China Wins Big With Stakes in $22 Billion Abu Dhabi Oil Deal - Bloomberg:
"Chinese companies are big winners in the competition among foreign bidders for stakes in Abu Dhabi’s largest oil concession, snatching a combined 12 percent of the venture as the Middle Eastern emirate looks increasingly to Asia, its biggest market, for investment.
Abu Dhabi National Oil Co. awarded a 4 percent stake in the onshore venture -- the last share of the project that was still up for grabs -- to Shanghai-based CEFC China Energy Co., Adnoc said Monday in an e-mailed statement. CEFC is paying an $888 million signing bonus, Adnoc said. The announcement came one day after China National Petroleum Corp. agreed to buy 8 percent of the same concession for $1.8 billion."
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Monday, 20 February 2017
UPDATE 1-Iraq, Iran consider building pipeline to export Kirkuk crude | Reuters
UPDATE 1-Iraq, Iran consider building pipeline to export Kirkuk crude | Reuters:
"Iraq and Iran signed a memorandum of understanding on Monday to study the construction of a pipeline to export crude oil from the northern Iraqi fields of Kirkuk via Iran, the Iraqi oil ministry said in a statement. The agreement, signed in Baghdad by the oil ministers of the two countries, also calls for a commission to solve a conflict about joint oilfields and the possible transportation of Iraqi crude to Iran's Abadan refinery, it said. The pipeline would help Iraq diversify the export routes of crude produced in Kirkuk and reduce its reliance on transit through the Kurdish Region Government's territory."
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"Iraq and Iran signed a memorandum of understanding on Monday to study the construction of a pipeline to export crude oil from the northern Iraqi fields of Kirkuk via Iran, the Iraqi oil ministry said in a statement. The agreement, signed in Baghdad by the oil ministers of the two countries, also calls for a commission to solve a conflict about joint oilfields and the possible transportation of Iraqi crude to Iran's Abadan refinery, it said. The pipeline would help Iraq diversify the export routes of crude produced in Kirkuk and reduce its reliance on transit through the Kurdish Region Government's territory."
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Russia seeks to avoid sanctions by buying equipment from Iran | Reuters
Russia seeks to avoid sanctions by buying equipment from Iran | Reuters:
"Russia hopes to get around European Union sanctions by reaching a deal with Iran for the supply of gas turbine equipment for two power plants in Crimea, the head of Russian state defence conglomerate Rostec said on Monday.
EU sanctions bar European individuals and companies from providing energy technology to Crimea, which was annexed by Moscow from Ukraine in 2014.
"Yes, we have problems with turbines, because Germany and some other European countries have banned deliveries to Crimea," Sergei Chemezov told reporters during a briefing in Abu Dhabi.
"
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"Russia hopes to get around European Union sanctions by reaching a deal with Iran for the supply of gas turbine equipment for two power plants in Crimea, the head of Russian state defence conglomerate Rostec said on Monday.
EU sanctions bar European individuals and companies from providing energy technology to Crimea, which was annexed by Moscow from Ukraine in 2014.
"Yes, we have problems with turbines, because Germany and some other European countries have banned deliveries to Crimea," Sergei Chemezov told reporters during a briefing in Abu Dhabi.
"
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MOVES-Kuwait sovereign wealth fund names Bastaki managing director -report | Reuters
MOVES-Kuwait sovereign wealth fund names Bastaki managing director -report | Reuters:
"Kuwait Investment Authority (KIA) has appointed Farouk Bastaki as managing director to replace Bader Mohammed al-Saad, newspaper al-Rai reported on Monday, quoting unnamed sources. The KIA is one of the world's biggest sovereign funds with assets estimated at $592 billion, according to the Sovereign Wealth Fund Institute. Its investments include a 6.85 percent stake in Daimler , Thomson Reuters data shows."
