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Saturday, 2 November 2013

Russia breaks oil output record — RT Business

Russia breaks oil output record — RT Business:

"Russian oil output, the largest in the world, reached 10.59 million bpd (barrels per day) in October, setting the record for the country’s post-Soviet period, Energy Ministry data showed.

The landmark was reached due to Rosneft increasing production at the Vankor field in the Krasnoyarsk Region, the Vedomosti paper reports.

The output at the field was 18.3 million tons last year, with the company planning Vankor reach 25 million tons annually.

Another influential factor is the larger amount of Gazprom-produced gas condensate, which has now reached 350,000 bpd. "

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Islamic Development Bank launches AED 37 billion Sukuk listing Programme on NASDAQ Dubai - WAM | Emirates News Agency

WAM | Emirates News Agency:

"The Islamic Development Bank (IDB) has announced that it intends to list AED 37 billion Sukuk Programme on NASDAQ Dubai, the region's international exchange. The announcement was made at the World Islamic Economic Forum being held in London.

The move represents a momentous addition to the constant successes of (Dubai the Capital of Islamic Economy) initiative, as it increasingly attracting new strategic partners from local, regional and international institutions.

The IDB bank, which provides project financing for its 56 member countries, has expanded its Sukuk programme to AED 37 billion from AED 24 billion dollars previously, as it increases its financial support for economic and social development."

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UAE seeks to welcome the yuan | The National

UAE seeks to welcome the yuan | The National:

"China’s currency has touched record highs against the US dollar in recent weeks, reinforcing the need for the UAE to build a case for becoming a global trading centre for the yuan, say economists.

The yuan hit a peak of 6.08 to the dollar on October 25, capping a burst in strength as China’s central bank loosens the reins on the currency. On Friday, it was trading at 6.1, bringing the rise against the dollar to 2.24 per cent since the start of the year.

A stronger yuan signals Beijing may be ready to take further steps to internationalise the currency.

The currency’s lift has also coincided with China signing agreements with the United Kingdom and Singapore in recent weeks to allow investors from those countries to invest in its domestic markets more easily."

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S&P Dow Jones To Upgrade UAE, Qatar To Emerging Market Status » Gulf Business

S&P Dow Jones To Upgrade UAE, Qatar To Emerging Market Status » Gulf Business:

"International equity index compiler S&P Dow Jones Indices has decided to upgrade Qatar and the United Arab Emirates to emerging markets from frontier market status, with effect from September 2014, the company said on its website.

It cited Qatar’s efforts to raise foreign ownership limits for stocks, though the limits were still below the levels of most emerging markets, as well as reforms to settlement systems and trading facilities.

The UAE’s current foreign ownership limit of 49 per cent is satisfactory and there is an expectation that it will be relaxed in coming years, S&P Dow Jones said.

Egypt and Morocco will remain emerging markets, while Bahrain, Kuwait and Oman will keep their status as frontier markets and Saudi Arabia will stay classified as a “standalone market”, it added."

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Tethys to sell 50% of its oil and gas assets in Kazakhstan to SinoHan Oil and Gas Investment B.V.

Tethys to sell 50% of its oil and gas assets in Kazakhstan to SinoHan Oil and Gas Investment B.V.:

"
Tethys well in Kazakhstan (image: tethyspetroleum.com)
Tethys Petroleum Limited has announced that it has entered into a definitive agreement for the sale of 50% of its Kazakh oil & gas assets to SinoHan Oil and Gas Investment B.V. ("SinoHan"), part of HanHong, a Beijing, PRC based private equity fund.

Under the terms of the agreement, SinoHan will acquire a 50% + 1 share in Tethys Kazakhstan SPRL ("TKSPRL"), the wholly owned subsidiary of Tethys which holds the Kazakh assets.

Tethys will receive an initial payment of USD 75 million, with additional performance bonus payments for the incremental discovery of 2P reserves achieved from the 2013 and 2014 drilling program, and also in profit sharing of excess profit at any exit by SinoHan from the project.

The sale is subject to Kazakh State approvals, including the waiver on pre - emption (Article 36). Closing will take place once these approvals are received."

