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Wednesday, 6 November 2013

Qatar wins $7bn LNG deal with UK's Centrica - Energy - ArabianBusiness.com

Qatar wins $7bn LNG deal with UK's Centrica - Energy - ArabianBusiness.com:

"Centrica, the parent company of British Gas, on Wednesday announced it has entered into a £4.4bn ($7.08bn) LNG supply agreement with Qatargas for the purchase of up to 3 million tonnes per annum of liquefied natural gas (LNG).
The four-and-a-half year deal builds on Centrica’s existing agreement with Qatargas, signed in February 2011, and could provide gas to meet approximately 13 percent of UK annual residential gas demand, enough to meet the needs of around 3 million households.
The previous contract Centrica signed with Qatargas comes to an end in June 2014.
With increasing global competition from emerging economies for LNG, and declining North Sea production, this transaction secures important gas supplies for Centrica and the UK to December 2018."

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MIDEAST STOCKS-Egypt rallies after calm holiday follows Mursi trial | Reuters

MIDEAST STOCKS-Egypt rallies after calm holiday follows Mursi trial | Reuters:

"Egypt's bourse made its biggest one-day gain in almost two months on Wednesday as it resumed trading after a public holiday that passed peacefully following the start of ousted President Mohamed Mursi's trial.

The index jumped 2.4 percent to its highest level since January 2011, the biggest one-day move up since Sept. 10.

"People were expecting violence in reaction to Mursi's trial over the holiday, but nothing happened and things are easing up," said Ashraf Akhnoukh, co-head of sales trading at CIBC Brokerage.

Mursi's trial on charges of inciting violence was adjourned to January 8 on Monday after he interrupted the session repeatedly. His now-banned Muslim Brotherhood movement has said it would continue staging street protests to pressure the army to reinstate Mursi."

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Iraq: Kuwait Energy, Dragon Oil to drill on Block 9 - Oil & Gas Journal

Iraq: Kuwait Energy, Dragon Oil to drill on Block 9 - Oil & Gas Journal:

"Kuwait Energy Co. and Dragon Oil PLC have secured a rig from Iraqi Drilling Co. to spud an exploratory well on Block 9 in Iraq’s Basra Province in this year’s last quarter.
The companies also chose vendors to perform an environmental impact assessment, environment base line survey, and de-mining activities.
The work commitment in the initial 5-year exploratory period includes de-mining, seismic acquisition and interpretation, and drilling one exploratory well. Block interests are Kuwait Energy operator with 70% contractor share and Dragon Oil 30%.
Block terms are a remuneration fee of $6.24/bbl of oil equivalent with no stipulated plateau production target. During the first 5 years the companies are eligible to renew the block for 2 years twice, and they are entitled to 20-year development and production phases extendable by 5 years."

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Goldman Sachs Modi-fies its view on India | beyondbrics

Goldman Sachs Modi-fies its view on India | beyondbrics: "It’s official. India believes a government led by Narendra Modi, the contentious prime ministerial candidate for the opposition Bharatiya Janata Party, would be a blessing for the economy. At least, so says Goldman Sachs.

In a note to clients on Tuesday, analysts at Goldman increased their target for the Nifty index at the end of 2014 to 6,900 points. The benchmark index is currently trading around 6,240 points.

Earlier this year, Goldman had a cautious view on India. But the Nifty has gained 30 per cent since the end of August and the bank has good reason to raise its investment outlook.

Source: Goldman Sachs
"

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Hungary Plans $2 Billion FX Bond Sale in 2013, Varga Says - Bloomberg

Hungary Plans $2 Billion FX Bond Sale in 2013, Varga Says - Bloomberg:

"Hungary is planning to tap international bond markets again this year as the U.S. Federal Reserve’s decision to maintain monetary stimulus helps boost demand for debt, Economy Minister Mihaly Varga said.
The cabinet, which sold $3.25 billion of bonds in February, wants to sell more foreign debt in 2013, probably in dollars, Varga said yesterday in an interview in Budapest. This year’s budget financing is ensured even without an issue, he said.
“At the time of the February bond sale, the government’s intention was to raise $2 billion and this is roughly the amount one can expect in a bond issue in the remainder of the year,” Varga said. The dollar market is the most liquid and provided “very favorable feedback” in February, he said."

