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Monday, 27 February 2017

Saudi reforms look more realistic with higher oil prices | GulfNews.com

Saudi reforms look more realistic with higher oil prices | GulfNews.com:

"Saudi Arabia’s fiscal reforms are looking more realistic and within the reach of the broad targets and schedule set by the government, thanks to recent recovery in oil prices and gradual reforms gaining traction, according to economists. Growth rebound, higher oil prices and reforms supporting non-oil economy are key Saudi priorities in its plans to cope with the new economic realities. Structural reforms to attract foreign direct investments and diversification of revenue through investments abroad are also part of the plan. King Salman’s ongoing Asian tour that began on Sunday is aimed at building ties with the world’s fastest growing importers of Saudi oil and promote investment opportunities in the kingdom, including the sale of a stake in the state firm, Saudi Aramco."



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Total in talks to buy Iranian LNG project: sources | Reuters

Total in talks to buy Iranian LNG project: sources | Reuters:

"Total (TOTF.PA) is in talks to buy a multi-billion dollar stake in Iran's partly-built liquefied natural gas (LNG) export facility, Iran LNG, seeking to unlock vast gas reserves.

The French oil major -- the first of its peers to strike deals in Iran after sanctions -- seeks entry into Iran LNG at a discount to the pre-sanctions price in exchange for reviving the stalled project, two sources with knowledge of the matter said. A third source confirmed Total was in the running for a stake, alongside several other oil majors, but any deal was still some way off.

Total declined to comment. Iran's National Gas Export Co. (NIGEC), a central stakeholder in the project, did not respond to requests for comment by email and phone.

"



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Saudi Arabia may raise gasoline prices by 30 pct from July | Reuters

Saudi Arabia may raise gasoline prices by 30 pct from July | Reuters:

"Saudi Arabia may increase its domestic gasoline prices by 30 percent from July, industry sources said, part of a reform plan by the world's top oil exporter to align its fuel prices with global benchmark levels. In December 2015 the kingdom raised the price of 95 octane gasoline to 0.90 riyal ($0.24) per litre from 0.60 riyal. However, that still kept Saudi Arabia among the countries with the cheapest gasoline prices in the world."



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MIDEAST STOCKS-Gulf falls on profit-taking; Egypt down on Q4 results | Reuters

MIDEAST STOCKS-Gulf falls on profit-taking; Egypt down on Q4 results | Reuters:

"Profit-taking dragged stock markets in the Middle East down on Monday, with Egypt lagging after some quarterly earnings failed to inspire.

Saudi Arabia's index lost 1.1 percent to 6,969 points, heading back down towards technical support at the mid-February low of 6,942 points. A little under nine-tenths of traded shares declined and trading volume was above the 10-day average.

All 14 listed petrochemical makers closed down with National Industrialization Company (Tasnee) the biggest loser, dropping 4.8 percent."



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These Are All the Ways a Saudi Aramco IPO Could Impact Markets - Bloomberg

These Are All the Ways a Saudi Aramco IPO Could Impact Markets - Bloomberg:

"The exact dollar value of Saudi Aramco may be up for debate, but the listing of the world’s biggest company will be priceless for the kingdom’s markets.

The highly-anticipated share sale has become emblematic of Saudi Arabia’s push to transform its economy and open its doors to more foreign capital. Whatever you think of the valuations involved -- be it the $2 trillion once suggested by Crown Prince Mohammed bin Salman or the $400 billion estimate said to have been made by consultant Wood Mackenzie Ltd. -- the offering has the potential to make waves in markets from Tokyo to Toronto.

