Iraq's Kirkuk Province Spurns Plan to Ship Its Oil to Iran - Bloomberg:
"Iraq’s northern province of Kirkuk refuses to cooperate with any plans to ship its oil to neighboring Iran because the central government didn’t consult with it on the matter, Kirkuk provincial officials said. The central government in Baghdad and the semi-autonomous Kurdistan Regional Government both pump crude from different wells at Kirkuk’s oil fields, which straddle their respective areas of control. Kurdish forces took control of some fields in Kirkuk in June 2014 after the Iraqi army fled from Islamic State militants, but the government in Baghdad doesn’t recognize Kurdish control of the area. Kirkuk won’t cooperate with the central government to ship its oil to refineries in neighboring Iran as the federal authorities didn’t seek its input, Ahmed Al-Askari, head of the energy committee at the Kirkuk provincial council, said by phone from London."
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Thursday, 3 August 2017
OPEC supply-cut compliance runs up against ire over country targets
OPEC supply-cut compliance runs up against ire over country targets:
"OPEC has delivered record-high adherence to its oil output-cutting pact so far in 2017, but with laggards Iraq and the UAE yet to show how they can meet their prescribed targets, sources say a refocusing on exports may be the key to further progress. The two major producers have shown relatively low compliance with the agreement based on figures from secondary sources - government agencies, consultants and industry media - that OPEC uses to monitor its output. Both countries stress their commitment to the deal, aimed at draining global oil inventories and lifting crude prices out of a three-year slump."
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"OPEC has delivered record-high adherence to its oil output-cutting pact so far in 2017, but with laggards Iraq and the UAE yet to show how they can meet their prescribed targets, sources say a refocusing on exports may be the key to further progress. The two major producers have shown relatively low compliance with the agreement based on figures from secondary sources - government agencies, consultants and industry media - that OPEC uses to monitor its output. Both countries stress their commitment to the deal, aimed at draining global oil inventories and lifting crude prices out of a three-year slump."
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Exclusive: Goldman Sachs buys into Aramco $10 billion loan as it seeks IPO role - sources
Exclusive: Goldman Sachs buys into Aramco $10 billion loan as it seeks IPO role - sources:
"Goldman Sachs (GS.N) has bought a slice of Saudi Aramco's IPO-ARMO.SE $10 billion credit facility as it seeks a role in the historic listing of the oil company, sources familiar with the matter told Reuters.
It is common practice in capital markets to first establish banking relationships through loan transactions which are then followed by other deals.
Goldman purchased a portion of the $10 billion revolving credit facility Aramco signed with a number of banks in 2015. Two of the sources said Goldman purchased several million dollars in the secondary market from Australia and New Zealand Banking Group (ANZ.AX)."
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"Goldman Sachs (GS.N) has bought a slice of Saudi Aramco's IPO-ARMO.SE $10 billion credit facility as it seeks a role in the historic listing of the oil company, sources familiar with the matter told Reuters.
It is common practice in capital markets to first establish banking relationships through loan transactions which are then followed by other deals.
Goldman purchased a portion of the $10 billion revolving credit facility Aramco signed with a number of banks in 2015. Two of the sources said Goldman purchased several million dollars in the secondary market from Australia and New Zealand Banking Group (ANZ.AX)."
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The Oil Trader Known as ‘God’ Is Closing Down His Main Hedge Fund - Bloomberg
The Oil Trader Known as ‘God’ Is Closing Down His Main Hedge Fund - Bloomberg:
"Andy Hall, the oil trader sometimes known in markets as “God,” is closing down his main hedge fund after big losses in the first half of the year, according to people with knowledge of the matter.
The capitulation of one of the best-known figures in the commodities industry comes after muted oil prices wrong-footed traders from Goldman Sachs Group Inc. to BP Plc’s in-house trading unit. Hall’s flagship Astenbeck Master Commodities Fund II lost almost 30 percent through June, a separate person with knowledge of the matter said, asking not to be identified because the details are private.
“I’m shocked,” said Danilo Onorino, a portfolio manager at Dogma Capital SA in Lugano, Switzerland. “This is the end of an era. He’s one of the top oil traders ever.”"
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"Andy Hall, the oil trader sometimes known in markets as “God,” is closing down his main hedge fund after big losses in the first half of the year, according to people with knowledge of the matter.
The capitulation of one of the best-known figures in the commodities industry comes after muted oil prices wrong-footed traders from Goldman Sachs Group Inc. to BP Plc’s in-house trading unit. Hall’s flagship Astenbeck Master Commodities Fund II lost almost 30 percent through June, a separate person with knowledge of the matter said, asking not to be identified because the details are private.
“I’m shocked,” said Danilo Onorino, a portfolio manager at Dogma Capital SA in Lugano, Switzerland. “This is the end of an era. He’s one of the top oil traders ever.”"
