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Tuesday, 28 August 2012

Abu Dhabi said to plan $800m bond sale by power unit |

Abu Dhabi’s state utilities and their partners in a power plant in the emirate will sell about $800 million (Dh2.94 billion) in bonds to refinance the facility in the next quarter, two bankers with knowledge of the matter said.
Abu Dhabi National Energy Co. (Taqa) and its partners in the Shuweihat S2 plant are planning to raise cash through a project bond in October, the bankers said, asking not to be identified because the information is confidential. The cash will be used to refinance existing bank loans, and revenue from the plant will provide money to repay the bond, the bankers said. Taqa declined to comment.
Taqa and partners including GDF Suez SA and Marubeni Corp will refinance construction loans that were arranged in 2009 during the global financial crisis when borrowing rates were higher than today, the bankers said. Shuweihat S2, a natural-gas-fired facility capable of generating 1,510 megawatts of power and desalinating water, began operating in the second quarter of 2011.

REFILE-Shell ramps up Qatari gas-to-diesel money machine | Reuters

A Qatari project that has been a drain on Royal Dutch Shell's capital since 2003 is on the verge of turning into a unique asset that will produce billions of dollars a year in cash for the next 25 years.

Shell shareholders in 2013 should see significant benefits from Pearl GTL, a gas-to-liquids fuel project which until now has been notorious for a development cost overrun to $18-$19 billion from the original $5 billion and which is still late for its mid-2012 date for full production.

Shell says both Pearl's trains have now operated at between 90 and 100 percent of design rates, and even though maintenance issues have run into the third quarter and kept them from working together at full capacity, that moment now could be just around the corner.

Oman invites foreign firms to bid for six oil blocks

Oman has invited foreign oil companies to bid for exploration and development rights in six oil blocks around the country, the oil ministry said on Tuesday, as it pushes to raise production to 1 million barrels per day.

“Two blocks will be awarded next month and the other four will be evaluated in the coming months,” a ministry of oil and gas official told Reuters, declining to be named under briefing rules.

The total area of the blocks being awarded is around 12,000 square kilometers, the official added, declining to reveal the names of the firms bidding.

UAE to boost oil production capacity to 3 million bpd in 2012 -

The United Arab Emirates (UAE) is on track to expand its crude oil production capacity to 3 million barrels per day (bpd) by the end of the year, two industry sources said on Tuesday.

The UAE, one of the world's top oil exporters, increased its production capacity from 2.7 million bpd to around 2.8 million bpd earlier this year and expects to add another 200,000 bpd of capacity over the next few months.

"Oil production capacity in the UAE should reach 3 million bpd by the end of this year, and already the current capacity is around 2.8 million bpd," said an industry source familiar with the projects.

Egyptian Chronicles: Morsi in China - tks @zeinobia

President Mohamed Morsi started his visit to China today where he was received officially by Chinese president Hu Jintao in Beijing earlier today. This is the third foreign visit for Morsi after his visit to Saudi Arabia and Ethiopia since he was elected as the President of Egypt.

MIDEAST STOCKS-Kuwait rallies as volumes pick up; Gulf mkts dip - Yahoo! News Maktoob

Kuwait's bourse rallied on Tuesday and volumes spiked to their highest in nearly four months as retail investor confidence returned, while profit-taking weighed on most other Gulf bourses.
Kuwait's measure finished 0.9 percent higher, rising for an eighth session in the last nine.
Buying momentum has returned but mainly in smaller caps, as retail traders shelve political woes and sentiment improves after nearly all companies report quarterly earnings by the August 16 deadline.

Guest post: foreign investors stand back as locals boost Cairo stocks | beyondbrics

The international jury may still be undecided on the development of Egyptian politics and economics, but local investors have already handed down their verdict of enthusiastic support. The Cairo Stock Exchange has been one of the stellar performers this year with a gain of almost 45 per cent.

“This market rebound after a sharp drop in 2011 is driven primarily by local retail investors. The foreigners have not yet returned, and many of the high profile, rich Egyptians have moved their money out of the country,” said Khaled Abdel Majeed, chairman of the Middle East hedge fund manager Mena Capital.

