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Monday, 29 August 2011

Exclusive: Big oil companies may have to give up Iraq gas - Maktoob News

Many of the world's biggest energy companies may have to surrender most of the gas from Iraq's vast southern oilfields to a processing and export project led by Shell, a final draft contract between Baghdad and Europe's biggest company, obtained by Reuters, shows.

Oil giants including Royal Dutch Shell , BP , U.S.-based Exxon , China's CNPC, and Italy's Eni signed technical service contracts to develop three oilfields in southern Iraq in 2009-2010.

But the oil deals to develop the Zubair, Rumaila and West Qurna 1 fields near Basra oblige the big oil contractors to surrender the gas they do not use for reinjection or power generation to Iraq's state-run South Gas Co (SGC).

gulfnews : Nakheel delays listing of sukuk on Nasdaq Dubai

Property developer Nakheel has yet to list the first tranche of its Dh4.8 billion Islamic bond, or sukuk, on the Nasdaq Dubai after issuing it to trade creditors late last week

"The sukuk will be listed once it is practical," a Nakheel spokesperson said Monday, without providing any further information or a date on when it would be listed.

Nakheel said on Thursday that it had started issuing the first tranche worth Dh3.8 billion under its sukuk to trade creditors, a day after the property developer announced that it had completed its Dh59 billion debt restructuring plan.

Qatar National Bank plans $7.5 bln bond programme

Qatar National Bank , the Gulf Arab state's largest lender, set up a $7.5 billion euro medium term note (EMTN) programme to fund its banking operations, the company said in a statement on Monday.

QNB said it has appointed Barclays , HSBC and QNB Capital as arrangers for the bond programme but did not indicate if the lender had any plans to issue debt in the near future. QNB last issued a five-year $1.5 billion with a coupon of 3.125 percent in November.

The lender is 50-percent owned by sovereign wealth fund Qatar Investment Authority and has been expanding abroad, with operations in Syria, Jordan, the United Arab Emirates and Switzerland.

Eid mubarak to all readers


MENA stock markets close - August 29, 2011

ExchangeStatus IndexChange
TASI (Saudi Stock Market)
5979.30.99%
DFM (Dubai Financial Market)
1492.441.22%
ADX (Abudhabi Securities Exchange)
2616.020.54%
KSE (Kuwait Stock Exchange)
5791.30.07%
BSE (Bahrain Stock Exchange)
1258.25-0.22%
MSM (Muscat Securities Market)
5767.351.14%
QE (Qatar Exchange)
8351.770.75%
LSE (Beirut Stock Exchange)
1280.36-0.37%
EGX 30 (Egypt Exchange)
4639.64-0.16%
ASE (Amman Stock Exchange)
2036.430.11%
TUNINDEX (Tunisia Stock Exchange)
4500.450.36%
CB (Casablanca Stock Exchange)
11413.40.73%
PSE (Palestine Securities Exchange)
491.030.91%

Turkish Airlines Stock Falls After Second-Quarter Loss Is Double Estimates - Bloomberg

Turk Hava Yollari (THYAO) AO, the carrier known as Turkish Airlines, declined in Istanbul after losses in the second quarter, driven by higher leasing costs, were more than double estimates.

Turkish Airlines fell as much as 2.5 percent to 2.35 liras, the lowest intraday level in a week. The share dropped 2 kurus, or 0.8 percent, to 2.39 liras at the 12:30 p.m. close of trading, extending losses this year to 47 percent.

“The bottom line remained significantly below expectations as a result of massive foreign exchange losses from financial leases,” Is Invest, Turkey’s biggest broker, said in an e- mailed report today.

gulfnews : Nasdaq Dubai to migrate Dubai Gold Securities trading to DFM

NASDAQ Dubai said Monday that it intends to migrate the trading of Dubai Gold Securities (DGS) to the DFM X-Stream Trading Platform.

“Clearing, Settlement and Custody of Dubai Gold Securities is not a part of this migration. Gold trades will continue to be cleared and settled on NASDAQ Dubai through the TCS Bancs system,” the exchange said in a statement posted on its website yesterday

NASDAQ Dubai statement said it has received no-objection from its regulator for the migration and intends to go-Live with the changeover to DFM’s trading platform around mid-September 2011. The bourse urged its members to prepare for this migration.

