Gazprom Sees Record EU Exports as It Shrugs Off U.S. LNG - Bloomberg Business:
"Gazprom PJSC, the world’s biggest natural gas producer meeting investors in New York and London this week, seeks to increase supplies to Europe to record levels as it dismissed the prospects of U.S. exports to the region.
The Moscow-based company, which provided 31 percent of Europe’s gas last year, plans to boost flows to the region by more than 2 percent this year, with further growth through 2018, according to its non-public budget obtained by Bloomberg. That is more ambitious than public statements by the company to maintain supply.
Russia has “the most competitive" gas price in the European Union now and Gazprom isn’t concerned about rivals in the region, including liquefied natural gas from the U.S., the company’s deputy head Alexander Medvedev told investors in New York Wednesday."
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Monday, 1 February 2016
MIDEAST STOCKS-Gulf loses steam as oil retreats; banks buoy Abu Dhabi | Reuters
MIDEAST STOCKS-Gulf loses steam as oil retreats; banks buoy Abu Dhabi | Reuters:
"Most Gulf stock markets lost steam on Monday as oil prices pulled back although strong fourth-quarter earnings at two major banks boosted Abu Dhabi, while Egypt resumed falling because of currency jitters.
Bourses in the Gulf had surged over the past few days as an oil price rebound encouraged investors to return to buy beaten-down stocks. This buying quickly diminished on Monday as Brent crude slipped 2 percent to below $35.50 a barrel.
The Saudi Arabian index edged down 0.2 percent as petrochemical stock retreated, with Saudi Basic Industries down 1.8 percent."
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"Most Gulf stock markets lost steam on Monday as oil prices pulled back although strong fourth-quarter earnings at two major banks boosted Abu Dhabi, while Egypt resumed falling because of currency jitters.
Bourses in the Gulf had surged over the past few days as an oil price rebound encouraged investors to return to buy beaten-down stocks. This buying quickly diminished on Monday as Brent crude slipped 2 percent to below $35.50 a barrel.
The Saudi Arabian index edged down 0.2 percent as petrochemical stock retreated, with Saudi Basic Industries down 1.8 percent."
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Amanda Staveley, Barclays and Middle East bailout that has returned to haunt the bank | The National
Amanda Staveley, Barclays and Middle East bailout that has returned to haunt the bank | The National:
"Barclays Bank was last week hit with a lawsuit for nearly £1 billion (Dh5.24bn) by a remarkable 42-year-old woman named Amanda Staveley, described by the Financial Times as “a deal-maker best known for her Middle Eastern connections”.
Those connections are particularly strong in Abu Dhabi, where at the height of the British banking crisis in October 2008 she managed to persuade Sheikh Mansour bin Zayed to subscribe £3.5bn in new capital for the bank through the investment vehicle he chairs, International Petroleum Investment Company. That was half the money Barclays desperately needed to meet the Bank of England’s new capital requirements at the time – the rest was provided by Qatar’s Sheikh Hamad bin Jassim and other Qatari interests.
It turned out to be just about the most expensive money ever raised by a British bank. And the story is not over yet."
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"Barclays Bank was last week hit with a lawsuit for nearly £1 billion (Dh5.24bn) by a remarkable 42-year-old woman named Amanda Staveley, described by the Financial Times as “a deal-maker best known for her Middle Eastern connections”.
Those connections are particularly strong in Abu Dhabi, where at the height of the British banking crisis in October 2008 she managed to persuade Sheikh Mansour bin Zayed to subscribe £3.5bn in new capital for the bank through the investment vehicle he chairs, International Petroleum Investment Company. That was half the money Barclays desperately needed to meet the Bank of England’s new capital requirements at the time – the rest was provided by Qatar’s Sheikh Hamad bin Jassim and other Qatari interests.
It turned out to be just about the most expensive money ever raised by a British bank. And the story is not over yet."
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China Can't Resist $30 Oil - Bloomberg Business
China Can't Resist $30 Oil - Bloomberg Business:
"Last month’s plunge in crude to $30 a barrel proved too much of a bargain for China to turn down even as its economy lurches toward the weakest growth in a generation.
Chinese companies booked tankers to collect more West African crude in February than in any single month since at least 2011, data from the physical shipping market collated by Bloomberg show. It also increased its purchases of oil from producers in the North Sea and Russia. The voyages are all thousands of miles farther than the Middle East, which supplies most to the Asian country.
“This surge in Chinese demand for crude goes against recent macroeconomic news coming out of the country but is very much in line with their past behaviour in low flat price environments,” Olivier Jakob, managing director of Petromatrix GmbH, said by phone. “Whenever there has been a strong retracement in prices China has loaded up their reserves.”"
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"Last month’s plunge in crude to $30 a barrel proved too much of a bargain for China to turn down even as its economy lurches toward the weakest growth in a generation.
Chinese companies booked tankers to collect more West African crude in February than in any single month since at least 2011, data from the physical shipping market collated by Bloomberg show. It also increased its purchases of oil from producers in the North Sea and Russia. The voyages are all thousands of miles farther than the Middle East, which supplies most to the Asian country.
“This surge in Chinese demand for crude goes against recent macroeconomic news coming out of the country but is very much in line with their past behaviour in low flat price environments,” Olivier Jakob, managing director of Petromatrix GmbH, said by phone. “Whenever there has been a strong retracement in prices China has loaded up their reserves.”"
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BofA: The Oil Crash Is Kicking Off One of the Largest Wealth Transfers In Human History - Bloomberg Business
BofA: The Oil Crash Is Kicking Off One of the Largest Wealth Transfers In Human History - Bloomberg Business:
"Economists are still hotly debating whether the oil crash has been a net positive for advanced economies.
