Every indexed document

but we note that the plan aims to reach full

electricity sourced from SWCC and fees owed to municipalities) instead of

SEC would start paying its current payables (fuel sourced

especially in regards to SEC’s capital structure and

largely through non-traditional routes. According

other Middle Eastern countries (19%) and Western Europe (12%).

whilst Shell is looking to reduce them).

but also downstream petrochemical conversion. In the cities of

this expansion into petrochemicals should further support

downstream integration at its many refineries

while higher electricity and water charges would not.

BofA Merrill Lynch Global Research. US spot refers to natural gas prices of US$2.6/mn BTU. The US$2.5bn feedstock

in our view. An alternative scenario would to mark

but maintain them for feedstock prices as intensive natural gas

while imports could be a better alternative which authorities now

the government sees it as a mechanism to create

providing more specialisation. We can see the advantages of the specialised

which seems to be fading with the recent reduction of subsidies.

the timing of when there projects come online and how it

the government has spent close to US$21bn