11.2
17.3
19.3
UAE
4.5
5.1
5.6
5.6
9.1
10.5
Saudi Arabia
Kuwait
4.9
4.9
5.0
6.0
8.5
8.6
Oman
0.0
2.8
3.6
7.3
9.0
9.1
Bahrain
1.4
1.4
1.4
1.4
1.5
1.5
54.7
69.3
81.1
104.5
128.5
140.5
Basic Chemicals
14.3
19.4
23.8
32.6
42.2
45.2
Polymers
6.5
9.0
12.1
17.6
21.3
24.1
Intermediates
7.4
9.8
12.0
18.6
20.7
21.7
Total
AND PRODUCT
12.8
14.1
15.4
16.6
19.8
21.2
Mainstream Fertilizers
7.7
10.4
10.9
11.7
16.6
19.3
Downstream Chemicals
4.5
4.7
5.0
5.5
5.8
6.5
Inorganic Chemicals
1.5
1.7
1.7
1.9
1.9
2.2
Specialties
0.0
0.0
0.0
0.0
0.3
0.4
regional/oman/uae
System
MW
Saudi Arabia
1,200
700
Kuwait
1,200
600
Unscheduled Traded
500
UAE
900
Qatar
750
Bahrain
600
200
Oman*
400
100
400
300
2010
2011
2012
2013
Kuwait
UAE
Qatar
Bahrain
Oman
Regulator
ECRA
No
Bureau
No
No
AER
Electricity Law
Yes
No
Yes
Yes
No
Yes
Yes
No
Yes
Yes
No
Yes
Structure*
PB
VI
SB
SB
SB
SB
Subsidies Issue
Yes
Yes
Yes
Yes
Yes
Yes
Authority To Trade
Need Permission
No
Yes
Yes
Yes
Yes
From Ministry
Not Ready
On Request
From QP
Not Ready
Fuel-Based
Power Offered
Not Declared
Not Declared
On Request
Full Capacity
On Request
Not Ready
Country
Huaneng Power
China
First Solar
US
NRG Energy
US
Fotowatio
Spain
SunEdison
US
Abengoa
Spain
EDF
France
ACWA Power
Saudi Arabia
Hareon
Bulgaria
Masdar
UAE
28.November.2014
www.mees.com
10
OPEC
IEA (NOV MOR) OPEC (NOV MOMR) OPEC Production (MEES est)
32.0
31.5
31.0
30.5
CURRENT 30MN B/D OUTPUT CEILING
30.0
29.5
29.0
28.5
28.0
27.5
27.0
26.5
1Q13
2Q13
3Q13
4Q13
1Q14
2Q14
3Q14
*4Q14
1Q15
2Q15
3Q15
4Q15
Saudi Arabia, which has built up a comfortable foreign currency cushion of some $800bn
during the past four years of stable $105-110/B
prices, can sustain lower prices for one year or
Continued on p11
28.November.2014
OPEC
11
28.November.2014
12
OPEC
Last week, Prime Minister Abd Allah
al-Thinni stepped up the sabre-rattling by
declaring that government forces had Tripoli
surrounded; this week, the prime minister
said the government was responsible for two
air strikes on Mitiga, Tripolis last operational
airport. National Salvation Government head
Umar Hasi responded by declaring that while
his side was open to talks, it was being forced
into a confrontation and war. In an interview
with the London-based Times a week earlier,
he had rejected any dialogue with the government, and admitted to Libya Dawn forces
fighting alongside Ansar al-Sharia, a group
designated a terrorist organization by the US
and the UN. Apart from the air strikes, fighting
between Zintani militia and Libya Dawn was
also reported in the town of Kikla near Tripoli.
In spite of Mr Hasis bellicose rhetoric,
Ms Gazzini believes that there is a willingness amongst Libya Dawn for talks with the
government. To bring the two sides to the
negotiating table, the Thinni government
must be dissuaded from pursuing a military
solution and the creating of parallel state
institutions, both of which could result in a
civil war and the breakup of the country.
The UN Security Council in a 26 November statement warned it is not afraid to
use sanctions against those who threaten
Libyas peace, stability or security or that
obstruct or undermine the successful
completion of its political transition.
