Wary shale investors warn against drilling at all costs:
"“Each man kills the thing he loves,” wrote Oscar Wilde. US oil executives know exactly what he meant.
In 2014, the US shale industry helped tip itself into a downturn when booming production created a glut on world markets. Now investors are urging it to avoid making the same mistake a second time.
Capital discipline and shareholder returns should be the watchwords for the exploration and production industry, management teams have been told, and many of them have responded."
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Sunday, 1 April 2018
Damac Hires Barclays, HSBC for Possible Sukuk Sale - Bloomberg
Damac Hires Barclays, HSBC for Possible Sukuk Sale - Bloomberg:
"Damac Properties Dubai Co. hired banks including Barclays Plc and HSBC Bank Plc for a possible sale of U.S. dollar-denominated Islamic bonds, according to people familiar with the matter.
The second-largest listed real estate developer in Dubai is expected to hire more banks to arrange the debt sale, which may happen as soon as this month, said the people, who asked not to be identified as the matter is private. A spokesman at Damac declined to comment.
The developer, which has two golf-course development deals with U.S. President Donald Trump’s family company, in February reported full-year net income that missed the lowest analyst estimate. Hussein Sajwani, who owns 72 percent of Damac, said in January that he was open to selling as much as 15 percent of his majority stake in the company."
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"Damac Properties Dubai Co. hired banks including Barclays Plc and HSBC Bank Plc for a possible sale of U.S. dollar-denominated Islamic bonds, according to people familiar with the matter.
The second-largest listed real estate developer in Dubai is expected to hire more banks to arrange the debt sale, which may happen as soon as this month, said the people, who asked not to be identified as the matter is private. A spokesman at Damac declined to comment.
The developer, which has two golf-course development deals with U.S. President Donald Trump’s family company, in February reported full-year net income that missed the lowest analyst estimate. Hussein Sajwani, who owns 72 percent of Damac, said in January that he was open to selling as much as 15 percent of his majority stake in the company."
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Bahrain’s Biggest Oil Find Since 1932 Dwarfs Reserves - Bloomberg
Bahrain’s Biggest Oil Find Since 1932 Dwarfs Reserves - Bloomberg:
"Bahrain, the smallest energy producer in the Persian Gulf, discovered its biggest oil field since it started producing crude in 1932, according to the country’s official news agency. The shale oil and natural gas discovered in a deposit off the island state’s west coast “is understood to dwarf Bahrain’s current reserves,” Bahrain News Agency reported, without giving figures. The country currently pumps about 45,000 barrels of oil a day from its Bahrain Field, and it shares income from a deposit with Saudi Arabia that produces about 300,000 barrels a day, according to figures from the U.S. Energy Information Administration. Bahrain discovered the offshore Khaleej Al Bahrain Basin as it’s seeking to expand output capacity at its wholly owned Bahrain Field to 100,000 barrels a day by the end of the decade. The island kingdom is now bound by the agreement among major oil producers to limit its production to reduce global inventories. "
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"Bahrain, the smallest energy producer in the Persian Gulf, discovered its biggest oil field since it started producing crude in 1932, according to the country’s official news agency. The shale oil and natural gas discovered in a deposit off the island state’s west coast “is understood to dwarf Bahrain’s current reserves,” Bahrain News Agency reported, without giving figures. The country currently pumps about 45,000 barrels of oil a day from its Bahrain Field, and it shares income from a deposit with Saudi Arabia that produces about 300,000 barrels a day, according to figures from the U.S. Energy Information Administration. Bahrain discovered the offshore Khaleej Al Bahrain Basin as it’s seeking to expand output capacity at its wholly owned Bahrain Field to 100,000 barrels a day by the end of the decade. The island kingdom is now bound by the agreement among major oil producers to limit its production to reduce global inventories. "
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Saudi regulator approves exchange listing of domestic government bonds | ZAWYA MENA Edition
Saudi regulator approves exchange listing of domestic government bonds | ZAWYA MENA Edition:
"Saudi Arabia's securities regulator said on Sunday it had approved the listing of local currency government bonds on the Saudi Stock Exchange, part of efforts to spur secondary market trading of debt and strengthen state finances.
The Capital Market Authority said over 204.4 billion riyals ($54.5 billion) of riyal bonds would be available to trade, including floating- and fixed-rate bonds and Islamic instruments. The CMA did not say when trade would start, but it usually begins within weeks of the CMA approving an instrument.
Authorities hope exchange-based trading of government debt will help to expand ownership beyond banks to insurers, mutual funds and even individual investors, making it easier for the government to finance its budget deficit."
