Google+ Followers

Tuesday, 5 September 2017

Russia's Sechin discussed offering Rosneft share to Japan: court documents

Russia's Sechin discussed offering Rosneft share to Japan: court documents:

"Igor Sechin, the head of Russian oil giant Rosneft (ROSN.MM), offered a stake in the company to Japanese investors before eventually selling to an international consortium, according to documents released during an unrelated court case.

In one of the biggest Russian privatization deals in years, the consortium made up of Qatar and commodities trader Glencore bought a 19.5-percent stake in state-owned Rosneft, one of the world’s largest oil firms, for 10.5 billion euros in December.

About three weeks before that, Sechin had attended a meeting where he described discussions with Japanese investors about them buying the stake, according to a transcript of the meeting read out in court on Tuesday."



'via Blog this'

Oman counts on Chinese billions to build desert boomtown

Oman counts on Chinese billions to build desert boomtown:

"In the remote desert along Oman’s southern coast, construction machines hired by a Chinese consortium are leveling an expanse of pale orange sand - a first step toward billions of dollars of investment. Over the past year the Chinese have become key to Oman’s effort to transform Duqm, a fishing village 550 km (345 miles) south of Muscat, into an industrial center that will help the country diversify its economy beyond oil and gas exports. In a pattern seen across much of the Middle East, the economic interests of the Omani and Chinese governments are coinciding in ways that promise a surge of Chinese capital into the region over the next few years."



'via Blog this'

Qatar says new port will help circumvent Arab sanctions

Qatar says new port will help circumvent Arab sanctions:

"Qatar inaugurated a new $7.4 billion port along its Gulf coast on Tuesday that officials said would become a regional transport hub and help shield its economy against sanctions enforced by neighbouring Arab states. The Hamad port, 40km south of Doha, is one of the largest such facilities in the Middle East. Since Saudi Arabia, Egypt, Bahrain and the United Arab Emirates (UAE) severed ties with Qatar in June, the port has been receiving large quantities of food and building materials for construction projects including stadiums for the 2022 soccer World Cup."



'via Blog this'

Saudi Arabia, Russia And Oil: Talking's Not Working - Bloomberg

Saudi Arabia, Russia And Oil: Talking's Not Working - Bloomberg:

"Some important news today from Russia on the future of oil: Scientists there have reportedly discovered a new method of fracking that has boosted output from wells six-fold. Now, a word of caution on touted Russian oil breakthroughs: Some Russians claim their country invented fracking -- a dubious assertion and one you would be well-advised not to raise in polite conversation if you happen to be in Kansas. Even so, as Thane Gustafson relates in his epic history of the Russian oil industry, "Wheel of Fortune", the Soviet Union's petroleum engineers did try something those Kansans never attempted; namely, trying to frack in the Arctic with nuclear explosives (go big or go home, amirite, comrades?) Unfortunately, rather than break apart the rocks and unleash a torrent of oil, this bold experiment merely fused them into a reservoir of ... toxic glass."



'via Blog this'

MIDEAST STOCKS-Kuwait outperforms, Dana off highs in Abu Dhabi

MIDEAST STOCKS-Kuwait outperforms, Dana off highs in Abu Dhabi:

"Kuwait’s stock market outperformed in early trade on Tuesday as it reopened after Eid al-Adha holidays, while Abu Dhabi-listed Dana Gas trimmed hefty initial gains made on a deal to obtain payments from Iraqi Kurdistan.

The Kuwaiti index climbed 0.5 percent. Many investors are hoping index compiler FTSE will decide at the end of this month to upgrade Kuwait to secondary emerging market status, which would bring fresh inflows of passive funds.

Blue chips that would be targets of such funds rose on Tuesday, with logistics giant Agility climbing 2.5 percent."



'via Blog this'

Investor joy at Dana Gas settlement may be short-lived - The National

Investor joy at Dana Gas settlement may be short-lived - The National:

"A little good news can go a long way for the share price of even the healthiest company. So it proved for Dana Gas, when its shares resumed trading with a bang after the Eid Al Adha holiday. The Sharjah-based energy firm’s arbitration settlement with the Kurdistan regional government (KRG), announced on Friday, was, to put it mildly, a positive boost for the company. The settlement terms will see the KRG pay Dana and its partners in the Pearl Consortium US$600 million immediately, with a further $400m allocated towards the consortium’s further development of the region’s Khor Mor and Chemchemal gas fields. A further $1.24bn will be recovered by the consortium from future revenues. Dana shares, a traditional favourite of the UAE’s retail investment community,  were unsurprisingly the runaway winners on an otherwise quiet day for UAE bourses. The shares rose 14 per cent at the open and maintained such heights throughout the day, closing at a joint high for the year of 73 fils."