The UN last year applied sanctions against
oil shipped out of Libyas eastern ports after a
separatist movement had taken control of the
export terminals. The standoff was resolved
when the separatists dropped their demands
and agreed to take part in the June elections.
They handed over the terminals, allowing for
a revival in Libyan production and exports.
The creation of parallel institutions and the
diversion of oil revenues were some of the key
aims of the separatists, led by Ibrahim al-Jathran, who commands several thousand former
oilfield guards. His separatist demands are
increasingly mirrored by the Baida government,
and it may be no coincidence that Mr Bou Seif is
from the same tribe as Mr Jathran. All this will
have alarmed the UN, which has made it clear
that it remains opposed to a fracturing of Libya.
The members of the Security Council
reaffirmed their strong commitment to the sovereignty, independence, territorial integrity and
national unity of Libya, it said in its statement.
OUTPUT SUBDUED
28.November.2014
iran
CONDENSATE BOOST
2.5
3.0
2.0
2.5
3.5
2.0
1.5
1.5
1.0
0.5
0.0
1.0
0.5
0.0
d
2009
2010
2011
2012
2013
2014*
geopolitical risk
28.November.2014
www.mees.com
13
corporate
www.mees.com
regional
MOROCCO
28.November.2014
INSURGENT INVESTOR?
14
OMAN
Oman is considering spending cuts as it looks to balance its budget for 2015 amid
falling oil prices and export revenue.
PRICE COLLAPSE
output steady,
exports edge lower
At 948,000 b/d for the first 10 months
of 2014, Omans oil (crude and condensate)
output is level with 2013. However, exports
at 805,000 b/d for January-September are
down 3% on 833,000 b/d for 2013, pressuring revenue further. China is Omans
dominant customer taking 560,000 b/d for
Q1-3 2013, up from 495,000 b/d for 2013.
Muscat is looking to increase nonhydrocarbons revenues, such as taxes
and customs duties, though potential
reforms will be tested for their economic
effects on society, Mr Balushi says.
28.November.2014
www.mees.com
15
28.November.2014
16
18
18
16
17
14
16
12
15
10
14
13
October
August
10
July
11
September
12
June
May
April
www.mees.com
qatar
2
0
2008
2009
2010
2011
2012
2013
2014*
Continued on p17
Egypt:
IMF Praise
28.November.2014
PRICING FORMULAS
www.mees.com
qatar egypt
COUNTRY
17
28.November.2014
www.mees.com
JORDAN
18
SAUDI ARABIA
Saudi Petchems
Firms Secure
Islamic Finance
Saudi Kayan and Advanced Petrochemicals have both completed
Islamic financing deals. Saudi Kayan,
whose end-3Q14 market cap was
SR25bn ($6.67bn), has secured
two loans worth almost SR2.63bn
($700mn) combined. Advanced,
with an end-3Q14 capitalization
of SR9.8bn ($2.61bn), has completed a SR1bn ($$267mn) sukuk.
Petrochemicals and chemicals
producer Saudi Kayan, an affiliate
of state-owned giant Sabic (see
p8), has announced the completion
of two sharia-compliant Murabaha
loans with Saudi financial outfits: for
SR1.5bn ($400mn) for up to 15 years
with National Commercial Bank and
for $1.125bn ($300mn) for up to 10
years with Samba Financial Group.
Saudi Kayan says the loans
will increase the firms working
capital. Among funding requirements will be Saudi Kayans share in
Saudi Butanol Company (Sabuco),
a joint venture with Sadara and
Saudi Acrylic Acid Company (SAAC)
which is building the worlds largest
butanol plant with capacity for
330,000 tons/year of n-butanol and
11,000 t/y of iso-butanol for 2015
completion (MEES, 12 July 2013).
On completing its first sukuk,
polypropylene producer Advanced
said the total order book reached
SR2.43bn ($650mn) and that the
issue was made on a floating rate
basis with a term of five years to
be distributed semiannually. The
company has not decided how much
of the oversubscription will be taken
up, but says the issue will provide
funding for general corporate purposes to achieve its strategic plans.