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Borsa Istanbul CEO Says Nasdaq OMX May Buy Exchange Stake - Bloomberg

Borsa Istanbul CEO Says Nasdaq OMX May Buy Exchange Stake - Bloomberg:

"Ibrahim Turhan, the chief executive officer of Borsa Istanbul, said the Nasdaq OMX Group Inc. is considering buying a stake in the bourse as part of a partnership that will be announced as early as next month.
“It is a large-scale and very comprehensive partnership,” Turhan said in an interview at the exchange’s headquarters yesterday. “This partnership may include an equity stake,” he said, declining to comment on the size of the sale. Nasdaq’s CEO Robert Greifeld is expected to sign the deal in Istanbul Dec. 11, Turhan said.
Turkey’s Prime Minister Recep Tayyip Erdogan, now in his 11th year in power, has given Turhan and other officials a mandate to deepen the capital markets in Istanbul, a city of 15 million people. The local bourse completed its merger with the Turkish Derivatives Exchange, known as TurkDex, and the Futures and Options Market, or VIOP, on Aug. 6."

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Gazprom Rally Ending to BCS on Spending: Russia Overnight - Bloomberg

Gazprom Rally Ending to BCS on Spending: Russia Overnight - Bloomberg:

"OAO Gazprom (OGZD)’s 40 percent rally from a four-year low is poised to falter, BCS Financial Group said.
The world’s largest natural gas company has failed to sustain previous rallies of 20 percent over the past three years, and the stock is down 20 percent during that period, according to data compiled by Bloomberg and BCS. The firm reiterated a hold recommendation on the stock yesterday, citing concern spending will rise as a deal to supply Chinese consumers by pipeline looms.
Global depositary receipts of Russia’s biggest company dropped 1.7 percent to $9.11 in London yesterday, after climbing to a nine-month high Oct. 18. Gazprom fell to the lowest in a month in New York. The Bloomberg Russia-US Equity Index of the most-traded Russian companies in the U.S. slipped 1.1 percent, led by OAO Sberbank. RTS index futures expiring in December declined 0.3 percent to 145,380 in U.S. hours."

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Dubai GDP Grows Picks Up in First Half on Hotel Occupancy - Bloomberg

Dubai GDP Grows Picks Up in First Half on Hotel Occupancy - Bloomberg:

"Dubai’s economy expanded 4.9 percent in the first half of 2013, led by the hotel and restaurant industry, as the Middle East’s financial and transport hub rebounds from its debt crisis.
Gross domestic product expanded to 169 billion dirhams ($46 billion), the statistics office said in an e-mailed statement today. Growth quickened from a 4 percent pace in the first half of 2012. The hotels and restaurants industry grew 14 percent, while manufacturing expanded 13 percent.
Dubai’s economy is rebounding four years after the second-biggest sheikhdom in the United Arab Emirates teetered on the brink of default. The benchmark DFM General Index (DFMGI) surged 79 percent this year, making it the best performer among the 50 biggest equity markets globally.
“Growth was across most of the sectors and economic activities,” Arif Almuhairi, executive director of the statistics office, said in the statement."