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"Kuwait Investment Authority (KIA) has appointed Farouk Bastaki as managing director to replace Bader Mohammed al-Saad, newspaper al-Rai reported on Monday, quoting unnamed sources. The KIA is one of the world's biggest sovereign funds with assets estimated at $592 billion, according to the Sovereign Wealth Fund Institute. Its investments include a 6.85 percent stake in Daimler , Thomson Reuters data shows."
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REFILE-COLUMN-Hedge funds bet big on oil as OPEC gives them a free put option: Kemp | Reuters
REFILE-COLUMN-Hedge funds bet big on oil as OPEC gives them a free put option: Kemp | Reuters:
"Hedge funds and other money managers have amassed a very large bullish position in crude oil futures and options without so far having much impact on oil prices. Hedge funds raised their combined net long position in the three main derivative contracts linked to Brent and WTI by another 51 million barrels in the week to Feb. 14. Funds now hold a net long position equivalent to a record 903 million barrels of oil, according to an analysis of records published by regulators and exchanges"
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"Hedge funds and other money managers have amassed a very large bullish position in crude oil futures and options without so far having much impact on oil prices. Hedge funds raised their combined net long position in the three main derivative contracts linked to Brent and WTI by another 51 million barrels in the week to Feb. 14. Funds now hold a net long position equivalent to a record 903 million barrels of oil, according to an analysis of records published by regulators and exchanges"
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Saudi Arabia Breaks Records on Oil Exports and Output for Year - Bloomberg
Saudi Arabia Breaks Records on Oil Exports and Output for Year - Bloomberg:
"Saudi Arabia boosted oil exports and production last year to the highest monthly averages on record as the global crude market endured oversupply.
Exports climbed to 7.65 million barrels a day on average last year, from 7.39 million barrels a day a year earlier, according to Joint Organisations Data Initiative monthly data compiled by Bloomberg. Production rose to 10.46 million barrels a day from 10.19 million, on average, over the same period."
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"Saudi Arabia boosted oil exports and production last year to the highest monthly averages on record as the global crude market endured oversupply.
Exports climbed to 7.65 million barrels a day on average last year, from 7.39 million barrels a day a year earlier, according to Joint Organisations Data Initiative monthly data compiled by Bloomberg. Production rose to 10.46 million barrels a day from 10.19 million, on average, over the same period."
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MIDEAST STOCKS-Profit-taking weighs on Gulf; Egypt drops as foreign investors exit | Reuters
MIDEAST STOCKS-Profit-taking weighs on Gulf; Egypt drops as foreign investors exit | Reuters:
"Profit-taking swept across most stock markets in the Middle East on Monday, with United Arab Emirates bourses particularly hard hit by slides in construction company Arabtec and energy business Dana Gas . Dubai's Arabtec dropped by its 10 percent daily limit to a five-year low of 0.90 dirhams, falling below technical support at its December 2015 low of 0.93 dirhams. The company reported a week ago that its net loss had widened in the fourth quarter and that its board was seeking shareholder approval for a 1.5 billion dirham ($408.4 million) rights issue."
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"Profit-taking swept across most stock markets in the Middle East on Monday, with United Arab Emirates bourses particularly hard hit by slides in construction company Arabtec and energy business Dana Gas . Dubai's Arabtec dropped by its 10 percent daily limit to a five-year low of 0.90 dirhams, falling below technical support at its December 2015 low of 0.93 dirhams. The company reported a week ago that its net loss had widened in the fourth quarter and that its board was seeking shareholder approval for a 1.5 billion dirham ($408.4 million) rights issue."
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UPDATE 1-Abu Dhabi awards China's CEFC 4 pct of oil concession for $900 mln | Reuters
UPDATE 1-Abu Dhabi awards China's CEFC 4 pct of oil concession for $900 mln | Reuters:
"Abu Dhabi awarded a 4 percent stake in its giant onshore oil concession to CEFC China Energy Co for a fee of 3.3 billion dirhams ($900 million), state-owned Abu Dhabi National Oil Co (ADNOC) said on Monday.