Optimists argue that cheap oil is a good thing for consumers and commodity-sensitive businesses, while pessimists point to the hit to energy-related investment and possible spillover into the financial system.
A new note from Francisco Blanch at Bank of America Merrill Lynch, however, puts the oil move into a much bigger perspective, arguing that a sustained price plunge "will push back $3 trillion a year from oil producers to global consumers, setting the stage for one of the largest transfers of wealth in human history.""
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"Economists are still hotly debating whether the oil crash has been a net positive for advanced economies.
Optimists argue that cheap oil is a good thing for consumers and commodity-sensitive businesses, while pessimists point to the hit to energy-related investment and possible spillover into the financial system.
A new note from Francisco Blanch at Bank of America Merrill Lynch, however, puts the oil move into a much bigger perspective, arguing that a sustained price plunge "will push back $3 trillion a year from oil producers to global consumers, setting the stage for one of the largest transfers of wealth in human history.""
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Distressed Fund Sancta Readies for U.A.E. Deals on Oil Slump - Bloomberg Business
Distressed Fund Sancta Readies for U.A.E. Deals on Oil Slump - Bloomberg Business:
"Distressed investment opportunities in the United Arab Emirates and the Persian Gulf will rise this year as stock markets and companies in the region buckle under the pressure of oil trading at around $30 a barrel, according to Sancta Capital Group.
"We’re expecting compelling opportunities as equity prices collapse, credit spreads continue to widen, and companies struggle to raise capital from traditional sources," said Ahmad Alanani, chief executive officer of the Houston-based firm, which invests in under-performing companies and their debt. "The region offers an uncompetitive investment landscape and assets can often be dramatically mis-priced, both in the equity and credit space."
Sancta Capital sees U.A.E.-based construction companies and small businesses offering the best distressed situations as projects are put on hold, contractors struggle to get paid and local banks seek to offload loan portfolios, Alanani said in an interview in Dubai where the company has a research office. It also expects blue-chip infrastructure firms in Africa to offer good investment opportunities, he said."
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"Distressed investment opportunities in the United Arab Emirates and the Persian Gulf will rise this year as stock markets and companies in the region buckle under the pressure of oil trading at around $30 a barrel, according to Sancta Capital Group.
"We’re expecting compelling opportunities as equity prices collapse, credit spreads continue to widen, and companies struggle to raise capital from traditional sources," said Ahmad Alanani, chief executive officer of the Houston-based firm, which invests in under-performing companies and their debt. "The region offers an uncompetitive investment landscape and assets can often be dramatically mis-priced, both in the equity and credit space."
Sancta Capital sees U.A.E.-based construction companies and small businesses offering the best distressed situations as projects are put on hold, contractors struggle to get paid and local banks seek to offload loan portfolios, Alanani said in an interview in Dubai where the company has a research office. It also expects blue-chip infrastructure firms in Africa to offer good investment opportunities, he said."
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MIDEAST STOCKS-Saudi pulls back with oil, Egypt falls | Reuters
MIDEAST STOCKS-Saudi pulls back with oil, Egypt falls | Reuters:
"Saudi Arabia's stock market fell early on Monday after oil prices pulled back, while Egypt dropped again on currency jitters.
The Saudi bourse surged in the past few trading days in response to a rebound in oil prices. But Brent crude slipped 1.7 percent in Monday's Asian trade to below $35.50 per barrel, and the Saudi stock index fell 0.5 percent.
Petrochemicals were among the biggest losers, with Saudi Basic Industries down 1.4 percent."
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"Saudi Arabia's stock market fell early on Monday after oil prices pulled back, while Egypt dropped again on currency jitters.
The Saudi bourse surged in the past few trading days in response to a rebound in oil prices. But Brent crude slipped 1.7 percent in Monday's Asian trade to below $35.50 per barrel, and the Saudi stock index fell 0.5 percent.
Petrochemicals were among the biggest losers, with Saudi Basic Industries down 1.4 percent."
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MIDEAST STOCKS-Banks boost Abu Dhabi, other Gulf markets lose steam | Reuters
MIDEAST STOCKS-Banks boost Abu Dhabi, other Gulf markets lose steam | Reuters:
"Two major banks boosted Abu Dhabi's stock market early on Monday after strong quarterly earnings, but other Gulf bourses lost steam after oil prices pulled back following last week's rally.
Abu Dhabi's index climbed 1.7 percent in the first hour of trade as First Gulf Bank jumped 6.2 percent. Late on Sunday it reported an 11 percent profit rise to 1.72 billion dirhams ($468.4 million), well above analysts' average forecast of 1.46 billion dirhams. The stock had soared 12.4 percent on Sunday in anticipation of the earnings.
Abu Dhabi Commercial Bank surged 5.5 percent after posting a profit of 1.19 billion dirhams, at the top end of forecasts of 986 million and 1.12 billion dirhams."
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"Two major banks boosted Abu Dhabi's stock market early on Monday after strong quarterly earnings, but other Gulf bourses lost steam after oil prices pulled back following last week's rally.
Abu Dhabi's index climbed 1.7 percent in the first hour of trade as First Gulf Bank jumped 6.2 percent. Late on Sunday it reported an 11 percent profit rise to 1.72 billion dirhams ($468.4 million), well above analysts' average forecast of 1.46 billion dirhams. The stock had soared 12.4 percent on Sunday in anticipation of the earnings.
Abu Dhabi Commercial Bank surged 5.5 percent after posting a profit of 1.19 billion dirhams, at the top end of forecasts of 986 million and 1.12 billion dirhams."
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