EU Suspends 'South Stream Pipeline' Talks With Russia Eurasia Review:
"Russia and the European Commission were scheduled to sign agreements on building the South Stream gas pipeline toward the end of March. However, the European Union has halted the political talks with Russia due to the crisis in Crimea following already tense relations regarding Ukraine.
The South Stream gas pipeline would transmit Russian gas to Central and Eastern Europe by crossing the bottom of the Black Sea, bypassing politically unstable Ukraine. Upon completion in 2018, it would supply 64 billion cubic meters (bcm) and meet 15 percent of Europe’s annual gas demand.
EU Energy Commissioner Gunther Oettinger mentioned that although political talks had been suspended, the technical negotiations would run on. He also stated that “Europe did not have an urgent need to seek ways of increasing its gas imports” because winter was ending and it had enough stocks."
'via Blog this'
Wednesday, 12 March 2014
Frontier Markets Find Footing | Mark Mobius
Frontier Markets Find Footing | Mark Mobius:
"Frontier markets remain in focus for the Templeton Emerging Markets Group in 2014, and my team and I have spent the early part of the year exploring potential investment opportunities in a number of them. I generally spend about a third of my time in these markets, with Dubai, Eastern Europe and South Africa serving as hubs for access. While the emerging markets we visit today were once considered niches or “exotic” investments when I first started investing in them in the late 1980s, many investors are now familiar with them. Many frontier markets are yet to be fully discovered by the investment community, and we believe they represent the next tier of investment opportunities within the overall emerging-markets universe. Frontier markets are located around the globe, in Asia, the Middle East, Eastern Europe, Central and South America, and Africa. We think there is good potential for frontier economies to forge ahead in their development this year and beyond."
'via Blog this'
"Frontier markets remain in focus for the Templeton Emerging Markets Group in 2014, and my team and I have spent the early part of the year exploring potential investment opportunities in a number of them. I generally spend about a third of my time in these markets, with Dubai, Eastern Europe and South Africa serving as hubs for access. While the emerging markets we visit today were once considered niches or “exotic” investments when I first started investing in them in the late 1980s, many investors are now familiar with them. Many frontier markets are yet to be fully discovered by the investment community, and we believe they represent the next tier of investment opportunities within the overall emerging-markets universe. Frontier markets are located around the globe, in Asia, the Middle East, Eastern Europe, Central and South America, and Africa. We think there is good potential for frontier economies to forge ahead in their development this year and beyond."
'via Blog this'
Gulf Arab rift has no effect on central bankers meet -Kuwait | Reuters
Gulf Arab rift has no effect on central bankers meet -Kuwait | Reuters:
"(Reuters) - A diplomatic rift between Qatar and three other Gulf Arab countries had no effect on a meeting of Gulf central bank governors on Wednesday, the region's first high-level gathering since the dispute, host Kuwait said.
Last week Saudi Arabia, the United Arab Emirates and Bahrain took the unprecedented step of recalling their ambassadors from Qatar in protest at what they see as Doha's political meddling in the Arab region.
Kuwait's central bank governor said the dispute had not marred relations between his counterparts from the six-member Gulf Cooperation Council (GCC)."
'via Blog this'
"(Reuters) - A diplomatic rift between Qatar and three other Gulf Arab countries had no effect on a meeting of Gulf central bank governors on Wednesday, the region's first high-level gathering since the dispute, host Kuwait said.
Last week Saudi Arabia, the United Arab Emirates and Bahrain took the unprecedented step of recalling their ambassadors from Qatar in protest at what they see as Doha's political meddling in the Arab region.
Kuwait's central bank governor said the dispute had not marred relations between his counterparts from the six-member Gulf Cooperation Council (GCC)."
'via Blog this'
Oman says no quick introduction of Islamic instruments - Banking & Finance - ArabianBusiness.com
Oman says no quick introduction of Islamic instruments - Banking & Finance - ArabianBusiness.com:
"Islamic banks in Oman look set to wait many more months for access to additional sharia-compliant money market tools after the central bank ruled out introducing them until the government issues its first sovereign sukuk.
A viable interbank market could boost the profitability of Oman's Islamic banks, which have so far mainly relied on wakala, which are sharia-compliant agency agreements, to manage their short-term funding needs.
