Wednesday 25 November 2015

Gulf oil producers must continue to pull together | GulfNews.com

Gulf oil producers must continue to pull together | GulfNews.com:

"Rapidly evolving and influential developments in the global oil markets gave an aura of extreme importance to the annual energy conference organised by the Emirates Centre for Strategic Studies and Research this week. Held in Abu Dhabi, it discussed an important issue related to the GCC oil in the world energy markets in terms of continuity and change.

Those are two quite expressive words — continuity and change. Since it is known that marketing GCC oil is facing stiff competition from more than one energy provider, especially in the current circumstances when the market is saturated and there is a surplus of 2.5 million barrels per day. This has prompted some producers, including Iran and Iraq, to offer steep discounts to increase their share of exports to the Asian market, which is the most important destination for marketing Gulf oil. Also, the increase in the US shale oil production constitutes another challenge for oil prices, which have lost more than 55 per cent of their value in less than one-and-a-half years.

In parallel, the global economic slowdown, even for some major oil consumers such as China, India and Brazil and the European Union countries, puts new further pressure on oil prices and leading to escalated competition and the offering of ever more discounts to get a higher proportion of orders from importing countries."



'via Blog this'

Osborne surprises with tax increases | FT Comment - YouTube

Osborne surprises with tax increases | FT Comment - YouTube: ""



'via Blog this'

U.S. Oil Producers Prove Resilient Through Efficiency - Bloomberg Business

U.S. Oil Producers Prove Resilient Through Efficiency - Bloomberg Business:

"Daniel Yergin, vice chairman at IHS, talks with Erik Schatzker about how oil prices factor into U.S. oil producers' ability to maintain production levels amid declining rig counts and looks ahead to oil prices through 2016. He speaks on "Bloomberg Markets." (Source: Bloomberg)"



'via Blog this'

Middle East Is Focused on Iran, Here's Why - Bloomberg Business

Middle East Is Focused on Iran, Here's Why - Bloomberg Business:

"IHS Vice Chairman Daniel Yergin discusses the Middle East's focus on Iran and his outlook for oil. He speaks on "Bloomberg Markets.""



'via Blog this'

MIDEAST STOCKS-CIB helps Egypt rebound; Saudi market flat | Reuters

MIDEAST STOCKS-CIB helps Egypt rebound; Saudi market flat | Reuters:

"A bounce in shares of Commercial International Bank (CIB) helped Egypt's stock market rebound from near technical support on Wednesday, while most Gulf markets were little changed.

CIB, a traditional favourite of foreign investors, had tumbled 22 percent over the past three weeks ago, hit by concern that Egypt might soon devalue its currency because of the blow to tourism revenues from last month's apparent bombing of a Russian passenger jet over the Sinai Peninsula.

Devaluation worries have not gone away, but some investors bought back into CIB at Wednesday's lows. The stock climbed 3 percent to 42.57 Egyptian pounds, helping Cairo's main share index gain 1.1 percent to 6,391 points. It has minor chart support at last week's low of 6,302 points."



'via Blog this'

Russian pilot ‘rescued’, Adele breaks sales record | FirstFT - YouTube

Russian pilot ‘rescued’, Adele breaks sales record | FirstFT - YouTube: ""



'via Blog this'

Abu Dhabi's TAQA files for sale of U.S. wind power asset | Reuters

Abu Dhabi's TAQA files for sale of U.S. wind power asset | Reuters:

"Abu Dhabi National Energy Co has filed with U.S. energy regulators to sell its stake in the Lakefield wind power plant in the U.S. state of Minnesota, a spokesperson for the company said on Wednesday.

The filing asks for authorisation of the sale by the end of this year, so that the deal could be completed in the first quarter of next year. TAQA declined to give details of the planned sale or say who the buyer would be.

TAQA, majority-owned by the government of Abu Dhabi, bought a 50 percent stake in the 205.5 megawatt project from a subsidiary of France's EDF in early 2013."



