EU lifts sanctions on two Iranian oil producers - BBC News:
"The European Union has removed two Iranian oil companies from its sanctions list, the first such action since Iran reached a nuclear agreement with world powers earlier this month.
Petropars Operation and Management and Petropars Resources Engineering had argued there was insufficient evidence to include them.
The companies are part of a group involved in extracting natural gas from Iran's South Pars field."
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Friday, 31 July 2015
Iran needs around $100b to revamp oil industry | GulfNews.com
Iran needs around $100b to revamp oil industry | GulfNews.com:
"Iran needs around $100 billion to bring its oil industry back to the level it was five years ago, the country’s Industry Minister Mohammad Reza Nematzadeh told Austrian newspaper Wiener Zeitung in an interview published on Thursday.
At a business conference in Vienna last week, the first such event since this month’s deal between Tehran and world powers on its nuclear programme, Iran outlined a pro-market economic policy package designed to win foreign investment.
Asked about Western estimates that Iran needed $300 billion to get its oil industry back to the level it had before sanctions crippled its economy, Nematzadeh was quoted as saying: “This number is far too high, according to my knowledge. I think that we can make do with around a third of that sum.” Iranian officials last week said the country, a member of the oil producer group Opec, was targeting oil and gas projects worth $185 billion by 2020."
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"Iran needs around $100 billion to bring its oil industry back to the level it was five years ago, the country’s Industry Minister Mohammad Reza Nematzadeh told Austrian newspaper Wiener Zeitung in an interview published on Thursday.
At a business conference in Vienna last week, the first such event since this month’s deal between Tehran and world powers on its nuclear programme, Iran outlined a pro-market economic policy package designed to win foreign investment.
Asked about Western estimates that Iran needed $300 billion to get its oil industry back to the level it had before sanctions crippled its economy, Nematzadeh was quoted as saying: “This number is far too high, according to my knowledge. I think that we can make do with around a third of that sum.” Iranian officials last week said the country, a member of the oil producer group Opec, was targeting oil and gas projects worth $185 billion by 2020."
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'Job cuts' reported in oil and gas industry in UAE | GulfNews.com
'Job cuts' reported in oil and gas industry in UAE | GulfNews.com:
"A number of companies in the oil and gas industry in the UAE have shed some of its workers as they opt to reduce operational costs in the hopes of surviving the downturn, industry sources have confirmed.
The job cuts have affected employees with engineering background and those who worked on a contract basis. There is no specific data on how many businesses have trimmed down their workforce but concerns are high that there could be spillover effects into other sectors such as retail and hospitality.
A source also confirmed that banks are not hiring more than they used to and that they have now become more selective on recruitment. Jobseekers from abroad are also not finding it easy to find an employer in the UAE."
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"A number of companies in the oil and gas industry in the UAE have shed some of its workers as they opt to reduce operational costs in the hopes of surviving the downturn, industry sources have confirmed.
The job cuts have affected employees with engineering background and those who worked on a contract basis. There is no specific data on how many businesses have trimmed down their workforce but concerns are high that there could be spillover effects into other sectors such as retail and hospitality.
A source also confirmed that banks are not hiring more than they used to and that they have now become more selective on recruitment. Jobseekers from abroad are also not finding it easy to find an employer in the UAE."
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Templeton Cedes Ground on Ukraine Writeoff as Debt Payment Looms - Bloomberg Business
Templeton Cedes Ground on Ukraine Writeoff as Debt Payment Looms - Bloomberg Business:
"Franklin Templeton has come to grips with the fact that it won’t be able to avoid losses on its $7 billion investment in Ukrainian bonds.
The investment firm and three other bondholders this week offered the eastern European nation a small amount of debt relief, the first time they’ve entertained the possibility of a writedown on their principal holdings. The size of the so-called haircut they proposed is 5 percent, a person familiar with the negotiations said on Thursday. That compares with the 40 percent Ukraine was said to have asked them for last month.
While investors are hailing the offer as a step toward ending a standoff, Ukraine is running out of time to get a deal in place before its first Eurobond matures Sept. 23. The nation needs to alter terms on $19 billion of debt as a condition for International Monetary Fund aid aimed at pulling the economy out of a recession that’s deepened in the 16 months since a battle with pro-Russian separatists started in the east."
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"Franklin Templeton has come to grips with the fact that it won’t be able to avoid losses on its $7 billion investment in Ukrainian bonds.
The investment firm and three other bondholders this week offered the eastern European nation a small amount of debt relief, the first time they’ve entertained the possibility of a writedown on their principal holdings. The size of the so-called haircut they proposed is 5 percent, a person familiar with the negotiations said on Thursday. That compares with the 40 percent Ukraine was said to have asked them for last month.
While investors are hailing the offer as a step toward ending a standoff, Ukraine is running out of time to get a deal in place before its first Eurobond matures Sept. 23. The nation needs to alter terms on $19 billion of debt as a condition for International Monetary Fund aid aimed at pulling the economy out of a recession that’s deepened in the 16 months since a battle with pro-Russian separatists started in the east."
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