Good fiscal terms needed to make Bahrain oil discovery viable, say analysts - The National:
"Bahrain will need to prepare viable fiscal terms to attract international oil companies to develop unconventional reserves of oil and gas found offshore - the biggest discovery in the island kingdom in over eight decades, analysts said. “Bahrain’s National Oil and Gas Authority will be approaching international partners to contribute funding and technical expertise," said Tom Quinn, senior analyst, Middle East upstream at consultancy Wood Mackenzie. "However, Bahrain’s previous oil contracts had tough fiscal terms by international standards, and the international oil companies' partners made meagre returns. Therefore new fiscal terms will be needed to attract suitable partners.” An estimated 80 billion barrels of shale oil and up to 20 trillion cubic feet of tight gas have been discovered off the west coast of Bahrain in the biggest greenfield discovery for the kingdom since oil was discovered in 1932. Significant amounts of gas have also been found in pre-Khuff reservoirs beneath the historic Bahrain Field, where the first well was spudded in the early thirties."
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Thursday, 5 April 2018
Qatar's economic approach proved its flexibility despite Siege: envoy
Qatar's economic approach proved its flexibility despite Siege: envoy:
"The Qatari economic approach has proved its flexibility despite the unjust siege imposed on the country that violates all international laws and regulations, ambassador of Qatar to Germany, Sheikh Saud bin Abdulrahman al-Thani, has said.
The ambassador made the remarks during a lecture he gave in Hamburg at the invitation of Hamburg Chamber of Commerce and the Euro-Meditteranean-Arab Association (EMA).
More than 50 economists, academics, businessmen and owners of small and medium enterprises attended the lecture."
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"The Qatari economic approach has proved its flexibility despite the unjust siege imposed on the country that violates all international laws and regulations, ambassador of Qatar to Germany, Sheikh Saud bin Abdulrahman al-Thani, has said.
The ambassador made the remarks during a lecture he gave in Hamburg at the invitation of Hamburg Chamber of Commerce and the Euro-Meditteranean-Arab Association (EMA).
More than 50 economists, academics, businessmen and owners of small and medium enterprises attended the lecture."
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Megaprojects Seen Becoming Less Mega as Oil Giants Rein In Costs - Bloomberg
Megaprojects Seen Becoming Less Mega as Oil Giants Rein In Costs - Bloomberg:
"The world’s biggest energy companies are ready for big projects again. They just need to be cheaper this time around. Energy companies will approve spending for about 30 major projects this year, consultancy Wood Mackenzie Ltd. said in an April 5 report. That’s in line with the 32 that were sanctioned last year and more than were approved in 2015 and 2016 combined, when oil prices bottomed out amid a global price crash. Projects launched this year are expected to cost about $2.2 billion each, down from $2.7 billion last year and as high as $9.3 billion in 2009, according to Wood Mackenzie. The average break-even price for this year’s slate of projects, which target reserves of more than 50 million barrels of oil equivalent, will be about $44 a barrel of oil equivalent, down from $52 last year."
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"The world’s biggest energy companies are ready for big projects again. They just need to be cheaper this time around. Energy companies will approve spending for about 30 major projects this year, consultancy Wood Mackenzie Ltd. said in an April 5 report. That’s in line with the 32 that were sanctioned last year and more than were approved in 2015 and 2016 combined, when oil prices bottomed out amid a global price crash. Projects launched this year are expected to cost about $2.2 billion each, down from $2.7 billion last year and as high as $9.3 billion in 2009, according to Wood Mackenzie. The average break-even price for this year’s slate of projects, which target reserves of more than 50 million barrels of oil equivalent, will be about $44 a barrel of oil equivalent, down from $52 last year."
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REFILE-SocGen in talks with Gulf governments about euro bond issues
REFILE-SocGen in talks with Gulf governments about euro bond issues:
"Societe Generale is talking with Gulf governments about potential issues of euro-denominated bonds, with the region’s first bond expected within the next 12-18 months, executives for the bank told Reuters. Bond issues from the region have been ramping up as governments seek to diversify their sources of funding away from a reliance on oil revenues. Until now, the vast majority of those issues have happened in U.S. dollars, but Societe Generale has held discussions with the Gulf Cooperation Council governments about possible issues in euros, the second largest bond market after dollars."
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"Societe Generale is talking with Gulf governments about potential issues of euro-denominated bonds, with the region’s first bond expected within the next 12-18 months, executives for the bank told Reuters. Bond issues from the region have been ramping up as governments seek to diversify their sources of funding away from a reliance on oil revenues. Until now, the vast majority of those issues have happened in U.S. dollars, but Societe Generale has held discussions with the Gulf Cooperation Council governments about possible issues in euros, the second largest bond market after dollars."