Dubai, Abu Dhabi markets go into Eid break on a high - Emirates 24/7

Dubai's index gained 1.2 percent, its highest close since Aug. 4. but volumes remained low.

Retail-driven stocks were among the most active, with Emaar Properties rising 1.8 percent, Drake & Scull advancing 1.3 percent and low-cost carrier Air Arabia adding 1.3 percent.

Meanwhile Abu Dhabi's benchmark ended on a near four-week high, closing 0.5 percent up. Dana Gas and Aldar Properties accounted for half of the total shares traded on the index, gaining 1.8 and 2.5 percent respectively.

Why Islamic bonds don’t sukuk | beyondbrics – FT.com

Islamic financial products may not be an obvious first port of call for investors in troubled times. But sukuk – or ‘Islamic bonds’ – are witnessing sustained demand despite the political upheavals of the Arab Spring-turned-summer and the recent volatility that has hit the global markets.

“We’ve seen a good pick up in activity in the past months and notably, at the height of market volatility”, Mohammed Dawood, head of Islamic capital markets at HSBC, told beyondbrics.

Last month, Malaysia, the world’s largest issuer of sukuk, announced a $2bn global sukuk offering – the largest Islamic bond offering since December 2007 – while the First Gulf Bank in Abu Dhabi saw the $650m sukuk it issued earlier this month oversubscribed six times.

Guest post: re-inventing Libya’s economy | beyondbrics – FT.com

As the search for Brother Leader continues, acquisitive minds have turned to the potential of post-Qaddafi Libya.

Learning from the mistakes of previous conflicts, and with significant resources and a clean bureaucratic slate, the stage is set for what is likely to be an intriguing experiment in hydrocarbon-fuelled capitalism. This will create significant opportunities for foreign investors, particularly those who exercise caution.

The immediate necessity in Libya is a stabilisation of the security situation. While it is uncertain how long this might take, the decision not to pursue an Iraqi-style “de-Baathification” should speed up a resolution.

Satrop to issue Islamic Bond for new refinery in Saudi Arabia - Energy Business Review

Saudi Aramco Total Refining and Petrochemical (Satrop) has selected three banks to arrange for its Islamic bond, that will help to finance the construction of a large refinery complex at Jubail on the Persian Gulf coast, Saudi Arabia.

The company has selected Deutsche Securities Saudi Arabia, Samba Capital and Saudi Fransi Capital as joint lead managers and joint book runners for the bond and has secured an approval for the offering.

The company proposes to construct a refinery worth $10bn and is capable or refining about 400,000 barrel-a-day export refinery.

What to do with $550bn? Just keep investing - The National

Once the oil started gushing on Christmas Eve 1969, the money started rolling in. Rather than just handing out cigars and Cadillacs to the population, subsequent governments decided to put in place a pension fund that would save the country's oil wealth for future generations. Mr Grande is one of those charged with making the money work.

The fund invests all revenues from petroleum-related activities and reinvests all the dividends. It is now worth US$550 billion (Dh2.02 trillion), close to one year's GDP and projected to grow to $1tn over the next 10 years. The fund owns 1 per cent of the world's listed companies, and has offices in London, New York, Singapore and Shanghai.

The National caught up with Mr Grande in his offices in the country's central bank, in a quiet but pleasant part of Oslo.

Bold vision shown as others run blindly - The National

It takes courage to stake millions of dollars on a broken economy.

In Egypt and Tunisia, revolutions have cut growth forecasts to near 1 per cent this year. Executives and foreign investors connected to former regimes are being hauled into court.

Interim governments are scrambling to unravel decades of corruption and struggling to contend with rotten bureaucracies.

Mena IPOs down 51.67% in Q2 this year - Emirates 24/7

According to Ernst & Young's quarter two 2011 Mena IPO Update, regional capital markets raised $374.77 million in the second quarter of 2011, down 51.67 per cent from the $775.40m raised during the same period in 2010.

However, this is still an improvement from the lows of $24.14m raised in the previous quarter, Q1 2011.

A total of $398.91m has been raised in the regional capital markets in the first six months this year compared to $1,203m in the first half of 2010, a decline of 66.84 per cent.