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"Saudi Arabia's securities regulator said on Sunday it had approved the listing of local currency government bonds on the Saudi Stock Exchange, part of efforts to spur secondary market trading of debt and strengthen state finances.
The Capital Market Authority said over 204.4 billion riyals ($54.5 billion) of riyal bonds would be available to trade, including floating- and fixed-rate bonds and Islamic instruments. The CMA did not say when trade would start, but it usually begins within weeks of the CMA approving an instrument.
Authorities hope exchange-based trading of government debt will help to expand ownership beyond banks to insurers, mutual funds and even individual investors, making it easier for the government to finance its budget deficit."
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MIDEAST STOCKS-Qatar boosted by rising ownership limits, Saudi edges down
MIDEAST STOCKS-Qatar boosted by rising ownership limits, Saudi edges down:
"Qatar’s stock market climbed on Sunday because of plans to raise foreign ownership limits for four more major companies, while the Saudi Arabian bourse fell for a second straight day after FTSE Russell’s decision to upgrade it to emerging market status.
The Qatari index rose 1.1 percent after Qatar Petroleum said foreign investors would be able to hold up to 49 percent of its affiliates Qatar Fuel, Gulf International Services, Mesaieed Petrochemical and Qatar Electricity and Water Co.
Mesaieed jumped 9.9 percent, Qatar Fuel gained 7.1 percent, Gulf International Services was up 6.3 percent and Qatar Electricity and Water was up 1.2 percent."
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"Qatar’s stock market climbed on Sunday because of plans to raise foreign ownership limits for four more major companies, while the Saudi Arabian bourse fell for a second straight day after FTSE Russell’s decision to upgrade it to emerging market status.
The Qatari index rose 1.1 percent after Qatar Petroleum said foreign investors would be able to hold up to 49 percent of its affiliates Qatar Fuel, Gulf International Services, Mesaieed Petrochemical and Qatar Electricity and Water Co.
Mesaieed jumped 9.9 percent, Qatar Fuel gained 7.1 percent, Gulf International Services was up 6.3 percent and Qatar Electricity and Water was up 1.2 percent."
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Kuwait implements latest phase of stock exchange revamp - The National
Kuwait implements latest phase of stock exchange revamp - The National:
"Kuwait’s stock exchange on Sunday will implement the latest set of changes aimed at attracting investors and increasing the number of initial public offerings. The bourse will divide its stocks into three sections, based on criteria including their market capitalisation and the volume of shares traded. It will introduce new indexes, including a “Premier Market” grouping together 16 of Kuwait’s largest and most liquid companies. Authorities started a series of measures last year to update infrastructure for equities trading with the goal of stirring international interest in the market and jolting into life a large portion of its shares that barely move each day. The benchmark that’s in place now has 156 members. On any given day, at least 40 of those have closed unchanged in the past five years."
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"Kuwait’s stock exchange on Sunday will implement the latest set of changes aimed at attracting investors and increasing the number of initial public offerings. The bourse will divide its stocks into three sections, based on criteria including their market capitalisation and the volume of shares traded. It will introduce new indexes, including a “Premier Market” grouping together 16 of Kuwait’s largest and most liquid companies. Authorities started a series of measures last year to update infrastructure for equities trading with the goal of stirring international interest in the market and jolting into life a large portion of its shares that barely move each day. The benchmark that’s in place now has 156 members. On any given day, at least 40 of those have closed unchanged in the past five years."
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Turkey’s exports hit record $15.1 bln in March: Economy minister | Arab News
Turkey’s exports hit record $15.1 bln in March: Economy minister | Arab News:
"Turkey's exports reached a record $15.1 billion in March, economy minister Nihat Zeybekci said on Sunday during a televised interview on private broadcaster CNNTurk. "We reached the highest number in our history in exports, $15.1 billion," Zeybekci said. The Turkish Exporters' Assembly (TIM) also said in a statement on Sunday that the country's exports rose 11.5 percent year-on-year in March to exceed $15 billion for the first time."
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"Turkey's exports reached a record $15.1 billion in March, economy minister Nihat Zeybekci said on Sunday during a televised interview on private broadcaster CNNTurk. "We reached the highest number in our history in exports, $15.1 billion," Zeybekci said. The Turkish Exporters' Assembly (TIM) also said in a statement on Sunday that the country's exports rose 11.5 percent year-on-year in March to exceed $15 billion for the first time."
