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Friday, 2 June 2017

Petrofac credit rating cut to high-risk amid probe of Monaco’s Unaoil | The National

Petrofac credit rating cut to high-risk amid probe of Monaco’s Unaoil | The National:

"Petrofac, a London-listed oil services group with operations in Abu Dhabi and Sharjah, has had its debt rating cut to high-risk status after the Serious Fraud Office (SFO) in the UK announced last month that it is investigating the company as part of its wider examination into the dealings of Monaco-based oil consultancy Unaoil. The move by Moody’s Investors Service to downgrade Petrofac’s debt rating one notch to Ba1 – or "junk" status – adds further pressure to Petrofac’s cost and ability to raise capital in the debt markets. "While the outcome of the [SFO] investigation is uncertain, it could result in financial penalties that would negatively affect profitability if any allegations are proven," said Scott Phillips, Moody’s Petrofac credit analyst. "The investigation, as well as the suspension of the group’s chief operating officer, could undermine the group’s reputational standing to the detriment of new construction orders," he added."



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Gazprom Neft, OMV to work together in Iran under MoU | Reuters

Gazprom Neft, OMV to work together in Iran under MoU | Reuters:

"Russia's Gazprom Neft and Austria's OMV will work together in Iran's oil sector under a memorandum of understanding, OMV said on Friday.

"Preliminary possible spheres of cooperation include analysis, assessment and study of certain oil deposits located in the territory of the Islamic Republic of Iran in cooperation with the National Iranian Oil Company (NIOC)," OMV said.

OMV could help Gazprom Neft in the initial geological assessment of two blocks in Iran, Vadim Yakovlev, first deputy general director at Gazprom Neft, said in the statement."



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Russia, China, UAE funds agree Eurasia Drilling investment | Reuters

Russia, China, UAE funds agree Eurasia Drilling investment | Reuters:

"A consortium of Russian, Chinese and UAE funds are buying a minority stake in Eurasia Drilling, the head of the Russian Direct Investment Fund (RDIF) was quoted by Russian news agencies as saying on Thursday. The sovereign funds are thought to be taking a minority stake of 13-15 percent in Eurasia, Russia's largest oilfield services company by metres drilled. "I can confirm that we are acquiring a minority stake, and a United Arab Emirates investment fund and our Chinese partners will be in this deal," RDIF's Kirill Dmitriev was quoted as saying by Interfax."



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Goldman Sachs applies for Saudi equities trading license: sources | Reuters

Goldman Sachs applies for Saudi equities trading license: sources | Reuters:

"Goldman Sachs (GS.N) has applied to Saudi Arabia's capital markets regulator for a license to trade equities in the kingdom, two sources familiar with the move said, in the latest step by Western banks to expand operations in the country. Goldman has made the application to the Capital Market Authority (CMA) and a successful outcome could lead to a further expansion of its business in the kingdom, one of the sources said. Goldman has been operating in Saudi Arabia since 2009 as an agent and underwriter. In 2014, the Saudi Capital Market Authority approved a change in the bank's profile and it has been authorized to arrange, advise and manage investment funds and portfolios, according to its website."



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Saudi's Falih: Aramco to invest globally in gas and LNG after IPO | Reuters

Saudi's Falih: Aramco to invest globally in gas and LNG after IPO | Reuters:

"Saudi Arabia's national oil company Saudi Aramco aims to invest globally in production of gas and liquefied natural gas after holding its initial public offering, Saudi Energy Minister Khalid al-Falih said on Friday."



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Russia Can ‘Live Forever’ With $40 Oil in Warning to Hedge Funds - Bloomberg

Russia Can ‘Live Forever’ With $40 Oil in Warning to Hedge Funds - Bloomberg:

"A race to the bottom in oil prices may not have many winners, but Russia is certain it can survive. It’s less sure about hedge funds.

“We’re actually ready to live forever with the oil price at $40 or below,” Russian Economy Minister Maxim Oreshkin said in a Bloomberg Television interview at the St. Petersburg International Economic Forum on Thursday. “All macroeconomic policy is now based on the assumption of the oil price of $40.”

As Russia’s future economic plans increasingly converge around crude at that level, Oreshkin says he’s baffled by a more bullish turn taken by hedge funds. Bets on rising West Texas Intermediate prices jumped the most this year just as Saudi Arabia and Russia were mustering support for the deal they struck in Vienna last month, U.S. Commodity Futures Trading Commission data show."



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