Saudi fund hires HSBC for potential purchase of ACWA Power stake | Reuters:
"Saudi Arabia's sovereign wealth fund, the Public Investment Fund (PIF), has hired HSBC to advise it on a potential purchase of a stake in ACWA Power, a developer and operator of power and water plants, sources close to the matter said.
Riyadh-based ACWA Power has chosen JP Morgan to advise it on the process, the sources, who spoke on condition of anonymity as the information is not public, said.
Saudia Arabia aims to expand the PIF into the world's largest sovereign wealth fund as part of economic reforms prompted by lower oil prices. As a result, it has been linked with or completed a number of domestic and overseas asset purchases in the past few months."
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Thursday, 24 November 2016
Azerbaijan signals OPEC wants big cuts from non-OPEC producers | Reuters
Azerbaijan signals OPEC wants big cuts from non-OPEC producers | Reuters:
"OPEC may ask oil producers outside the cartel to make big cuts in output, Azerbaijan said on Thursday, highlighting the challenges in striking a deal as the two sides enter the final stages of talks aimed at cutting production to stabilize prices.
The oil minister of Azerbaijan, which is not a member of OPEC, was quoted in a newspaper as saying the cartel may want non-OPEC producers to cut output by as much as 880,000 barrels per day (bpd) - a figure which analysts said could help wipe out excess crude supplies and start to eat into record inventories.
However, the energy minister of Russia, the largest non-OPEC producer, said he hadn't heard about such a proposal, and that OPEC's earlier suggestion had been for members outside the cartel to reduce output by 500,000 bpd."
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"OPEC may ask oil producers outside the cartel to make big cuts in output, Azerbaijan said on Thursday, highlighting the challenges in striking a deal as the two sides enter the final stages of talks aimed at cutting production to stabilize prices.
The oil minister of Azerbaijan, which is not a member of OPEC, was quoted in a newspaper as saying the cartel may want non-OPEC producers to cut output by as much as 880,000 barrels per day (bpd) - a figure which analysts said could help wipe out excess crude supplies and start to eat into record inventories.
However, the energy minister of Russia, the largest non-OPEC producer, said he hadn't heard about such a proposal, and that OPEC's earlier suggestion had been for members outside the cartel to reduce output by 500,000 bpd."
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MIDEAST STOCKS-Egypt succumbs to profit taking, Saudi whipsaws but ends week up | Reuters
MIDEAST STOCKS-Egypt succumbs to profit taking, Saudi whipsaws but ends week up | Reuters:
"Egypt's stock index slipped from a multi-year peak on Thursday while shares in the Gulf were mixed with Saudi Arabia's market swinging in volatile, heavy trade but ending the week on a firm footing.
Cairo's index of the 30 most actively traded shares dropped 1.7 percent to 11,353 points, falling from a strong technical barrier at its 2008 peak of 12,039 points. The broader market index, which has been outperforming over the last few sessions, retreated 0.1 percent.
Investor turnout remained strong, according to bourse data, but heavily skewed towards aggressive selling from local traders while international funds remained net buyers."
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"Egypt's stock index slipped from a multi-year peak on Thursday while shares in the Gulf were mixed with Saudi Arabia's market swinging in volatile, heavy trade but ending the week on a firm footing.
Cairo's index of the 30 most actively traded shares dropped 1.7 percent to 11,353 points, falling from a strong technical barrier at its 2008 peak of 12,039 points. The broader market index, which has been outperforming over the last few sessions, retreated 0.1 percent.
Investor turnout remained strong, according to bourse data, but heavily skewed towards aggressive selling from local traders while international funds remained net buyers."
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Saudi Arabia Mining Expands as Kingdom Chases Growth Beyond Oil - Bloomberg
Saudi Arabia Mining Expands as Kingdom Chases Growth Beyond Oil - Bloomberg:
"Saudi Arabian Mining Co. plans to double gold production by 2020 and is increasing output of other commodities from aluminum to ammonia as the world’s biggest crude oil exporter seeks to diversify its economy.
Gold output will be 500,000 ounces by 2020 from about 200,000 ounces this year, Chief Executive Officer Khaled Al Mudaifer said Wednesday in an interview in Ras Al-Khair in eastern Saudi Arabia. Aluminum production through a joint venture with Alcoa Corp. in the U.S. has potential to increase to 1 million metric tons from 760,000 tons this year, through the use of recycled metal parts, he said."
