Hayward finds life anything but easy in Kurdistan:
"When in 2011 Tony Hayward announced an investment vehicle he had set up with financier Nat Rothschild was to buy a Turkish oil company with assets in the semi-autonomous Kurdistan region of Iraq, the former BP boss described the area as “the last big onshore ‘easy’ oil province . . . anywhere in the world”. The deal for the Turkish company — called Genel Energy — was supposed to mark a successful return to the oil and gas industry for Mr Hayward, who just a year earlier had resigned as chief executive of BP following fierce criticism of him and the UK energy group during its response to the Deepwater Horizon oil disaster in the US. It also promised to be a potentially highly lucrative transaction for the four founders of the investment vehicle, called Vallares, as the deal was structured so they would receive ordinary shares in Genel equivalent to a combined 6.7 per cent stake. The founders, who also included Julian Metherell, the former head of UK investment banking for Goldman Sachs, had originally put £100m into Vallares."
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Monday, 24 April 2017
Gazprom to receive funding for Nord Stream 2 pipeline
Gazprom to receive funding for Nord Stream 2 pipeline:
"Five European energy companies will each pay €950m to fund a new Gazprom gas pipeline as part of a finance package that clears a significant hurdle for a project that has faced strong resistance from many EU member states. Anglo-Dutch group Royal Dutch Shell, Austria’s OMV, France’s Engie and Germany’s Uniper and Wintershall will each provide loans covering 10 per cent of the €9.5bn cost of the pipeline, with Gazprom providing the remaining 50 per cent. Monday’s announcement marks a significant milestone for one of Europe’s most contentious energy developments, under which Gazprom’s gas would be transported from Russia through a pipeline called Nord Stream 2 running across the Baltic Sea to Greifswald in north-east Germany."
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"Five European energy companies will each pay €950m to fund a new Gazprom gas pipeline as part of a finance package that clears a significant hurdle for a project that has faced strong resistance from many EU member states. Anglo-Dutch group Royal Dutch Shell, Austria’s OMV, France’s Engie and Germany’s Uniper and Wintershall will each provide loans covering 10 per cent of the €9.5bn cost of the pipeline, with Gazprom providing the remaining 50 per cent. Monday’s announcement marks a significant milestone for one of Europe’s most contentious energy developments, under which Gazprom’s gas would be transported from Russia through a pipeline called Nord Stream 2 running across the Baltic Sea to Greifswald in north-east Germany."
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World-Cup spending presses Qatar banks as deposit deadline nears | GulfNews.com
World-Cup spending presses Qatar banks as deposit deadline nears | GulfNews.com:
"Qatari banks are in a bind.
On the one hand, they need to finance building projects for the 2022 soccer World Cup. On the other, they must attract more deposits to match their loans.
Lenders seeking to lure money into their coffers to meet a central bank deadline have driven the local inter-bank rate to among the highest in the Gulf. However, their efforts are being undermined because loans are rising much faster than in Saudi Arabia and the United Arab Emirates.
"
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"Qatari banks are in a bind.
On the one hand, they need to finance building projects for the 2022 soccer World Cup. On the other, they must attract more deposits to match their loans.
Lenders seeking to lure money into their coffers to meet a central bank deadline have driven the local inter-bank rate to among the highest in the Gulf. However, their efforts are being undermined because loans are rising much faster than in Saudi Arabia and the United Arab Emirates.
"
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Dubai Joins Jet-Lease Elite as AWAS Deal Lands $14 Billion Fleet - Bloomberg
Dubai Joins Jet-Lease Elite as AWAS Deal Lands $14 Billion Fleet - Bloomberg:
"Dubai Aerospace Enterprise Ltd., the Middle East’s biggest plane-leasing company, propelled itself into the top ranks of global players with a multi-billion dollar agreement to buy Dublin-based AWAS Aviation Capital Ltd. from U.K. private equity firm Terra Firma Capital Partners.
The transaction will swell DAE’s fleet to 394 aircraft valued at more than $14 billion with the addition of 263 jets that AWAS owns, manages or has on order, the Dubai-based company said Monday. While terms weren’t disclosed, Terra Firma spent 5.68 billion euros ($6.2 billion) on AWAS, according to its website."
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"Dubai Aerospace Enterprise Ltd., the Middle East’s biggest plane-leasing company, propelled itself into the top ranks of global players with a multi-billion dollar agreement to buy Dublin-based AWAS Aviation Capital Ltd. from U.K. private equity firm Terra Firma Capital Partners.
The transaction will swell DAE’s fleet to 394 aircraft valued at more than $14 billion with the addition of 263 jets that AWAS owns, manages or has on order, the Dubai-based company said Monday. While terms weren’t disclosed, Terra Firma spent 5.68 billion euros ($6.2 billion) on AWAS, according to its website."
