Saudi Arabia's central bank chief said on Friday that his country would offer excess oil production capacity if needed to balance oil prices, and that he expected prices to stay stable.
Fahad al-Mubarak was speaking to a news conference at the inaugural meeting of the Financial Stability Board's regional consultative group for the Middle East and North Africa. The FSB is a global body handling financial regulation.
"If there is pressure on demand, Saudi Arabia will always offer excess capacity to bring balance to supply and demand and to balance prices throughout," he said.
Friday 20 January 2012
Europe gas supply vulnerable to Qatar shipments | Energy & Oil | Reuters
Europe's energy supply may be more vulnerable this year as shipborne gas, relied upon to ease dependence on pipelines from suppliers like Russia or Libya, is likely to sail to more lucrative fast-growing Asian markets, analysts said on Friday.
North-west Europe, especially Britain, depended on Qatar for nearly all of its liquefied natural gas (LNG) last year.
But Qatari LNG exports to Europe fell 22 percent in 2011 due to higher demand in Asia after Japan shut down its nuclear power following the March tsunami, and as demand declined from crisis-hit economies in the south of the continent, analysts at Waterborne Energy said in a report.
North-west Europe, especially Britain, depended on Qatar for nearly all of its liquefied natural gas (LNG) last year.
But Qatari LNG exports to Europe fell 22 percent in 2011 due to higher demand in Asia after Japan shut down its nuclear power following the March tsunami, and as demand declined from crisis-hit economies in the south of the continent, analysts at Waterborne Energy said in a report.
Saudi to keep oil price stable: central bank chief | Reuters
Saudi Arabia's central bank chief said on Friday that his country would offer excess oil production capacity if needed to balance oil prices, and that he expected prices to stay stable.
Fahad al-Mubarak was speaking to a news conference at the inaugural meeting of the Financial Stability Board's regional consultative group for the Middle East and North Africa. The FSB is a global body handling financial regulation.
"If there is pressure on demand, Saudi Arabia will always offer excess capacity to bring balance to supply and demand and to balance prices throughout," he said.
Fahad al-Mubarak was speaking to a news conference at the inaugural meeting of the Financial Stability Board's regional consultative group for the Middle East and North Africa. The FSB is a global body handling financial regulation.
"If there is pressure on demand, Saudi Arabia will always offer excess capacity to bring balance to supply and demand and to balance prices throughout," he said.
Saudi to keep oil price stable: central bank chief | Reuters
Saudi Arabia's central bank chief said on Friday that his country would offer excess oil production capacity if needed to balance oil prices, and that he expected prices to stay stable.
Fahad al-Mubarak was speaking to a news conference at the inaugural meeting of the Financial Stability Board's regional consultative group for the Middle East and North Africa. The FSB is a global body handling financial regulation.
"If there is pressure on demand, Saudi Arabia will always offer excess capacity to bring balance to supply and demand and to balance prices throughout," he said.
Fahad al-Mubarak was speaking to a news conference at the inaugural meeting of the Financial Stability Board's regional consultative group for the Middle East and North Africa. The FSB is a global body handling financial regulation.
"If there is pressure on demand, Saudi Arabia will always offer excess capacity to bring balance to supply and demand and to balance prices throughout," he said.
Vodafone Qatar Plans to Refinance $110 Million Loan Due in April - BusinessWeek
Vodafone Qatar, a venture between Vodafone Group LLC and state-controlled Qatar Foundation, plans to refinance a $110 million loan maturing in April, Chief Financial Officer Steve Walters said.
The company expects capital expenditure of 143 million riyals this quarter, he told reporters in Doha today. Vodafone Qatar earlier today said its fiscal nine-month loss narrowed to 359.4 million riyals from 456.8 million riyals a year earlier as customers increased 12 percent.
The company expects capital expenditure of 143 million riyals this quarter, he told reporters in Doha today. Vodafone Qatar earlier today said its fiscal nine-month loss narrowed to 359.4 million riyals from 456.8 million riyals a year earlier as customers increased 12 percent.
Qatar Telecom eyes buyout of partner’s Asiacell stake
Qatar Telecom (Qtel) plans to buy out a private equity partner’s stake in Iraqi telecoms operator Asiacell before offering shares in the company to the public, two banking sources said on Tuesday. Qtel has a 30-percent stake in Asiacell, Iraq’s number two operator, while London-based partner MerchantBridge has 19 percent. Morgan Stanley is assisting Qtel in the process, while MerchantBridge is being advised by Credit Suisse , the sources said on condition of anonymity.
Moody’s details gold-plated rating rationale for Kuwait
The following release represents Moody’s Investors Service’s summary credit opinion on Kuwait, Government of and includes certain regulatory disclosures regarding its ratings. This release does not constitute any change in Moody’s ratings or rating rationale of Kuwait.
Gulf states to consider IMF call for more cash - The National
GCC governments will consider a request to raise their contributions to the IMF, says the Central Bank Governor.
The news comes as the fund seeks to bolster its firepower to fight the euro-zone crisis.
Sultan Al Suwaidi was responding to an appeal by the IMF for funds to bolster its revenue base by up to US$600 billion (Dh2.2 trillion).
The news comes as the fund seeks to bolster its firepower to fight the euro-zone crisis.