Advanced is planning to expand
at home and abroad. It is debottlenecking its polypropylene plant at
Jubail to raise capacity from 450,000
t/y to 530,000 t/y and is paying
around $1bn for 35% of a 600,000
t/y propane dehydrogenation plant
LPG supplier SK Gas is building
in Korea (MEES, 17 October).
selected data
*Oct-14
Sep-14
3Q14
2Q14
1Q14
1-3Q14
vs2013
vs2012
2013
2012
2011
2010
2009
7,329
7,293
7,508
7,534
7,255
7,349
7,380
-347
-1148
7,726
8,528
8,929
9,212
9,015
from OPEC
2,695
2,454
2,899
3,085
3,198
3,165
3,149
-344
-882
3,493
4,031
4,209
4,553
4,355
36.8
33.7
38.6
40.9
44.0
43.1
42.7
-2.5
-4.6
45.2
47.3
47.1
49.4
48.3
16
-21
-112
29
120
178
328
281
140
91
126
-76
-96
202
222
335
383
448
% of crude imports
Key OPEC Suppliers: Algeria
Angola
122
158
183
149
Ecuador
170
273
305
275
172
188
212
-16
+35
228
177
203
210
181
Iraq
474
195
350
463
400
277
380
+39
-96
341
476
459
415
449
Kuwait
132
322
237
292
344
389
341
+15
+38
326
303
191
195
180
Nigeria
24
34
32
12
109
62
61
-178
-345
239
406
767
983
776
938
847
1,004
1043
1273
1446
1254
-71
-107
1,325
1,361
1,186
1,082
980
12.8
11.6
13.4
13.8
17.6
19.7
17.0
-0.2
+1.0
17.1
16.0
13.3
11.7
10.9
Saudi Arabia
% of crude imports
Venezuela
By region: MENA**
MENA %
836
625
756
804
733
714
750
-5
-162
755
912
868
912
951
1,543
1,364
1,622
1,845
2,048
2,114
2,003
-73
-353
2,076
2,356
2,089
2,086
2,041
21.1
18.7
AMERICAS**
Americas** %
Canada
2,711
2,881
Mexico
770
832
21.6
24
28
29
27
+0.3
-0.5
26.9
27.6
23.4
22.6
22.6
5,479
5,276
4,798
4,954
5,009
+89
-145
4,920
5,154
5,117
4,945
4,844
73.0
70.1
66.2
67.4
67.9
+4.2
+7.4
63.7
60.4
57.3
53.7
53.7
3,129
2962
2753
2718
2811
+242
+386
2,569
2,425
2,225
1,970
1,943
816
755
725
857
779
-71
-196
850
975
1102
1152
1092
310
271
325
204
267
-302
-536
569
803
1316
1619
1556
EUROPE/EURASIA
24
79
47
50
59
-55
-111
114
170
355
487
483
ASIA/OCEANIA
43
49
38
28
38
-4
-7
42
45
58
75
88
1,644
1777
2004
1870
1884
-244
-187
2128
2071
2501
2579
2679
AFRICA (sub-Saharan)**
PRODUCTS/NGL IMPORTS
Canada
412
456
471
567
498
-65
-24
563
521
505
565
537
OPEC
316
277
213
199
229
+3
-10
227
240
347
354
422
of which: Algeria
185
140
90
80
103
+17
-19
86
122
181
182
213
Venezuela
TOTAL OIL IMPORTS
OPEC
OPEC %
Gulf
Gulf %
Saudi Arabia
Saudi %
EXPORTS
67
60
58
41
53
+2
+6
51
47
83
76
112
9,152
9311
9260
9219
9263
-591
-1335
9854
10598
11431
11791
11694
3,215
3,362
3,411
3,364
3,379
-337
-892
3,716
4,271
4,555
4,906
4,778
35.1
36.1
36.8
36.5
36.5
-1.2
-3.8
37.7
40.3
39.8
41.6
40.8
1,644
1,856
2,048
2,159
2,021
+13
-135
2,008
2,156
1,859
1,712
1,691
18.0
19.9
22.1
23.4
21.8
+1.4
+1.5
20.4
20.3
16.3
14.5
14.4
1,004
1043
1288
1457
1263
-64
-103
1327
1366
1194
1095
1005
11.0
11.2
