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Friday, 13 January 2017

Energy group marks first default of 2017 - #ShelfDrillingHoldings #Dubai #UAE

Energy group marks first default of 2017:

"It will be a while longer before the recovery in oil prices staunches the flow of defaults from the energy industry.

A Dubai-headquartered oilfield servicer that counts Chevron, ExxonMobil and Saudi Aramco among its clients marked the first default of the new year, according to rating agency S&P Global.

Shelf Drilling Holdings, which operates shallow water rigs, exchanged some of its notes due in 2018 for obligations that mature two years later as part of the group’s effort to restructure its capital stock."



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Global oil flow trackers set to keep Opec honest

Global oil flow trackers set to keep Opec honest:

"After the excitement around Opec agreeing oil supply cuts with Russia and other non-members at the end of last year, attention in 2017 has quickly shifted to the next key question: will they actually deliver all the promised cuts?

A group of companies believe that they are positioned to deliver that answer, trumpeting their years of experience tracking global oil flows, using everything from modern satellite technology to an old-fashioned network of sources on the ground.

Resting on their analysis will be billions of dollars worth of oil trades, with their clients stretching from some of the world’s largest hedge funds to Opec members themselves, all hoping to gain an edge over their rivals."



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U.A.E. Will Stick to Oil Cut Quota, Energy Minister Says - Bloomberg

U.A.E. Will Stick to Oil Cut Quota, Energy Minister Says - Bloomberg:

"United Arab Emirates Energy Minister Suhail Al Mazrouei says the country is sticking to the terms of agreement reached between other producers for production cuts. He spoke to Bloomberg's Yousef Gamal El-Din from the Atlantic Council Global Energy Forum in Abu Dhabi. (Source: Bloomberg)"



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JPMorgan Sees Fewer Jumbo Bond Deals Weighing on Gulf Sales - Bloomberg

JPMorgan Sees Fewer Jumbo Bond Deals Weighing on Gulf Sales - Bloomberg:

"JPMorgan Chase & Co., the biggest arranger of bond issues in the six-nation Gulf Cooperation Council, expects regional sales in 2017 to slip from last year’s record as some sovereigns scale back on jumbo-sized deals.

“We will probably not see the same issuers raising a similar amount this year," Hani Deaibes, JPMorgan’s head of debt-capital markets for the Gulf region, said in an interview. “Having said that, a few people stayed away from the market last year, and these issuers will consider going to the market in 2017."

A greater supply of Islamic bonds from the GCC in 2017, as investors seek to tap new pools of cash, probably won’t be enough to compensate for smaller sovereign transactions, he said. The biggest U.S. bank, which displaced HSBC Holdings Plc as the top Gulf debt arranger in 2016 after the British bank spent nine years at the peak, also expects more issues from government-related companies than last year."



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Abu Dhabi's UNB says IPO for its Islamic insurer JV heavily oversubscribed | Reuters

Abu Dhabi's UNB says IPO for its Islamic insurer JV heavily oversubscribed | Reuters:

"Abu Dhabi's Union National Bank (UNB) said on Thursday an initial public offer for its new Islamic insurer joint venture Orient UNB Takaful, was more than 13 times oversubscribed.

The IPO is set to be the first in the United Arab Emirates since 2015.

UNB announced last November it was setting up the insurance venture with Orient Insurance Company, with the pair holding a 70 percent stake and the remaining 30 percent to be offered through an IPO."



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Oil prices dip on doubts over planned crude output cuts | Reuters

Oil prices dip on doubts over planned crude output cuts | Reuters:

"Oil dipped on lingering doubts that crude production cuts would go deep enough to curb a global fuel supply glut, with sentiment worsened by concerns over the health of the Chinese economy after it reported the steepest falls in exports since 2009.

Brent crude futures LCOc1, the international benchmark for oil prices, were trading at $55.87 per barrel at 0816 GMT (3.16 a.m. ET) on Friday, down 14 cents from their last close.

U.S. West Texas Intermediate (WTI) CLc1 crude futures were down 9 cents at $52.92 per barrel."



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Despite Saudi signals, OPEC unlikely to deliver all promised oil cuts | Reuters

Despite Saudi signals, OPEC unlikely to deliver all promised oil cuts | Reuters:

"OPEC is unlikely to deliver fully on its target to cut production despite Saudi Arabia saying it had trimmed more than it had committed to, OPEC delegates say, but compliance of 80 percent would be good and as low as 50 percent acceptable.

The Organization of the Petroleum Exporting Countries is planning to cut its output by 1.2 million barrels per day to 32.50 million bpd from Jan. 1. Russia and other non-members are planning to cut about half as much.

OPEC and the independent producers are cutting production to remove a global glut and prop up prices, which at $56 a barrel are half their level of mid-2014, hurting the revenue of exporting nations."



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