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Abu Dhabi’s Taqa Posts Quarterly Profit on Lower Costs, Taxes - Bloomberg

Abu Dhabi’s Taqa Posts Quarterly Profit on Lower Costs, Taxes - Bloomberg:

"Abu Dhabi National Energy Co. (TAQA), the state-controlled utility known as Taqa, reported a profit for the third-quarter, rebounding from a loss for the same period a year ago, as operating costs and income taxes fell.
Net income was 146 million dirhams ($39.8 million), compared with a year-ago loss of 288 million dirhams, the company said today in a statement to the Abu Dhabi stock exchange. Revenue declined 16 percent to 7.4 billion dirhams.
Taqa has stakes in businesses generating power and producing oil and natural gas in the Middle East, North Sea, India and North America. It expanded last year by adding oilfield operations in northern Iraq and buying U.K. crude deposits from BP Plc. Taqa won approval in October from authorities in Iraq’s semi-autonomous Kurdish region to develop a field there."

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The Lotus Formula 1 Team, Its Embarrassing Partner, Advanced Global Trading of Dubai, and Carbon Neutral Investments « naked capitalism

The Lotus Formula 1 Team, Its Embarrassing Partner, Advanced Global Trading of Dubai, and Carbon Neutral Investments « naked capitalism:

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India, still definitely not China, but investment showing at least some flutters of life | FT Alphaville

India, still definitely not China, but investment showing at least some flutters of life | FT Alphaville:

"A few charts and some commentary plucked from a rather bullish note on India from Goldman’s Asia Pacific team:



Some of the key data points and lead indicators related to investment demand have started to show signs of pick up. The decline in new project starts in industrial and infrastructure projects seem to have halted in 2QFY14, although project starts still remain at low levels. We are also seeing early signs that fewer new projects have stalled – an indication that we may be close to a trough in the investment cycle given recent policy initiatives from the government and new approvals coming through in power and road projects."

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Options for exporting Israeli gas - FT.com

Options for exporting Israeli gas - FT.com:

"Israel is on the threshold of becoming a big energy power in the Middle East after a court decision unlocked the path to exports from recently discovered deepwater gasfields. Delek of Israel and Noble Energy of the US have invested in the region and are now looking at a range of export options. Explore these options in the maps below:

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Poland Lotos says may be interested in shale gas in Lithuania

Poland Lotos says may be interested in shale gas in Lithuania:

"Polish energy company Lotos said it might be willing to explore for shale gas in Lithuania, provided the conditions on offer are improved, after Chevron pulled out as the sole bidder in a tender for a license.
The Baltic Basin, which extends from northern Poland to southwestern Lithuania through Russia's Kaliningrad exclave is seen as one of the most promising regions for shale gas exploration in Europe.
"Yes, if conditions are acceptable," Lotos Chief Executive Pawel Olechnowicz told Reuters, when asked whether Lotos would be interested in taking part in a new tender."

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Ukraine signs $10 bln shale deal with Chevron -minister | Reuters

Ukraine signs $10 bln shale deal with Chevron -minister | Reuters:

"Ukraine signed a $10 billion shale gas production-sharing agreement with U.S. energy major Chevron on Tuesday, energy minister Eduard Stavytsky said, marking the second such deal this year.

"It's been signed," Stavytsky told journalists, referring to a deal for exploration and extraction of shale gas at the Olesska field in western Ukraine.

Last January, the ex-Soviet republic signed a deal with Royal Dutch Shell, at a similar level of investment, for exploration at Yuzivska in eastern Ukraine.

Ukraine, through shale, offshore and liquefied natural gas development, is seeking to ease its dependence on costly natural gas imports from its main supplier, Russia, which weigh heavily on its economy."

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Tough for M&S as clothes sales struggle - YouTube

Tough for M&S as clothes sales struggle - YouTube:

"Marks and Spencer shares rose this morning after its latest numbers just beat analysts' expectations. Lex's Nikki Tait and Oliver Ralph discuss how the revamp of its ailing clothing operation is progressing.


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▶ Seismic shifts in military spending - YouTube

▶ Seismic shifts in military spending - YouTube:

"Nato defence budgets have been cut drastically in the past three years, yet global military spending has not changed because of big purchases in the Gulf and Asia. The FT's Carola Hoyos discusses the trend with defence analyst Francis Tusa and Blenheim Capital's Grant Rogan


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