South Stream shelving a setback for Putin - YouTube: ""
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Wednesday 3 December 2014
Mubadala, EAIG and Tawazun form Emirates Defence Industries Company | The National
Mubadala, EAIG and Tawazun form Emirates Defence Industries Company | The National:
"Mubadala Development, Tawazun Holding and Emirates Advanced Investment Group (EAIG) have finalised the formation of Emirates Defence Industries Company (Edic) after signing an initial agreement in April to combine their defence services businesses.
Edic is set to help drive the UAE’s defence industry by providing manufacturing, training, mapping, logistics, technology development and communications as well as maintenance, repair and operations services for air, land and sea platforms.
“Edic will bring together the combined capabilities of the UAE’s defence industries into a single integrated platform to enhance value for our clients, shareholders, partners and other stakeholders,” said Homaid Al Shemmari, chairman of Edic. “We are positioning the sector for more growth.”"
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"Mubadala Development, Tawazun Holding and Emirates Advanced Investment Group (EAIG) have finalised the formation of Emirates Defence Industries Company (Edic) after signing an initial agreement in April to combine their defence services businesses.
Edic is set to help drive the UAE’s defence industry by providing manufacturing, training, mapping, logistics, technology development and communications as well as maintenance, repair and operations services for air, land and sea platforms.
“Edic will bring together the combined capabilities of the UAE’s defence industries into a single integrated platform to enhance value for our clients, shareholders, partners and other stakeholders,” said Homaid Al Shemmari, chairman of Edic. “We are positioning the sector for more growth.”"
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Russian pipeline exit offers Middle East gas suppliers hope in Europe | The National
Russian pipeline exit offers Middle East gas suppliers hope in Europe | The National:
"The decision by the Russian premier, Vladimir Putin, to scrap plans to build the South Stream gas pipeline to Europe may help long-term aims to bring gas from Middle East suppliers to European markets.
Mr Putin made the surprise announcement on a state visit on Monday night to Turkey’s capital, Ankara, during which he said Russia would instead build a gas pipeline link to Turkey in a bid to strengthen ties with a country which has not joined sanctions to protest against Russia’s Ukraine policy. But the move is also clearly a response to relentless pressure from the European Union. OMV, the Austrian oil and gas company which is 25 per cent owned by Abu Dhabi’s Ipic, had been a strong supporter of the South Stream pipeline and signed a deal earlier this year to help fund construction of a spur to its Austrian terminus. OMV’s management has been under severe pressure from shareholders, which includes the Austrian government, which has the largest stake at 31.5 per cent.
The chief executive Gerhard Roiss, who had earlier pinned hopes on bringing gas to Austria from the giant Shah Deniz field in Azerbaijan via the planned Nabucco pipeline, saw those hopes dashed early last year when the field’s operators, led by BP, chose an alternative trans-Adriatic route. Mr Roiss and other senior OMV executives already have agreed an early departure and he will step down next summer."
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"The decision by the Russian premier, Vladimir Putin, to scrap plans to build the South Stream gas pipeline to Europe may help long-term aims to bring gas from Middle East suppliers to European markets.
Mr Putin made the surprise announcement on a state visit on Monday night to Turkey’s capital, Ankara, during which he said Russia would instead build a gas pipeline link to Turkey in a bid to strengthen ties with a country which has not joined sanctions to protest against Russia’s Ukraine policy. But the move is also clearly a response to relentless pressure from the European Union. OMV, the Austrian oil and gas company which is 25 per cent owned by Abu Dhabi’s Ipic, had been a strong supporter of the South Stream pipeline and signed a deal earlier this year to help fund construction of a spur to its Austrian terminus. OMV’s management has been under severe pressure from shareholders, which includes the Austrian government, which has the largest stake at 31.5 per cent.
The chief executive Gerhard Roiss, who had earlier pinned hopes on bringing gas to Austria from the giant Shah Deniz field in Azerbaijan via the planned Nabucco pipeline, saw those hopes dashed early last year when the field’s operators, led by BP, chose an alternative trans-Adriatic route. Mr Roiss and other senior OMV executives already have agreed an early departure and he will step down next summer."
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Saudi-Venezuela OPEC Split Plays Out Behind Closed Doors - Bloomberg
Saudi-Venezuela OPEC Split Plays Out Behind Closed Doors - Bloomberg:
"As Venezuelan Foreign Minister Rafael Ramirez urged fellow OPEC members to cut oil production at one point during last week’s three-hour meeting in Vienna, the split in the group quickly became clear.
Eight countries -- including those from Angola and Nigeria, which are, like Venezuela, among the hardest hit by the five-month rout in crude prices -- embraced a reduction, according to five people briefed on the meeting. Absent from that list, though, was the most important man in the room, Saudi Arabian Oil Minister Ali Al-Naimi, who led a group of four Persian Gulf nations in voicing dissent, the people said.
And with that, the push for a cut, which would require unanimous backing, was shot down, leaving OPEC’s daily output target at 30 million barrels and triggering a 10 percent collapse in prices by the next day. The disagreement cements the formation of two camps that had been brewing for weeks within OPEC: the financially strapped nations pleading for a cut to trim the supply glut and boost prices, and the fiscal powerhouses willing to withstand lower prices in a bid to get U.S. shale drillers to curb their expansion."
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"As Venezuelan Foreign Minister Rafael Ramirez urged fellow OPEC members to cut oil production at one point during last week’s three-hour meeting in Vienna, the split in the group quickly became clear.
Eight countries -- including those from Angola and Nigeria, which are, like Venezuela, among the hardest hit by the five-month rout in crude prices -- embraced a reduction, according to five people briefed on the meeting. Absent from that list, though, was the most important man in the room, Saudi Arabian Oil Minister Ali Al-Naimi, who led a group of four Persian Gulf nations in voicing dissent, the people said.
And with that, the push for a cut, which would require unanimous backing, was shot down, leaving OPEC’s daily output target at 30 million barrels and triggering a 10 percent collapse in prices by the next day. The disagreement cements the formation of two camps that had been brewing for weeks within OPEC: the financially strapped nations pleading for a cut to trim the supply glut and boost prices, and the fiscal powerhouses willing to withstand lower prices in a bid to get U.S. shale drillers to curb their expansion."
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BBC News - Why is Saudi Arabia using oil as a weapon?
BBC News - Why is Saudi Arabia using oil as a weapon?:
"A recent meeting in Vienna, between the member states of Opec finally uncovered what the world had expected for months.
Saudi Arabia is playing politics with oil, forcing Opec to maintain its current production levels at 30m barrels per day, to force down the price.
Consequently oil prices have fallen 35% in 2014, tipping under the $70 mark for the first time since May 2010."
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"A recent meeting in Vienna, between the member states of Opec finally uncovered what the world had expected for months.
Saudi Arabia is playing politics with oil, forcing Opec to maintain its current production levels at 30m barrels per day, to force down the price.
Consequently oil prices have fallen 35% in 2014, tipping under the $70 mark for the first time since May 2010."
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