Asked if the central bank would soon introduce its own Islamic instruments to broaden and deepen the market, central bank executive president Hamood Sangour al-Zadjali said on the sidelines of a financial conference in Kuwait on Wednesday:
"Not yet. We do not have anything planned about this. We are just waiting for the government to issue the sukuk, at the end of the year probably, but at the moment we are not planning any liquidity instruments because we have to set the framework for it.""
'via Blog this'
"Islamic banks in Oman look set to wait many more months for access to additional sharia-compliant money market tools after the central bank ruled out introducing them until the government issues its first sovereign sukuk.
A viable interbank market could boost the profitability of Oman's Islamic banks, which have so far mainly relied on wakala, which are sharia-compliant agency agreements, to manage their short-term funding needs.
Asked if the central bank would soon introduce its own Islamic instruments to broaden and deepen the market, central bank executive president Hamood Sangour al-Zadjali said on the sidelines of a financial conference in Kuwait on Wednesday:
"Not yet. We do not have anything planned about this. We are just waiting for the government to issue the sukuk, at the end of the year probably, but at the moment we are not planning any liquidity instruments because we have to set the framework for it.""
'via Blog this'
$650Bln of Corporate Debt Intertwines Russia and the West | The Moscow Times
$650Bln of Corporate Debt Intertwines Russia and the West | The Moscow Times:
"LONDON — To understand Western unease about the idea of imposing wide-ranging sanctions on Moscow over its intervention in Ukraine, consider an ongoing deal by one of the Kremlin's corporate giants.
Russian state oil company Rosneft is working to obtain up to $5 billion from oil major BP, which owns a fifth of Rosneft, in exchange for oil supplies over five years, three banking and trading sources familiar with the details said.
BP is in turn syndicating the money from a consortium of banks including Lloyds, partially owned by the British government, and Germany's top bank Deutsche.
The banks and BP declined to comment on the deal, the latest in a string of similar arrangements between Rosneft and oil firms and traders such as Glencore and Vitol."
'via Blog this'
"LONDON — To understand Western unease about the idea of imposing wide-ranging sanctions on Moscow over its intervention in Ukraine, consider an ongoing deal by one of the Kremlin's corporate giants.
Russian state oil company Rosneft is working to obtain up to $5 billion from oil major BP, which owns a fifth of Rosneft, in exchange for oil supplies over five years, three banking and trading sources familiar with the details said.
BP is in turn syndicating the money from a consortium of banks including Lloyds, partially owned by the British government, and Germany's top bank Deutsche.
The banks and BP declined to comment on the deal, the latest in a string of similar arrangements between Rosneft and oil firms and traders such as Glencore and Vitol."
'via Blog this'
Fracking is turning the US into a bigger oil producer than Saudi Arabia - Americas - World - The Independent
Fracking is turning the US into a bigger oil producer than Saudi Arabia - Americas - World - The Independent:
"Hector Gallegos sits in the cab of his pick-up enjoying a few hours of calm. A day earlier, workers finished carting off the huge rig that had drilled three new wells beneath this small patch of south Texas farmland and he’s now getting ready to prime them for production. He reckons that about three weeks from now each will be producing 1,000 to 2,000 barrels a day. “That’s money!” he exclaims with a broad smile.
It’s also power, and not in the combustion sense. Thanks to the success of engineers like Mr Gallegos in pushing the frontiers of hydraulic fracturing, or “fracking”, to access reserves of oil trapped in shale formations, notably here in Texas and North Dakota, America is poised to displace Saudi Arabia as the world’s top producer. With that could come a hobbling of Opec and unforeseen shifts in US foreign policy."
'via Blog this'
"Hector Gallegos sits in the cab of his pick-up enjoying a few hours of calm. A day earlier, workers finished carting off the huge rig that had drilled three new wells beneath this small patch of south Texas farmland and he’s now getting ready to prime them for production. He reckons that about three weeks from now each will be producing 1,000 to 2,000 barrels a day. “That’s money!” he exclaims with a broad smile.
