Lower oil tests sovereign wealth funds - FT.com:
"Bader Al Sa’ad, the head of the Kuwait Investment Authority, isn’t spending much time these days assessing new investments. Instead he is advising his government as it moves to establish a debt management office.
Circumstances have changed in the Gulf, bringing in their wake a host of ripple effects. A while ago, the biggest headache for the sovereign wealth funds of the Middle East was finding safe but profitable homes for their portion of swelling oil revenues."
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Tuesday, 22 March 2016
Saudi Arabia will freeze oil output without Iran: Opec delegate - FT.com
Saudi Arabia will freeze oil output without Iran: Opec delegate - FT.com:
"Saudi Arabia is prepared to join an oil output freeze next month without Iran taking part, a senior Opec delegate said, making a deal among big producers more likely.
Some of the world’s largest oil nations will meet in Doha on April 17 to discuss restraining output. It follows a provisional agreement reached in February by Saudi Arabia, Russia, Qatar and Venezuela to keep production at January levels."
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"Saudi Arabia is prepared to join an oil output freeze next month without Iran taking part, a senior Opec delegate said, making a deal among big producers more likely.
Some of the world’s largest oil nations will meet in Doha on April 17 to discuss restraining output. It follows a provisional agreement reached in February by Saudi Arabia, Russia, Qatar and Venezuela to keep production at January levels."
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MIDEAST STOCKS-Markets mixed as Saudi, Egypt make late dip | Reuters
MIDEAST STOCKS-Markets mixed as Saudi, Egypt make late dip | Reuters:
"Middle East markets were mixed on Tuesday as the later-closing Saudi Arabia and Egypt bourses gave back initial gains following a renewed drop in oil prices.
Brent crude, which had risen more than 50 percent from 12-year lows in January, was down 0.8 percent at $41.23 a barrel at 1240 GMT.
The prolonged oil slump sparked panic selling on Gulf markets in January, but confidence has steadily returned as traders' worst fears of a repeat of the 2008-09 bourse collapse proved unfounded."
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"Middle East markets were mixed on Tuesday as the later-closing Saudi Arabia and Egypt bourses gave back initial gains following a renewed drop in oil prices.
Brent crude, which had risen more than 50 percent from 12-year lows in January, was down 0.8 percent at $41.23 a barrel at 1240 GMT.
The prolonged oil slump sparked panic selling on Gulf markets in January, but confidence has steadily returned as traders' worst fears of a repeat of the 2008-09 bourse collapse proved unfounded."
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Iranians exasperated as U.S. sanctions frustrate deal making | Reuters
Iranians exasperated as U.S. sanctions frustrate deal making | Reuters:
"More than two months after international nuclear sanctions on Iran were supposed to have ended, frustration is deepening that few trade deals are going through as foreign banks shy away from processing transactions with the country.
Iranian hopes of rapidly ending the country's economic isolation are fading as particularly European banks - some of which have already been hit by hit huge U.S. fines for sanctions busting - fear falling foul of the many other restrictions imposed by Washington that remain in force.
Supreme Leader Ayatollah Ali Khamenei has accused the United States of foot-dragging following the official implementation in January of a nuclear deal with major powers."
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"More than two months after international nuclear sanctions on Iran were supposed to have ended, frustration is deepening that few trade deals are going through as foreign banks shy away from processing transactions with the country.
Iranian hopes of rapidly ending the country's economic isolation are fading as particularly European banks - some of which have already been hit by hit huge U.S. fines for sanctions busting - fear falling foul of the many other restrictions imposed by Washington that remain in force.
Supreme Leader Ayatollah Ali Khamenei has accused the United States of foot-dragging following the official implementation in January of a nuclear deal with major powers."
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MIDEAST STOCKS-Egypt's Domty jumps on bourse debut, buoys other stocks | Reuters
MIDEAST STOCKS-Egypt's Domty jumps on bourse debut, buoys other stocks | Reuters:
"Egypt's Arabian Food Industries (Domty) surged on its bourse debut on Tuesday, helping to spur buying in other Cairo stocks.
Domty rose 11 percent to 10.21 Egyptian pounds ($1.15). It had sold 12.25 million shares in a public offering this month at 9.2 pounds per share, with the sale hugely over-subscribed.
"Domty is up on decent volumes and this is affecting the rest of the market - investors are keen to buy Domty at a premium to the IPO price, which is giving confidence that the prices of other stocks are also at attractive levels," said Mohamed Radwan, Head of Equity Sales at Pharos Securities in Cairo."
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"Egypt's Arabian Food Industries (Domty) surged on its bourse debut on Tuesday, helping to spur buying in other Cairo stocks.