'via Blog this'

Dubai Duty Free Navigates FX Turbulence - Bloomberg

Dubai Duty Free Navigates FX Turbulence - Bloomberg:

"Colm McLoughlin, executive vice chairman and chief executive officer at Dubai Duty Fee, discusses how his company is adjusting to the uncertainty in Qatar and his outlook for the Dubai economy. He speaks on "Bloomberg Daybreak: Europe." (Source: Bloomberg)"



'via Blog this'

Iraq's Kurdistan poised for bumper gas growth

Iraq's Kurdistan poised for bumper gas growth:

"Iraq’s Kurdistan is poised for a major increase in gas output following the settlement of a court case with developers who are now looking to unlock the full potential of the region’s large resources, investor Dana Gas told Reuters.

The semi-autonomous region settled a case with the Pearl Consortium last week by paying $1 billion to its members - Dana, Dana’s biggest shareholder Crescent Petroleum, Austria’s OMV, Hungary’s MOL and Germany’s RWE.

The consortium has a 10-year-old deal with Kurdistan’s government to develop the Khor Mor and Chemchemal fields - one of the largest gas deposits in Iraq, with reserves of 17 trillion cubic feet - enough to supply the whole of Europe for one year - and estimated resources of as much as 75 trillion."



'via Blog this'

HKEX CEO says talks to win Saudi Aramco listing "will never stop"

HKEX CEO says talks to win Saudi Aramco listing "will never stop":

"Hong Kong Exchanges & Clearing Ltd (HKEX) (0388.HK) is still in talks with oil giant Saudi Aramco, with the bourse’s planned IPO investment link with China key to clinching the potential listing, Chief Executive Charles Li told Reuters on Tuesday.

In February, Li said the stock exchange would bank on its role as a gateway to mainland China’s deep-pocketed investors to win the coveted listing of state oil firm Saudi Arabian Oil Co [IPO-ARMO.SE].

Addressing a Reuters Newsmaker event, Li, who has previously worked with JPMorgan and Bank of America Merrill Lynch in China, said “the talk will never stop” in trying to woo Aramco, with China now one of the largest importers of Saudi crude."



'via Blog this'

Doha Bank CEO Says in Talks With Foreign Lenders to Raise Debt - Bloomberg

Doha Bank CEO Says in Talks With Foreign Lenders to Raise Debt - Bloomberg:

"Doha Bank QSC is talking to foreign lenders about the possibility of raising long-term funding either through a private placement or public debt sale, according to Chief Executive Officer Raghavan Seetharaman. The bank plans to raise debt after completing a 1.3 billion riyal ($352.9 million) rights offer earlier this year, Seetharaman said in an interview with Bloomberg TV on Monday, without disclosing how much more it could raise. “We have a strong base of cross-border liquidity support, but at the same time, it’s better to have diversity,” he said. “We have a strong base of funds in Asia, and are exploring possibilities in Europe as well.” The bank may sell senior or subordinated debt, he said."



'via Blog this'

MIDEAST STOCKS-Kuwait outperforms, Dana off highs in Abu Dhabi

MIDEAST STOCKS-Kuwait outperforms, Dana off highs in Abu Dhabi:

"Kuwait’s stock market outperformed in early trade on Tuesday as it reopened after Eid al-Adha holidays, while Abu Dhabi-listed Dana Gas trimmed hefty initial gains made on a deal to obtain payments from Iraqi Kurdistan.

The Kuwaiti index climbed 0.5 percent. Many investors are hoping index compiler FTSE will decide at the end of this month to upgrade Kuwait to secondary emerging market status, which would bring fresh inflows of passive funds.

Blue chips that would be targets of such funds rose on Tuesday, with logistics giant Agility climbing 2.5 percent."



'via Blog this'

Sultan of Brunei grapples with new oil realities 

Sultan of Brunei grapples with new oil realities :

"The Sultan of Brunei marked his silver jubilee in a gilded chariot hauled by dozens of subjects. A quarter of a century later, on the brink of Hassanal Bolkiah’s 50th anniversary on the throne, a new theme has emerged in this tiny, oil-rich Southeast Asian state: moderation. The 71-year-old’s authority appears as strong as ever but his nation has been buffeted by bigger global trends. The plunge in world energy prices, Chinese expansionism and a younger generation’s restlessness have chipped away at the old model of oil-fuelled consumption and welfarism — presenting the world’s longest-ruling absolute monarch with a puzzle. “The oil prices have been a real wake-up call,” says Mustafa Izzuddin, a fellow at Singapore’s Iseas-Yusof Ishak Institute. “There are certain pressing issues they have to address. They are not going to collapse any time soon — [but] their natural resources are being depleted.” "



'via Blog this'