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REFILE-UPDATE 2-Qatar Airways closes in on Italy deal, to own minority stake in Indian airline | Reuters
REFILE-UPDATE 2-Qatar Airways closes in on Italy deal, to own minority stake in Indian airline | Reuters:
"Qatar Airways will finalise a long-negotiated agreement to buy 49 percent of Italy's Meridiana in the coming days, and soon apply with Qatar's sovereign wealth fund to start an Indian airline. Qatar Airways will sign the agreement with Italy's second biggest airline in the next "few days", Chief Executive Akbar al-Baker told reporters in Dubai on Monday. The airline has been negotiating to buy a stake in Meridiana for more than year, a deal that could help the loss-making Italian carrier's ability to compete in Europe."
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"Qatar Airways will finalise a long-negotiated agreement to buy 49 percent of Italy's Meridiana in the coming days, and soon apply with Qatar's sovereign wealth fund to start an Indian airline. Qatar Airways will sign the agreement with Italy's second biggest airline in the next "few days", Chief Executive Akbar al-Baker told reporters in Dubai on Monday. The airline has been negotiating to buy a stake in Meridiana for more than year, a deal that could help the loss-making Italian carrier's ability to compete in Europe."
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Qatar Air Adds San Francisco After Emirates' Trump Cuts - Bloomberg
Qatar Air Adds San Francisco After Emirates' Trump Cuts - Bloomberg:
"Qatar Airways Ltd. announced plans to add San Francisco to its network of U.S. destinations, plotting expansion just days after rival Emirates moved to reduce flights to the country citing President Donald Trump’s travel restrictions. The Doha-based carrier will serve the California city starting in 2018, the company said Monday at a press conference in Dubai. The Persian Gulf airline will use Boeing Co. 777-300 aircraft on the route, which will become its 15th U.S. destination. Qatar Airways has remained bullish on the U.S. even after Trump’s administration targeted the region with an attempt to block travel from six predominantly Muslim nations and a ban on carrying on laptop and tablet computers on flights from Middle East airports, including Doha. Emirates, which is based in Dubai, last week cited weaker demand caused by the restrictions as the cause for scaling back flights on five of its 12 U.S. routes. American rivals have accused Emirates and Qatar Air with unfair competition."
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"Qatar Airways Ltd. announced plans to add San Francisco to its network of U.S. destinations, plotting expansion just days after rival Emirates moved to reduce flights to the country citing President Donald Trump’s travel restrictions. The Doha-based carrier will serve the California city starting in 2018, the company said Monday at a press conference in Dubai. The Persian Gulf airline will use Boeing Co. 777-300 aircraft on the route, which will become its 15th U.S. destination. Qatar Airways has remained bullish on the U.S. even after Trump’s administration targeted the region with an attempt to block travel from six predominantly Muslim nations and a ban on carrying on laptop and tablet computers on flights from Middle East airports, including Doha. Emirates, which is based in Dubai, last week cited weaker demand caused by the restrictions as the cause for scaling back flights on five of its 12 U.S. routes. American rivals have accused Emirates and Qatar Air with unfair competition."
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UAE's Etihad Airways appoints new boss in charge of airline stakes | Reuters
UAE's Etihad Airways appoints new boss in charge of airline stakes | Reuters:
"Abu Dhabi-based Etihad Airways on Monday said it had appointed Robin Kamark as chief executive officer, Airline Equity Partners. Kamark will replace Bruno Matheu who has held the position since May 2016 and is leaving for personal reasons, the company said in a statement. Kamark will be responsible for leading and developing the Group’s minority equity investment strategy, which includes stakes in airberlin, Alitalia, Jet Airways , Air Serbia, Air Seychelles, Etihad Regional and Virgin Australia."
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"Abu Dhabi-based Etihad Airways on Monday said it had appointed Robin Kamark as chief executive officer, Airline Equity Partners. Kamark will replace Bruno Matheu who has held the position since May 2016 and is leaving for personal reasons, the company said in a statement. Kamark will be responsible for leading and developing the Group’s minority equity investment strategy, which includes stakes in airberlin, Alitalia, Jet Airways , Air Serbia, Air Seychelles, Etihad Regional and Virgin Australia."
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Saudi Aramco names company veteran to oversee IPO preparations - sources | Reuters
Saudi Aramco names company veteran to oversee IPO preparations - sources | Reuters:
"State oil giant Saudi Aramco has appointed company veteran Motassim al-Maashouq to officially oversee preparations for its initial public offering (IPO), industry sources told Reuters.
