Thursday, 19 September 2019

#Qatar Airways Loss Widens on Higher Costs - Bloomberg

Qatar Airways Loss Widens on Higher Costs - Bloomberg:





Qatar Airways reported a near ten-fold increase in annual losses as higher fuel costs and a weaker regional economy compounded an already tough operating environment from Saudi-led airspace closures. Simone Foxman reports on "Bloomberg Daybreak: Middle East." (Source: Bloomberg)

#SaudiArabia Snaps Up Fuels as Attacks Force Refinery Curbs - Bloomberg

Saudi Arabia Snaps Up Fuels as Attacks Force Refinery Curbs - Bloomberg:

Saudi Arabia, the world’s biggest crude exporter and a powerhouse of the oil refining industry, is scouring global fuel markets for cargoes in the wake of unprecedented attacks on its energy industry.

Aramco Trading Co., which buys and sells fuels on behalf of the state oil company, purchased diesel cargoes and also sought one-off supplies of aviation fuel this week, according to people involved in those markets. Fuel oil, which can be used instead of crude for power generation, has also been bought. Exports of naphtha -- a building-block product for making gasoline and plastics -- have also been disrupted. 

While the kingdom does import fuels from time to time anyway, traders say the scale of its current purchasing is well above normal. On Saturday, vital oil-production facilities at Abqaiq were attacked, resulting in a temporary halt to a large swath of the nation’s output capacity. To keep crude flowing to customers, Saudi Arabia cut processing at its own refineries by 1 million barrels a day, and stepped up fuel imports.

Indonesia says #AbuDhabi extends investment proposals worth at least $1 bln - Reuters

Indonesia says Abu Dhabi extends investment proposals worth at least $1 bln - Reuters:

Indonesia is considering investment proposals from Abu Dhabi’s sovereign wealth fund worth at least $1 billion, an Indonesian minister said on Thursday.

The proposals offer two scenarios for the Abu Dhabi Investment Authority (ADIA) to invest in Southeast Asia’s largest economy, Luhut Pandjaitan, Indonesia’s coordinating minister of maritime affairs, said in a statement.

In one of the scenarios, the fund could directly invest about $1 billion in property projects including in tourism areas.

#Saudi bourse executive says Tadawul ready for Aramco IPO - Reuters

Saudi bourse executive says Tadawul ready for Aramco IPO - Reuters:

Saudi bourse Tadawul is ready for Aramco’s initial public offering and it has done massive changes and upgrades to its system to handle the mega deal, the bourse’s chief of markets, Mohammed al-Rumaih, said at a conference.

Oil prices edge up after turbulent week as #SaudiArabia reassures on output - Reuters

Oil prices edge up after turbulent week as Saudi Arabia reassures on output - Reuters:

Oil prices edged higher in Asian trade on Thursday after days of turbulence, with markets soothed by Saudi Arabia’s pledge to restore full production by end-September at facilities knocked out in drone and missile attacks last weekend.

Brent crude futures LCOc1 rose 24 cents to $63.84 a barrel by 0634 GMT, while U.S. West Texas Intermediate (WTI) crude CLc1 was up 21 cents to $58.32 a barrel.

The steadying of nerves came after Saudi Arabia set out the timeline to resume full operations, and also said it had managed to restore supplies to customers at levels prior to the attacks by drawing from its oil inventories.

MIDEAST STOCKS- #Saudi stocks rise on oil supply pledge, interest rate cut - Reuters

MIDEAST STOCKS-Saudi stocks rise on oil supply pledge, interest rate cut - Reuters:

Saudi Arabia’s stock market edged up in early trading on Thursday after Riyadh said oil production lost in weekend attacks on two Aramco plants would be restored by the end of September.

Saudi Arabia said it continues to supply oil to its customers from its stockpiles and the attacks would have no impact on government revenues.

The Saudi index was up 0.2%. National Commercial Bank and Saudi Telecom both rose 1%.