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Thursday, 20 April 2017

MIDEAST STOCKS-Gulf falls with oil but UAE's Union Properties, TAQA jump | Reuters

MIDEAST STOCKS-Gulf falls with oil but UAE's Union Properties, TAQA jump | Reuters:

"Profit-taking and weak first-quarter earnings weighed on Gulf stock markets on Thursday, with Saudi Arabia's index pulled lower by petrochemical shares after oil prices fell sharply, but Dubai's Union Properties and Abu Dhabi's TAQA bucked the trend.

Dubai's index lost 1.0 percent as financially troubled builder Arabtec, which had jumped almost 11 percent on Wednesday after shareholders approved its capital restructuring plan, retreated 4.4 percent.

Union Properties, however, leapt 5.8 percent to close at 1.03 dirhams in its heaviest trade since Jan. 23 and accounted for almost half of trading volume on the exchange. It ended off its intra-day high of 1.12 dirhams, failing to conclusively break chart resistance at the end-February peak of 1.07."



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MIDEAST STOCKS-Petchems, banks weigh on Saudi; Qatar's GIS slumps on weak Q1 | Reuters

MIDEAST STOCKS-Petchems, banks weigh on Saudi; Qatar's GIS slumps on weak Q1 | Reuters:

"Petrochemical shares were the main drag on Saudi Arabia's stock market in early trade on Thursday after oil prices fell sharply overnight, while Qatar's index was hit by weak earnings from oil rig provider Gulf International Services.

The Saudi index was down 0.5 percent after half an hour of trade as almost three-quarters of listed petrochemical shares fell, with heavyweight Saudi Basic Industries dropping 0.5 percent.

Most petrochemical producers have not yet reported first-quarter earnings. Companies in Saudi Arabia are now obliged to report earnings based on IFRS standards, and the securities regulator said last year that firms could report interim earnings as long as 30 days after the end of each period, rather than 15 days as previously."



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Russian oil groups shrug off western sanctions to explore Arctic

Russian oil groups shrug off western sanctions to explore Arctic:

"His fur coat heavy with snow and protecting him from temperatures of minus 18C, Igor Sechin, the chief executive of Russian oil company Rosneft, clutched the radio in his thick gloves and relayed to his engineers the simple order he had just been given by Russian President Vladimir Putin: “Start drilling.” A rig operator confirmed his request. Moments later, a drill began its 5,000m journey downwards, in search of oil deposits that the country is banking on to provide more than a quarter of its future output. Perched on the edge of a peninsula deep in the Arctic Circle, Tsentralno- Olginskaya-1 will be Russia’s northernmost oil well. Closer to the North Pole than to any city, it is a feat of engineering that uses equipment shipped 3,600km through icy waters navigable only for two months of the year."



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Saudi oil minister raises hopes of Opec deal extension

Saudi oil minister raises hopes of Opec deal extension:

"Consensus is building towards agreement to extend an Opec deal to limit output by three to six months as the producer group seeks to achieve its goal of bring down inventory stocks, Saudi Arabia’s oil minister Khaled al-Falih said. “Consensus is building, but it is not done yet,” he told reporters on the sidelines of an industry event in Abu Dhabi on Thursday. “We are still in consultations.” His comments reflect growing intent within the group to extend a deal which saw Opec countries and those outside of the cartel such as Russia agree to cut their output by around 1.8m barrels a day in the first six months of 2017."



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Abu Dhabi's Mubadala attracts $2.5 billion in Europe private equity deal | Reuters

Abu Dhabi's Mubadala attracts $2.5 billion in Europe private equity deal | Reuters:

"Mubadala Capital, an arm of Abu Dhabi's state fund Mubadala, said it had conudcted a private equity transaction with European fund manager Ardian, which had committed to invest $2.5 billion in the deal. It is the first time that Mubadala Capital is accepting capital from third-party investors, Mubadala said in a statement on Thursday. The deal has two components: Ardian is acquiring an interest in a private equity portfolio currently managed by Mubadala Capital, and Mubadala is establishing a new private equity fund in which Ardian will be a lead investor."



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Oil prices claw back losses, but oversupply still weighs | Reuters

Oil prices claw back losses, but oversupply still weighs | Reuters:

"Oil prices regained some ground on Thursday after steep losses the previous day, as Kuwait said it expected an OPEC-led effort to cut supplies would be extended beyond the middle of the year.

Brent crude futures were at $53.34 per barrel at 0715 GMT (3:15 a.m. ET), up 41 cents, or 0.77 percent, from their last close.

U.S. West Texas Intermediate (WTI) crude futures were up 32 cents, or 0.63 percent, to $50.76 a barrel."



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Amid Aramco IPO Plans, Oman Oil Prepares Its Own - Bloomberg

Amid Aramco IPO Plans, Oman Oil Prepares Its Own - Bloomberg:

"Oman Oil Co., the sultanate’s state-owned energy producer, is seeking advice from banks to sell some energy assets and list units on the local stock market, following plans by its larger peer Saudi Arabian Oil Co. to offer shares to the public.

The oil and gas producer, which has stakes in overseas businesses, plans to sell some energy assets, Oman Oil Minister Mohammed Al Rumhy said in an interview in Abu Dhabi. The company is also considering an initial public offering of shares for some units on Oman’s stock market, he said. He didn’t identify the banks.

“We are looking at the IPO option because we want to give a boost to the local stock market, and we want to see more foreign direct investments coming to the country,” he said. "



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Adnoc hires advisers as it eyes new partnerships | The National

Adnoc hires advisers as it eyes new partnerships | The National:

"The Abu Dhabi National Oil Company (Adnoc) has hired new financial public relations advisers as it moves to the next stage of its strategy, which includes developing a wider range of international partnerships.

The state oil company has hired Teneo, a relatively young firm best known for its high-level connections through co-founder and president Douglas Band, a long-time adviser to former president Bill Clinton and the Clinton Foundation, and the Irish-born co-founder and chief executive Declan Kelly, who was appointed by former US secretary of state Hillary Clinton as an envoy to Northern Ireland when she was in office.


Adnoc executives said the move does not presage any plan for an initial public offering or capital markets transactions, such as issuing debt, but rather is part of the next stage of its strategy, which has included looking for a broader range of international partners and more innovative deals to develop Abu Dhabi’s oil, gas, refining and petrochemicals projects."



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