It’s also power, and not in the combustion sense. Thanks to the success of engineers like Mr Gallegos in pushing the frontiers of hydraulic fracturing, or “fracking”, to access reserves of oil trapped in shale formations, notably here in Texas and North Dakota, America is poised to displace Saudi Arabia as the world’s top producer. With that could come a hobbling of Opec and unforeseen shifts in US foreign policy."
'via Blog this'
MIDEAST STOCKS-Gulf shares tumble as emerging markets selling triggers exposure cut | Reuters
MIDEAST STOCKS-Gulf shares tumble as emerging markets selling triggers exposure cut | Reuters:
"* Fears of Chinese slowdown trigger global sell-off
* Market moves in UAE amplified by earlier gains
* Dubai triggers double top formed by February peaks
* Qatar weakens further after row with Gulf neighbours
* Strong telecoms earnings fail to lift Egypt
By Nadia Saleem
DUBAI, March 12 (Reuters) - Dubai's shares slid on Wednesday, leading a Middle East retreat as a gloomy global backdrop worsened a local lull and sparked profit-taking.
Copper, a proxy for China's economic wealth, plunged to a four-year low, worsening fears about slowing Chinese economy and triggered selling across global equities.
"Global selling is affecting sentiment to a certain extent but the correction is a result of a strong early-year performance and a lack of catalysts," Marwan Shurrab, fund manager and head of trading at Vision Investments said of UAE markets."
'via Blog this'
"* Fears of Chinese slowdown trigger global sell-off
* Market moves in UAE amplified by earlier gains
* Dubai triggers double top formed by February peaks
* Qatar weakens further after row with Gulf neighbours
* Strong telecoms earnings fail to lift Egypt
By Nadia Saleem
DUBAI, March 12 (Reuters) - Dubai's shares slid on Wednesday, leading a Middle East retreat as a gloomy global backdrop worsened a local lull and sparked profit-taking.
Copper, a proxy for China's economic wealth, plunged to a four-year low, worsening fears about slowing Chinese economy and triggered selling across global equities.
"Global selling is affecting sentiment to a certain extent but the correction is a result of a strong early-year performance and a lack of catalysts," Marwan Shurrab, fund manager and head of trading at Vision Investments said of UAE markets."
'via Blog this'
Kiev threatened with loss of Crimea-based oil giant | beyondbrics - #EuroMaidan
Kiev threatened with loss of Crimea-based oil giant | beyondbrics:
"The authorities in Kiev are not only in danger of losing control of the political and military situation in the Crimea; they may also lose the major state-owned companies based on the peninsula.
On Wednesday, Rustam Temurgaliyev, Crimean deputy prime minister, told Interfax that the Crimean authorities are planning to take over state-owned giant, Chornomornaftogaz, which implements offshore oil and gas projects in the Black Sea and Azov Sea, “in the near future”.
Termurgaliyev’s comment follows similar remarks by Sergei Aksyonov, the pro-Moscow Crimean prime-minister, who said earlier this week that “all state-owned enterprises that are associated with energy resources will be owned by the autonomy”.
According to Aksyonov, all such companies should come under the control of the local parliament. “This will affect businesses in the energy sector and companies associated with mining. [The Crimea’s] energy and mineral resources belong to the people of the autonomy,” Aksyonov told the Russian state-controlled news agency RIA Novosti."
'via Blog this'
"The authorities in Kiev are not only in danger of losing control of the political and military situation in the Crimea; they may also lose the major state-owned companies based on the peninsula.
On Wednesday, Rustam Temurgaliyev, Crimean deputy prime minister, told Interfax that the Crimean authorities are planning to take over state-owned giant, Chornomornaftogaz, which implements offshore oil and gas projects in the Black Sea and Azov Sea, “in the near future”.
Termurgaliyev’s comment follows similar remarks by Sergei Aksyonov, the pro-Moscow Crimean prime-minister, who said earlier this week that “all state-owned enterprises that are associated with energy resources will be owned by the autonomy”.
According to Aksyonov, all such companies should come under the control of the local parliament. “This will affect businesses in the energy sector and companies associated with mining. [The Crimea’s] energy and mineral resources belong to the people of the autonomy,” Aksyonov told the Russian state-controlled news agency RIA Novosti."