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Saudi Oil Minister Met With Top Commodity Hedge Funds - Bloomberg
Saudi Oil Minister Met With Top Commodity Hedge Funds - Bloomberg:
"Khalid Al-Falih, Saudi Arabia’s energy minister, met in private with some of the world’s top commodity hedge funds in July, taking the unusual step of personally canvassing investor views on the state of the market. In the past, Saudi Arabian officials have disparaged hedge funds as unhelpful speculators that undermined OPEC’s quest for market stability. Last month’s meetings, described by people familiar with the encounters, signal the world’s largest exporter has reassessed the role of financial investors in the global oil market. Al-Falih met the oil investors and traders in London days before traveling to St. Petersburg where OPEC and non-OPEC ministers discussed the market, the same people said, asking not to be identified because the talks were private. Although Saudi officials have met in the past with hedge funds representatives, it’s the first time meetings involving the minister have been reported."
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"Khalid Al-Falih, Saudi Arabia’s energy minister, met in private with some of the world’s top commodity hedge funds in July, taking the unusual step of personally canvassing investor views on the state of the market. In the past, Saudi Arabian officials have disparaged hedge funds as unhelpful speculators that undermined OPEC’s quest for market stability. Last month’s meetings, described by people familiar with the encounters, signal the world’s largest exporter has reassessed the role of financial investors in the global oil market. Al-Falih met the oil investors and traders in London days before traveling to St. Petersburg where OPEC and non-OPEC ministers discussed the market, the same people said, asking not to be identified because the talks were private. Although Saudi officials have met in the past with hedge funds representatives, it’s the first time meetings involving the minister have been reported."
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MIDEAST STOCKS-Strong Q2 results support Al Othaim, Aldar in otherwise flat trade
MIDEAST STOCKS-Strong Q2 results support Al Othaim, Aldar in otherwise flat trade:
"Saudi Arabia's supermarket and Abu Dhabi's largest listed developer outperformed otherwise flat regional shares on Thursday because of their strong second-quarter earnings.
Shares of Al Othaim Markets jumped 4.3 percent after its second-quarter net income of 71.21 million riyals exceeded expectations. NCB Capital had forecast a net income of 66 million and EFG Hermes expected Othaim to make 57.74 million riyals.
The company attributed the 43.1 percent increase in net profit from the year before to growth in sales at existing and new branches, improvement in gross margin and increase in rent revenues from new leasable spaces."
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"Saudi Arabia's supermarket and Abu Dhabi's largest listed developer outperformed otherwise flat regional shares on Thursday because of their strong second-quarter earnings.
Shares of Al Othaim Markets jumped 4.3 percent after its second-quarter net income of 71.21 million riyals exceeded expectations. NCB Capital had forecast a net income of 66 million and EFG Hermes expected Othaim to make 57.74 million riyals.
The company attributed the 43.1 percent increase in net profit from the year before to growth in sales at existing and new branches, improvement in gross margin and increase in rent revenues from new leasable spaces."
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Adnoc active on the debt front as it pushes ahead with transformation strategy - The National
Adnoc active on the debt front as it pushes ahead with transformation strategy - The National:
"The Abu Dhabi National Oil Company is studying a number of fund raising options at both group and asset level that will help unlock value and optimise the group’s balance sheet as it pushes ahead with its new approach to drive growth. Adnoc is in discussions with banks for a club loan of approximately US$5 billion that will be used for ongoing corporate activities. It is also looking into financing options for select midstream infrastructure assets including potentially tapping debt capital markets via a bond issuance. Plans are at an early stage so the size and scope of any potential bond issuance has not been decided. The company said it has no intention to issue bonds at the holding or main operating company levels such as Adco, Adma-Opco and Zadco. “Considering its very low gearing ratios, Adnoc is taking a more active approach to managing its capital structure to unlock value, raise long term capital, enhance returns and drive growth,” a company spokesman said. “Adnoc is therefore considering various options with regard to the potential use and issuance of debt.”"
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"The Abu Dhabi National Oil Company is studying a number of fund raising options at both group and asset level that will help unlock value and optimise the group’s balance sheet as it pushes ahead with its new approach to drive growth. Adnoc is in discussions with banks for a club loan of approximately US$5 billion that will be used for ongoing corporate activities. It is also looking into financing options for select midstream infrastructure assets including potentially tapping debt capital markets via a bond issuance. Plans are at an early stage so the size and scope of any potential bond issuance has not been decided. The company said it has no intention to issue bonds at the holding or main operating company levels such as Adco, Adma-Opco and Zadco. “Considering its very low gearing ratios, Adnoc is taking a more active approach to managing its capital structure to unlock value, raise long term capital, enhance returns and drive growth,” a company spokesman said. “Adnoc is therefore considering various options with regard to the potential use and issuance of debt.”"
