Qatar to Tell Banks to Seek Overseas Funding as Gulf Spat Drags On - Bloomberg

Qatar to Tell Banks to Seek Overseas Funding as Gulf Spat Drags On - Bloomberg:

"Qatar is telling its banks to tap international investors to raise financing, instead of mainly relying on government funding, people familiar with the matter said, as the impact of the ongoing Saudi-led boycott puts pressure on liquidity.

The central bank is holding regular meetings with lenders to gauge how the standoff is affecting liquidity, and is encouraging banks to borrow internationally through bonds and loans to avoid further depletion of foreign reserves and credit rating downgrades, said the people, asking not to be identified because the matter is private. Banks have been told they should ask for government funding as a last resort, they said.

Some banks and government-related entities are planning fundraising deals to help with tightening liquidity, the people said. Most borrowers plan to target investors in Asia to fill the gap left by Gulf lenders, they said. Qatar Islamic Bank SAQ recently raised financing in Yen and Australian dollars through private placements, one of the people said. The central bank couldn’t immediately comment. "



'via Blog this'

Exclusive: China's CEFC in early talks to buy Rosneft stake - sources

Exclusive: China's CEFC in early talks to buy Rosneft stake - sources:

"CEFC China Energy, which has grown from a niche oil trader to a sprawling energy conglomerate, is in talks to acquire a stake in Russian state oil giant Rosneft (ROSN.MM), three people with direct knowledge of the discussions said. The people said senior executives at both companies were in preliminary discussions, though there have already been two meetings between CEFC Chairman Ye Jianmin and Rosneft CEO Igor Sechin since July. It was not immediately clear how much CEFC would invest in Rosneft, nor if the Chinese group would buy new shares or existing stock in the parent company. One person familiar with Rosneft said it would be open to selling CEFC a stake in its retail business, which includes almost 3,000 filling stations, around 150 oil storage complexes and over 1,000 gasoline tankers."



'via Blog this'

UAE's Topaz Energy eyes expansion, better growth in 2018

UAE's Topaz Energy eyes expansion, better growth in 2018:

"Topaz Energy and Marine expects to expand in Kazakhstan and the Middle East as the Dubai-based oil services company projects better growth for the industry next year with oil prices stabilising around $50 a barrel, its chief executive said. A sharp drop in crude prices since mid-2014 has forced oil producing and service firms to re-evaluate projects worth billions of dollars and cut costs. Companies are looking at forming alliances to reduce risk. "The industry is becoming smarter ... We are in most offshore fields today, in an environment where $50 Brent is actually giving positive cash flow," Chief Executive Rene Kofod-Olsen said in an interview on Thursday."



'via Blog this'