'via Blog this'
Saudi Arabia To Name And Shame Corrupt Officials » Gulf Business
Saudi Arabia To Name And Shame Corrupt Officials » Gulf Business:
"Saudi Arabia’s Shoura Council has stepped up efforts to fight corruption by urging the National Anti-Corruption Commission (Nazaha) to publicise photos and details of corrupt officials in the Kingdom, local daily Arab News reported.
The council has also asked to quicken corruption trials and has instructed Nazaha to provide an assessment of the graft situation in the country.
“The Shoura agreed that Nazaha must revise its regulations to include defamation as a form of punishment for individuals involved in graft,” Fahaad Al-Hamad, assistant president of the council was quoted as saying.
“The Shoura also urged the commission to coordinate with government departments to speed up investigation into graft cases and trial for people involved in such cases.”"
'via Blog this'
"Saudi Arabia’s Shoura Council has stepped up efforts to fight corruption by urging the National Anti-Corruption Commission (Nazaha) to publicise photos and details of corrupt officials in the Kingdom, local daily Arab News reported.
The council has also asked to quicken corruption trials and has instructed Nazaha to provide an assessment of the graft situation in the country.
“The Shoura agreed that Nazaha must revise its regulations to include defamation as a form of punishment for individuals involved in graft,” Fahaad Al-Hamad, assistant president of the council was quoted as saying.
“The Shoura also urged the commission to coordinate with government departments to speed up investigation into graft cases and trial for people involved in such cases.”"
'via Blog this'
Abu Dhabi’s NBAD Raises A$400 Million With Second Kangaroo Bond - Bloomberg
Abu Dhabi’s NBAD Raises A$400 Million With Second Kangaroo Bond - Bloomberg:
"National Bank of Abu Dhabi PJSC (NBAD) raised A$400 million ($358 million) from its second Kangaroo bond sale, paying half a percentage point less for five-year debt than it did a year ago.
The bonds maturing in March 2019 were priced to yield 125 basis points more than the swap rate, according to an e-mailed statement from Australia & New Zealand Banking Group Ltd., which jointly managed the sale with Citigroup Inc., HSBC Holdings Plc and NBAD. The lender’s inaugural Kangaroo bond in February last year was priced at a spread of 175 basis points. The gap for those notes narrowed to 109 basis points as of today, according to ANZ prices.
A global rally in credit spreads has compressed bank borrowing costs, with the average spread over the swap rate for financial company bonds sold in Australia narrowing to 95 basis points from 114 basis points a year ago, according to a Bank of America Merrill Lynch index."
'via Blog this'
"National Bank of Abu Dhabi PJSC (NBAD) raised A$400 million ($358 million) from its second Kangaroo bond sale, paying half a percentage point less for five-year debt than it did a year ago.
The bonds maturing in March 2019 were priced to yield 125 basis points more than the swap rate, according to an e-mailed statement from Australia & New Zealand Banking Group Ltd., which jointly managed the sale with Citigroup Inc., HSBC Holdings Plc and NBAD. The lender’s inaugural Kangaroo bond in February last year was priced at a spread of 175 basis points. The gap for those notes narrowed to 109 basis points as of today, according to ANZ prices.
A global rally in credit spreads has compressed bank borrowing costs, with the average spread over the swap rate for financial company bonds sold in Australia narrowing to 95 basis points from 114 basis points a year ago, according to a Bank of America Merrill Lynch index."
'via Blog this'
Europe's delayed recovery train - YouTube
Europe's delayed recovery train - YouTube:
"European investors are once again primed for disappointment on earnings this year. Karen Olney, head of thematic strategy at UBS, explains to John Authers that the 'recovery rally' following the debt crisis is over, and suggests considering quality stocks.
)"
'via Blog this'
"European investors are once again primed for disappointment on earnings this year. Karen Olney, head of thematic strategy at UBS, explains to John Authers that the 'recovery rally' following the debt crisis is over, and suggests considering quality stocks.
)"
'via Blog this'
Kuwait reopens controversial debt takeover scheme - Banking & Finance - ArabianBusiness.com
Kuwait reopens controversial debt takeover scheme - Banking & Finance - ArabianBusiness.com:
"Kuwait has reopened a controversial fund to pay for citizens’ debts accrued in the lead up to the global financial crisis.