The stake is the last to be awarded in the concession after international energy companies including Total, BP and China's CNPC secured stakes. ADNOC owns 60 percent of the concession.
The onshore fields, operated by Abu Dhabi Company for Onshore Petroleum Operations (ADCO, have total resources estimated at between 20 billion and 30 billion barrels of oil equivalent over the term of the concession."
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"Abu Dhabi awarded a 4 percent stake in its giant onshore oil concession to CEFC China Energy Co for a fee of 3.3 billion dirhams ($900 million), state-owned Abu Dhabi National Oil Co (ADNOC) said on Monday.
The stake is the last to be awarded in the concession after international energy companies including Total, BP and China's CNPC secured stakes. ADNOC owns 60 percent of the concession.
The onshore fields, operated by Abu Dhabi Company for Onshore Petroleum Operations (ADCO, have total resources estimated at between 20 billion and 30 billion barrels of oil equivalent over the term of the concession."
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Russia Overtakes Saudi Arabia as World's Largest Crude Producer - Bloomberg
Russia Overtakes Saudi Arabia as World's Largest Crude Producer - Bloomberg:
"Russia overtook Saudi Arabia as the world’s largest crude producer in December, when both countries started restricting supplies ahead of agreed cuts with other global producers to curb the worst glut in decades. Russia pumped 10.49 million barrels a day in December, down 29,000 barrels a day from November, while Saudi Arabia’s output declined to 10.46 million barrels a day from 10.72 million barrels a day in November, according to data published Monday on the website of the Joint Organisations Data Initiative in Riyadh. That was the first time Russia beat Saudi Arabia since March. Saudi Arabia and fellow producers from the Organization of Petroleum Exporting Countries decided at the end of November to restrict supplies by 1.2 million barrels a day for six months starting Jan. 1, with Saudi Arabia instrumental in the plan. Non-member producers, including Russia, pledged additional curbs. Brent crude prices have climbed about 20 percent since the end of November."
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"Russia overtook Saudi Arabia as the world’s largest crude producer in December, when both countries started restricting supplies ahead of agreed cuts with other global producers to curb the worst glut in decades. Russia pumped 10.49 million barrels a day in December, down 29,000 barrels a day from November, while Saudi Arabia’s output declined to 10.46 million barrels a day from 10.72 million barrels a day in November, according to data published Monday on the website of the Joint Organisations Data Initiative in Riyadh. That was the first time Russia beat Saudi Arabia since March. Saudi Arabia and fellow producers from the Organization of Petroleum Exporting Countries decided at the end of November to restrict supplies by 1.2 million barrels a day for six months starting Jan. 1, with Saudi Arabia instrumental in the plan. Non-member producers, including Russia, pledged additional curbs. Brent crude prices have climbed about 20 percent since the end of November."
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Dubai International Financial Centre grows 14% in 2016
Dubai International Financial Centre grows 14% in 2016:
"Dubai’s financial centre grew by 14 per cent in 2016, bucking the trend of the emirate’s slowdown amid the regional oil price slump.
Active registered firms at the Dubai International Financial Centre, the region’s leading hub for financial firms, rose to 1,648 from 1,445 in 2015, helping the government-owned free zone’s profit rise 7 per cent to Dh421m ($115m) in 2016.
The number of financial firms in the DIFC grew by 10 per cent, while non-financial companies grew by 17 per cent and retail outlets expanded by 12 per cent."
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"Dubai’s financial centre grew by 14 per cent in 2016, bucking the trend of the emirate’s slowdown amid the regional oil price slump.
Active registered firms at the Dubai International Financial Centre, the region’s leading hub for financial firms, rose to 1,648 from 1,445 in 2015, helping the government-owned free zone’s profit rise 7 per cent to Dh421m ($115m) in 2016.
The number of financial firms in the DIFC grew by 10 per cent, while non-financial companies grew by 17 per cent and retail outlets expanded by 12 per cent."
