Russia will not restructure Ukraine’s $3bn debt – finance minister — RT Business:
"Russia has rejected Ukraine's request to restructure its $3 billion debt said Finance Minister Anton Siluanov adding that the ministry “is waiting for this money.”
“We expect all the commitments of Ukraine to be fulfilled this year in December. Any budget income in foreign currency is important to us," Siluanov said on the sidelines of the G20 summit in Istanbul.
“Russia is not in a situation when one can easily write off foreign currency obligations,” he said. "The return of resources that were once invested in foreign currency bonds of another country is very important.”"
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Wednesday, 11 February 2015
Oman and Bahrain ratings downgrades to come at high price | The National
Oman and Bahrain ratings downgrades to come at high price | The National:
"An international ratings agency downgrade of Oman and Bahrain will make it more expensive for them to borrow to finance widening fiscal deficits, analysts said. The move by Standard and Poor’s could also hit bank ratings.
S&P on Monday downgraded Bahrain’s long-term and short-term foreign and local currency sovereign rating to BBB-/A-3 from BBB/A-2, and Oman’s rating to A-/A-2 from A/A-1 because of the halving of oil prices to less than $60 a barrel since reaching last year’s peak of US$115 per barrel.
Oil prices have rebounded over the past two weeks on signs that the price slump has started to affect oil production. S&P has initiated the downgrades since it lowered its forecast for the average oil price to $55 per barrel this year, down from last year’s forecast of $80 per barrel."
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"An international ratings agency downgrade of Oman and Bahrain will make it more expensive for them to borrow to finance widening fiscal deficits, analysts said. The move by Standard and Poor’s could also hit bank ratings.
S&P on Monday downgraded Bahrain’s long-term and short-term foreign and local currency sovereign rating to BBB-/A-3 from BBB/A-2, and Oman’s rating to A-/A-2 from A/A-1 because of the halving of oil prices to less than $60 a barrel since reaching last year’s peak of US$115 per barrel.
Oil prices have rebounded over the past two weeks on signs that the price slump has started to affect oil production. S&P has initiated the downgrades since it lowered its forecast for the average oil price to $55 per barrel this year, down from last year’s forecast of $80 per barrel."
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Dubai’s cancelled projects seek a second chance | GulfNews.com
Dubai’s cancelled projects seek a second chance | GulfNews.com:
"Some of the 180 odd projects that the Dubai Courts have now formally adjudged as being ‘cancelled’ could still have their uses. Investors are sounding out the possibility of acquiring those cancelled projects, which stand a better chance of being revived by virtue of being in a desirable location or do not have substantial payment issues assigned to them.
“As many as 20-25 per cent of these can be revived if the right investor support levels can be found ... and they are present,” said Samir Munshi, Managing Director at Silver Heights Real Estate. “As a company, we are currently involved in reviving three such projects.”
But for that to happen, the new investors will have to clear certain guidelines set by Tanmia, the dedicated division within the Real Estate Regulatory Agency handling distressed projects in Dubai."
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"Some of the 180 odd projects that the Dubai Courts have now formally adjudged as being ‘cancelled’ could still have their uses. Investors are sounding out the possibility of acquiring those cancelled projects, which stand a better chance of being revived by virtue of being in a desirable location or do not have substantial payment issues assigned to them.
“As many as 20-25 per cent of these can be revived if the right investor support levels can be found ... and they are present,” said Samir Munshi, Managing Director at Silver Heights Real Estate. “As a company, we are currently involved in reviving three such projects.”
But for that to happen, the new investors will have to clear certain guidelines set by Tanmia, the dedicated division within the Real Estate Regulatory Agency handling distressed projects in Dubai."
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Occidental Agrees to $500 Million Oil Exploration in UAE - Bloomberg Business
Occidental Agrees to $500 Million Oil Exploration in UAE - Bloomberg Business:
"Occidental Petroleum Corp., one of 11 international oil companies invited to bid for rights to develop Abu Dhabi’s largest onshore fields, agreed to a $500 million exploration project in the emirate over two years.
Occidental will work with Abu Dhabi National Oil Co., the state-owned crude producer known as Adnoc, to explore for oil at the Hail and Ghasha offshore fields in the Persian Gulf, Adnoc said in a statement distributed by the WAM state news agency. The Houston-based company would have a 30 percent share in the exploration project that runs through 2017, Adnoc said.
Occidental, the second-largest independent U.S. oil producer, declined to comment when contacted Tuesday by Bloomberg."
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"Occidental Petroleum Corp., one of 11 international oil companies invited to bid for rights to develop Abu Dhabi’s largest onshore fields, agreed to a $500 million exploration project in the emirate over two years.
Occidental will work with Abu Dhabi National Oil Co., the state-owned crude producer known as Adnoc, to explore for oil at the Hail and Ghasha offshore fields in the Persian Gulf, Adnoc said in a statement distributed by the WAM state news agency. The Houston-based company would have a 30 percent share in the exploration project that runs through 2017, Adnoc said.
Occidental, the second-largest independent U.S. oil producer, declined to comment when contacted Tuesday by Bloomberg."
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OPEC Producers Cut Oil Prices to Asia in Battle for Market Share - Bloomberg Business
OPEC Producers Cut Oil Prices to Asia in Battle for Market Share - Bloomberg Business:
"Iraq and Iran joined Saudi Arabia in cutting their March crude prices for Asia to the lowest level in more than a decade, signaling the battle for a share of OPEC’s largest market is intensifying.
Iraq’s Basrah Light crude will sell at $4.10 a barrel below Middle East benchmarks, the lowest since at least August 2003, the Oil Marketing Co. said Tuesday. National Iranian Oil Co. lowered its official selling price for March Light crude sales to a discount of $2.10 a barrel, the lowest since at least March 2000, according to a company official who asked not to be identified because of corporate policy.
The cuts come after Saudi Arabia, the largest crude exporter, reduced pricing to Asia last week to the lowest in at least 14 years. The Organization of Petroleum Exporting Countries left its members’ output targets unchanged at a November meeting, choosing to compete for market share against U.S. shale producers rather than support prices. Iraq is the second-biggest producer in OPEC and Iran is fourth."
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"Iraq and Iran joined Saudi Arabia in cutting their March crude prices for Asia to the lowest level in more than a decade, signaling the battle for a share of OPEC’s largest market is intensifying.
Iraq’s Basrah Light crude will sell at $4.10 a barrel below Middle East benchmarks, the lowest since at least August 2003, the Oil Marketing Co. said Tuesday. National Iranian Oil Co. lowered its official selling price for March Light crude sales to a discount of $2.10 a barrel, the lowest since at least March 2000, according to a company official who asked not to be identified because of corporate policy.
The cuts come after Saudi Arabia, the largest crude exporter, reduced pricing to Asia last week to the lowest in at least 14 years. The Organization of Petroleum Exporting Countries left its members’ output targets unchanged at a November meeting, choosing to compete for market share against U.S. shale producers rather than support prices. Iraq is the second-biggest producer in OPEC and Iran is fourth."
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