Kuwaitis will have another three months to submit their applications to have loans with a local bank taken over by the government in a scheme economists have warned is unsustainable.
More than 18,000 people with debts totalling KD122 million ($433m) took up the offer when the fund opened early last year.
It involves the government buying out the bank loans, writing off the interest and rescheduling payments. It applies to loans taken out prior to April 1, 2008."
'via Blog this'
"Kuwait has reopened a controversial fund to pay for citizens’ debts accrued in the lead up to the global financial crisis.
Kuwaitis will have another three months to submit their applications to have loans with a local bank taken over by the government in a scheme economists have warned is unsustainable.
More than 18,000 people with debts totalling KD122 million ($433m) took up the offer when the fund opened early last year.
It involves the government buying out the bank loans, writing off the interest and rescheduling payments. It applies to loans taken out prior to April 1, 2008."
'via Blog this'
Russian Stocks Drop as Ukraine Fears Continue | Business | RIA Novosti #EuroMaidan
Russian Stocks Drop as Ukraine Fears Continue | Business | RIA Novosti:
"MOSCOW, March 12 (RIA Novosti) – Russian equity markets fell sharply Wednesday as the Kremlin appeared to be gearing up for a full-scale annexation of the southern Ukrainian peninsula of Crimea amid international tensions.
The MICEX Index fell 1.64 percent after trading began in Moscow, while the dollar-denominated RTS Index dropped 4.02 percent. Stocks later pared losses, but both bourses were down almost 1 percent at midday.
Markets have been under pressure since troops wearing Russian uniforms seized military installations in Crimea in apparent bid to gain control of the territory after the Ukrainian opposition swept to power in the capital, Kiev."
'via Blog this'
"MOSCOW, March 12 (RIA Novosti) – Russian equity markets fell sharply Wednesday as the Kremlin appeared to be gearing up for a full-scale annexation of the southern Ukrainian peninsula of Crimea amid international tensions.
The MICEX Index fell 1.64 percent after trading began in Moscow, while the dollar-denominated RTS Index dropped 4.02 percent. Stocks later pared losses, but both bourses were down almost 1 percent at midday.
Markets have been under pressure since troops wearing Russian uniforms seized military installations in Crimea in apparent bid to gain control of the territory after the Ukrainian opposition swept to power in the capital, Kiev."
'via Blog this'
Shale, The Last Oil And Gas Train: Interview With Arthur Berman Eurasia Review
Shale, The Last Oil And Gas Train: Interview With Arthur Berman Eurasia Review:
"How much faith can we put in our ability to decipher all the numbers out there telling us the US is closing in on its cornering of the global oil market? There’s another side to the story of the relentless US shale boom, one that says that some of the numbers are misunderstood, while others are simply preposterous. The truth of the matter is that the industry has to make such a big deal out of shale because it’s all that’s left. There are some good things happening behind the fairy tale numbers, though—it’s just a matter of deciphering them from a sober perspective.
In a second exclusive interview with James Stafford of Oilprice.com, energy expert Arthur Berman discusses:"
'via Blog this'
"How much faith can we put in our ability to decipher all the numbers out there telling us the US is closing in on its cornering of the global oil market? There’s another side to the story of the relentless US shale boom, one that says that some of the numbers are misunderstood, while others are simply preposterous. The truth of the matter is that the industry has to make such a big deal out of shale because it’s all that’s left. There are some good things happening behind the fairy tale numbers, though—it’s just a matter of deciphering them from a sober perspective.
In a second exclusive interview with James Stafford of Oilprice.com, energy expert Arthur Berman discusses:"
'via Blog this'
US finds ample opportunities for investors in Dubai | Arab News
US finds ample opportunities for investors in Dubai | Arab News — Saudi Arabia News, Middle East News, Opinion, Economy and more.:
"Dubai has ample investment opportunities for American investors, said US Secretary of Commerce Penny Pritzker.
Speaking at a reception hosted by the Dubai Chamber of Commerce and Industry, Pritzker said: “The Obama administration values America’s friendship with the UAE and the Gulf, and we believe there are many opportunities to deepen our engagement, cooperation and partnership in a number of areas.”
The trade numbers between the US and UAE totaled $26.9 billion in 2013."