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Pimco, M&G and Franklin crash out of top-10 fund house list
Pimco, M&G and Franklin crash out of top-10 fund house list:
"Pimco, M&G and Franklin Templeton have crashed out of a list of Europe’s 10 largest asset managers after investors pulled billions of euros from their funds amid concerns about performance over the past three years. Franklin, the emerging markets specialist, was Europe’s third-largest investment house by assets under management in 2013, but has fallen to 15th today, after suffering huge outflows from its funds since 2014. Pimco, which was once home to the world’s largest bond fund, dropped from ninth position in 2013 to 18th at the end of 2016, while M&G fell from 10th largest to 23rd, according to Morningstar, the data provider."
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"Pimco, M&G and Franklin Templeton have crashed out of a list of Europe’s 10 largest asset managers after investors pulled billions of euros from their funds amid concerns about performance over the past three years. Franklin, the emerging markets specialist, was Europe’s third-largest investment house by assets under management in 2013, but has fallen to 15th today, after suffering huge outflows from its funds since 2014. Pimco, which was once home to the world’s largest bond fund, dropped from ninth position in 2013 to 18th at the end of 2016, while M&G fell from 10th largest to 23rd, according to Morningstar, the data provider."
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Oil prices: the lonely role of the swing producer
Oil prices: the lonely role of the swing producer:
"The new Opec quota has been in force for six weeks, which is sufficient time to judge what is happening on the basis of facts rather than speculation. The key questions are, first, whether the restraints on production agreed last November are working or not and, second, whether the regime that came into force at the beginning of January can be sustained until June, as planned.
The oil price has been remarkably stable at around $54/$56 a barrel for Brent crude. That is about 15 per cent higher than before the November agreement but still barely half that seen three years ago. So will prices rise further or does the current level represent a ceiling? Let’s start with the facts.
Three things are clear. Most of the target reduction is being achieved but the response on a state-by-state basis is far from uniform. Three countries — Algeria, Venezuela and Iraq — have not cut production or have cut by less than they promised. Outside Opec, the situation in Russia is confused. Some production has been cut but the most recent reports suggest an increase in output and exports, particularly from the Urals. Most of the rest have met their quotas and Saudi Arabia has gone further — cutting output to less than 9.8m barrels a day, almost 300,000 barrels below its agreed quota. Without this, the target would not have been met."
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"The new Opec quota has been in force for six weeks, which is sufficient time to judge what is happening on the basis of facts rather than speculation. The key questions are, first, whether the restraints on production agreed last November are working or not and, second, whether the regime that came into force at the beginning of January can be sustained until June, as planned.
The oil price has been remarkably stable at around $54/$56 a barrel for Brent crude. That is about 15 per cent higher than before the November agreement but still barely half that seen three years ago. So will prices rise further or does the current level represent a ceiling? Let’s start with the facts.
Three things are clear. Most of the target reduction is being achieved but the response on a state-by-state basis is far from uniform. Three countries — Algeria, Venezuela and Iraq — have not cut production or have cut by less than they promised. Outside Opec, the situation in Russia is confused. Some production has been cut but the most recent reports suggest an increase in output and exports, particularly from the Urals. Most of the rest have met their quotas and Saudi Arabia has gone further — cutting output to less than 9.8m barrels a day, almost 300,000 barrels below its agreed quota. Without this, the target would not have been met."
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MIDEAST STOCKS-Gulf markets mostly lower, Arabtec and Dana sink in UAE | Reuters
MIDEAST STOCKS-Gulf markets mostly lower, Arabtec and Dana sink in UAE | Reuters:
"Gulf stock markets mostly fell in early trade on Monday with Dubai leading the slide, dragged down by a decline in construction firm Arabtec to a five-year low. The Dubai index dropped 1.0 percent as Arabtec sank 7.4 percent to 0.925 dirham, falling below technical support on its December 2015 low of 0.93 dirham. The company reported a week ago that its net loss had widened in the fourth quarter and that its board was seeking shareholder approval for a 1.5 billion dirham ($408.4 million) rights issue."
