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Monday, 27 March 2017

Hurricane makes 'largest undeveloped' oil find in UK waters - BBC News

Hurricane makes 'largest undeveloped' oil find in UK waters - BBC News:

"An oil exploration firm has made what it has described as the "largest undeveloped discovery" of oil in UK waters.
Hurricane Energy said one billion barrels of recoverable oil could be contained within the Greater Lancaster Area, 60 miles (97km) west of Shetland.
The company hopes to begin production in 2019.
"



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Iran's Rouhani signals expansion in energy cooperation with Russia | Reuters

Iran's Rouhani signals expansion in energy cooperation with Russia | Reuters:

"Iranian President Hassan Rouhani said on Monday that Tehran welcomed Russian investment in its gas and oil fields, signaling major developments in energy cooperation between the two countries. "There is a huge potential for Russian investment in Iran's energy sector," Rouhani told reporters at Mehrabad airport in Tehran before departing for Moscow. "Some oil and gas fields have been suggested to Russian companies... We will see a big development in energy cooperations," he said in a news conference broadcast live on state television."



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Emirates Global Said to Pick BofA, Goldman and JPMorgan for IPO - Bloomberg

Emirates Global Said to Pick BofA, Goldman and JPMorgan for IPO - Bloomberg:

"Emirates Global Aluminium, the largest aluminum producer in the Middle East, has selected advisers for an initial public offering that could raise about $3 billion, according to people familiar with the matter. The United Arab Emirates-based company is working with Bank of America Corp., Goldman Sachs Group Inc. and JPMorgan Chase & Co. on the share sale, said the people, who asked not to be named as the details aren’t public. Aside from a local listing, EGA could also seek a presence on an overseas stock exchange like London, though no final decisions have been made, the people said."



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Saudi Aramco Tax Slashed Ahead of What May Be Biggest IPO - Bloomberg

Saudi Aramco Tax Slashed Ahead of What May Be Biggest IPO - Bloomberg:

"Saudi Arabia slashed taxes by more than a third for state oil producer Saudi Aramco ahead of what could be the world’s biggest initial public offering.

New rates reduce Aramco’s income tax rate to 50 percent from 85 percent, Chief Executive Officer Amin Nasser said in an emailed statement. The Saudi Arabian Oil Co., known as Saudi Aramco, plans to sell as much as 5 percent of the company in an IPO next year that the kingdom estimates could value the business at more than $2 trillion.

“The new tax rate will bring Saudi Aramco in line with international benchmarks,” Nasser said. The new rates on hydrocarbon companies announced by royal order on Monday are effective retroactively from Jan. 1, according to the official Saudi Press Agency."



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MIDEAST STOCKS-Region follows global downtrend; Emaar Malls drops on Souq.com bid | Reuters

MIDEAST STOCKS-Region follows global downtrend; Emaar Malls drops on Souq.com bid | Reuters:

"Most Middle Eastern stock markets fell in thin trade on Monday, in line with global losses, with Egypt hit particularly hard. The Saudi stock index edged down 0.3 percent in the lowest volume since September; declining shares outnumbered advancing ones by 115 to 31. Most petrochemical producers fell, with Saudi Kayan Petrochemical losing 0.7 percent. The largest dairy producer, Almarai, fell 0.7 percent and United Wire Factories dropped 2.0 percent as they both went ex-dividend."



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Saudi projects ‘frozen in time’ | GulfNews.com

Saudi projects ‘frozen in time’ | GulfNews.com:

"Saudi Arabia has undergone a massive transformation over the past several decades, but considering the money and resources allocated by the government to upgrade the infrastructure and quality of life, the country always seems to be falling short of the finish line. Sandwiched between some genuine accomplishments, examples of failures are present everywhere. The major cities in the kingdom are still devoid of an effective potable water network that leaves many homes at the mercy of the arrival of a water tanker for their household needs. Similarly, the lack of a sewage disposal network has given rise to an army of sewage disposal tankers that run about the cities, carrying their foul-smelling load. The road networks, while connecting many of the country’s towns and cities, are criticised by users for lack of public service facilities along the routes. The absence of adequate gas stations, convenience stores and rest rooms along highways makes longer journeys often a challenging test of endurance."