'via Blog this'
"Dubai has ample investment opportunities for American investors, said US Secretary of Commerce Penny Pritzker.
Speaking at a reception hosted by the Dubai Chamber of Commerce and Industry, Pritzker said: “The Obama administration values America’s friendship with the UAE and the Gulf, and we believe there are many opportunities to deepen our engagement, cooperation and partnership in a number of areas.”
The trade numbers between the US and UAE totaled $26.9 billion in 2013."
'via Blog this'
EU will never go against Russia, concerning the energy market - expert - News - World - The Voice of Russia
Emirates REIT IPO a Boost to Dubai, But No Blockbuster Listing - Middle East Real Time - WSJ
Emirates REIT IPO a Boost to Dubai, But No Blockbuster Listing - Middle East Real Time - WSJ:
"Emirates REIT, a Dubai-based real estate investment trust, said on Tuesday it plans to raise at least $136 million in a share listing on the Nasdaq Dubai, making it the first such vehicle to go public in the United Arab Emirates.
The move appeared to be a boon for a market that hasn’t seen new listings in years. It also came amid an apparent uptick in IPO activity from companies based in the U.A.E. Yet despite heady rises in stock prices last year – the Dubai Financial Market index more than doubled – local markets have yet to attract listings by the commercial giants investors most covet."
'via Blog this'
"Emirates REIT, a Dubai-based real estate investment trust, said on Tuesday it plans to raise at least $136 million in a share listing on the Nasdaq Dubai, making it the first such vehicle to go public in the United Arab Emirates.
The move appeared to be a boon for a market that hasn’t seen new listings in years. It also came amid an apparent uptick in IPO activity from companies based in the U.A.E. Yet despite heady rises in stock prices last year – the Dubai Financial Market index more than doubled – local markets have yet to attract listings by the commercial giants investors most covet."
'via Blog this'
Ukraine's Neighbors Urge Expansion of U.S. Gas Exports : Roll Call Policy | #EuroMaidan
Ukraine's Neighbors Urge Expansion of U.S. Gas Exports : Roll Call Policy:
"The crisis in Ukraine has injected a new element of Cold War politics, as well as a supporting cast of European diplomats and Washington lobbyists, into the debate on Capitol Hill over natural-gas exports.
Until now, the debate has broken down along familiar lines. The oil and gas industry and its Republican supporters have argued that larger exports of American liquefied natural gas would reduce the national deficit and create jobs.
Opposing them is a coalition of Democrats, consumer advocates, chemical companies and manufacturers who counter that increasing LNG exports would raise domestic gas prices, hurting both consumers and companies such as Dow Chemical and DuPont. Environmentalists who oppose fracking, meanwhile, fear that expanding exports will encourage more production."
'via Blog this'
"The crisis in Ukraine has injected a new element of Cold War politics, as well as a supporting cast of European diplomats and Washington lobbyists, into the debate on Capitol Hill over natural-gas exports.
Until now, the debate has broken down along familiar lines. The oil and gas industry and its Republican supporters have argued that larger exports of American liquefied natural gas would reduce the national deficit and create jobs.
Opposing them is a coalition of Democrats, consumer advocates, chemical companies and manufacturers who counter that increasing LNG exports would raise domestic gas prices, hurting both consumers and companies such as Dow Chemical and DuPont. Environmentalists who oppose fracking, meanwhile, fear that expanding exports will encourage more production."
'via Blog this'
Energy diplomacy with Dana Gas chief executive | The National
Energy diplomacy with Dana Gas chief executive | The National:
"When Patrick Allman Ward decided last year to give up the security of a 30-year career with the oil major Shell for the chief executive’s job at relative minnow Dana Gas, the Sharjah-based energy company, the lure was all about potential.
“It is a great growth story. There are clearly challenges in the short to medium terms, but we sit on an attractive portfolio in Egypt and Kurdistan, and for a company of our size, the growth potential is tremendous,” says Mr Allman Ward.
Since his appointment, he has been guiding the company, which listed on the Abu Dhabi Securities Exchange in 2005, through a series of challenges in its main markets. It is too early to say that all ahead will be plain sailing, but it looks as though there may be some light at the end of the tunnel."
