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Friday, 1 December 2017

Sale of the century? $300-billion Saudi state sell-off moves slowly

Sale of the century? $300-billion Saudi state sell-off moves slowly:

"Saudi Arabia’s $300-billion privatization program was billed as the sale of the century when Crown Prince Mohammed bin Salman unveiled his plan to great fanfare. Nineteen months later, it is moving at a snail’s pace, bankers, investors and analysts familiar with the process say.

The main problems they cite are heavy bureaucracy, an inadequate legal framework, frequent changes of priority in government departments and fatigue among investors.

Some also blame a wait-and-see approach among many investors due to uncertainty about the fallout from an anti-corruption campaign in which dozens of royal family members, ministers and senior officials were rounded up in early November. "

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Oil Extends Gains as OPEC Prolongs Production Curbs Through 2018 - Bloomberg

Oil Extends Gains as OPEC Prolongs Production Curbs Through 2018 - Bloomberg:

"Oil extended gains following a third monthly advance after OPEC and Russia agreed to prolong production cuts through to the end of 2018 in their fight against a global supply glut.

Futures added 0.6 percent in New York after rising 0.2 percent Thursday. The nine-month extension was strengthened with the inclusion of Nigeria and Libya, two OPEC members originally exempted from the curbs. Oil stockpiles in developed countries are still 150 million barrels above a five-year average leaving OPEC and its allies with more work to do, Saudi Arabia Energy Minister Khalid Al-Falih said Thursday."

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Abu Dhabi’s oil company plans overseas expansion

Abu Dhabi’s oil company plans overseas expansion:

"Abu Dhabi’s national oil company wants to expand its overseas refinery and petrochemicals investments, with the aim of diversifying state assets and becoming a global energy provider.

Sultan al-Jaber, Adnoc’s chief executive, said the company is exploring opportunities in the “downstream” business, which ranges from processing to marketing, to give it long-term access to markets that are driving demand for the oil-rich emirate’s crude and related products.

“This refreshed downstream approach will reshape Adnoc into a focused global company, with an adaptable product portfolio for shareholders and the broader UAE economy,” Mr Jaber said in an interview."

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