Opec raises demand forecast for next year’s oil:
"Opec’s in-house analysts have sharply raised their demand forecast for the cartel’s oil in 2018, predicting a growing market deficit that will be in focus when the group’s ministers meet later this month to discuss extending supply cuts. Writing in its monthly market report, Opec said forecast demand for its oil next year had increased by almost 400,000 barrels a day from the previous month to 33.4m b/d, a level higher than the group was producing at present. Demand for the group’s crude was also revised higher by 200,000 b/d for this year, as consumption continued to exceed many analysts’ expectations and helped to draw down inventories that accumulated during the crude glut from late 2014."
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Monday, 13 November 2017
Abu Dhabi Fund Seeks Energy Stakes After Spending $5 Billion - Bloomberg
Abu Dhabi Fund Seeks Energy Stakes After Spending $5 Billion - Bloomberg:
"Abu Dhabi’s state fund is looking to expand its energy investments, with $5 billion spent in the past few months in nations that can offer low costs such as the U.S., according to the head of Mubadala Investment Co.’s oil and chemicals projects. “If you think about the low cost environment, the U.S. ranks very high because of the feedstock,” Musabbeh Al Kaabi, the chief executive officer overseeing Mubadala’s petroleum and petrochemicals, said Monday in an interview in Abu Dhabi. “The natural gas is relatively attractive and the expansion in the petchem in the U.S. is big.” The current oil price is good for oil and gas investment, Al Kaabi said earlier in an interview on Bloomberg TV from Abu Dhabi where hundreds of energy executives are meeting at a conference. Oil demand is “exceeding our expectation,” he said. In recent months, Mubadala has spent $1.7 billion on a chemicals joint venture in the U.S. with Borealis AG and Total SA, and an additional $2.1 billion on chemicals in Louisiana. It’s also expanding in Vietnam. "
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"Abu Dhabi’s state fund is looking to expand its energy investments, with $5 billion spent in the past few months in nations that can offer low costs such as the U.S., according to the head of Mubadala Investment Co.’s oil and chemicals projects. “If you think about the low cost environment, the U.S. ranks very high because of the feedstock,” Musabbeh Al Kaabi, the chief executive officer overseeing Mubadala’s petroleum and petrochemicals, said Monday in an interview in Abu Dhabi. “The natural gas is relatively attractive and the expansion in the petchem in the U.S. is big.” The current oil price is good for oil and gas investment, Al Kaabi said earlier in an interview on Bloomberg TV from Abu Dhabi where hundreds of energy executives are meeting at a conference. Oil demand is “exceeding our expectation,” he said. In recent months, Mubadala has spent $1.7 billion on a chemicals joint venture in the U.S. with Borealis AG and Total SA, and an additional $2.1 billion on chemicals in Louisiana. It’s also expanding in Vietnam. "
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Kuwait banks told to examine Saudi accounts after arrests- sources | ZAWYA MENA Edition
Kuwait banks told to examine Saudi accounts after arrests- sources | ZAWYA MENA Edition:
"Kuwaiti banks have been told by the central bank to provide account details relating to some Saudi Arabian nationals, sources familiar with the situation told Reuters on Monday.
The move follows the freezing of more than 2,000 domestic bank accounts in Saudi Arabia after the detention of senior business figures and officials in a campaign against alleged graft.
Kuwait's central bank had asked its banks if they had exposure to any of the Saudi citizens who were arrested, one of the sources said, without providing further information. "
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"Kuwaiti banks have been told by the central bank to provide account details relating to some Saudi Arabian nationals, sources familiar with the situation told Reuters on Monday.
The move follows the freezing of more than 2,000 domestic bank accounts in Saudi Arabia after the detention of senior business figures and officials in a campaign against alleged graft.
Kuwait's central bank had asked its banks if they had exposure to any of the Saudi citizens who were arrested, one of the sources said, without providing further information. "
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Value of Saudi sovereign fund jumps amid market turmoil
Value of Saudi sovereign fund jumps amid market turmoil:
"As Saudi Arabia’s anti-corruption purge sends the shares of some if its companies into a tailspin, the kingdom’s sovereign wealth fund has gained in value.