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"Saudi Arabian Mining Co. plans to double gold production by 2020 and is increasing output of other commodities from aluminum to ammonia as the world’s biggest crude oil exporter seeks to diversify its economy.
Gold output will be 500,000 ounces by 2020 from about 200,000 ounces this year, Chief Executive Officer Khaled Al Mudaifer said Wednesday in an interview in Ras Al-Khair in eastern Saudi Arabia. Aluminum production through a joint venture with Alcoa Corp. in the U.S. has potential to increase to 1 million metric tons from 760,000 tons this year, through the use of recycled metal parts, he said."
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Saudi Arabia Is On Track for IMF 2016 Budget Deficit Forecast - Bloomberg
Saudi Arabia Is On Track for IMF 2016 Budget Deficit Forecast - Bloomberg:
"Saudi Arabia will likely reduce its budget deficit this year to the level forecast by the International Monetary Fund, as the kingdom cuts spending to counter the impact of low oil prices, a fund official said on Wednesday.
The Washington-based lender expects the shortfall to narrow to 13 percent of economic output from about 16 percent last year.
Tim Callen, the IMF Saudi mission chief, said in a phone interview that while the government’s decision to pay back arrears owed to contractors “will push up spending” in the fourth quarter. “But from what we’ve seen they’re on track.”"
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"Saudi Arabia will likely reduce its budget deficit this year to the level forecast by the International Monetary Fund, as the kingdom cuts spending to counter the impact of low oil prices, a fund official said on Wednesday.
The Washington-based lender expects the shortfall to narrow to 13 percent of economic output from about 16 percent last year.
Tim Callen, the IMF Saudi mission chief, said in a phone interview that while the government’s decision to pay back arrears owed to contractors “will push up spending” in the fourth quarter. “But from what we’ve seen they’re on track.”"
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IEA expects oil investment to fall for third year in 2017 | Reuters
IEA expects oil investment to fall for third year in 2017 | Reuters:
"Investment in new oil production is likely to fall for a third year in 2017 as a global supply glut persists, stoking volatility in crude markets, the head of the International Energy Agency (IEA) said on Thursday.
"Our analysis shows we are entering a period of greater oil price volatility (partly) as a result of three years in a row of global oil investments in decline: in 2015, 2016 and most likely 2017," IEA director general Fatih Birol said, speaking at an energy conference in Tokyo.
"This is the first time in the history of oil that investments are declining three years in a row," he said, adding that this would cause "difficulties" in global oil markets in a few years.
"
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"Investment in new oil production is likely to fall for a third year in 2017 as a global supply glut persists, stoking volatility in crude markets, the head of the International Energy Agency (IEA) said on Thursday.
"Our analysis shows we are entering a period of greater oil price volatility (partly) as a result of three years in a row of global oil investments in decline: in 2015, 2016 and most likely 2017," IEA director general Fatih Birol said, speaking at an energy conference in Tokyo.
"This is the first time in the history of oil that investments are declining three years in a row," he said, adding that this would cause "difficulties" in global oil markets in a few years.
"
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MIDEAST STOCKS-Rising Saudi market on track to break technical resistance | Reuters
MIDEAST STOCKS-Rising Saudi market on track to break technical resistance | Reuters:
"Saudi Arabian shares continued their advance during early trading on Thursday while there was a mixed showing in light volumes for the rest of the region's markets.
Riyadh's index added 1 percent within the first 20 minutes of trade, extending the previous session's 3 percent gain.
If trading momentum continues to build on Thursday, it could confirm a break above technical resistance at the July high of 6,703 points and head towards the next at its April peak of 6,876, its highest this year.
"
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"Saudi Arabian shares continued their advance during early trading on Thursday while there was a mixed showing in light volumes for the rest of the region's markets.
Riyadh's index added 1 percent within the first 20 minutes of trade, extending the previous session's 3 percent gain.
If trading momentum continues to build on Thursday, it could confirm a break above technical resistance at the July high of 6,703 points and head towards the next at its April peak of 6,876, its highest this year.
"
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