Azerbaijan watchdog suspension puts gas pipeline loans at risk:
"Azerbaijan has been suspended from an international transparency watchdog in a move that could jeopardise billions of dollars of loans for a gas pipeline to Europe. The Extractive Industries Transparency Initiative, which brings together governments, companies and non-governmental organisations to focus on commodities payments, suspended Azerbaijan late on Thursday after it failed to address its concerns about civil society freedoms. The voluntary body warned Azerbaijan it risked expulsion if it failed to make the changes by July. Membership is not a legal requirement for project financing but it is standard practice to use the initiative’s findings as a criteria for capital support."
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Friday, 10 March 2017
Evercore Said to Win Advisory Role on Record Aramco IPO - Bloomberg
Evercore Said to Win Advisory Role on Record Aramco IPO - Bloomberg:
"Evercore Partners Inc., the U.S. bank founded by Roger Altman, won a role to advise on the planned initial public offering of Saudi Arabian Oil Co., according to people familiar with the matter, getting a coveted spot on what may be the largest-ever listing. Evercore will work alongside rival Moelis & Co. as a financial adviser, the people said, asking not to be named as the details aren’t public yet. Aramco, as the state-owned oil giant is known, is also in the process of appointing investment banks to underwrite the IPO, they said."
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"Evercore Partners Inc., the U.S. bank founded by Roger Altman, won a role to advise on the planned initial public offering of Saudi Arabian Oil Co., according to people familiar with the matter, getting a coveted spot on what may be the largest-ever listing. Evercore will work alongside rival Moelis & Co. as a financial adviser, the people said, asking not to be named as the details aren’t public yet. Aramco, as the state-owned oil giant is known, is also in the process of appointing investment banks to underwrite the IPO, they said."
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China's HNA Group would like to hike Deutsche Bank stake: sources | Reuters
China's HNA Group would like to hike Deutsche Bank stake: sources | Reuters:
"Chinese conglomerate HNA Group (0521.HK) would like to increase its stake of 3 percent in Germany's Deutsche Bank (DBKGn.DE), two sources with knowledge of the matter told Reuters.
However, the Chinese company would have to resolve some issues before it could complete any deal, said one of the sources, who has direct knowledge of the matter, without elaborating.
Representatives of HNA and Deutsche Bank declined to comment."
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"Chinese conglomerate HNA Group (0521.HK) would like to increase its stake of 3 percent in Germany's Deutsche Bank (DBKGn.DE), two sources with knowledge of the matter told Reuters.
However, the Chinese company would have to resolve some issues before it could complete any deal, said one of the sources, who has direct knowledge of the matter, without elaborating.
Representatives of HNA and Deutsche Bank declined to comment."
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UPDATE 3-Nigerian regulators push for deal in Etisalat debt talks | Reuters
UPDATE 3-Nigerian regulators push for deal in Etisalat debt talks | Reuters:
"Nigeria's telecoms regulator and central bank governor intervened on Thursday to try to help Etisalat Nigeria resolve debt restructuring talks with its lenders, after the company missed a payment on a $1.2 billion loan. A banking source told Reuters on Wednesday that the Nigerian affiliate of Abu Dhabi-listed telecoms company Etisalat had given notice to its Nigerian lenders that it would miss a payment in February. Debt talks were triggered 10 days ago but the two sides have not been able to agree on terms. Etisalat is the biggest foreign victim of dollar shortages in Nigeria. Firms aggressively invested in the West African nation in the era of high oil prices but are struggling to repay loans or keep operating as the oil producer suffers from a slump in oil revenues, hitting its currency and dollars reserves."
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"Nigeria's telecoms regulator and central bank governor intervened on Thursday to try to help Etisalat Nigeria resolve debt restructuring talks with its lenders, after the company missed a payment on a $1.2 billion loan. A banking source told Reuters on Wednesday that the Nigerian affiliate of Abu Dhabi-listed telecoms company Etisalat had given notice to its Nigerian lenders that it would miss a payment in February. Debt talks were triggered 10 days ago but the two sides have not been able to agree on terms. Etisalat is the biggest foreign victim of dollar shortages in Nigeria. Firms aggressively invested in the West African nation in the era of high oil prices but are struggling to repay loans or keep operating as the oil producer suffers from a slump in oil revenues, hitting its currency and dollars reserves."
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REFILE-UPDATE 1-UAE says to cut oil output by more than 139,000 bpd in March/April | Reuters
REFILE-UPDATE 1-UAE says to cut oil output by more than 139,000 bpd in March/April | Reuters:
"The United Arab Emirates (UAE) will comply fully with its OPEC commitment to reduce oil production by more than 139,000 barrels per day (bpd) in March and April, the Gulf OPEC member's energy minister Suhail said on Thursday. "UAE production cut for March and April will be more than 139,000 bpd due to the maintenance activities, which means more than 100 percent compliance," Suhail al-Mazrouei wrote on his Twitter account. "(The) UAE is committed to its share of the production cut agreed with OPEC.""
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"The United Arab Emirates (UAE) will comply fully with its OPEC commitment to reduce oil production by more than 139,000 barrels per day (bpd) in March and April, the Gulf OPEC member's energy minister Suhail said on Thursday. "UAE production cut for March and April will be more than 139,000 bpd due to the maintenance activities, which means more than 100 percent compliance," Suhail al-Mazrouei wrote on his Twitter account. "(The) UAE is committed to its share of the production cut agreed with OPEC.""
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Trillion-dollar question looms as Aramco audits oil reserves | Reuters
Trillion-dollar question looms as Aramco audits oil reserves | Reuters:
"When Saudi Aramco [IPO-ARMO.SE] reveals a Western audit of its oil reserves, investors will be looking for two answers: How much oil and how much detail? Saudi Energy Minister Khalid al-Falih has hinted at a surprise on the upside on reserve volumes ahead of Aramco's 2018 share listing, but industry sources say detail on individual deposits – which investors have long sought - will be thin. Saudi Arabia's reserves of easily recoverable oil have long been the world's largest."
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"When Saudi Aramco [IPO-ARMO.SE] reveals a Western audit of its oil reserves, investors will be looking for two answers: How much oil and how much detail? Saudi Energy Minister Khalid al-Falih has hinted at a surprise on the upside on reserve volumes ahead of Aramco's 2018 share listing, but industry sources say detail on individual deposits – which investors have long sought - will be thin. Saudi Arabia's reserves of easily recoverable oil have long been the world's largest."
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Oil Traders Are Having Some Fun Again as Price Bubble Bursts - Bloomberg
Oil Traders Are Having Some Fun Again as Price Bubble Bursts - Bloomberg:
"Oil’s plunge is bringing some excitement back into the market. As futures in New York slipped to the lowest since OPEC’s output deal in November, options trading surged and signaled the biggest bias toward a price decline in six weeks. That’s a stark departure from last month, when the West Texas Intermediate benchmark traded at the narrowest price band since 2003."
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"Oil’s plunge is bringing some excitement back into the market. As futures in New York slipped to the lowest since OPEC’s output deal in November, options trading surged and signaled the biggest bias toward a price decline in six weeks. That’s a stark departure from last month, when the West Texas Intermediate benchmark traded at the narrowest price band since 2003."
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