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London steals New York’s thunder with Saudi markets upgrade | Arab News
London steals New York’s thunder with Saudi markets upgrade | Arab News:
"Saudi Arabia went to New York in a bid to woo American investors to its ambitious plans to transform the Kingdom’s economy away from oil dependency, but it was London that stole the show with a shrewdly timed announcement and a flying visit by the head of the London Stock Exchange.
Crown Prince Mohammed bin Salman met Mark Makepeace, head of the LSE, as the exchange’s index compiler FTSE Russell announced it had given approval for the Riyadh stock exchange, the Tadawul, to be granted emerging market status from early next year.
The move puts Saudi Arabia in a select club of markets that includes China, Russia and India, and will cement its position as the leading stock market in the Middle East. The Kingdom will comprise 2.7 percent of the index, which is part of FTSE Russell’s global emerging markets indices."
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"Saudi Arabia went to New York in a bid to woo American investors to its ambitious plans to transform the Kingdom’s economy away from oil dependency, but it was London that stole the show with a shrewdly timed announcement and a flying visit by the head of the London Stock Exchange.
Crown Prince Mohammed bin Salman met Mark Makepeace, head of the LSE, as the exchange’s index compiler FTSE Russell announced it had given approval for the Riyadh stock exchange, the Tadawul, to be granted emerging market status from early next year.
The move puts Saudi Arabia in a select club of markets that includes China, Russia and India, and will cement its position as the leading stock market in the Middle East. The Kingdom will comprise 2.7 percent of the index, which is part of FTSE Russell’s global emerging markets indices."
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QP’s decision to inject new vigour into QSE - The Peninsula Qatar
QP’s decision to inject new vigour into QSE - The Peninsula Qatar:
"QP’s historic announcement to raise foreign ownership limit (FOL) in the energy sector companies and its subsidiaries listed on Qatar Stock Exchange (QSE) is a huge push to the local bourse’s ambitious strategy to increase liquidity in the market and attract more local and international investors.
The decision will help improve the breadth of the market and further improve liquidity.
The increase of the FOL is very positive for the Qatari market because it is an attempt to increase its exposure to the emerging market index. The increase in FOL will open up Qatar’s energy and banking system for more strategic foreign investors, market watchers told The Peninsula."
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"QP’s historic announcement to raise foreign ownership limit (FOL) in the energy sector companies and its subsidiaries listed on Qatar Stock Exchange (QSE) is a huge push to the local bourse’s ambitious strategy to increase liquidity in the market and attract more local and international investors.
The decision will help improve the breadth of the market and further improve liquidity.
The increase of the FOL is very positive for the Qatari market because it is an attempt to increase its exposure to the emerging market index. The increase in FOL will open up Qatar’s energy and banking system for more strategic foreign investors, market watchers told The Peninsula."
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Saudi Arabian Emerging-Market Status Comes With Sobering History - Bloomberg
Saudi Arabian Emerging-Market Status Comes With Sobering History - Bloomberg:
"As Saudi Arabia celebrates its first ever emerging-market classification by a major index compiler, history suggests the market may be headed for a retreat. The Saudi stock benchmark advanced to the highest since 2015 Wednesday before FTSE Russell said it’s classifying the country as a secondary emerging market, with actual inclusion set to happen in stages starting a year from now. MSCI Inc., which has more investors tracking its emerging-market indexes, may make a similar decision in June. But two of the kingdom’s neighbors, Qatar and the United Arab Emirates, saw stock rallies fade after MSCI upgrades in May 2014, suggesting that Saudi Arabia could also see a slowdown of the flows that have propelled stocks to their three-year highs."
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"As Saudi Arabia celebrates its first ever emerging-market classification by a major index compiler, history suggests the market may be headed for a retreat. The Saudi stock benchmark advanced to the highest since 2015 Wednesday before FTSE Russell said it’s classifying the country as a secondary emerging market, with actual inclusion set to happen in stages starting a year from now. MSCI Inc., which has more investors tracking its emerging-market indexes, may make a similar decision in June. But two of the kingdom’s neighbors, Qatar and the United Arab Emirates, saw stock rallies fade after MSCI upgrades in May 2014, suggesting that Saudi Arabia could also see a slowdown of the flows that have propelled stocks to their three-year highs."
