Libya's Oil Production Set to Rebound as Biggest Field Reopens - Bloomberg:
"Libya’s crude production rebounded to about 660,000 barrels a day as the OPEC nation’s biggest oil field resumed output after about a week of disruption.
Force majeure on the Zawiya export terminal was lifted after pumping resumed Sunday at Sharara, the nation’s biggest oil field, Mustafa Sanalla, chairman of Libya’s state-run National Oil Corp., said Monday by phone. Libya’s overall production is 660,000 barrels a day, according to a person familiar with the matter who isn’t authorized to speak to the media and asked not to be identified. Libya’s output had dropped to about 500,000 barrels a day last week when production was halted at Sharara, according to the same person.
Libya, with Africa’s largest oil reserves, is struggling to recover from years of conflict between rival governments and militias. Its production was exempted from the Organization of Petroleum Exporting Countries’ production cuts, because of its internal strife. Some OPEC members and non-members are calling for the production cuts to be extended beyond June."
'via Blog this'
Monday, 3 April 2017
Turk Telekom Owner Said to Miss Another $290 Million Payment - Bloomberg
Turk Telekom Owner Said to Miss Another $290 Million Payment - Bloomberg:
"The majority owner of Turkey’s biggest phone company failed to pay another installment on its $4.75 billion debt, pushing the largest syndicated loan ever extended in the country further into arrears, four people with knowledge of the matter said. Otas, an Ankara-based special purpose vehicle that owns a majority stake in Turk Telekomunikasyon AS, or Turk Telekom, missed the $290 million repayment due last week after skipping a payment for the same amount in September, said the people, who asked not to be named because the matter is confidential. The outstanding principal on the loan, received from 29 Turkish and international lenders in 2013, is $4.6 billion, they said."
'via Blog this'
"The majority owner of Turkey’s biggest phone company failed to pay another installment on its $4.75 billion debt, pushing the largest syndicated loan ever extended in the country further into arrears, four people with knowledge of the matter said. Otas, an Ankara-based special purpose vehicle that owns a majority stake in Turk Telekomunikasyon AS, or Turk Telekom, missed the $290 million repayment due last week after skipping a payment for the same amount in September, said the people, who asked not to be named because the matter is confidential. The outstanding principal on the loan, received from 29 Turkish and international lenders in 2013, is $4.6 billion, they said."
'via Blog this'
Qatar restarts development of world's biggest gas field after 12-year freeze | Reuters
Qatar restarts development of world's biggest gas field after 12-year freeze | Reuters:
"Qatar has lifted a self-imposed ban on development of the world's biggest natural gas field, the chief executive of Qatar Petroleum said on Monday, as the world's top LNG exporter looks to see off an expected rise in competition.
Qatar declared a moratorium in 2005 on the development of the North Field, which it shares with Iran, to give Doha time to study the impact on the reservoir from a rapid rise in output.
The vast offshore gas field, which Doha calls the North Field and Iran calls South Pars, accounts for nearly all of Qatar's gas production and around 60 percent of its export revenue."
'via Blog this'
"Qatar has lifted a self-imposed ban on development of the world's biggest natural gas field, the chief executive of Qatar Petroleum said on Monday, as the world's top LNG exporter looks to see off an expected rise in competition.
Qatar declared a moratorium in 2005 on the development of the North Field, which it shares with Iran, to give Doha time to study the impact on the reservoir from a rapid rise in output.
The vast offshore gas field, which Doha calls the North Field and Iran calls South Pars, accounts for nearly all of Qatar's gas production and around 60 percent of its export revenue."
'via Blog this'
MOVES-Mashreq's Iossifidis to become CEO of Noor Bank - sources | Reuters
MOVES-Mashreq's Iossifidis to become CEO of Noor Bank - sources | Reuters:
"The head of corporate and investment banking at Dubai's Mashreq is leaving to become chief executive of Noor Bank, sources familiar with the matter told Reuters on Monday.
Mashreq, Dubai's third-biggest bank by assets, said John Iossifidis was leaving to pursue other opportunities, adding he had made a significant contribution to the bank's growth in the UAE and internationally over the past eight years.
It said Nabeel Waheed, currently Mashreq's head of treasury and capital markets, would take over from him."
'via Blog this'
"The head of corporate and investment banking at Dubai's Mashreq is leaving to become chief executive of Noor Bank, sources familiar with the matter told Reuters on Monday.
Mashreq, Dubai's third-biggest bank by assets, said John Iossifidis was leaving to pursue other opportunities, adding he had made a significant contribution to the bank's growth in the UAE and internationally over the past eight years.
It said Nabeel Waheed, currently Mashreq's head of treasury and capital markets, would take over from him."
