The Dow leaps 619 points after two days of China woes - live | Business | The Guardian:
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Wednesday, 26 August 2015
Iran to offer 3 gas fields for investment at London conference | Reuters
Iran to offer 3 gas fields for investment at London conference | Reuters:
" Iran will offer three gas fields to foreign investors at a conference in London later this year, an Iranian official said on Wednesday.
Development of North Pars, Golshan and Ferdowsi gas fields will be offered to investors at the upcoming London conference where Iran is due to unveil its new contract model, managing director of Pars Oil and Gas Company (POGC) said, according to Shana, the oil ministry's news agency.
North Pars off-shore gas field covers an area of 25 square km and holds 57.1 trillion cubic metres of sour gas, while Golshan gas field is located south of Iran and is expected to produce 2 billion cubic feet of gas once it is fully developed, Shana said. Ferdowsi is also off-shore gas field."
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" Iran will offer three gas fields to foreign investors at a conference in London later this year, an Iranian official said on Wednesday.
Development of North Pars, Golshan and Ferdowsi gas fields will be offered to investors at the upcoming London conference where Iran is due to unveil its new contract model, managing director of Pars Oil and Gas Company (POGC) said, according to Shana, the oil ministry's news agency.
North Pars off-shore gas field covers an area of 25 square km and holds 57.1 trillion cubic metres of sour gas, while Golshan gas field is located south of Iran and is expected to produce 2 billion cubic feet of gas once it is fully developed, Shana said. Ferdowsi is also off-shore gas field."
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MIDEAST STOCKS-Gulf pulls back as global markets stay fragile; foreigners buy Egypt | Reuters
MIDEAST STOCKS-Gulf pulls back as global markets stay fragile; foreigners buy Egypt | Reuters:
"Gulf stock markets fell back
on Wednesday as the region consolidated after a strong rebound
on Tuesday, while foreign investors' bargain-hunting in blue
chips lifted Egypt.
The Gulf's bounce on Tuesday, after several days of sharp
falls, created a sense that markets in the region have found at
least short-term floors. Some institutional investors came back
into the markets to buy selected stocks with valuations that
they now saw as reasonable.
But with global oil prices and equities still unstable and
the economic outlook for China unclear, fund managers do not
have any confidence that Gulf bourses have bottomed for the
longer term."
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"Gulf stock markets fell back
on Wednesday as the region consolidated after a strong rebound
on Tuesday, while foreign investors' bargain-hunting in blue
chips lifted Egypt.
The Gulf's bounce on Tuesday, after several days of sharp
falls, created a sense that markets in the region have found at
least short-term floors. Some institutional investors came back
into the markets to buy selected stocks with valuations that
they now saw as reasonable.
But with global oil prices and equities still unstable and
the economic outlook for China unclear, fund managers do not
have any confidence that Gulf bourses have bottomed for the
longer term."
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MIDEAST STOCKS-Saudi stocks pull back, Egypt stalls | Reuters
MIDEAST STOCKS-Saudi stocks pull back, Egypt stalls | Reuters:
"Saudi Arabia's stock market pulled back in early trade on Wednesday as buying in blue chips petered out, while Egypt's market stalled.
The Saudi index had surged 7.4 percent on Tuesday in the highest trading volume since May 2014, rebounding after losing 23 percent in the month of August.
With global oil prices and equities still shaky, however, there was little follow-through buying on Wednesday morning and the index was down 1.7 percent in the opening minutes."
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"Saudi Arabia's stock market pulled back in early trade on Wednesday as buying in blue chips petered out, while Egypt's market stalled.
The Saudi index had surged 7.4 percent on Tuesday in the highest trading volume since May 2014, rebounding after losing 23 percent in the month of August.
With global oil prices and equities still shaky, however, there was little follow-through buying on Wednesday morning and the index was down 1.7 percent in the opening minutes."
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Oil plunge: Saudi Arabia may need sharper fiscal adjustments | GulfNews.com
Oil plunge: Saudi Arabia may need sharper fiscal adjustments | GulfNews.com:
"With another bout of extreme volatility witnessed in oil prices, countries in the Gulf Cooperation Council may continue to post budget deficits for a few more years, forcing them to raise more debt, until stability returns to oil market.
“We expect all of the large rated GCC economies, except Kuwait, to post general government deficits in 2015 and 2016,” Trevor Cullinan, Director and sovereign analyst with Standard & Poor’s told Gulf News.
Most of the countries in the GCC are already in deficit, following a more than 60 per cent decline in prices of oil, from which it derives most of its revenues."
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"With another bout of extreme volatility witnessed in oil prices, countries in the Gulf Cooperation Council may continue to post budget deficits for a few more years, forcing them to raise more debt, until stability returns to oil market.