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Saudi Arabia closes $16bln syndicated loan: LPC | ZAWYA MENA Edition
Saudi Arabia closes $16bln syndicated loan: LPC | ZAWYA MENA Edition:
"The Kingdom of Saudi Arabia has closed an increased US$16bn syndicated loan that refinances a US$10bn facility signed in 2016, according to banking sources. The deal, which closed on March 19, comprises a US$8.35bn term loan and a US$7.65bn murabaha financing. HSBC, JP Morgan and MUFG were coordinators, bookrunners and mandated lead arrangers on the deal with Bank of China, Citibank, Credit Agricole, ICBC, Mizuho Bank, Standard Chartered and SMBC as bookrunners and mandated lead arrangers. BNP Paribas, Goldman Sachs, Societe Generale joined as mandated lead arrangers and Bank of America Merrill Lynch, Deutsche Bank and Morgan Stanley acted as lead arrangers, according to data from Thomson Reuters LPC."
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"The Kingdom of Saudi Arabia has closed an increased US$16bn syndicated loan that refinances a US$10bn facility signed in 2016, according to banking sources. The deal, which closed on March 19, comprises a US$8.35bn term loan and a US$7.65bn murabaha financing. HSBC, JP Morgan and MUFG were coordinators, bookrunners and mandated lead arrangers on the deal with Bank of China, Citibank, Credit Agricole, ICBC, Mizuho Bank, Standard Chartered and SMBC as bookrunners and mandated lead arrangers. BNP Paribas, Goldman Sachs, Societe Generale joined as mandated lead arrangers and Bank of America Merrill Lynch, Deutsche Bank and Morgan Stanley acted as lead arrangers, according to data from Thomson Reuters LPC."
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Gulf General Investment Company in talks to restructure debt | ZAWYA MENA Edition
Gulf General Investment Company in talks to restructure debt | ZAWYA MENA Edition:
"Gulf General Investment Company (GGICO) is in talks with lenders to restructure loan and credit facilities after defaulting on a payment linked to 2.15 billion dirhams ($585.5 million) of debt at the end of last year, the Sharjah-based firm said on Sunday.
The company, which has investments spanning financial services, property, hospitality, manufacturing and retailing, previously restructured its debt in September 2017 and before that in July 2012.
It said in December 2017 it defaulted on a principal payment of 24.4 million dirhams related to the restructured debt. Despite the default, GGICO said that as banks had not served a notice as required by the agreement, it believed the bank facility would continue as per the restructured agreement."
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"Gulf General Investment Company (GGICO) is in talks with lenders to restructure loan and credit facilities after defaulting on a payment linked to 2.15 billion dirhams ($585.5 million) of debt at the end of last year, the Sharjah-based firm said on Sunday.
The company, which has investments spanning financial services, property, hospitality, manufacturing and retailing, previously restructured its debt in September 2017 and before that in July 2012.
It said in December 2017 it defaulted on a principal payment of 24.4 million dirhams related to the restructured debt. Despite the default, GGICO said that as banks had not served a notice as required by the agreement, it believed the bank facility would continue as per the restructured agreement."
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MIDEAST STOCKS-Qatar surges on plan to raise ownership caps, Jabal Omar sinks in Saudi
MIDEAST STOCKS-Qatar surges on plan to raise ownership caps, Jabal Omar sinks in Saudi:
"Qatar’s stock index surged in early trade on Sunday because of plans to raise ceilings for foreign ownership in several more companies, while Saudi Arabia moved sideways in the wake of FTSE Russell’s decision to upgrade it to emerging market status.
The Qatari index added 0.9 percent as Qatar Fuel jumped 7.7 percent, Gulf International Services Co rose 5.7 percent, Mesaieed Petrochemical soared 10.6 percent and Qatar Electricity and Water Co gained 1.1 percent. They were among the market’s most heavily traded stocks.
Parent Qatar Petroleum said the companies would take necessary steps in coming weeks to approve an increase in their foreign ownership limits to 49 percent. Actual foreign ownership levels aren’t close to the current ceilings, but higher ceilings will likely boost the stocks’ weightings in emerging market indexes."
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"Qatar’s stock index surged in early trade on Sunday because of plans to raise ceilings for foreign ownership in several more companies, while Saudi Arabia moved sideways in the wake of FTSE Russell’s decision to upgrade it to emerging market status.
The Qatari index added 0.9 percent as Qatar Fuel jumped 7.7 percent, Gulf International Services Co rose 5.7 percent, Mesaieed Petrochemical soared 10.6 percent and Qatar Electricity and Water Co gained 1.1 percent. They were among the market’s most heavily traded stocks.
Parent Qatar Petroleum said the companies would take necessary steps in coming weeks to approve an increase in their foreign ownership limits to 49 percent. Actual foreign ownership levels aren’t close to the current ceilings, but higher ceilings will likely boost the stocks’ weightings in emerging market indexes."
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