Last week the market value of the Public Investment Fund’s portfolio of Saudi equities jumped by almost $3 billion, Reuters calculations show, even as the arrest or questioning of more than 200 people in the probe caused stocks in many privately controlled firms to slump.
The share price of National Commercial Bank, for example, surged 8.7 percent; Saudi Arabian Mining Co gained 4.7 percent. They and the remainder of the PIF’s top 10 holdings rose, while the main stock market index moved sideways."
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"As Saudi Arabia’s anti-corruption purge sends the shares of some if its companies into a tailspin, the kingdom’s sovereign wealth fund has gained in value.
Last week the market value of the Public Investment Fund’s portfolio of Saudi equities jumped by almost $3 billion, Reuters calculations show, even as the arrest or questioning of more than 200 people in the probe caused stocks in many privately controlled firms to slump.
The share price of National Commercial Bank, for example, surged 8.7 percent; Saudi Arabian Mining Co gained 4.7 percent. They and the remainder of the PIF’s top 10 holdings rose, while the main stock market index moved sideways."
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Qatar Property Developer Ezdan Fires Workers in Revamp - Bloomberg
Qatar Property Developer Ezdan Fires Workers in Revamp - Bloomberg:
"Ezdan Holding Group QSC reduced almost 15 percent of its workforce as Qatar’s largest publicly traded real estate developer restructures its operations, according to two people familiar with the situation.
The 220 job cuts mostly comprised maintenance staff and included some management, said the people, who asked not to be identified because the information is private. An Ezdan spokesman and another official at the company didn’t respond to requests for comment.
Ezdan held the second-largest weighting in the Qatari stock index earlier this year until it was dropped after shareholders approved a plan on May 24 to convert the business to a private company. The shares have fallen 49 percent since. Valued at 21.2 billion riyals ($5.5 billion), Ezdan is controlled by its founder, a Qatari royal, and related entities, and only has about 6 percent of its shares available for trading by outside investors."
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"Ezdan Holding Group QSC reduced almost 15 percent of its workforce as Qatar’s largest publicly traded real estate developer restructures its operations, according to two people familiar with the situation.
The 220 job cuts mostly comprised maintenance staff and included some management, said the people, who asked not to be identified because the information is private. An Ezdan spokesman and another official at the company didn’t respond to requests for comment.
Ezdan held the second-largest weighting in the Qatari stock index earlier this year until it was dropped after shareholders approved a plan on May 24 to convert the business to a private company. The shares have fallen 49 percent since. Valued at 21.2 billion riyals ($5.5 billion), Ezdan is controlled by its founder, a Qatari royal, and related entities, and only has about 6 percent of its shares available for trading by outside investors."
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MIDEAST STOCKS-State funds support Saudi, GFH Financial boosts Dubai
MIDEAST STOCKS-State funds support Saudi, GFH Financial boosts Dubai:
"Saudi Arabia’s stock market rose on Monday, apparently boosted by purchases of shares by state-linked funds, while a surge in GFH Financial lifted Dubai’s bourse. Data released by the Saudi exchange showed local individual investors were net sellers of stocks by a margin of about 13 percent last week because of the government’s sweeping anti-corruption probe, which has raised fears that people detained in the crackdown could dump assets. Foreign investors were net sellers by a bigger margin of 41 percent and Gulf investors were also net sellers. That left Saudi institutional investors net buyers by a large margin; most of them were government-linked funds deliberately supporting the market to avert a panic, many asset managers believe."
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"Saudi Arabia’s stock market rose on Monday, apparently boosted by purchases of shares by state-linked funds, while a surge in GFH Financial lifted Dubai’s bourse. Data released by the Saudi exchange showed local individual investors were net sellers of stocks by a margin of about 13 percent last week because of the government’s sweeping anti-corruption probe, which has raised fears that people detained in the crackdown could dump assets. Foreign investors were net sellers by a bigger margin of 41 percent and Gulf investors were also net sellers. That left Saudi institutional investors net buyers by a large margin; most of them were government-linked funds deliberately supporting the market to avert a panic, many asset managers believe."