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Landmark Qatar Law to Grant Permanent Residency to Expats - Bloomberg
Landmark Qatar Law to Grant Permanent Residency to Expats - Bloomberg:
"Qatar, facing a Saudi-led boycott, approved a landmark law with the potential to ultimately transform Gulf societies by granting permanent residency cards -- and new rights -- to some of the foreigners who dominate its population. The move would be the first in the Gulf region, where the privileges of nationals have been zealously guarded and expatriates’ access to public services and property rights are sharply curtailed. Under the new law, cardholders will be treated like Qatari nationals and will benefit from elements of the state’s generous welfare system, including education and health-care services, the official Qatar News Agency reported late Wednesday. They will also be given priority, after locals, for military and civilian public jobs and would be allowed to own property and run certain commercial activities without a local partner, QNA reported. Those eligible for the card include children of Qatari women married to foreigners, people with special talents “needed by the state,” and others who have extended notable services to the country, it said. Citizenship, however, will remain off-limits to foreigners. "
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"Qatar, facing a Saudi-led boycott, approved a landmark law with the potential to ultimately transform Gulf societies by granting permanent residency cards -- and new rights -- to some of the foreigners who dominate its population. The move would be the first in the Gulf region, where the privileges of nationals have been zealously guarded and expatriates’ access to public services and property rights are sharply curtailed. Under the new law, cardholders will be treated like Qatari nationals and will benefit from elements of the state’s generous welfare system, including education and health-care services, the official Qatar News Agency reported late Wednesday. They will also be given priority, after locals, for military and civilian public jobs and would be allowed to own property and run certain commercial activities without a local partner, QNA reported. Those eligible for the card include children of Qatari women married to foreigners, people with special talents “needed by the state,” and others who have extended notable services to the country, it said. Citizenship, however, will remain off-limits to foreigners. "
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Oil’s Going, Going, Gone: Crude’s Worth Revealed at Auctions - Bloomberg
Oil’s Going, Going, Gone: Crude’s Worth Revealed at Auctions - Bloomberg:
"Oil producers who for years tracked top OPEC member Saudi Arabia to help set the price of their crude could now be looking to go solo. With $100 oil a distant memory and U.S. crude eating into their share of prized markets, they are seeking new ways to assess if their supply may be worth more -- a prospect that’ll help prop up their battered economies. Iraq’s state oil marketing company and Malaysia’s government-run producer are auctioning off cargoes on the Dubai Mercantile Exchange this year for the first time as sellers look to gauge demand by analyzing bids and buyer interest. By sending crude under the hammer, sellers are hoping potential buyers will outbid each other and boost the value of their oil. In more common methods such as tenders or private negotiations, prospective customers can’t top an opposing offer even if they are willing to because they may not be aware of it. Information gleaned from auctions is seen helping producers set monthly official prices for shipments under long-term contracts, which is how most of their crude is supplied."
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"Oil producers who for years tracked top OPEC member Saudi Arabia to help set the price of their crude could now be looking to go solo. With $100 oil a distant memory and U.S. crude eating into their share of prized markets, they are seeking new ways to assess if their supply may be worth more -- a prospect that’ll help prop up their battered economies. Iraq’s state oil marketing company and Malaysia’s government-run producer are auctioning off cargoes on the Dubai Mercantile Exchange this year for the first time as sellers look to gauge demand by analyzing bids and buyer interest. By sending crude under the hammer, sellers are hoping potential buyers will outbid each other and boost the value of their oil. In more common methods such as tenders or private negotiations, prospective customers can’t top an opposing offer even if they are willing to because they may not be aware of it. Information gleaned from auctions is seen helping producers set monthly official prices for shipments under long-term contracts, which is how most of their crude is supplied."
'via Blog this'
MIDEAST STOCKS-Saudi's Al Othaim, Abu Dhabi's Aldar outperform otherwise quiet region
MIDEAST STOCKS-Saudi's Al Othaim, Abu Dhabi's Aldar outperform otherwise quiet region:
"Saudi Arabia's supermarket and Abu Dhabi's largest listed developer outperformed an otherwise weak regional market in early trade on Thursday because of their strong second quarter earnings. Shares of Al Othaim Markets rose 2.4 percent after 30 minutes of trade after its second-quarter net income of 71.21 million riyals surpassed expectations. NBC Capital had forecast a net income of 66 million and EFG Hermes expected Othaim to make 57.74 million riyals. The company attributed the 43.1 percent increase in net profit from the prior-year period to growth in sales of existing and new branches, improvement in gross margin and increase in rent revenues from new leasable spaces."
'via Blog this'
"Saudi Arabia's supermarket and Abu Dhabi's largest listed developer outperformed an otherwise weak regional market in early trade on Thursday because of their strong second quarter earnings. Shares of Al Othaim Markets rose 2.4 percent after 30 minutes of trade after its second-quarter net income of 71.21 million riyals surpassed expectations. NBC Capital had forecast a net income of 66 million and EFG Hermes expected Othaim to make 57.74 million riyals. The company attributed the 43.1 percent increase in net profit from the prior-year period to growth in sales of existing and new branches, improvement in gross margin and increase in rent revenues from new leasable spaces."
'via Blog this'
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