'via Blog this'
Saudi developer Dar Al Arkan to launch dollar sukuk despite borrowing limits | Reuters
Saudi developer Dar Al Arkan to launch dollar sukuk despite borrowing limits | Reuters:
"Saudi Arabian real estate developer Dar Al Arkan plans to launch a U.S. dollar sukuk this week, the first international debt issuance by a Saudi corporate this year, bankers involved in the deal said on Monday. The Islamic bond - expected to be of "benchmark" size, meaning at least $500 million - will be issued despite certain limits on the company's ability to raise debt, the sukuk prospectus showed. The proceeds will be used partly to refinance existing debt, which is why Dar Al Arkan can issue the bond despite the fact it would technically breach a borrowing limit, according to a supplement to the prospectus sent to investors on March 31 and seen by Reuters. "
'via Blog this'
"Saudi Arabian real estate developer Dar Al Arkan plans to launch a U.S. dollar sukuk this week, the first international debt issuance by a Saudi corporate this year, bankers involved in the deal said on Monday. The Islamic bond - expected to be of "benchmark" size, meaning at least $500 million - will be issued despite certain limits on the company's ability to raise debt, the sukuk prospectus showed. The proceeds will be used partly to refinance existing debt, which is why Dar Al Arkan can issue the bond despite the fact it would technically breach a borrowing limit, according to a supplement to the prospectus sent to investors on March 31 and seen by Reuters. "
'via Blog this'
MIDEAST STOCKS-Dubai, Egypt outperform, Abu Dhabi's TAQA surges again on land transfer, higher capex | Reuters
MIDEAST STOCKS-Dubai, Egypt outperform, Abu Dhabi's TAQA surges again on land transfer, higher capex | Reuters:
"Stock markets in the Middle East diverged on Monday with Dubai and Egypt's index outperforming their peers while shares of Abu Dhabi National Energy soared again on investors' optimism that the company had turned a corner. Shares of Abu Dhabi National Energy jumped 9.6 percent in a second day of unusually heavy trade. On Sunday its shares had surged their 15 percent daily limit. TAQA said it had secured land from its top shareholder valued at 18.7 billion dirhams ($5.1 billion), and had increased its capital expenditure in 2017. The increase will be self-funded by cash generated by the business said the company's spokesman."
'via Blog this'
"Stock markets in the Middle East diverged on Monday with Dubai and Egypt's index outperforming their peers while shares of Abu Dhabi National Energy soared again on investors' optimism that the company had turned a corner. Shares of Abu Dhabi National Energy jumped 9.6 percent in a second day of unusually heavy trade. On Sunday its shares had surged their 15 percent daily limit. TAQA said it had secured land from its top shareholder valued at 18.7 billion dirhams ($5.1 billion), and had increased its capital expenditure in 2017. The increase will be self-funded by cash generated by the business said the company's spokesman."
'via Blog this'
Rosneft takes key step in push into Middle East
Rosneft takes key step in push into Middle East:
"Russia’s Rosneft will this week take custody of its first independently sourced cargo of Kurdish crude oil from Turkey’s port of Ceyhan, a key step in its strategic push into Middle East energy markets and its attempts to expand trading. The world’s largest listed oil company by output has spent the past four months trumpeting agreements to buy oil from Egypt, Libya and Iraqi Kurdistan, drilling exploration wells in southern Iraq and mulling opportunities in Lebanon, as it chases deals to fuel its fledgling international expansion. Controlled by the Russian state and historically focused on domestic assets, the company’s foray into the Middle East has coincided with the Kremlin’s efforts to position itself as a powerbroker in the region, through its military intervention in the war in Syria that tilted that conflict in favour of the Assad regime and its active role in Libya’s transition from civil war. "
'via Blog this'
"Russia’s Rosneft will this week take custody of its first independently sourced cargo of Kurdish crude oil from Turkey’s port of Ceyhan, a key step in its strategic push into Middle East energy markets and its attempts to expand trading. The world’s largest listed oil company by output has spent the past four months trumpeting agreements to buy oil from Egypt, Libya and Iraqi Kurdistan, drilling exploration wells in southern Iraq and mulling opportunities in Lebanon, as it chases deals to fuel its fledgling international expansion. Controlled by the Russian state and historically focused on domestic assets, the company’s foray into the Middle East has coincided with the Kremlin’s efforts to position itself as a powerbroker in the region, through its military intervention in the war in Syria that tilted that conflict in favour of the Assad regime and its active role in Libya’s transition from civil war. "
'via Blog this'
Oil prices fall as US rig count stokes oversupply worries | GulfNews.com
Oil prices fall as US rig count stokes oversupply worries | GulfNews.com:
"Oil futures dipped on Monday as a higher US rig count indicated rising shale output and stoked worries about global oversupply, while a stronger dollar also pressured prices. International benchmark Brent futures had slipped 7 cents to $53.46 a barrel by 0207 GMT (6am Dubai, 10am Singapore). The March contract closed the previous session down 13 cents at $52.83 a barrel. US West Texas Intermediate crude futures fell 3 cents to $50.57 a barrel after settling 25 cents higher in the previous session."