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Oman's Duqm Refinery to seek $6 bln bank funding soon - sources | ZAWYA MENA Edition
Oman's Duqm Refinery to seek $6 bln bank funding soon - sources | ZAWYA MENA Edition:
"Oman's Duqm Refinery and Petrochemical Industries Co will approach banks in about two weeks for the debt financing it needs to back a $6 billion refinery project, banking sources familiar with the matter told Reuters on Monday.
The refinery, run by the joint venture between Oman Oil Company and Kuwait Petroleum International, will be able to process 230,000 barrels of crude per day and occupy 900 hectares in the Duqm industrial zone, which expects investments of up to $15 billion over the next 15 years.
This zone is Oman's biggest single economic project and part of the Gulf Arab Sultanate's efforts to diversify its economy away from oil revenues. "
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"Oman's Duqm Refinery and Petrochemical Industries Co will approach banks in about two weeks for the debt financing it needs to back a $6 billion refinery project, banking sources familiar with the matter told Reuters on Monday.
The refinery, run by the joint venture between Oman Oil Company and Kuwait Petroleum International, will be able to process 230,000 barrels of crude per day and occupy 900 hectares in the Duqm industrial zone, which expects investments of up to $15 billion over the next 15 years.
This zone is Oman's biggest single economic project and part of the Gulf Arab Sultanate's efforts to diversify its economy away from oil revenues. "
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Saudi's Saleh Al-Amoudi currency exchange suspended from trade- c.bank | ZAWYA MENA Edition
Saudi's Saleh Al-Amoudi currency exchange suspended from trade- c.bank | ZAWYA MENA Edition:
"Saudi Arabia's central bank said on Monday it had stopped currency exchange house Saleh Hussain al-Amoudi Sons Co from conducting business for violations related to suspected money laundering.
The central bank in September suspended three currency exchange houses from making money transfers.
"The Authority asserts that the suspension will not be lifted until the company corrects these conditions and is in full compliance with regulatory requirements," the Saudi Arabian Monetary Authority (SAMA) said on its website, referring to the implementation of anti-money laundering and counter-terrorism measures. "
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"Saudi Arabia's central bank said on Monday it had stopped currency exchange house Saleh Hussain al-Amoudi Sons Co from conducting business for violations related to suspected money laundering.
The central bank in September suspended three currency exchange houses from making money transfers.
"The Authority asserts that the suspension will not be lifted until the company corrects these conditions and is in full compliance with regulatory requirements," the Saudi Arabian Monetary Authority (SAMA) said on its website, referring to the implementation of anti-money laundering and counter-terrorism measures. "
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Qatar probing currency manipulation bid by UAE - The Peninsula Qatar
Qatar probing currency manipulation bid by UAE - The Peninsula Qatar:
"Director of the Government Communications Office H E Sheikh Saif bin Ahmed bin Saif Al Thani (pictured) announced yesterday that Qatar opened an investigation into an alleged attempt to manipulate its currency during the early weeks of a Gulf political crisis now in its sixth month.
Sheikh Saif bin Ahmed told French news agency AFP that an unnamed global financial institution, partly owned by United Arab Emirates investors, had been instructed to stop trading Qatari riyals across Europe and Asia. The Director said that if the act of financial warfare was proven to be true, it would be a disgrace and danger not only to Qatar’s economy but the global one as well.
Sheikh Saif bin Ahmed said that one of the financial institutions stopped trading in riyals for a few days and it was only after Qatar reached out to them that they resumed trading. Sheikh Saif bin Ahmed added that Qatar’s intelligence agencies were carrying out an investigation and have engaged with law enforcement officials in the relevant jurisdictions. The Qatari government through its various entities, including the central bank, is working on confirming and identifying these reports."
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"Director of the Government Communications Office H E Sheikh Saif bin Ahmed bin Saif Al Thani (pictured) announced yesterday that Qatar opened an investigation into an alleged attempt to manipulate its currency during the early weeks of a Gulf political crisis now in its sixth month.
Sheikh Saif bin Ahmed told French news agency AFP that an unnamed global financial institution, partly owned by United Arab Emirates investors, had been instructed to stop trading Qatari riyals across Europe and Asia. The Director said that if the act of financial warfare was proven to be true, it would be a disgrace and danger not only to Qatar’s economy but the global one as well.