“In many ways this is a relief rally driven by politics. Investors are relieved that a major confrontation between the new government and the military has been avoided. We were short Egypt for quite a while, but now we are long the market,” Abdel Majeed said.

Dubai court approves Drydocks $2.2 bln debt plan - Yahoo! News Maktoob

A special court in Dubai on Tuesday formally approved the $2.2 billion restructuring of shipbuilding unit Drydocks World, thereby making the complex debt deal effective.
Creditors holding more than 97.8 percent of the debt had agreed to the deal at a meeting held in July. The firm had said it would seek sanction of the approvals from the Dubai World Tribunal at a hearing on August 28.
"The sanctioning of the Company Voluntary Arrangements concludes the formal approval of Drydocks World Dubai's debt restructuring proposals," Drydocks said in a statement following the hearing.

STOCKS NEWS MIDEAST-Kuwait extends rally on high volumes; UAE mkts slip - Yahoo! News Maktoob

Kuwait's bourse rallies and volumes spike to their highest in nearly four months as retail investors return, while profit-taking weighs on UAE and Qatar bourses.
Kuwait's measure finishes 0.9 percent higher at 5,839 points, up for an eighth session in last nine.
Buying momentum has returned but mainly in smaller caps, as retail traders shelve political woes and almost all companies report quarterly earnings before the August 16 deadline.
"The smaller stocks continue to dominate the market - you have inter-funds buying stocks again," says Fouad Darwish, head of brokerage at Global Investment House. "People were waiting and minimizing risk due to fears of suspension on stocks but after the deadline when almost every single company reported their financials, it gave a huge boost to the market."

EMERGING MARKETS-Stability hopes push up Cairo stock market - Yahoo! News Maktoob

Emerging equities slipped to three-week lows on Tuesday, pressured by global growth worries and uncertainly over central bank action, but in Egypt hopes for political stability boosted the Cairo stock index to the highest
in 5-1/2 weeks.
MSCI's emerging equity index eased 0.2 percent after losing 0.5 percent on Monday when London was shut.
Chinese shares which comprise a fifth of the index rebounded almost 1 percent off 3-1/2 year lows hit on Monday after Premier Wen Jiabao pledged steps to stabilise exports but did not mention "formal" policy easing..
This was seen by some as diminishing the chances of Beijing cutting bank reserve requirements or interest rates.

Raymond J. Learsy: Qatar-Investing Throughout the World With Oil/Gas Money and Vision

The full page article in the Financial Times was a about a financial behemoth derailing what had many thought was a done deal ("Defiance marks Qatari coming of Age"08.26.12),namely the attempted takeover of the huge London listed mining enterprise, Xstrata, by the world's largest commodities trader, Glencore. The article went on to touch upon the vast investments of Qatar Holding, offshoot of Qatar's Sovereign Wealth Fund. It is breathtaking in its diversity and reach.

STOCKS NEWS MIDEAST-Dubai extends dip; Gulf trading lackluster - Yahoo! News Maktoob

Dubai's measure slips for a third session asinvestors book recent gains and trading volumes momentum picks up, while most other Gulf markets trade flat.
Dubai's index sheds 0.3 percent to 1,554 points, trimming year-to-date gains to 14.8 percent.
Some property stocks are lower with bellwether Emaar Properties down 0.3 percent and Deyaar Development
easing 1.1 percent.

Dubai trade surges to Dh600b |

Dubai’s non-oil foreign trade swelled by 12 per cent to Dh600 billion in the first half of 2012 compared to Dh535 billion in the same period last year, Dubai Customs announced on Monday.
Ahmad Butti Ahmad, CEO of Dubai Ports, Customs and Free Zone Corporation (DPCFZC), said that Dubai’s imports was valued at Dh356 billion during the first half of 2012 compared to Dh320 billion in the same period in 2011, showing a 11.5 per cent increase.
The value of exports and re-exports in the first half of 2012 amounted to over Dh245 billion, a 13 per cent increase compared to the Dh217 billion achieved in 2011, he added.