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Wednesday, 30 July 2014

BP production drops as Abu Dhabi concession expires | The National

BP production drops as Abu Dhabi concession expires | The National:



"The oil and gas producer BP has reported a 6 per cent drop in production in the second quarter following the end of its Abu Dhabi concession in January.



The company produced 2.1 million barrels of oil equivalent a day in the period and said that production in the third quarter was “expected to be lower due primarily to turnaround and seasonal maintenance activities”.



BP said that underlying replacement cost profit, which takes into account non-operating items and accounting changes, rose 34 per cent in the period to US$3.6 billion, from $2.7bn in the year-earlier quarter. That beat the $3.4bn average estimate of 13 analysts in a Bloomberg News survey."



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Mideast holds 43.2% of world’s natgas | Economy | Saudi Gazette

Mideast holds 43.2% of world’s natgas | Economy | Saudi Gazette:



"



The Middle East, with 80.3 trillion cu/m, is home to 43.2 percent of the total natural gas deposit in the world, according to a new report.



A BP Statistical Review of World Energy June 2014 report said Qatar currently contains the highest deposit of natural gas with 24.7 trillion cu/m with Saudi Arabia next in line containing 8.2 trillion cu/m in the region.



Bob Dudley, group chief executive of BP, said “the data in this review shows a flexible global energy system adapting to a changing world. It demonstrates how the world’s quest for secure and fairly-priced energy can be met through competitive industries driving innovation and smart government policies that amplify the creative energy.”"



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Smaller Mideast carriers losing against giants | Economy | Saudi Gazette

Smaller Mideast carriers losing against giants | Economy | Saudi Gazette:



"Royal Jordanian and Saudi Arabian carrier flynas have announced they are dropping routes due to the stresses facing smaller Middle East carriers compared with the region’s giants.



The Jordanian national airline, which has suffered increased costs from having to route flights around neighboring Syria due to the ongoing civil war there, will cease services to Mumbai (Sept. 10), Lagos (Oct. 10) and Delhi  (Oct. 31). This follows a series of service suspensions to Accra, Alexandria, Colombo and Milan in April and May. Additionally, it has transferred its Sharm El Sheikh scheduled service to charter subsidiary Royal Wings.



Announcing the route closures, Royal Jordanian chairman, president and CEO Nasser Lozi said the move was due to the “aggressive growth of regional competition,” as well as increased operating costs."



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Business fears Russia sanctions war - YouTube

Business fears Russia sanctions war - YouTube: ""



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Richard Lambert wary of bankers’ oath - YouTube

Richard Lambert wary of bankers’ oath - YouTube: ""



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JBF RAK under investigation by US for avoiding dumping duty | The National

JBF RAK under investigation by US for avoiding dumping duty | The National:



"US authorities are investigating a UAE-based packaging company for allegedly bypassing anti-dumping rules by exporting its goods through Bahrain.



JBF RAK, which is based in Ras Al Khaimah, is accused of shipping polyethylene terephthalate (PET) film, sheet and strip from its plant in the emirate and its affiliate in India to its subsidiary facility in Bahrain. From there the goods were exported to the United States, according to a US commerce department report dated July 18.



The US producers Polyplex USA and Flex USA claim the moves are allowing JBF RAK to circumvent an anti-dumping duty of 9.8 per cent slapped on the company’s shipments from the UAE in March last year. The US government imposed the tariff after a previous investigation said JBF RAK was selling its products too cheaply in the country."



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Russia ETF Drops Amid Tougher International Sanctions - Bloomberg

Russia ETF Drops Amid Tougher International Sanctions - Bloomberg:



"Russian stocks fell in New York after the U.S. and the European Union announced tougher sanctions to penalize President Vladimir Putin over his backing of rebels in Ukraine.



The Market Vectors Russia ETF (RSX), the largest U.S. exchange-traded fund tracking the nation’s companies, slid 2.1 percent to an almost three-month low of $23.85. Futures on the dollar-denominated RTS index dropped 0.8 percent after climbing as much as 1.9 percent. Contracts on OAO VTB Bank, a target of American sanctions, tumbled 2.9 percent in U.S. hours. The Bloomberg Russia-US Equity Index fell for a fourth day and the ruble weakened 0.7 percent.



The Obama administration announced penalties on VTB Bank, Bank of Moscow and the Russian Agricultural Bank along with United Shipbuilding Corp., which has ties with the Russian military. EU governments had earlier in the day agreed to bar Russian state-owned banks from selling shares or bonds in Europe and restricted the export of equipment to modernize the oil industry."



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Siemens to BP Prepare for Downward Russia Business Spiral - Bloomberg

Siemens to BP Prepare for Downward Russia Business Spiral - Bloomberg:



"BP Plc (BP/), Siemens AG (SIE) and Renault SA (RNO) are among European companies preparing for a downward turn in their Russian business following the European Union’s decision to impose its widest-ranging sanctions yet over President Vladimir Putin’s involvement in eastern Ukraine.



EU leaders announced plans yesterday to restrict the export to Russia of equipment to modernize the oil industry and forbid the sale of machinery, electronics and other civilian products with military uses. New arms contracts are also not allowed.



The sanctions will have a direct impact on companies like Siemens, which may no longer be able to sell oil equipment to Russia, and an indirect affect on many others like Renault, which expects the country’s auto market to contract more than 10 percent in 2014 as consumers hold back purchases. BP, owner of 20 percent of state-backed OAO Rosneft (ROSN), yesterday warned of risks to its profit and production due to the crisis."



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Emerging-Market Stocks Drop as EU, U.S. Toughen Russia Sanctions - Bloomberg

Emerging-Market Stocks Drop as EU, U.S. Toughen Russia Sanctions - Bloomberg:



"Emerging-market stocks fell as the European Union and U.S. said they’re imposing tougher sanctions against Russia to punish President Vladimir Putin for supporting Ukrainian rebels.



The Ibovespa fell the most in a month after Brazilian industrial production declined. India’s S&P BSE Sensex Index dropped for a second day as motorcycle manufacturer Hero MotoCorp Ltd. slid 1.6 percent. Stocks in South Korea and China advanced as automakers and technology companies gained.



The iShares MSCI Emerging Markets ETF fell 0.6 percent to $44.82 in New York. The Market Vectors Russia ETF, the largest U.S. dedicated exchange-traded fund tracking the nation’s companies, tumbled 2.1 percent to $23.85. Developing-market stocks erased gains as EU governments agreed to prevent Russian state-owned banks from selling shares or bonds in Europe and restricted the export of equipment to modernize the oil industry. The U.S. expanded sanctions to include more lenders."



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