Sultan Al Suwaidi was responding to an appeal by the IMF for funds to bolster its revenue base by up to US$600 billion (Dh2.2 trillion).
Saudi Gazette - Kuwait spends $11b for 2010-11 projects
Kuwait has spent 3.19 billion dinars ($11.4 billion) in the 2010-11 fiscal year on projects for its four-year development plan, said a report, citing Adel Al-Wuqayan, secretary-general of Kuwait’s Supreme Council for Planning and Development.
The spending came to almost 62 percent of the original allocation, the state news agency KUNA said.
Most of the funds was assigned to energy projects, followed by infrastructure investment, KUNA quoted Al-Wuqayan as saying.
The spending came to almost 62 percent of the original allocation, the state news agency KUNA said.
Most of the funds was assigned to energy projects, followed by infrastructure investment, KUNA quoted Al-Wuqayan as saying.
Egypt borrowing costs resist IMF deal | Alrroya
Egypt’s local borrowing costs rose, with the yield on one-year bills hitting a record, as bank funding constraints and political uncertainty overshadowed a potential deal to get aid from the International Monetary Fund.
Average yields at an auction of treasury bills on Thursday climbed eight basis points on six-month notes to 14.71 per cent and 21 basis points, the most in more than a month, on one-year securities to 15.77 per cent. The increases came even as government talks with the IMF on a $3.2 billion loan this week prompted yields on Egypt’s dollar-denominated debt to fall and its credit risk to drop the most in more than seven months.
“The market has already priced in a possible agreement with the IMF,” Nour Mohei-el-Din, assistant general manager for treasury at BNP Paribas Egypt, said by telephone on Wednesday. “There’s a feeling that the IMF help is too little and too late to have an positive effect on pressured liquidity at local banks, which continue to be the primary buyers of T-bills.”
Average yields at an auction of treasury bills on Thursday climbed eight basis points on six-month notes to 14.71 per cent and 21 basis points, the most in more than a month, on one-year securities to 15.77 per cent. The increases came even as government talks with the IMF on a $3.2 billion loan this week prompted yields on Egypt’s dollar-denominated debt to fall and its credit risk to drop the most in more than seven months.
“The market has already priced in a possible agreement with the IMF,” Nour Mohei-el-Din, assistant general manager for treasury at BNP Paribas Egypt, said by telephone on Wednesday. “There’s a feeling that the IMF help is too little and too late to have an positive effect on pressured liquidity at local banks, which continue to be the primary buyers of T-bills.”
UAE banks immune to EU crisis
The UAE banks have not been affected by the ongoing debt crisis in Europe, due to “a very low” exposure, the UAE Central Bank Governor Sultan bin Nasser Al Suwaidi said on Thursday.
He said in the past couple of years the nation’s risk averse banks were busy tackling the negative effects of the 2008 meltdown that’s why the credit growth in the country is very low.
However, the governor feared that the European crisis might have some negative impact in the future if the oil prices fall.
He said in the past couple of years the nation’s risk averse banks were busy tackling the negative effects of the 2008 meltdown that’s why the credit growth in the country is very low.
However, the governor feared that the European crisis might have some negative impact in the future if the oil prices fall.
Low share prices spur concern - The National
The number of companies trading below Dh1 a share has risen dramatically over the past 12 months to almost a third of all listed stocks on the Abu Dhabi market.
The news raises the spectre of a large number of shares being suspended.
According to regulations established by the Securities and Commodities Authority (SCA), a company cannot raise money from shareholders when its shares are below Dh1, and the watchdog has the right to suspend trading of a company's shares once they fall below 40 fils.
The news raises the spectre of a large number of shares being suspended.
According to regulations established by the Securities and Commodities Authority (SCA), a company cannot raise money from shareholders when its shares are below Dh1, and the watchdog has the right to suspend trading of a company's shares once they fall below 40 fils.
Abu Dhabi in delicate dance over oil - The National
Opposite Abu Dhabi National Oil Company's (Adnoc) two-storey pavilion at the emirate's biggest energy gathering, an ExxonMobil economist entertains local school children who are out on a field trip.
Next door, Shell's display at the World Future Energy Summit (WFES) greets those arriving at the entrance of the conference hall and, a few exhibits down, Total executives hover around white cushioned seats.
The foreign companies are also all partners with Adnoc on its biggest concession, a contract for a 1.4 million barrel per day (bpd) onshore block due to expire in 2014, and showing face at the WFES is all part of a negotiating process.
Next door, Shell's display at the World Future Energy Summit (WFES) greets those arriving at the entrance of the conference hall and, a few exhibits down, Total executives hover around white cushioned seats.
The foreign companies are also all partners with Adnoc on its biggest concession, a contract for a 1.4 million barrel per day (bpd) onshore block due to expire in 2014, and showing face at the WFES is all part of a negotiating process.
RAIL TRAFFIC REBOUNDS SHARPLY | PRAGMATIC CAPITALISM
Rail traffic is showing big gains this week after last week’s sharp decline. The data has been choppy over the last few weeks, but the 10 week trend remains firmly positive. The volatility is not unusual in this data so it’s important to maintain some perspective of the trend. Total carloads were up 5.5% compared to last year while intermodal traffic rose 7.4%. ARR has more details on the data:
