Russneft raises $500m in IPO:
"Russneft, the Russian oil producer in which Glencore holds a 25 per cent stake, has raised 32.4bn roubles ($502m) in an initial public offering on the Moscow Exchange, the company said on Friday.
Russneft, which is Russia’s seventh-largest oil producer by volume with an output of about 150,000 barrels a day last year, said it had sold 20 per cent of its ordinary shares at 550 roubles each in the flotation, valuing its ordinary equity at $2.5bn. Including preference shares, the stake sold in the flotation was equivalent to 15 per cent of the company’s total equity capital, it said.
The deal values Glencore’s stake in the oil company at about $830m — above the $685m at which it was valued in the company’s most recent annual report. Glencore swapped $984m of loans to Russneft and equity stakes in Russneft subsidiaries for its stake in the Russian oil company last year.
"
'via Blog this'
Solely aggregation of news articles, with no opinions expressed by this service since 2009 launch on this platform. Copyright to all articles remains with the original publisher and HEADLINES ARE CLICKABLE to access the whole article at source. (Subscription by email is recommended,with real-time updates on LinkedIn and Twitter.)
Saturday, 26 November 2016
An Opec deal is not about to usher in an era of $100 oil
An Opec deal is not about to usher in an era of $100 oil:
"Opec has been talking for nine months now about an oil supply deal that may only last for half a year. It is a measure of just how badly most cartel members want a higher oil price, and just how hard it has been to achieve.
When ministers sit down in Vienna next week, the oil industry will be looking for them to finally deliver a concrete supply reduction of at least 1m barrels a day, putting searing differences between Saudi Arabia, Iran and Iraq aside to speed the end of the oil glut.
But after all this time a deal is still not locked down and, even if it is successful on Wednesday, Opec is not about to usher in a new era of $100 oil."
'via Blog this'
"Opec has been talking for nine months now about an oil supply deal that may only last for half a year. It is a measure of just how badly most cartel members want a higher oil price, and just how hard it has been to achieve.
When ministers sit down in Vienna next week, the oil industry will be looking for them to finally deliver a concrete supply reduction of at least 1m barrels a day, putting searing differences between Saudi Arabia, Iran and Iraq aside to speed the end of the oil glut.
But after all this time a deal is still not locked down and, even if it is successful on Wednesday, Opec is not about to usher in a new era of $100 oil."
'via Blog this'
Saudi Arabia on verge of $30bn capital injection | World Places and News
Saudi Arabia on verge of $30bn capital injection | World Places and News:
"Saudi Arabia is hardly an emerging market success story at the moment, with a bout of austerity driven by low oil prices resulting in public sector pay cuts and a slump in non-oil growth to 0.07 per cent in the second quarter of 2016, putting the country on the brink for its first non-oil recession in 30 years.
Yet Saudi could be on the verge of attracting more than $30bn of foreign capital to its $380bn stock market, according to estimates by Bank of America Merrill Lynch.
A buying spree of this magnitude would represent a seismic shift for a widely ignored bourse that accounts for just 0.2 per cent of the holdings of the global emerging market fund sector.
"
'via Blog this'
"Saudi Arabia is hardly an emerging market success story at the moment, with a bout of austerity driven by low oil prices resulting in public sector pay cuts and a slump in non-oil growth to 0.07 per cent in the second quarter of 2016, putting the country on the brink for its first non-oil recession in 30 years.
Yet Saudi could be on the verge of attracting more than $30bn of foreign capital to its $380bn stock market, according to estimates by Bank of America Merrill Lynch.
A buying spree of this magnitude would represent a seismic shift for a widely ignored bourse that accounts for just 0.2 per cent of the holdings of the global emerging market fund sector.
"
'via Blog this'
Big oil collides with a family fortune
Big oil collides with a family fortune:
"The Rockefeller name remains synonymous with the capitalist bludgeon of John D Rockefeller and Standard Oil, the 19th century monopoly that created one of the greatest fortunes in history. But, deep into the fifth generation, the money is still gushing along with a conscience and swagger rarely found in money this old.
It pops up in the unlikeliest places. The phenomenon of farm-to-table dining was nurtured and popularised at the Stone Barns Center for Food and Agriculture in Tarrytown, New York, funded by the Rockefellers and created out of their former dairy farm. Through Venrock, their venture capital firm, the Rockefellers have funded companies such as Intel and Apple — and more recently Nest Labs, which was sold to Google for $3.2bn, and the Dollar Shave Club, which Unilever bought recently for $1bn.
One of the greatest thrills of the Metropolitan Museum of Art in New York is the Michael C Rockefeller wing, housing art from Africa, Oceania and Central and South America. Michael was a scholarly collector of primitive art, who died at the age of 23 on an expedition to Netherlands New Guinea in 1961."
'via Blog this'
"The Rockefeller name remains synonymous with the capitalist bludgeon of John D Rockefeller and Standard Oil, the 19th century monopoly that created one of the greatest fortunes in history. But, deep into the fifth generation, the money is still gushing along with a conscience and swagger rarely found in money this old.
It pops up in the unlikeliest places. The phenomenon of farm-to-table dining was nurtured and popularised at the Stone Barns Center for Food and Agriculture in Tarrytown, New York, funded by the Rockefellers and created out of their former dairy farm. Through Venrock, their venture capital firm, the Rockefellers have funded companies such as Intel and Apple — and more recently Nest Labs, which was sold to Google for $3.2bn, and the Dollar Shave Club, which Unilever bought recently for $1bn.
One of the greatest thrills of the Metropolitan Museum of Art in New York is the Michael C Rockefeller wing, housing art from Africa, Oceania and Central and South America. Michael was a scholarly collector of primitive art, who died at the age of 23 on an expedition to Netherlands New Guinea in 1961."
'via Blog this'