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"Gulf stock markets mostly fell in early trade on Monday with Dubai leading the slide, dragged down by a decline in construction firm Arabtec to a five-year low. The Dubai index dropped 1.0 percent as Arabtec sank 7.4 percent to 0.925 dirham, falling below technical support on its December 2015 low of 0.93 dirham. The company reported a week ago that its net loss had widened in the fourth quarter and that its board was seeking shareholder approval for a 1.5 billion dirham ($408.4 million) rights issue."
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Saudi Bank Samba Follows Bourse in Naming Woman to Top Position - Bloomberg
Saudi Bank Samba Follows Bourse in Naming Woman to Top Position - Bloomberg:
"Saudi Arabia’s Samba Financial Group named Rania Mahmoud Nashar as chief executive officer, the second woman recruited for a top finance-industry position in recent days as the country undertakes unprecedented social and economic change. Nashar’s appointment is effective Feb. 19, according to a statement to the stock exchange on Sunday. She replaces Sajjad Razvi who resigned for personal reasons. On Thursday, NCB Capital Co. CEO Sarah Al Suhaimi was named the first woman to chair Saudi Arabia’s stock exchange, the region’s largest. The appointments are significant for a country where the female unemployment rate is more than 34 percent and women aren’t allowed to drive. They also need a guardian’s consent to travel outside the country or marry. Change is starting to happen with the number of working women jumping 50 percent between 2010 and 2015, and more Saudi women entering male-dominated fields such as banking and engineering."
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"Saudi Arabia’s Samba Financial Group named Rania Mahmoud Nashar as chief executive officer, the second woman recruited for a top finance-industry position in recent days as the country undertakes unprecedented social and economic change. Nashar’s appointment is effective Feb. 19, according to a statement to the stock exchange on Sunday. She replaces Sajjad Razvi who resigned for personal reasons. On Thursday, NCB Capital Co. CEO Sarah Al Suhaimi was named the first woman to chair Saudi Arabia’s stock exchange, the region’s largest. The appointments are significant for a country where the female unemployment rate is more than 34 percent and women aren’t allowed to drive. They also need a guardian’s consent to travel outside the country or marry. Change is starting to happen with the number of working women jumping 50 percent between 2010 and 2015, and more Saudi women entering male-dominated fields such as banking and engineering."
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UAE's Dana Gas revises 2016 results down to net loss of $88 million | Reuters
UAE's Dana Gas revises 2016 results down to net loss of $88 million | Reuters:
"United Arab Emirates-based Dana Gas on Monday revised down its unaudited preliminary results for 2016 to a net loss of $88 million from the net profit of $33 million which it had previously reported. Dana cited the result of a ruling by London's Court of International Arbitration earlier this month in its dispute with the Kurdistan Regional Government (KRG). Last week, Dana said the court ordered the KRG to pay $121 million to a consortium including it for condensate and liquefied petroleum gas. On Monday, however, Dana said the tribunal had also found that Pearl Petroleum Co, in which Dana Gas has a 35 percent stake, was entitled to interest on overdue receivables from the KRG at the London interbank offered rate plus 2 percent. Previously, Dana had calculated its own share of overdue receivables under different assumptions."
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"United Arab Emirates-based Dana Gas on Monday revised down its unaudited preliminary results for 2016 to a net loss of $88 million from the net profit of $33 million which it had previously reported. Dana cited the result of a ruling by London's Court of International Arbitration earlier this month in its dispute with the Kurdistan Regional Government (KRG). Last week, Dana said the court ordered the KRG to pay $121 million to a consortium including it for condensate and liquefied petroleum gas. On Monday, however, Dana said the tribunal had also found that Pearl Petroleum Co, in which Dana Gas has a 35 percent stake, was entitled to interest on overdue receivables from the KRG at the London interbank offered rate plus 2 percent. Previously, Dana had calculated its own share of overdue receivables under different assumptions."
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