'via Blog this'
"When Patrick Allman Ward decided last year to give up the security of a 30-year career with the oil major Shell for the chief executive’s job at relative minnow Dana Gas, the Sharjah-based energy company, the lure was all about potential.
“It is a great growth story. There are clearly challenges in the short to medium terms, but we sit on an attractive portfolio in Egypt and Kurdistan, and for a company of our size, the growth potential is tremendous,” says Mr Allman Ward.
Since his appointment, he has been guiding the company, which listed on the Abu Dhabi Securities Exchange in 2005, through a series of challenges in its main markets. It is too early to say that all ahead will be plain sailing, but it looks as though there may be some light at the end of the tunnel."
'via Blog this'
NBAD approves 40 per cent cash dividends distribution | GulfNews.com
NBAD approves 40 per cent cash dividends distribution | GulfNews.com:
"The National Bank of Abu Dhabi’s (NBAD) shareholders approved the distribution of cash dividend of 40 per cent and stock dividend of 10 per cent for the financial year ended December 31, 2013 at the annual general meeting (AGM), held in Abu Dhabi on Tuesday.
Shareholders registered in the Bank’s share book on March 23, 2014 shall be eligible to receive the dividends approved by the annual general meeting.
The AGM, convened under the chairmanship of Nasser Ahmad Al Suwaidi, the Chairman of NBAD, reviewed and approved the directors’ report, auditor’s report and the financial statements for the year ending December 31, 2013.
NBAD’s shareholders ratified the appointment of Al Taher Musabah Al Kindi Al Marar as a Board Member representing Abu Dhabi Investment Council as a successor of Late Jauan Salem Al Dhaheri. The board of directors has selected Al Taher as Deputy Chairman of NBAD."
'via Blog this'
"The National Bank of Abu Dhabi’s (NBAD) shareholders approved the distribution of cash dividend of 40 per cent and stock dividend of 10 per cent for the financial year ended December 31, 2013 at the annual general meeting (AGM), held in Abu Dhabi on Tuesday.
Shareholders registered in the Bank’s share book on March 23, 2014 shall be eligible to receive the dividends approved by the annual general meeting.
The AGM, convened under the chairmanship of Nasser Ahmad Al Suwaidi, the Chairman of NBAD, reviewed and approved the directors’ report, auditor’s report and the financial statements for the year ending December 31, 2013.
NBAD’s shareholders ratified the appointment of Al Taher Musabah Al Kindi Al Marar as a Board Member representing Abu Dhabi Investment Council as a successor of Late Jauan Salem Al Dhaheri. The board of directors has selected Al Taher as Deputy Chairman of NBAD."
'via Blog this'
Saudi Aramco to produce gas for phosphate project, power plant | GulfNews.com
Saudi Aramco to produce gas for phosphate project, power plant | GulfNews.com:
"Saudi Aramco plans to produce 200 million cubic feet per day (cfd) of unconventional natural gas by 2018 to supply a new phosphate project and a power plant, an industry source said.
OPEC member Saudi Arabia aims to develop shale gas for power generation in order to save more of its crude oil for export.
Aramco is keen to increase gas output as it can fetch $100 (Dh367) per barrel by exporting crude oil versus around $4 if it sells it to a Saudi power plant.
CEO Khalid Al Falih said last year the company was ready to commit gas for the development of a 1,000 megawatt power plant which will feed a phosphate mining project that Saudi Arabian Mining Co (Maaden) is developing for the Waad al Shamal Mining City."
'via Blog this'
"Saudi Aramco plans to produce 200 million cubic feet per day (cfd) of unconventional natural gas by 2018 to supply a new phosphate project and a power plant, an industry source said.
OPEC member Saudi Arabia aims to develop shale gas for power generation in order to save more of its crude oil for export.
Aramco is keen to increase gas output as it can fetch $100 (Dh367) per barrel by exporting crude oil versus around $4 if it sells it to a Saudi power plant.
CEO Khalid Al Falih said last year the company was ready to commit gas for the development of a 1,000 megawatt power plant which will feed a phosphate mining project that Saudi Arabian Mining Co (Maaden) is developing for the Waad al Shamal Mining City."
'via Blog this'
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