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1.34 MB
Extraction Summary
1
People
4
Organizations
8
Locations
2
Events
1
Relationships
4
Quotes
Document Information
Type:
Financial research report / market analysis
File Size:
1.34 MB
Summary
This document is page 72 of a BofA Merrill Lynch research report (GEMs Paper #26) dated June 30, 2016. It provides a financial and statistical analysis of Saudi Arabia's oil refining assets, export volumes, and the 'National Transformation Plan' (NTP) regarding natural gas expansion. The document contains charts detailing export regions and product slates, but contains no direct mention of Jeffrey Epstein, his associates, or personal financial transactions; it appears to be part of a larger document dump (likely banking records) provided to the House Oversight Committee.
People (1)
| Name | Role | Context |
|---|---|---|
| Minister of Energy, Industry and Mineral Resources | Government Official (Saudi Arabia) |
Cited regarding natural gas production targets and energy mix statistics.
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Organizations (4)
| Name | Type | Context |
|---|---|---|
| BofA Merrill Lynch |
Financial institution producing the research report (Global Research).
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| Saudi Aramco |
Source for refining asset data.
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| Ministry of Energy, Industry and Mineral Resources |
Source for export volume data and policy statements.
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| House Oversight Committee |
Implied by the Bates stamp 'HOUSE_OVERSIGHT_016182' at the bottom right.
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Timeline (2 events)
Locations (8)
| Location | Context |
|---|---|
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Primary focus of the economic analysis.
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Main destination for oil product exports.
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Main destination for oil product exports.
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Export destination.
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Export destination.
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Export destination (minor).
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Export destination (minor).
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Export destination (minor).
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Relationships (1)
BofA Merrill Lynch uses Saudi Aramco data for Charts 59 and 60.
Key Quotes (4)
"Exports are geared towards Asia and Far East"Source
HOUSE_OVERSIGHT_016182.jpg
Quote #1
"The NTP also focuses on expanding natural gas production."Source
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Quote #2
"The government aims to grow the existing production by 48%, largely through non-traditional routes."Source
HOUSE_OVERSIGHT_016182.jpg
Quote #3
"We consider this as an interesting development as importing LNG into Saudi costs the same as producing it internally through non-traditional routes, in our view."Source
HOUSE_OVERSIGHT_016182.jpg
Quote #4
Full Extracted Text
Complete text extracted from the document (2,511 characters)
Chart 59: Saudi government refining assets (effective stake in k bpd)
1,006
2,464
914
2,464
914
■ Domestic fully owned ■ Share in domestic JVs
■ Share in JVs overseas
■ Share in JVs overseas
Source: Saudi Aramco, BofA Merrill Lynch Global Research
Chart 60: Saudi refining breakdown per region (effective stake)
23%
56%
21%
56%
21%
■ Domestic fully owned ■ Share in domestic JVs
■ Share in JVs overseas
■ Share in JVs overseas
Source: Saudi Aramco, BofA Merrill Lynch Global Research
Exports are geared towards Asia and Far East
Saudi Arabia exported c.1mbpd of oil products in 2014, mainly to Asia and the Far East (56%), other Middle Eastern countries (19%) and Western Europe (12%).
Saudi Arabia exported c.1mbpd of oil products in 2014, mainly to Asia and the Far East (56%), other Middle Eastern countries (19%) and Western Europe (12%).
Chart 61: Oil product export volumes split per region in 2014
1% 1%
11%
19%
56%
12%
11%
19%
56%
12%
■ North America ■ South America ■ Western Europe
■ Middle East ■ Middle Africa ■ Asia and Far East
■ Middle East ■ Middle Africa ■ Asia and Far East
Source: Ministry of Energy, Industry and Mineral Resources.
Chart 62: Saudi Arabia oil product slate in 2014
20.1 13.0 44.0
121.2
115.6
203.4
43.7
121.2
115.6
203.4
43.7
■ LPG ■ Naphtha ■ Gasoline ■ Jet Fuel
■ Diesel ■ Fuel oil ■ Asphalt
■ Diesel ■ Fuel oil ■ Asphalt
Source: Company data, BofA Merrill Lynch Global Research
Ambitious natural gas expansion
The NTP also focuses on expanding natural gas production. The government aims to grow the existing production by 48%, largely through non-traditional routes. According to the minister of Energy, Industry and Mineral Resources, natural gas accounts for 50% of energy production and the target is to increase this to 70% by 2020 through expanding local production or importing if necessary. The government's priority will be to explore the option of local production, although imports were, for the first time, not excluded. We consider this as an interesting development as importing LNG into Saudi costs the same as producing it internally through non-traditional routes, in our view. The Saudi statement acknowledges that Saudi Arabia is willing to be open to the possibility should imports provide a more economic means for this purpose.
The NTP also focuses on expanding natural gas production. The government aims to grow the existing production by 48%, largely through non-traditional routes. According to the minister of Energy, Industry and Mineral Resources, natural gas accounts for 50% of energy production and the target is to increase this to 70% by 2020 through expanding local production or importing if necessary. The government's priority will be to explore the option of local production, although imports were, for the first time, not excluded. We consider this as an interesting development as importing LNG into Saudi costs the same as producing it internally through non-traditional routes, in our view. The Saudi statement acknowledges that Saudi Arabia is willing to be open to the possibility should imports provide a more economic means for this purpose.
Table 28: National Transformation Plan objectives in the petrochemicals, oil, and refining sectors
Base line Target 2020 Regional benchmark Global benchmark
Oil production capacity (mn bbls/day) 12.5 12.5 3.8 11
Dry gas production capacity (bn scf per day) 12 17.8 5.7 16
Refining capacity 2.9 3.3 1.1 1.9
memo:
Initiative cost to the government (total SAR491mn or US$131mn):
Energy SAR216mn
Oil & Gas SAR200mn
Gas network SAR75mn
Oil production capacity (mn bbls/day) 12.5 12.5 3.8 11
Dry gas production capacity (bn scf per day) 12 17.8 5.7 16
Refining capacity 2.9 3.3 1.1 1.9
memo:
Initiative cost to the government (total SAR491mn or US$131mn):
Energy SAR216mn
Oil & Gas SAR200mn
Gas network SAR75mn
Source: Saudi National Transformation Plan
72 GEMs Paper #26 | 30 June 2016
Merrill Lynch
HOUSE_OVERSIGHT_016182
Merrill Lynch
HOUSE_OVERSIGHT_016182
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