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Friday, 8 September 2017

CEFC China Energy buys $9bn stake in Rosneft

CEFC China Energy buys $9bn stake in Rosneft:

"CEFC China Energy is set to take a stake of almost $9bn in Russian state-controlled oil company Rosneft, in a major strengthening of energy ties between Beijing and Moscow as relations deteriorate with the west.

CEFC, a private conglomerate with interests in energy and financial services, will take a 14.16 per cent stake in Rosneft after agreeing to buy shares held by Switzerland’s Glencore and the Qatar Investment Authority in an offshore vehicle.

Moscow has looked to pivot towards China since US and EU sanctions were imposed in 2014 following Russia’s invasion of Ukraine, and a string of recent energy deals has deepened the bond between the world’s largest energy exporter and consumer."

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UAE banks can look forward to no immediate respite |

UAE banks can look forward to no immediate respite |

"As is the case with every single credit binge, the UAE’s — between 2010—15 — too resulted in an ensuing bloodbath, which, well, has been bloody.
Credit binges end due to some major shock to economies and always end badly. Ours was the collapse in oil prices that led to a contagion effect on every single economy closely linked with that of the UAE.

The multiplier effect has been vicious and aftershocks continue. Weak oil prices have brought up the fundamental deficiencies of these economies. As these weaknesses pertain to the elemental aspects of each of these countries, finding solutions — and implementing them effectively — will take a long time. Therefore the aftershocks will continue to be felt ... for a while."

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Will Saudi Aramco deliver world record profit for next year's IPO?

Will Saudi Aramco deliver world record profit for next year's IPO?:

"When oil giant Saudi Aramco discloses its financials for the first time next year, it must either surprise investors with world record profits or reduce its aspirations for a $2 trillion valuation in its initial public offering (IPO). [IPO-ARMO.SE] Investors have long debated whether Aramco could be valued anywhere close to $2 trillion, the figure suggested by Saudi Crown Prince Mohammed bin Salman, who wants to raise cash through the IPO to finance investments aimed at helping wean the world’s biggest oil exporting nation off dependency on crude. Based on Aramco’s oil reserves of 266 billion barrels and a valuation of $7 to $8 per barrel in line with recent industry acquisitions - such as Total’s (TOTF.PA) purchase of Maersk’s oil assets - Aramco warrants close to the $2 trillion valuation."

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Top U.K. Lawmakers Question Weakening Rules for IPO of Aramco - Bloomberg

Top U.K. Lawmakers Question Weakening Rules for IPO of Aramco - Bloomberg:

"Two senior British lawmakers are questioning plans by London’s financial regulator to change listing rules that would make it easier for Saudi Aramco to go public in London, in what may become the world’s largest initial public offering. Nicky Morgan and Rachel Reeves, the chairs of Parliament’s Treasury and Business, Energy and Industrial Strategy Committees, wrote Tuesday to the U.K. Financial Conduct Authority’s chief executive officer raising concerns on how much the move may be driven by attracting Saudi Aramco. The FCA is consulting on creating a listings category to better cater for companies owned by a sovereign country. Saudi Arabia aims to sell about 5 percent of Saudi Aramco in an IPO next year. The kingdom plans to list on the Saudi stock exchange in Riyadh and sell shares on at least one bourse outside the country. That choice pits the top global financial centers, including London and New York, against each other for a sale that could value the largest oil exporter at more than $1 trillion, making it the world’s largest company by market value. "

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