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Friday, 6 July 2012

gulfnews : Gulf carriers become environment-conscious

Dubai Gulf airlines have recently began taking carbon emissions and environmental issues more seriously than before, amid rising international pressure.
From this year, all airlines are being charged for carbon emission on flights to and from and within the European Union (EU) under its controversial Emissions Trading System (ETS). This covers passenger, cargo and non-commercial flights. A failure to comply with the ETS might cost Gulf carriers hundreds of millions of dollars in fees and penalties – a move that has come under serious attack from the global airline community.
As an oil-producing region, the Middle East has long been considered a net emitter of carbon. However, a latest Deloitte whitepaper indicates that this perception now appears to be changing as the region takes steps to embrace green initiatives, including the airlines.

Gulf Times – Moody’s assigns provisional rating to Qatar Islamic bond

Global credit rating agency Moody’s has assigned a provisional long-term ‘(P)Aa2’ rating to Qatar’s global Islamic bond (sukuk).
The agency assigned the provisional rating to the proposed US dollar trust certificates to be issued by ‘SoQ Sukuk’ (State of Qatar Sukuk).
The payment obligations associated with these certificates are direct obligations of Qatar, it said, adding the outlook is “stable”.

Serious Fraud Office to probe rate-fixing scandal - Yahoo! News Maktoob

Britain's Serious Fraud Office said Friday it would formally investigate a bank rate-fixing scandal which has led to the resignation of three top Barclays executives.
"The SFO director David Green QC has today decided formally to accept the Libor matter for investigation," the independent government department said in a statement.
Libor (London Interbank Offered Rate), the rate at which banks lend to one another, is a flagship London instrument used as an interest benchmark throughout the world.

Qatar, Qantas Considering Code-Share Link

Qatar Airways CEO Akbar Al Baker says his carrier talking to Qantas about a code-share partnership, although the Australian carrier is refusing to comment on the subject.

Al Baker says further talks between the airlines are scheduled, and that an agreement between the carriers would allow Qatar greater access to Australian domestic markets, and extend Qantas’s reach into Europe.

Al Baker’s comments to media were made while the executive was in Perth, Australia, to observe Qatar’s first flight to that city from Doha. Qatar also operates daily flights to Melbourne.

BP Left Out of Abu Dhabi Bidding, Petroleum Intelligence Says - Bloomberg

BP Plc (BP), the oil producer that’s selling assets to help pay for the 2010 Gulf of Mexico spill, has been excluded from companies allowed to bid for Abu Dhabi National Oil Co.’s onshore oil fields, Petroleum Intelligence Weekly reported, citing unnamed people.
Abu Dhabi Co. for Onshore Oil Operations, a concession that’s expiring in 2014 and of which London-based BP is a partner, is spinning off the onshore fields, the weekly publication said in its July 9 issue.
Companies including Exxon Mobil Corp. (XOM), Total SA (FP) and Royal Dutch Shell Plc (RDSA) received the three-page invitations to prequalify to bid on the fields, the publication said.

Markaz repays $100m bonds on specified maturity dateFinancial Services - Zawya

Kuwait Financial Centre " Markaz " announced that it has repaid all of its $100 million bonds issued in July 2007 on the specified maturity date which is July 5th, 2012.

Markaz issued these five-year bonds in 2007 with a Floating Rate Notes of 110 basis points over LIBOR paid quarterly. With this issue, Markaz was the first non-UAE company to list a conventional bond on Dubai International Financial Exchange (DIFX).

Manaf Alhajeri, Markaz Chief Executive Officer said: " Markaz 's ability to timely honor its financial obligations despite the credit complications in the regional and global investment climate is a testament of the company's strong financial position. This is due to the company's compliance with prudent fiscal policies that maintained sufficient liquidity levels yielding the proper balance of asset and liability maturities. In addition, Markaz 's dynamic and well-researched investment strategy has enabled the company to pinpoint rewarding investment opportunities. All of that plus the sound governance system adopted by Markaz have enabled the company to sustain a credit rating of BBB."

After Motiva glitch, no let-up yet in Saudi-U.S. oil sales | Reuters

Saudi Arabia maintained crude oil shipments to the United States in June near their highest level since 2008, data showed, despite a serious glitch that has crippled its newly expanded joint-venture refinery in Texas.

In the four weeks to June 29, the United States imported an estimated 1.44 million barrels per day (bpd) of Saudi crude, according to calculations based on preliminary Energy Information Administration (EIA) data. That was steady with the 1.45 million bpd imported in the first four months of the year.

The data runs counter to expectations that the one-third surge in Saudi shipments to the United States this year would abruptly slow after Motiva Enterprises shut its new crude unit (CDU) at the Port Arthur, Texas, refinery for up to a year after an apparent chemical leak corroded key pipes.