Maashouq, who most recently worked as vice president of corporate planning and is viewed by industry insiders as well connected with the financial community, has taken up the position of vice president of IPO development, the sources said.
Saudi Aramco said it did not comment on rumour or speculation."
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"State oil giant Saudi Aramco has appointed company veteran Motassim al-Maashouq to officially oversee preparations for its initial public offering (IPO), industry sources told Reuters.
Maashouq, who most recently worked as vice president of corporate planning and is viewed by industry insiders as well connected with the financial community, has taken up the position of vice president of IPO development, the sources said.
Saudi Aramco said it did not comment on rumour or speculation."
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Oil Falls Sixth Day as U.S. Rig Count Gain Seen Boosting Output - Bloomberg
Oil Falls Sixth Day as U.S. Rig Count Gain Seen Boosting Output - Bloomberg:
"Oil fell a sixth day as the ramp-up of U.S. drilling signaled further production gains in the world’s biggest crude-consuming nation.
Futures extended last week’s 6.7 percent decline in New York. U.S. explorers added 5 rigs last week to cap the longest stretch of gains since 2011, Baker Hughes Inc. data show. An OPEC committee concluded that a six-month renewal of an output-cut deal is needed, delegates with knowledge of the matter said. Money managers boosted wagers that U.S. oil futures would increase in the week to April 18, government data showed. Oil rose earlier along with global equities while the dollar weakened after the first round of the French presidential election."
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"Oil fell a sixth day as the ramp-up of U.S. drilling signaled further production gains in the world’s biggest crude-consuming nation.
Futures extended last week’s 6.7 percent decline in New York. U.S. explorers added 5 rigs last week to cap the longest stretch of gains since 2011, Baker Hughes Inc. data show. An OPEC committee concluded that a six-month renewal of an output-cut deal is needed, delegates with knowledge of the matter said. Money managers boosted wagers that U.S. oil futures would increase in the week to April 18, government data showed. Oil rose earlier along with global equities while the dollar weakened after the first round of the French presidential election."
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MIDEAST STOCKS-Mobily holds back Saudi index as Dubai drops and Egypt stabilises | Reuters
MIDEAST STOCKS-Mobily holds back Saudi index as Dubai drops and Egypt stabilises | Reuters:
"Saudi Arabian telecoms company Mobily slumped after worse than expected results on Monday, but the market was buoyed by stronger quarterly earnings from the insurance sector, while performance across the rest of the region was mixed.
Shares of Etihad Etisalat(Mobily) tumbled 6 percent to 21.05 riyals after it swung to a net loss of 163 million riyals ($43.47 million) in the first quarter, compared with a 20 million riyal net profit a year earlier. Average analyst expectations were a net loss of 69.39 million riyals.
Mobily attributed its third consecutive quarterly loss to a drop in revenue and higher interest and financial charges."
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"Saudi Arabian telecoms company Mobily slumped after worse than expected results on Monday, but the market was buoyed by stronger quarterly earnings from the insurance sector, while performance across the rest of the region was mixed.
Shares of Etihad Etisalat(Mobily) tumbled 6 percent to 21.05 riyals after it swung to a net loss of 163 million riyals ($43.47 million) in the first quarter, compared with a 20 million riyal net profit a year earlier. Average analyst expectations were a net loss of 69.39 million riyals.
Mobily attributed its third consecutive quarterly loss to a drop in revenue and higher interest and financial charges."
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Italians probe Emirati for alleged insider trading in UniCredit
Italians probe Emirati for alleged insider trading in UniCredit:
"Italian prosecutors are investigating a former Emirati sovereign wealth fund official over allegations of insider trading in UniCredit shares in 2010 as the fallout from the Malaysian 1MDB scandal spreads through Abu Dhabi’s overseas investment portfolio.
Prosecutors in Milan placed Khadem al-Qubaisi, the jailed former managing director of Abu Dhabi’s International Petroleum Investment Company (Ipic), under investigation “several months ago,” said a person briefed on the probe.
The Italian prosecutor's office confirmed the probe and said it is “currently working to collect the final elements” for the investigation. A spokesman for the office declined to comment further."
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"Italian prosecutors are investigating a former Emirati sovereign wealth fund official over allegations of insider trading in UniCredit shares in 2010 as the fallout from the Malaysian 1MDB scandal spreads through Abu Dhabi’s overseas investment portfolio.
Prosecutors in Milan placed Khadem al-Qubaisi, the jailed former managing director of Abu Dhabi’s International Petroleum Investment Company (Ipic), under investigation “several months ago,” said a person briefed on the probe.
