Norway's oil-based wealth fund sells out of more fossil fuel companies | Environment | The Guardian:
"Norway’s huge sovereign wealth fund, the world’s biggest, has sold out of 73 companies in the past year because their social or environmental policies could hurt profitability.
The Norwegian state pension fund’s annual report relating to “responsible investment” did not give the names of companies, but it indicated that most were coal or energy companies using coal, as well as those involved in mining, producing cement and heavy construction."
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Friday, 5 February 2016
Dubai businessman to buy Kuwait’s Americana - FT.com
Dubai businessman to buy Kuwait’s Americana - FT.com:
"One of Dubai’s leading businessmen has swooped to buy Kuwait’s Americana, saving a faltering deal that had come to epitomise the Gulf’s moribund deal market.
Mohammed Alabbar, chairman of Dubai developer Emaar, is leading a consortium of Gulf investors seeking to acquire the food packaging and restaurant franchise business from the Kuwaiti Khorafi family."
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"One of Dubai’s leading businessmen has swooped to buy Kuwait’s Americana, saving a faltering deal that had come to epitomise the Gulf’s moribund deal market.
Mohammed Alabbar, chairman of Dubai developer Emaar, is leading a consortium of Gulf investors seeking to acquire the food packaging and restaurant franchise business from the Kuwaiti Khorafi family."
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Time for all oil producers to go beyond the talk | GulfNews.com
Time for all oil producers to go beyond the talk | GulfNews.com:
"In a market looking for clearer guidance, the major oil producers of the world are busy sending mixed signals, which are leaving crude prices in limbo.
The cost of a barrel of crude soared 7 per cent a week ago after Russian Energy Minister Alexander Novak said that Opec and non-Opec countries are considering a 5 per cent output cut across the board. Novak cautioned that it is too early to call anything concrete, but there seems to be a willingness to build a solid floor to support a price recovery.
That same day, a senior Gulf source told me that regional players are “willing to do anything to stabilise the markets” and added, rather surprisingly for those of us who cover the inner workings of Opec, “all options are on the table”.
"
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"In a market looking for clearer guidance, the major oil producers of the world are busy sending mixed signals, which are leaving crude prices in limbo.
The cost of a barrel of crude soared 7 per cent a week ago after Russian Energy Minister Alexander Novak said that Opec and non-Opec countries are considering a 5 per cent output cut across the board. Novak cautioned that it is too early to call anything concrete, but there seems to be a willingness to build a solid floor to support a price recovery.
That same day, a senior Gulf source told me that regional players are “willing to do anything to stabilise the markets” and added, rather surprisingly for those of us who cover the inner workings of Opec, “all options are on the table”.
"
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Saudis Say Cash Crunch Won't Derail an Ambitious Foreign Agenda - Bloomberg Business
Saudis Say Cash Crunch Won't Derail an Ambitious Foreign Agenda - Bloomberg Business:
"Saudi Arabia won’t let the plunge in oil prices derail a regional agenda that includes waging war in Yemen and funding allies in Syria and Egypt, Foreign Minister Adel al-Jubeir said in an interview.
“Our foreign policy is based on national security interests,” al-Jubeir said on Thursday at the Ministry of Foreign Affairs headquarters in the kingdom’s capital, Riyadh. “We will not let our foreign policy be determined by the price of oil.”"
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"Saudi Arabia won’t let the plunge in oil prices derail a regional agenda that includes waging war in Yemen and funding allies in Syria and Egypt, Foreign Minister Adel al-Jubeir said in an interview.
“Our foreign policy is based on national security interests,” al-Jubeir said on Thursday at the Ministry of Foreign Affairs headquarters in the kingdom’s capital, Riyadh. “We will not let our foreign policy be determined by the price of oil.”"
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China Oil Output Seen Cracking Under Pressure of Price Collapse - Bloomberg Business
China Oil Output Seen Cracking Under Pressure of Price Collapse - Bloomberg Business:
"Cheap crude is a double-edged sword for one of the world’s biggest markets.
China’s output in 2016 will decline between 3 percent and 5 percent from last year’s record 4.3 million barrels a day, according to analysts from Nomura Holdings Inc. and Sanford C. Bernstein & Co. That would be the first decline in seven years and the biggest drop in records going back to 1990. The country is the world’s fifth-largest producer and biggest consumer after the U.S.
Oil prices have plunged more than 50 percent since Saudi Arabia led a 2014 decision by the Organization of Petroleum Exporting Countries not to cut output amid a global glut to drive out higher-cost producers. The kingdom was China’s biggest supplier last year, accounting for 15 percent of the country’s overseas purchases."
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"Cheap crude is a double-edged sword for one of the world’s biggest markets.
China’s output in 2016 will decline between 3 percent and 5 percent from last year’s record 4.3 million barrels a day, according to analysts from Nomura Holdings Inc. and Sanford C. Bernstein & Co. That would be the first decline in seven years and the biggest drop in records going back to 1990. The country is the world’s fifth-largest producer and biggest consumer after the U.S.
Oil prices have plunged more than 50 percent since Saudi Arabia led a 2014 decision by the Organization of Petroleum Exporting Countries not to cut output amid a global glut to drive out higher-cost producers. The kingdom was China’s biggest supplier last year, accounting for 15 percent of the country’s overseas purchases."
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