Sheikh Saif bin Ahmed said that one of the financial institutions stopped trading in riyals for a few days and it was only after Qatar reached out to them that they resumed trading. Sheikh Saif bin Ahmed added that Qatar’s intelligence agencies were carrying out an investigation and have engaged with law enforcement officials in the relevant jurisdictions. The Qatari government through its various entities, including the central bank, is working on confirming and identifying these reports."
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Aramco CEO Says Size of Share Offering Is Still to Be Decided - Bloomberg
Aramco CEO Says Size of Share Offering Is Still to Be Decided - Bloomberg:
"Saudi Arabian Oil Co. is still waiting for a decision on how many of its shares will be offered to the public, or where the listing will be made outside of the kingdom, according to Chief Executive Officer Amin Nasser.
The shares will definitely be listed in Saudi Arabia’s market known as Tadawul, Nasser told reporters Monday at a conference in Abu Dhabi. The U.K., Hong Kong and U.S. are competing for the international listing.
“We are ready for all different stock exchanges, we are prepared and ready,” Nasser said. “There’s definitely going to be a listing on Tadawul.” The decision on how much to list is being reviewed, he said."
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"Saudi Arabian Oil Co. is still waiting for a decision on how many of its shares will be offered to the public, or where the listing will be made outside of the kingdom, according to Chief Executive Officer Amin Nasser.
The shares will definitely be listed in Saudi Arabia’s market known as Tadawul, Nasser told reporters Monday at a conference in Abu Dhabi. The U.K., Hong Kong and U.S. are competing for the international listing.
“We are ready for all different stock exchanges, we are prepared and ready,” Nasser said. “There’s definitely going to be a listing on Tadawul.” The decision on how much to list is being reviewed, he said."
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UAE's Dana Gas profit boosted by financial settlement with KRG
UAE's Dana Gas profit boosted by financial settlement with KRG:
"United Arab Emirates energy producer Dana Gas reported a steep rise in third-quarter profit, benefiting from a $1 billion payment as part of a settlement agreement with the Kurdistan Regional Government (KRG).
The Abu Dhabi-listed company posted a net profit of $102 million, considerably higher than the $13 million in profit it made during the same period one year earlier.
As part of the Pearl Petroleum consortium, which includes Austria’s OMV, Hungary’s MOL and Germany’s RWE, Dana filed a case against the KRG in the London Court of Arbitration in 2013 accusing it of underpaying for gas liquid production."
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"United Arab Emirates energy producer Dana Gas reported a steep rise in third-quarter profit, benefiting from a $1 billion payment as part of a settlement agreement with the Kurdistan Regional Government (KRG).
The Abu Dhabi-listed company posted a net profit of $102 million, considerably higher than the $13 million in profit it made during the same period one year earlier.
As part of the Pearl Petroleum consortium, which includes Austria’s OMV, Hungary’s MOL and Germany’s RWE, Dana filed a case against the KRG in the London Court of Arbitration in 2013 accusing it of underpaying for gas liquid production."
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OPEC Head Says Oil Cuts ‘Only Viable Option’ to Stabilize Market - Bloomberg
OPEC Head Says Oil Cuts ‘Only Viable Option’ to Stabilize Market - Bloomberg:
"The oil market is re-balancing at a quickening pace and production cuts are the “only viable option” to restore stability, OPEC Secretary-General Mohammad Barkindo said.
Global curbs on output have helped trim crude inventories from record levels, United Arab Emirates Energy Minister Suhail Al Mazrouei said in a speech at a conference in Abu Dhabi. Neighboring Oman backs an extension in the cuts accord that expires in March and sees producers prolonging their limits until the end of 2018, Oil Minister Mohammed Hamad Al Rumhy told reporters.
The Organization of Petroleum Exporting Countries, in its monthly market report on Monday, will raise its estimate of oil demand growth to “above 1.5 million barrels a day” for both 2017 and next year, Barkindo said at the same conference. Stockpiles have declined by more than 180 million barrels this year alone, he said."
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"The oil market is re-balancing at a quickening pace and production cuts are the “only viable option” to restore stability, OPEC Secretary-General Mohammad Barkindo said.
