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Tuesday, 13 November 2012

Abu Dhabi’s untapped gas field attracts attention of energy majors - The National

Abu Dhabi's Ghasha field lies in a hydrocarbon Bermuda triangle – claimed by three overlapping concessions – and its 5 trillion cubic feet of natural gas have been left undeveloped.

The field's promise has attracted the eye of newcomers to Abu Dhabi from China National Petroleum Corporation to Norway's Statoil.

"It's one of the big fields that's not developed," said Anders Hatteland, Statoil's senior Middle East vice president for exploration and production. "There are a lot of gas opportunities."

MIDEAST STOCKS-Egypt extends rally on IMF deal hopes; Gulf mkts mixed - Yahoo! News Maktoob

Egyptian shares extended a week-long rally on Tuesday as investors kept an eye on negotiations for a $4.8 billion IMF loan the government hopes to wrap up by the end of the week, while Gulf bourses ended mixed.
Egypt's finance minister said on Monday he expected an agreement to be signed by Wednesday. An IMF negotiating team is scheduled to leave Cairo on Thursday.
The benchmark index gained 0.8 percent to its highest close in November. It has risen more than 4 percent
since Nov. 4 on hopes for an imminent agreement with the International Monetary Fund that could trigger a flow of investment into Egypt.

MENA stock markets close - November 13, 2012

 ExchangeStatus IndexChange  
 TASI (Saudi Stock Market)
 DFM (Dubai Financial Market)
 ADX (Abudhabi Securities Exchange)
 KSE (Kuwait Stock Exchange)
 BSE (Bahrain Stock Exchange)
 MSM (Muscat Securities Market)
 QE (Qatar Exchange)
 LSE (Beirut Stock Exchange)
 EGX 30 (Egypt Exchange)
 ASE (Amman Stock Exchange)
 TUNINDEX (Tunisia Stock Exchange)
 CB (Casablanca Stock Exchange)
 PSE (Palestine Securities Exchange)

STOCKS NEWS MIDEAST-Abu Dhabi slips from 16-mth high; Qatar slumps - Yahoo! News Maktoob

Abu Dhabi's benchmark edges away from a 16-month high as investors take weak global cues to book gains
and Qatar's market slumps to an 11-week low.
Banks drag the UAE capital's index with Abu Dhabi Commercial Bank down 2.1 percent, National Bank of Abu Dhabi slipping 0.2 percent to 9.80 dirhams and Union National Bank dipping 1.3 percent.
Earlier on Tuesday, Bahrain-based SICO Investment Bank cut UNB to neutral from add, while it raised its price target for NBAD to 10.20 dirhams from 9.30 dirhams.

Qatar govt budget slips into $5 bln deficit in April-June | Reuters

Qatar's government budget slipped into a deficit of 18.5 billion riyals ($5.1 billion) in the first quarter of its 2012/13 fiscal year, preliminary data from the central bank showed on Tuesday.

The fiscal shortfall of the world's No. 1 exporter of liquefied natural gas was equivalent to 10.7 percent of gross domestic product in the period, according to the central bank.

It was wider than the 2.2 billion-riyal gap, or 1.4 percent of GDP, seen in the same quarter of last year.

Energy Journal: Saudi Arabia Knocked From Its Perch - MarketBeat - WSJ

It started out with a few roughnecks sinking oil wells on the frozen plains of North Dakota, but now the U.S. shale oil boom is set to upend established trade patterns and set in motion major geopolitical shifts.

Influential forecaster the International Energy Agency, has dramatically revised its oil supply predictions for the next 20 years and now expects the U.S. to overtake Saudi Arabia to become the world’s largest oil producer by 2020, the WSJ reports.

This is undoubtedly a success story for America’s wildcat drillers. The boom in the production of shale oil, driven largely by companies that nobody had heard of a few years ago, will add 3 million barrels a day to U.S. oil production by the end of this decade. That is more than the current production of Iran.

UPDATE 1-Abu Dhabi's IPIC picks banks for bond issue | Reuters

International Petroleum Investment Co (IPIC), the Abu Dhabi government-owned investment vehicle, has mandated banks for a bond issue which could be announced as early as Tuesday, sources familiar with the matter said.

IPIC picked BNP Paribas, JP Morgan Chase, National Bank of Abu Dhabi, Natixis, RBS and Unicredit for the issue, the sources said.

Two sources indicated the upcoming bond would consist of a dollar tranche and another currency, most likely euros. All sources declined to be identified because details of the bond plans are not yet public.

Saudi Fransi gets OK for up to 2.5 bln riyals secondary sukuk issue - Yahoo! News Maktoob

Banque Saudi Fransi, which is part-owned by Credit Agricole, will issue up to 2.5 billion riyals ($667 million) in secondary sukuk, or Islamic bonds, after shareholders approved the move, the lender said on Tuesday.
The move is aimed at shoring up its supplementary capital reserves, or Tier 2 capital. Bonds and sukuk issued to raise Tier 2 capital are usually classed as subordinated debt, meaning they would be below secured creditors in the event of any restructuring.
"The board has agreed to ... approve the issuance of secondary sukuk in an amount that does not exceed 2.5 billion riyals and for a period that does not exceed seven years, with the possibility of recovery after five years," the bank said in a statement to the bourse.

Kuwait's Global says three creditors reject $1.7 bln restructuring plan - Yahoo! News Maktoob

Kuwait's Global Investment House said on Tuesday that three of its creditors had failed to back a $1.7 billion debt restructuring plan and that it was looking at legal options to secure a deal.
Undergoing its second debt restructuring in three years after being buffered by the global financial crisis, Global
shareholders approved in September a plan to create new special purpose vehicles that will carry the company's debt.
However, the debt-for-equity style plan also required the unanimous backing of Global's lenders to secure an agreement.

Omanis urged to work in private sector -

The sultan of Oman has called on the country’s youth to work in the private sector, the latest stage of a carrot-and-stick agenda for change. This reform drive has seen his regime dish out subsidies and expand political participation, while cracking down on dissent.
Sultan Qaboos bin Said al-Said said in a speech on Monday that the state could no longer be the main job provider in the country, imploring Omanis to do “their duty” for this “national mission” by taking private sector work, rather than waiting for government jobs.
“They [Omanis] should not hesitate to join the private sector and must not desert their jobs therein [for the public sector],” the sultan said. “This, in turn, calls for a revision of the salary system of the private sector, particularly in low and medium-paid jobs.”

Sharjah's Crescent Petroleum fill the gaps |

United Arab Emirates-based Crescent Petroleum is gearing up for expansion in the Iraqi oil and gas sector and a debut into Libya and Lebanon, its chief executive told Reuters on Monday.
As new governments try to meet the urgent needs for job creation and economic diversification in the wake of the Arab Spring, regional oil and gas producing companies are seeking partnerships with new leaders to set up ventures and take over concessions left behind by international companies.
“We are looking at entering Libya with the right opportunity. Other countries like Lebanon, despite plans being delayed, have been setting up regulations bodies in preparation. It’s an area of potential interest,” Majid Jafar said on the sidelines of the World Economic Forum in Dubai.