Aramco’s “partial privatization will bring much attention on Saudi Arabia,” said Michael Bolliger, the Zurich-based head of emerging-market asset allocation at UBS Wealth Management, which has clients worth $2.1 trillion. “As part of a broader privatization program of state-owned companies, it reinforces the message that the kingdom’s strategy is to develop a domestic capital market and gradually open it up to international investors.” "



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VP Al-Jebouri Says Iran Is a Lukoil Focus - Bloomberg

VP Al-Jebouri Says Iran Is a Lukoil Focus - Bloomberg:

"Lukoil Vice President Gati Al-Jebouri discusses how OPEC production cuts are impacting investment in Iran and elsewhere. He speaks on "Bloomberg Markets: Middle East." (Source: Bloomberg)"



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Qatar Petroleum to Merge Chemical Units in Cost-Cutting Drive - Bloomberg

Qatar Petroleum to Merge Chemical Units in Cost-Cutting Drive - Bloomberg:

"Qatar Petroleum plans to merge two petrochemical units in its latest consolidation of businesses, as the world’s fourth-biggest oil and natural gas producer seeks to trim costs in its domestic operations and expand internationally. The state-run company will fold the operations of Qatar Vinyl Co., part of Mesaieed Petrochemical Holding Co., into Qatar Petrochemical Co., a unit of Industries Qatar QSC, it said Sunday in an e-mailed statement. Qatar Petroleum owns 74.2 percent of Mesaieed and 51 percent of Industries Qatar, according to data compiled by Bloomberg. Both companies are listed on the Qatar Stock Exchange. Shareholders “will directly benefit from this integration as it reduces the operating cost and enhance the profitability of both companies,” Qatar Petroleum Chief Executive Officer Saad Sherida Al Kaabi said in the statement. The merger will begin in March and be completed this year through a service-agreement arrangement, QP said. "



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Russia says in talks over Iranian oil purchases | Reuters

Russia says in talks over Iranian oil purchases | Reuters:

"Russia has been in talks of buying oil from Iran, Energy Minister Alexander Novak said on Monday, confirming earlier reports. At the sidelines of a economic forum in the Black Sea resort of Sochi, Novak told reportes he expected the deal to be reached "within weeks." The purchases will be carried out via Promsirieimport, a trading unit of Russia's Energy Ministry, he said. Last week, Iranian Students' News Agency (ISNA) reported that Iran will begin selling 100,000 bpd of to Russia within the next 15 days and receive payment half in cash and half in goods and services. "



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MIDEAST DEBT-Oman aims for large conventional bond deal, sukuk to follow -investors | Reuters

MIDEAST DEBT-Oman aims for large conventional bond deal, sukuk to follow -investors | Reuters:

"Oman aims to conduct a large U.S. dollar bond sale this week that could exceed $2 billion, and also plans to issue dollar sukuk over the next few months to plug a budget deficit caused by low oil prices, investors said. The government intends to sell a conventional bond with maturities of five, 10 and 30 years, according to lead banks, probably after roadshows end in the United States on Tuesday. Oman has also mandated banks for a dollar sukuk, which could come soon after the conventional issue, said the investors, who obtained their information from roadshows conducted by Omani officials in the United Arab Emirates on Sunday."



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Dubai's Emaar Malls says 2016 dividend unchanged on year | Reuters

Dubai's Emaar Malls says 2016 dividend unchanged on year | Reuters:

"Dubai's Emaar Malls said on Monday its board had recommended paying a cash dividend of 0.1 dirham ($0.03) per share for 2016. The dividend would be the same as the payout for 2015. Emaar Malls, part of Emaar Properties, reported a 3.9 percent rise in fourth-quarter net profit to 452 million dirhams. "



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MIDEAST STOCKS-Gulf edges lower on profit-taking in early trade | Reuters

MIDEAST STOCKS-Gulf edges lower on profit-taking in early trade | Reuters:

"Stock markets in the Gulf were mostly slightly lower in thin early trade on Monday as there was little domestic or international news to stimulate activity.

Saudi Arabia's index inched down 0.1 percent in the first 15 minutes. Real estate fund Riyad REIT, which jumped 9.4 percent on Sunday, was down 1.0 percent in volatile trade. There was little trading of most blue chips.

Dubai's index edged down 0.2 percent as the largest real estate developer, Emaar Properties, fell 0.8 percent."



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