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Thursday, 1 June 2017

MIDEAST STOCKS-Blue chips lift most of Gulf, Dana surges again, Egypt at new high | Reuters

MIDEAST STOCKS-Blue chips lift most of Gulf, Dana surges again, Egypt at new high | Reuters:

"Abu Dhabi's Dana Gas was buoyed for a second day on Thursday by hopes for payments from the Kurdistan Regional Government (KRG), while blue chips rose in most other Middle Eastern markets and Egypt's index closed at a record high.

Dana jumped 7.3 percent, following Wednesday's 5.1 percent jump, after news that Pearl Petroleum, a consortium involving Dana, had applied to a U.S. District Court for recognition and enforcement of awards made at the London Court of International Arbitration against the KRG.

The KRG has resisted legal efforts to make it pay Pearl for years and it was not clear if the latest legal action would have a different result."



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Adnoc weighs new US$20bn offshore gas project to meet UAE’s growing demand | The National

Adnoc weighs new US$20bn offshore gas project to meet UAE’s growing demand | The National:

"Abu Dhabi National Oil Company (Adnoc) is considering greenlighting another huge gas project in the Western Region, which could meet nearly 20 per cent of the UAE’s gas demand by the end of the decade. The state oil company’s investment committee is considering proposals for a US$20 billion development of the Hail and Ghasha, Delma, Nasr and Shuwaihat "ultra sour" gasfields, which lie in relatively shallow water south-west of Abu Dhabi city, about half way to Ruwais city. Known collectively as the North-West Area, the sour gas prospect is estimated by analysts to contain about 5 trillion cubic feet of gas and forecast to produce 1 billion cubic feet per day (cfd), which would equate to about 18 per cent of the UAE’s current demand, or enough to provide gas and water to 400,000 homes."



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Assessing the Health of U.A.E.'s Financial Sector - Bloomberg

Assessing the Health of U.A.E.'s Financial Sector - Bloomberg:

"Olivier Panis, vice president and senior credit officer for EMEA at Moody's Investors Service, discusses financials in the U.A.E. and mergers and acquisitions. He speaks on "Bloomberg Markets: Middle East." (Source: Bloomberg)"



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Qatar stake in Credit Suisse rises above 5 pct | Reuters

Qatar stake in Credit Suisse rises above 5 pct | Reuters:

"Major Credit Suisse investor Qatar Investment Authority (QIA) has increased its stake in the Swiss bank to 5.01 percent of shares, Credit Suisse said on Thursday. "In a disclosure report dated May 30, 2017, Credit Suisse Group AG was notified that as of May 24, 2017 the Qatar Holding LLC which is controlled by the State of Qatar held 17.98 percent of the voting rights entered in the Commercial Register (5.01 percent shares; 12.96 percent purchase rights)," Zurich-based Credit Suisse said in a statement. Qatar Holding is controlled by Qatar Investment Authority, the Gulf Arab state's acquisitive sovereign wealth fund. In a November 2016 disclosure on the Swiss stock exchange, Qatar Holding's share stake was given at 4.93 percent."



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America's Shale Gas Bounty Is Heading Overseas at a Record Clip - Bloomberg

America's Shale Gas Bounty Is Heading Overseas at a Record Clip - Bloomberg:

"America’s natural gas is flowing out of the country at a record pace, helping to ease a supply glut at home while tumbling prices for the fuel entice overseas buyers.

When the liquefied natural gas tanker Ribera Del Duero Knutsen left Cheniere Energy Inc.’s Sabine Pass export terminal in Louisiana late Tuesday, it became the 18th ship to depart the terminal in May. That’s the highest monthly total since the first vessel sailed from the facility last year."



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Rouhani Vows to Shed Iran Sanctions as Trump Piles on More - Bloomberg

Rouhani Vows to Shed Iran Sanctions as Trump Piles on More - Bloomberg:

"A day after winning re-election last month, Iran’s President Hassan Rouhani reaffirmed a campaign pledge: that he’ll find a way to free his country from sanctions that hobble its economy.

That’s a vow President Donald Trump and U.S. lawmakers are making harder than ever to keep.

Trump used his first overseas trip last week to portray Shiite-led Iran as the embodiment of evil, the common enemy that could bring America’s Sunni-led Gulf allies together with Israel to achieve Middle East peace. In Washington, Republicans in Congress are also doubling down, pressing for legislation to add more sanctions, not lift those that remain after the 2015 nuclear deal between Iran and world powers."



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OPEC Can Still Do What It Takes to Prop Up Oil - Bloomberg

OPEC Can Still Do What It Takes to Prop Up Oil - Bloomberg:

"“We’re going to do what it takes,” Khalid Al-Falih, Saudi Arabia’s energy minister, said in March. But by agreeing to an unexciting extension of cuts on May 25, the Organization of Petroleum Exporting Countries is merely tinkering. Unless the group acts decisively, it faces a slow process of attrition in rebalancing the market.

But it can act decisively in two directions: much deeper cuts, or a longer-term commitment to higher output to scare off competitors."



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MIDEAST STOCKS-Dana Gas continues climb on Kurdistan hopes, DAMAC drops back | Reuters

MIDEAST STOCKS-Dana Gas continues climb on Kurdistan hopes, DAMAC drops back | Reuters:

"Most stock markets in the Gulf rose in early trade on Thursday, with Abu Dhabi's Dana Gas still buoyed by hopes for payments from the Kurdistan Regional Government (KRG). Dana added 2.4 percent, following Wednesday's 5.1 percent jump, after news that Pearl Petroleum, a consortium involving Dana, had applied to a U.S. District Court for recognition and enforcement of awards made at the London Court of International Arbitration against the KRG. Abu Dhabi's index rebounded 0.9 percent after falling 1.7 percent on Wednesday, with First Abu Dhabi Bank advancing 1.4 percent."



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