The Italian prosecutor's office confirmed the probe and said it is “currently working to collect the final elements” for the investigation. A spokesman for the office declined to comment further."
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Oil recovers lost ground, but market remains under pressure | Reuters
Oil recovers lost ground, but market remains under pressure | Reuters:
"Oil prices recovered lost ground on Monday following big losses last week, driven by expectations that OPEC will extend a pledge to cut output to cover all of 2017, although a relentless rise in U.S. drilling capped gains. U.S. West Texas Intermediate (WTI) crude oil futures CLc1 added 32 cents, or 0.64 percent, by 0649 GMT(2:49 a.m. ET), but were still just below the $50 mark pierced on Friday at $49.84 a barrel. Brent crude futures LCOc1 rose 35 cents, or 0.67 percent, to $52.31 per barrel."
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"Oil prices recovered lost ground on Monday following big losses last week, driven by expectations that OPEC will extend a pledge to cut output to cover all of 2017, although a relentless rise in U.S. drilling capped gains. U.S. West Texas Intermediate (WTI) crude oil futures CLc1 added 32 cents, or 0.64 percent, by 0649 GMT(2:49 a.m. ET), but were still just below the $50 mark pierced on Friday at $49.84 a barrel. Brent crude futures LCOc1 rose 35 cents, or 0.67 percent, to $52.31 per barrel."
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If Saudi Future's So Bright, Why Can't These Banks Find Buyers? - Bloomberg
If Saudi Future's So Bright, Why Can't These Banks Find Buyers? - Bloomberg:
"Saudi Arabia is about to cast off its oil-dependence, build brand-new industries and open its economy to foreign investment, according to the government. That might make it a good time to buy into a Saudi bank. And substantial stakes in two of them are up for sale. But in both cases, it’s international lenders who are seeking to get out -- and there are no big-name global banks eager to buy, according to analysts and people familiar with the transactions; what interest there is comes from local or regional groups. That reflects concerns about prospects under Saudi Arabia’s ambitious reform program, as Deputy Crown Prince Mohammed bin Salman cuts back the government spending that’s traditionally buoyed the economy. One result of austerity is the worst growth since the world recession of 2009, and it’s forecast to slow further this year. New construction projects are scarce, and payments to builders got held up last year. That’s hurting banks that lend to them, including the two on the market. Royal Bank of Scotland Group Plc has reportedly been seeking for years to sell its 40 percent stake in Alawwal Bank, while Credit Agricole SA is considering a sale of its 31 percent stake in Banque Saudi Fransi, according to people familiar with the matter."
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"Saudi Arabia is about to cast off its oil-dependence, build brand-new industries and open its economy to foreign investment, according to the government. That might make it a good time to buy into a Saudi bank. And substantial stakes in two of them are up for sale. But in both cases, it’s international lenders who are seeking to get out -- and there are no big-name global banks eager to buy, according to analysts and people familiar with the transactions; what interest there is comes from local or regional groups. That reflects concerns about prospects under Saudi Arabia’s ambitious reform program, as Deputy Crown Prince Mohammed bin Salman cuts back the government spending that’s traditionally buoyed the economy. One result of austerity is the worst growth since the world recession of 2009, and it’s forecast to slow further this year. New construction projects are scarce, and payments to builders got held up last year. That’s hurting banks that lend to them, including the two on the market. Royal Bank of Scotland Group Plc has reportedly been seeking for years to sell its 40 percent stake in Alawwal Bank, while Credit Agricole SA is considering a sale of its 31 percent stake in Banque Saudi Fransi, according to people familiar with the matter."
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MIDEAST STOCKS-Mobily slump weighs on Saudi shares, Alhokair jumps | Reuters
MIDEAST STOCKS-Mobily slump weighs on Saudi shares, Alhokair jumps | Reuters:
"Saudi Arabia's second largest telecoms firm, Mobily, slumped on a disappointing set of first quarter results on Monday, as profit-taking hit other shares. Riyadh's index slipped 0.3 percent, retreating from a 1.0-percent gain in the previous session on Saturday's news that the government had reversed the public sector workers' allowance cut. Consumer cyclical shares, which were the chief performers on Sunday, fell with home improvement retailer Saudi Hardware Company down 1.9 percent."
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"Saudi Arabia's second largest telecoms firm, Mobily, slumped on a disappointing set of first quarter results on Monday, as profit-taking hit other shares. Riyadh's index slipped 0.3 percent, retreating from a 1.0-percent gain in the previous session on Saturday's news that the government had reversed the public sector workers' allowance cut. Consumer cyclical shares, which were the chief performers on Sunday, fell with home improvement retailer Saudi Hardware Company down 1.9 percent."
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