Domty rose 11 percent to 10.21 Egyptian pounds ($1.15). It had sold 12.25 million shares in a public offering this month at 9.2 pounds per share, with the sale hugely over-subscribed.
"Domty is up on decent volumes and this is affecting the rest of the market - investors are keen to buy Domty at a premium to the IPO price, which is giving confidence that the prices of other stocks are also at attractive levels," said Mohamed Radwan, Head of Equity Sales at Pharos Securities in Cairo."
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Iraq starts long-delayed gas exports | The National
Iraq starts long-delayed gas exports | The National:
"Iraq’s first-ever export of gas from its southern oilfields will add a new source of export revenue to the struggling government’s coffers.
The Basra Gas Company (BGC), a partnership between Iraq’s South Gas Company and Royal Dutch Shell, confirmed yesterday that it had exported the first cargo of associated gas condensate from its much-delayed project near the southern port city of Basra on Sunday.
“This first condensate cargo leaving BGC’s marine terminal ... opens up a new revenue stream for the country at a time of real need," said the deputy minister of oil for gas affairs, Hamid Younis."
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"Iraq’s first-ever export of gas from its southern oilfields will add a new source of export revenue to the struggling government’s coffers.
The Basra Gas Company (BGC), a partnership between Iraq’s South Gas Company and Royal Dutch Shell, confirmed yesterday that it had exported the first cargo of associated gas condensate from its much-delayed project near the southern port city of Basra on Sunday.
“This first condensate cargo leaving BGC’s marine terminal ... opens up a new revenue stream for the country at a time of real need," said the deputy minister of oil for gas affairs, Hamid Younis."
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Russia Deals Deepen India Hold in China Oil-Buying Backyard - Bloomberg Business
Russia Deals Deepen India Hold in China Oil-Buying Backyard - Bloomberg Business:
"India is expanding its footprint in China’s backyard by forging deals with Russia for stakes in Siberian fields that supply Asia’s biggest economy and crude consumer.
Deals last week between Rosneft and Indian state-run companies beefed up the South Asian nation’s share in two assets that are linked to the East Siberia-Pacific Ocean pipeline. That conduit has a direct link to China, which also lifts a majority of ESPO supplies shipped from the Pacific port of Kozmino and is the biggest buyer of Russian crude.
India is replacing China as the center of the world’s oil demand growth as its economy expands faster than any other major country and Prime Minister Narendra Modi has made energy security a priority for the nation, which imports 80 percent of its oil requirements. If it chooses to ship its share from the fields to run at domestic refineries, that would change the flow of Siberian supply, which is typically sent to closer regions. It could also sell cargoes in the open market."
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"India is expanding its footprint in China’s backyard by forging deals with Russia for stakes in Siberian fields that supply Asia’s biggest economy and crude consumer.
Deals last week between Rosneft and Indian state-run companies beefed up the South Asian nation’s share in two assets that are linked to the East Siberia-Pacific Ocean pipeline. That conduit has a direct link to China, which also lifts a majority of ESPO supplies shipped from the Pacific port of Kozmino and is the biggest buyer of Russian crude.
India is replacing China as the center of the world’s oil demand growth as its economy expands faster than any other major country and Prime Minister Narendra Modi has made energy security a priority for the nation, which imports 80 percent of its oil requirements. If it chooses to ship its share from the fields to run at domestic refineries, that would change the flow of Siberian supply, which is typically sent to closer regions. It could also sell cargoes in the open market."
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MIDEAST STOCKS-GFH Financial rises on stake sale; Dubai lacklustre | Reuters
MIDEAST STOCKS-GFH Financial rises on stake sale; Dubai lacklustre | Reuters:
"Shares in GFH Financial Group rose on Tuesday after the Islamic investment bank said it had agreed to sell a 10 percent stake in Bahraini cement producer Falcon Cement Co.
GFH's Dubai-listed shares rose 2.3 percent. It has yet to trade in Bahrain, which opens for trading at 0700 GMT.
GFH will sell the Falcon Cement stake to Integrated Capital, the capital markets arm of Abu Dhabi Financial Group. Integrated Capital also expressed interest in underwriting a proposed initial public offer of shares by Falcon on the Bahrain bourse later this year, according to a GFH statement on Tuesday."
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"Shares in GFH Financial Group rose on Tuesday after the Islamic investment bank said it had agreed to sell a 10 percent stake in Bahraini cement producer Falcon Cement Co.
GFH's Dubai-listed shares rose 2.3 percent. It has yet to trade in Bahrain, which opens for trading at 0700 GMT.
GFH will sell the Falcon Cement stake to Integrated Capital, the capital markets arm of Abu Dhabi Financial Group. Integrated Capital also expressed interest in underwriting a proposed initial public offer of shares by Falcon on the Bahrain bourse later this year, according to a GFH statement on Tuesday."
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