Global curbs on output have helped trim crude inventories from record levels, United Arab Emirates Energy Minister Suhail Al Mazrouei said in a speech at a conference in Abu Dhabi. Neighboring Oman backs an extension in the cuts accord that expires in March and sees producers prolonging their limits until the end of 2018, Oil Minister Mohammed Hamad Al Rumhy told reporters.
The Organization of Petroleum Exporting Countries, in its monthly market report on Monday, will raise its estimate of oil demand growth to “above 1.5 million barrels a day” for both 2017 and next year, Barkindo said at the same conference. Stockpiles have declined by more than 180 million barrels this year alone, he said."
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UAE's ADNOC to sell at least 10% of fuel distribution in IPO | ZAWYA MENA Edition
UAE's ADNOC to sell at least 10% of fuel distribution in IPO | ZAWYA MENA Edition:
"Abu Dhabi National Oil Company (ADNOC) plans to sell at least 10 percent of its stake in its fuel distribution unit in an initial public offering next month, the company said on Monday. ADNOC Distribution is the leading fuel distributor in the United Arab Emirates with an approximately 67 percent market share by number of retail fuel service stations The listing, which will be on the Abu Dhabi bourse, comes as Abu Dhabi and other Gulf states seek to privatise energy assets as revenues are squeezed by lower oil prices."
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"Abu Dhabi National Oil Company (ADNOC) plans to sell at least 10 percent of its stake in its fuel distribution unit in an initial public offering next month, the company said on Monday. ADNOC Distribution is the leading fuel distributor in the United Arab Emirates with an approximately 67 percent market share by number of retail fuel service stations The listing, which will be on the Abu Dhabi bourse, comes as Abu Dhabi and other Gulf states seek to privatise energy assets as revenues are squeezed by lower oil prices."
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Abu Dhabi's Aldar Properties' Q3 net profit drop by almost a fifth | ZAWYA MENA Edition
Abu Dhabi's Aldar Properties' Q3 net profit drop by almost a fifth | ZAWYA MENA Edition:
"Aldar Properties , the state-linked builder of Abu Dhabi's Formula One circuit, reported a nearly 20 percent decline in third-quarter profit. The results come against a backdrop of a slowing economy and property market in the oil-rich capital of the United Arab Emirates. Aldar also announced management changes, appointing its chief development officer Talal al-Dhiyebi as the new chief executive officer and named the current CEO Mohamed Khalifa al-Mubarak as its new chairman. "
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"Aldar Properties , the state-linked builder of Abu Dhabi's Formula One circuit, reported a nearly 20 percent decline in third-quarter profit. The results come against a backdrop of a slowing economy and property market in the oil-rich capital of the United Arab Emirates. Aldar also announced management changes, appointing its chief development officer Talal al-Dhiyebi as the new chief executive officer and named the current CEO Mohamed Khalifa al-Mubarak as its new chairman. "
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MIDEAST STOCKS-Saudi still under pressure, GFH volatile in Dubai | ZAWYA MENA Edition
MIDEAST STOCKS-Saudi still under pressure, GFH volatile in Dubai | ZAWYA MENA Edition:
"Gulf stock markets were mixed early on Monday with Saudi Arabia under pressure from the kingdom's anti-corruption probe and Dubai -- where trade in GFH Financial was volatile -- flat overall.
The Saudi index was 0.5 percent lower after 20 minutes of trade. Repeatedly since the start of last week, selling by individual investors spooked by the investigation has pushed the market lower during much of the day before buying by state-linked funds, which are apparently mounting a market support operation, cut losses towards the close.
The most heavily traded stock, real estate developer Dar Al Arkan, gained a further 2.1 percent after surging in the previous two days following strong quarterly earnings. "
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"Gulf stock markets were mixed early on Monday with Saudi Arabia under pressure from the kingdom's anti-corruption probe and Dubai -- where trade in GFH Financial was volatile -- flat overall.
The Saudi index was 0.5 percent lower after 20 minutes of trade. Repeatedly since the start of last week, selling by individual investors spooked by the investigation has pushed the market lower during much of the day before buying by state-linked funds, which are apparently mounting a market support operation, cut losses towards the close.
The most heavily traded stock, real estate developer Dar Al Arkan, gained a further 2.1 percent after surging in the previous two days following strong quarterly earnings. "
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