13.8
15.8
13.6
+0.1
+0.7
13.5
12.9
10.5
9.3
8.6
2,022
3,962
4,325
4,081
3,830
4,079
+460
+874
3,619
3,204
2,983
2,351
Crude
349
380
317
244
314
+179
+246
134
67
47
42
44
Products/NGLs
3,613
3,945
3,764
3,586
3,765
+281
628
3,484
3,137
2,937
2,309
1,979
9,672
5,190
4,986
5,179
5,389
5,185
-1051
-2209
6,236
7,394
8,447
9,440
% of oil demand
27.3
26.0
27.7
28.6
27.5
-5.4
-12.5
32.9
40.0
44.7
49.2
51.5
Crude
7,159
7,154
6,938
7,106
7,066
-526
-1394
7,592
8,460
8,882
9,170
8,971
Products/NGLs
-1,969
-979
-375
-544
-633
-774
-992
141
360
1,171
1,800
2,308
2,971
3,080
3,141
3,195
3,139
-340
-954
3,479
4,093
4,428
4,788
4,678
Saudi Arabia
995
1,040
1,287
1,451
1,259
-65
-105
1,325
1,365
1,193
1,095
1,004
Venezuela
742
775
716
713
735
+11
-140
724
874
919
968
1,037
Iraq
350
463
400
276
380
+38
-95
342
475
458
417
451
Kuwait
245
294
344
394
344
+18
+40
327
304
191
197
183
2,256
OPEC Net
Canada
US PETROLEUM OUTPUT
Crude oil
NGLs
9,048
2,783
2,571
2,466
2,579
2,539
-56
+8
2,595
2,531
2,379
2,302
12,049
11,989
11,828
11,488
10,766
11,360
+1315
+2456
10,045
8,904
7,858
7,557
7,259
8,949
8864
8,737
8,540
8,060
8,446
+1006
+1950
7,440
6,496
5,643
5,483
5,349
3100
3125
3,091
2,948
2,705
2,915
+310
+507
2,605
2,408
2,215
2,074
1,910
13,033
12,883
12,551
11,778
12,404
+1355
+2534
11,049
9,871
8,871
8,461
8,016
Ethanol
919
931
941
909
927
+61
+67
867
860
909
867
713
Biodiesel
88
90
78
68
79
-10
+14
89
64
63
na
na
MTBE
37
35
44
35
38
-11
-4
49
42
42
37
44
19,039
19,160
18,711
18,814
18,895
-65
+404
18,959
18,490
18,882
19,178
18,771
19,200
*PRELIMINARY BASED ON WEEKLY DATA. OPEC AND GULF TOTALS EXCLUDE UAE (18,000 B/D FOR JAN-SEP 2014) **INC OPEC MEMBERS. SOURCE: EIA, MEES CALCULATIONS.
19
28.November.2014
selected data
benchmark crude prices ($/b)
27-Nov
17-21 Nov
10-14 Nov
Oct-14
Sep-14
Q3 2014
Q2 2014
2013
2012
2011
WTI
69.02
75.44
76.51
84.33
93.13
97.25
103.00
98.03
94.18
95.07
ICE Brent
72.58
79.11
80.34
88.05
98.57
103.41
109.76
108.69
111.70
110.90
DME Oman
74.21
76.90
79.06
86.96
97.12
101.93
106.23
105.47
109.30
106.68
ICE Dubai
70.87
77.17
78.34
86.73
97.15
101.75
106.30
105.49
109.44
106.45
OPEC Basket
70.80
74.35
76.37
85.07
95.98
100.88
105.86
105.89
109.44
107.46
na
na
na
na
106.21
109.46
109.54
110.38
114.77
109.10
JCC
110
100
90
80
70
mar-14
apr-14
may-14
jun-14
jul-14
aug-14
sep-14
nov-14
oct-14
OPEC CANADA
% AMERICAS % OPEC
80
70
5
60
4
50
40
30
2
20
*Q414
3Q14
2Q14
1Q14
1
10
1985 86 87 88 89 90 91 92 93 94 95 96 97 98 99 00 01 02 03 04 05 06 07 08 09 10 11 12 13
Dr.Saleh S Jallad
sjallad@mees.com
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jcockayne@mees.com
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20
28.November.2014