“We expect all of the large rated GCC economies, except Kuwait, to post general government deficits in 2015 and 2016,” Trevor Cullinan, Director and sovereign analyst with Standard & Poor’s told Gulf News.
Most of the countries in the GCC are already in deficit, following a more than 60 per cent decline in prices of oil, from which it derives most of its revenues."
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MIDEAST STOCKS-Markets to slow, some bargain-hunting may continue | Reuters
MIDEAST STOCKS-Markets to slow, some bargain-hunting may continue | Reuters:
"A recovery of Middle East stock markets looks set to lose steam on Wednesday though some bargain-hunting may continue because of a sense that markets have found at least short-term bottoms.
Tuesday's surge of Gulf bourses - Saudi Arabia rocketed 7.4 percent in its highest trading volume since May 2014, while Dubai jumped 4.6 percent - indicated valuations had dropped low enough for institutional investors to see reasonable value in the markets.
For this reason, selective buying in sectors such as Saudi banks and Dubai property firms may continue on Wednesday."
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"A recovery of Middle East stock markets looks set to lose steam on Wednesday though some bargain-hunting may continue because of a sense that markets have found at least short-term bottoms.
Tuesday's surge of Gulf bourses - Saudi Arabia rocketed 7.4 percent in its highest trading volume since May 2014, while Dubai jumped 4.6 percent - indicated valuations had dropped low enough for institutional investors to see reasonable value in the markets.
For this reason, selective buying in sectors such as Saudi banks and Dubai property firms may continue on Wednesday."
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Middle East Brings Solace to Oil Services Companies Amid Rout - Bloomberg Business
Middle East Brings Solace to Oil Services Companies Amid Rout - Bloomberg Business:
"Demand for oil services is rising in the Middle East even as the rout in crude prices forces major producers to shelve costly projects elsewhere in the world.
Demand from the region is “better than ever” on increasing production by clients, Duncan Anderson, chief executive officer at Abu Dhabi-based Gulf Marine Services Plc, said Tuesday. The company provides support vessels for offshore oil production projects. London-based Petrofac Plc, another oil-services provider, said it too got a boost from industry investment in the Middle East.
While the collapse in oil prices by more than half since last year has prompted producers to fire thousands of workers and cancel costly investment projects around the world, the Organization of the Petroleum Exporting Countries’ biggest members have continued to pump near record levels to defend their market share against lower-cost producers."
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"Demand for oil services is rising in the Middle East even as the rout in crude prices forces major producers to shelve costly projects elsewhere in the world.
Demand from the region is “better than ever” on increasing production by clients, Duncan Anderson, chief executive officer at Abu Dhabi-based Gulf Marine Services Plc, said Tuesday. The company provides support vessels for offshore oil production projects. London-based Petrofac Plc, another oil-services provider, said it too got a boost from industry investment in the Middle East.
While the collapse in oil prices by more than half since last year has prompted producers to fire thousands of workers and cancel costly investment projects around the world, the Organization of the Petroleum Exporting Countries’ biggest members have continued to pump near record levels to defend their market share against lower-cost producers."
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Saudi Arabia Breaks Gulf Silence on Dollar Peg Seen Here to Stay - Bloomberg Business
Saudi Arabia Breaks Gulf Silence on Dollar Peg Seen Here to Stay - Bloomberg Business:
"Saudi Arabia’s pledge to maintain its dollar currency peg, amid oil’s slump to a seven-year low, is likely to be followed by its smaller Gulf neighbors.
Ahmed Alkholifey, the Saudi central bank’s deputy governor for research and international affairs, told Al Arabiya television Tuesday that authorities will maintain the peg at 3.75 riyals per dollar. One-year forward contracts for the riyal, which have surged this month on speculation it may be devalued, fell after his remarks.
Investors have increased bets that the six Gulf Cooperation Council countries will be next to abandon their pegs after China devalued the yuan and Kazakhstan allowed its currency to float. The trade’s premise? The region has about 30 percent of the world’s proven crude reserves and its governments depend on oil revenue to fund much of their spending."
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"Saudi Arabia’s pledge to maintain its dollar currency peg, amid oil’s slump to a seven-year low, is likely to be followed by its smaller Gulf neighbors.
Ahmed Alkholifey, the Saudi central bank’s deputy governor for research and international affairs, told Al Arabiya television Tuesday that authorities will maintain the peg at 3.75 riyals per dollar. One-year forward contracts for the riyal, which have surged this month on speculation it may be devalued, fell after his remarks.
Investors have increased bets that the six Gulf Cooperation Council countries will be next to abandon their pegs after China devalued the yuan and Kazakhstan allowed its currency to float. The trade’s premise? The region has about 30 percent of the world’s proven crude reserves and its governments depend on oil revenue to fund much of their spending."
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