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Saudi Gazette - The last barrel of oil | tks @neaimsa

Saudi Gazette - The last barrel of oil:

"Many people ask when will the last barrel of oil in the world be produced? Indeed, the answer to this question is debatable among the international petroleum experts. The scientific answer to this challenging and important question can vary from 50 to more than 100 years depending on many assumptions which include the global economic growth, the increasing global oil consumption, the new oil discoveries and the development & innovation with respect to the hydrocarbon recovery technologies.

The only important fact that those international experts do not dispute on is the fact that the last produced barrel of oil in the world will be produced from this blessed land of Saudi Arabia. In other words, the last barrel of oil will be Saudi.

Added to that, 25% of the world's oil reserves are located in Saudi Arabia and 50% in the Middle East region. Furthermore, the average annual depletion rate of the Saudi oil fields is estimated to be approximately 2% compared to 5-6% in the rest ofthe world's oil fields, which in the long run will increase the Kingdom and the Middle East region oil reserves % as compared to the world to 50% and 80%, respectively."

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High time world thought of a currency basket | GulfNews.com

High time world thought of a currency basket | GulfNews.com:

"The US shutdown was never about the loss of $160 million (Dh587,680 million) a day. And it definitely wasn’t about the associated costs that brought the final bill to a total that exceeds $20 billion.
In a recent piece in ‘Foreign Policy’, there was a very interesting list provided. In short, the list was of what could be bought or done with the money lost due to the shutdown. The list included, but wasn’t limited to, the equivalent of constructing 16 Burj Khalifa towers, organizing two London Olympics, the equivalent of El Salvador’s GDP, the equivalent of two times Iceland’s GDP, and half of what Warren Buffet is worth.
And you can also finance the entire lifestyle of Iron Man 15 times over.
However, the real cost cannot be easily evaluated for the very simple reason that the hit to the dollar’s credibility cannot be accurately quantified even if an article in Bloomberg estimated this to be 2 per cent of the US GDP."

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UK investment firms eyes strategic exit | GulfNews.com

UK investment firms eyes strategic exit | GulfNews.com:

"UK’s Ashmore Group Plc is engaged in discussions to offload its majority stake in a Saudi waste management firm, two sources aware of the plan said, with a sale likely seen raising about $250-$350 million (Dh918 million to 1.3 billion) for the fund manager.
London-based Ashmore has identified two parties as potential buyers for its around 65 per cent stake in Global Environmental Management Services (GEMS), and is currently in the process of picking a bidder to hold exclusive talks, one of the banking sources said, speaking on condition of anonymity as the sale process has not been made public. Ashmore has appointed Bank of America Merrill Lynch to assist with the sale process, the sources said.
Jeddah-based GEMS and Bank of America were not available for comment. Ashmore declined to comment."

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WTI Oil in Longest Run of Weekly Declines Since 2012 - Bloomberg

WTI Oil in Longest Run of Weekly Declines Since 2012 - Bloomberg:

"West Texas Intermediate headed for its longest run of weekly declines since June 2012 as an increase in Chinese manufacturing failed to counter signs that oil markets are well supplied.
Futures have lost 1.7 percent this week in New York for a fourth weekly drop. Prices will probably extend losses next week because of rising crude stockpiles in the U.S., the world’s largest oil consumer, according to a Bloomberg survey. China’s Purchasing Manager’s Index (CPMINDX) was 51.4 in October, the highest in 18 months and more than the median estimate of 51.2 in a Bloomberg News survey of economists. A separate manufacturing indicator also climbed.
“A sharp slowdown in refiner demand and continued strong inventory builds” in the U.S. have weighed on prices, said Ole Hansen, head of commodity strategy at Saxo Bank A/S in Copenhagen. “We’ve seen a bit of a recovery in China, but this quarter may be the best for a while.”"

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This week in Energy: The Coming Ukrainian Shale Boom

This week in Energy: The Coming Ukrainian Shale Boom:

"There’s a lot going on this week in energy, but rather than go through the eternal drama of Keystone XL, we want to get in front of an issue that’s going to become critical in the coming weeks: Ukraine. As we head into the cold winter months, and more significantly, as Ukraine moves towards signing agreements with the European Union in November, we are reaching a crucial turning point."

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