'via Blog this'
"Oil futures dipped on Monday as a higher US rig count indicated rising shale output and stoked worries about global oversupply, while a stronger dollar also pressured prices. International benchmark Brent futures had slipped 7 cents to $53.46 a barrel by 0207 GMT (6am Dubai, 10am Singapore). The March contract closed the previous session down 13 cents at $52.83 a barrel. US West Texas Intermediate crude futures fell 3 cents to $50.57 a barrel after settling 25 cents higher in the previous session."
'via Blog this'
Dubai oil & gas services firm plans London IPO | The National
Dubai oil & gas services firm plans London IPO | The National:
"Dubai-based ADES International has announced plans to raise up to US$170 million (Dh622m) via a listing on the London stock exchange. The oil and gas drilling and production services provider, headquartered in the Dubai International Financial Centre, said that the offering will take place in May. EFG Hermes is acting as global coordinator of the share offering, with Citigroup acting as joint bookrunner. The company plans to use the proceeds of the share sale for capital expenditure to scale up existing operations in Egypt, Saudi Arabia, and Algeria, and to pursue new opportunities across the GCC."
'via Blog this'
"Dubai-based ADES International has announced plans to raise up to US$170 million (Dh622m) via a listing on the London stock exchange. The oil and gas drilling and production services provider, headquartered in the Dubai International Financial Centre, said that the offering will take place in May. EFG Hermes is acting as global coordinator of the share offering, with Citigroup acting as joint bookrunner. The company plans to use the proceeds of the share sale for capital expenditure to scale up existing operations in Egypt, Saudi Arabia, and Algeria, and to pursue new opportunities across the GCC."
'via Blog this'
OPEC's Barkindo Sees Progress in Oil Cuts as Stockpiles Drop - Bloomberg
OPEC's Barkindo Sees Progress in Oil Cuts as Stockpiles Drop - Bloomberg:
"Crude stockpiles are starting to decline in a sign that the production cuts implemented this year are bringing the market to balance, according to OPEC’s Secretary-General Mohammad Barkindo. “I remain cautiously optimistic that the market is already rebalancing," Barkindo told reporters Sunday in Baghdad. “We have started seeing stock levels coming down.” Record inventories accumulated since 2014 have been a drag on crude prices even as OPEC and some non-member producers curbed output. Slow progress in bringing down those stockpiles is one reason six members of the Organization of Petroleum Exporting Countries and Oman back extending production cuts beyond June, with Saudi Arabia and Kuwait saying oil stockpiles need to fall to the five-year average."
'via Blog this'
"Crude stockpiles are starting to decline in a sign that the production cuts implemented this year are bringing the market to balance, according to OPEC’s Secretary-General Mohammad Barkindo. “I remain cautiously optimistic that the market is already rebalancing," Barkindo told reporters Sunday in Baghdad. “We have started seeing stock levels coming down.” Record inventories accumulated since 2014 have been a drag on crude prices even as OPEC and some non-member producers curbed output. Slow progress in bringing down those stockpiles is one reason six members of the Organization of Petroleum Exporting Countries and Oman back extending production cuts beyond June, with Saudi Arabia and Kuwait saying oil stockpiles need to fall to the five-year average."
'via Blog this'
MIDEAST STOCKS-Kuwait cools, Dubai, Abu Dhabi outperform in early trade | Reuters
MIDEAST STOCKS-Kuwait cools, Dubai, Abu Dhabi outperform in early trade | Reuters:
"Kuwait's equity index underperformed while United Arab Emirates climbed ahead in an otherwise quiet region in thin early trade on Monday. Kuwait's index, which has been one the best performing stock markets in the world since the start of the year, fell 0.9 percent. Most of the usually heavily traded stocks fell, with the largest warehouse manager in the Gulf, Agility Public Warehousing ,and Kuwait Food Co each down 1.6 percent."
'via Blog this'
"Kuwait's equity index underperformed while United Arab Emirates climbed ahead in an otherwise quiet region in thin early trade on Monday. Kuwait's index, which has been one the best performing stock markets in the world since the start of the year, fell 0.9 percent. Most of the usually heavily traded stocks fell, with the largest warehouse manager in the Gulf, Agility Public Warehousing ,and Kuwait Food Co each down 1.6 percent."
'via Blog this'
Subscribe to:
Posts (Atom)