'via Blog this'

Oil advances further on Mideast tension | GulfNews.com

Oil advances further on Mideast tension | GulfNews.com:

"Crude oil futures extended gains on Wednesday after prices hit two-week highs in the previous session as tension mounted in the Middle East following Turkey's downing of a Russian warplane.

Brent extended its gains by 14 cents to $46.26 a barrel by 0443 GMT, reversing an earlier fall on profit-taking.

The benchmark had settled up $1.29 at $46.12 on Tuesday, after hitting its highest since Nov. 11 at $46.50."



'via Blog this'

Saudi builder Binladin to cut about 15,000 jobs: sources | Reuters

Saudi builder Binladin to cut about 15,000 jobs: sources | Reuters:

"Construction company Saudi Binladin Group plans to cut about 15,000 staff, people with knowledge of the matter told Reuters, in a sign of the pressure on the industry as the Saudi government trims spending in response to low oil prices.

The possible layoffs at Binladin, one of Saudi Arabia's biggest firms and among the Middle East's largest builders, would represent a small fraction of the group's total workforce, which is around 200,000, according to its LinkedIn page.

But the planned cut-backs are an example of the choices which companies are having to make as Saudi Arabia's economic boom loses steam."



'via Blog this'

Global Group Wins $7.5 Billion Bid for Aussie Power Assets - Bloomberg Business

Global Group Wins $7.5 Billion Bid for Aussie Power Assets - Bloomberg Business:

"Investors from Canada and the Middle East are part of a group that agreed to pay about A$10.3 billion ($7.5 billion) for an electricity network in Australia’s most-populous state, beating rival offers from companies including State Grid Corp. of China.
The successful bidders for TransGrid, the New South Wales state transmission business, are Caisse de Depot et Placement du Quebec, Abu Dhabi Investment Authority, Kuwait Investment Authority, Hastings Funds Management Ltd. and Spark Infrastructure Group, the government said on Wednesday.
Foreign acquisitions of Australian companies have almost doubled this year and competition for ports, power grids and desalination plants is intensifying as bidders are drawn to the country’s relative stability and almost quarter-century of economic growth. The deal is part of state Premier Mike Baird’s plan to raise A$20 billion for new railways, roads, schools and hospitals and comes at a time when foreign ownership of Australian infrastructure is in the spotlight."



'via Blog this'

MIDEAST STOCKS-CIB helps Egypt rebound; Saudi market flat | Reuters

MIDEAST STOCKS-CIB helps Egypt rebound; Saudi market flat | Reuters:

"A bounce in shares of Commercial International Bank (CIB) helped Egypt's stock market rebound from near technical support early on Wednesday, while Saudi Arabia's market was flat.

CIB, a traditional favourite of foreign investors, is down 22 percent from its level three weeks ago, hit by concern that Egypt might soon devalue its currency. Tourism revenues there are sagging in the wake of last month's apparent bombing of a Russian pasenger jet over the Sinai.

However, the stock climbed 1.2 percent to 41.85 Egyptian pounds in the first hour of trade on Wednesday, helping the Egyptian stock index gain 0.5 percent to 6,354 points. It has minor chart support on last week's low of 6,302 points."



'via Blog this'

MIDEAST STOCKS-Gulf markets narrowly mixed in early trade | Reuters

MIDEAST STOCKS-Gulf markets narrowly mixed in early trade | Reuters:

"Gulf stock markets were mixed in narrow ranges during early trade on Wednesday, with buyers reluctant to commit in the absence of positive corporate news and because of geopolitical tension after Turkey's downing of a Russian warplane on Tuesday.

The Dubai index edged down 0.2 percent as builder Arabtec, the most heavily traded stock, rebounded 0.9 percent after sinking 4.3 percent on Tuesday. Real estate firms were soft with Emaar down 0.5 percent.

Abu Dhabi edged up 0.1 percent although Abu Dhabi National Energy jumped 10 percent to 0.44 dirham in unusually heavy trade. The company posted a big third-quarter loss and its shares have been trending down this year because of low oil prices, but in recent days they have bounced from a record low of 0.36 dirham."



'via Blog this'