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Iranian poor struggle to make ends meet

Iranian poor struggle to make ends meet:

"Ibrahim cannot remember the last time he could afford to feed his family chicken — the cheapest meat available in Iran.

The 38-year-old builder, who relies on casual work, says that finances have been so tough that he could not afford to buy his children clothes for the Persian new year. The festival, which began last week, is normally a time for feasting and celebration.

“My income this year has been just enough to stop me begging in the streets,” says Ibrahim, who lives in a poor neighbourhood in the east of the capital Tehran. “My bank account has had zero money for most of this year, unlike before when I could save small amounts.”"



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Qataris to Unveil Major Investments in ‘Global Britain’ - Bloomberg

Qataris to Unveil Major Investments in ‘Global Britain’ - Bloomberg:

"Qatar said it will announce major new investments in the U.K. this week, deepening the countries’ trade ties as London prepares to quit the European Union.

The emirate’s prime minister, Sheikh Abdullah bin Nasser bin Khalifa Al-Thani, is leading a delegation of more than 400 officials and business executives to London and Birmingham to a two-day meeting with U.K. counterparts, according to government statements. The visit concludes on Tuesday, a day before U.K. Prime Minister Theresa May plans to start the two-year clock on Brexit negotiations by invoking Article 50 of the Lisbon Treaty."



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Kuwait to Adopt New Equities Benchmark After Reorganizing Market - Bloomberg

Kuwait to Adopt New Equities Benchmark After Reorganizing Market - Bloomberg:

"Kuwait’s stock exchange will introduce a new equities benchmark next year after completing a reorganization of its listed companies into new market categories, the bourse’s chief executive officer said. Boursa Kuwait, as the exchange is known, will group companies in segments according to criteria including market capitalization and average daily traded volume as part of a program to boost liquidity and draw new investors and issuers, CEO Khaled Al Khaled said in an interview in Kuwait City on Sunday."



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Saudis Thinking Beyond Oil in Asia Courtship - Bloomberg View

Saudis Thinking Beyond Oil in Asia Courtship - Bloomberg View:

"King Salman bin Abdulaziz's trip to Asia has been characterized as either a routine visit to bolster the already strong trading ties between Saudi Arabia and Asia, an effort to diversify ties away from the U.S. or as a way to attract investments into Saudi Arabia and promote its own. The reality is that it's a combination of all the above. Yes, oil is an important part of the story, but not the only part. About two-thirds of Saudi Arabia's oil exports end up in Asia. The perception in the Middle East is that the U.S. in recent years has de-emphasized the region while initiating a type of rapprochement with Iran. By initiating investment deals with Malaysia, Indonesia, Japan and China, Saudi Arabia is hoping to spark reciprocity and presence in Asia. The partnership between Saudi Arabia and Asia has been gaining in importance over the last decade, and strengthened in 2016 when Asia overtook the European Union to become the largest trading partner with the Gulf Cooperation Council. Japan imports 83 percent of its oil from the Gulf, with more than a third sourced from Saudi Arabia. Both countries enjoy excellent diplomatic ties that date back to 1938 when Saudi envoys visited the country for the opening of a mosque in Tokyo. The Toyota Land Cruiser is the best-selling and most celebrated SUV in Saudi Arabia, and Toyota Motor was asked again to launch a feasibility study to produce certain vehicles in the nation."



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MIDEAST STOCKS-Gulf edges lower; Emaar Malls down on $800 mln Souq.com bid | Reuters

MIDEAST STOCKS-Gulf edges lower; Emaar Malls down on $800 mln Souq.com bid | Reuters:

"Stock markets in the Gulf edged slightly lower in early lethargic trade on Monday as crude oil prices remained near $50 a barrel and international markets were sluggish.

The Saudi stock index was down 0.3 percent in the first 25 minutes of trade. The number of declining shares outnumbered advancing ones by 99 to 23.

The largest dairy producer, Almarai, fell 0.7 percent and United Wire Factories fell 2.2 percent as they both went ex-dividend."



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