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Austria's OMV to invest in UAE offshore oilfields in $1.5 billion deal with ADNOC
Austria's OMV to invest in UAE offshore oilfields in $1.5 billion deal with ADNOC:
"Austrian oil and gas group OMV said it will take a 20 percent interest in two oilfields off the United Arab Emirates under a $1.5 billion deal agreed with the Gulf state’s national oil company ADNOC.
Abu Dhabi National Oil Company (ADNOC), which generates almost all of the United Arab Emirates’ oil, is awarding new concessions to foreign investors in a bid to gain access to technology and funding and to secure buyers for its crude.
OMV and ADNOC agreed a year ago to evaluate joint opportunities, including the exchange of know-how in refining operations and cooperation on downstream technical and maintenance support."
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"Austrian oil and gas group OMV said it will take a 20 percent interest in two oilfields off the United Arab Emirates under a $1.5 billion deal agreed with the Gulf state’s national oil company ADNOC.
Abu Dhabi National Oil Company (ADNOC), which generates almost all of the United Arab Emirates’ oil, is awarding new concessions to foreign investors in a bid to gain access to technology and funding and to secure buyers for its crude.
OMV and ADNOC agreed a year ago to evaluate joint opportunities, including the exchange of know-how in refining operations and cooperation on downstream technical and maintenance support."
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Bahrain’s Bapco approaches banks for multi-billion refinery expansion - sources | ZAWYA MENA Edition
Bahrain’s Bapco approaches banks for multi-billion refinery expansion - sources | ZAWYA MENA Edition:
"State-run Bahrain Petroleum Company (Bapco) has approached banks to sound their appetite for the financing needed to back the capacity expansion of the existing Sitra oil refinery, a project expected to cost well in excess of $5 billion, sources familiar with the matter said.
The company, advised by BNP Paribas and HSBC, has sent a so-called "teaser" to commercial banks for a loan likely to be over $1 billion.
The rest of the project cost will be covered with equity coming from the company, expected to exceed $1 billion, and with debt facilities backed by export credit agencies (ECAs), of at least $3 billion."
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"State-run Bahrain Petroleum Company (Bapco) has approached banks to sound their appetite for the financing needed to back the capacity expansion of the existing Sitra oil refinery, a project expected to cost well in excess of $5 billion, sources familiar with the matter said.
The company, advised by BNP Paribas and HSBC, has sent a so-called "teaser" to commercial banks for a loan likely to be over $1 billion.
The rest of the project cost will be covered with equity coming from the company, expected to exceed $1 billion, and with debt facilities backed by export credit agencies (ECAs), of at least $3 billion."
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MIDEAST STOCKS-Abu Dhabi outperforms as TAQA leaps; Saudi Arabia strong
MIDEAST STOCKS-Abu Dhabi outperforms as TAQA leaps; Saudi Arabia strong:
"Abu Dhabi outperformed among mixed regional stock markets on Thursday, with Saudi Arabia extending a rebound following several days of profit-taking.
The Abu Dhabi index closed 1.7 percent higher, supported by the financial and energy sectors. Abu Dhabi National Energy Co (TAQA) (TAQA) jumped 5.9 percent to a 40-month closing high and was the most heavily traded stock.
After several years of struggling with low oil prices, the company’s earnings have started to improve and last month, the Abu Dhabi government folded TAQA’s parent, utility Abu Dhabi Water & Electricity Authority, into its newly established department of energy - a move which could benefit the company."
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"Abu Dhabi outperformed among mixed regional stock markets on Thursday, with Saudi Arabia extending a rebound following several days of profit-taking.
The Abu Dhabi index closed 1.7 percent higher, supported by the financial and energy sectors. Abu Dhabi National Energy Co (TAQA) (TAQA) jumped 5.9 percent to a 40-month closing high and was the most heavily traded stock.
After several years of struggling with low oil prices, the company’s earnings have started to improve and last month, the Abu Dhabi government folded TAQA’s parent, utility Abu Dhabi Water & Electricity Authority, into its newly established department of energy - a move which could benefit the company."
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MIDEAST STOCKS-Gulf stocks mainly positive, Saudi continues rebound | ZAWYA MENA Edition
MIDEAST STOCKS-Gulf stocks mainly positive, Saudi continues rebound | ZAWYA MENA Edition:
"Gulf stock markets were mainly in positive territory on Thursday, with Saudi Arabia's index continuing to rebound after several days of profit-taking.
The Saudi index was up 0.6 percent, with United International Transportation Co up 2.2 percent and loss-making Saudi Arabian home furnishings maker Al Sorayai Trading climbing 2.2 percent.
The stock has climbed since the company said on Tuesday that chief executive Waiel bin Saad al-Rashid had resigned immediately for personal reasons, with a replacement to be announced later."
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"Gulf stock markets were mainly in positive territory on Thursday, with Saudi Arabia's index continuing to rebound after several days of profit-taking.
The Saudi index was up 0.6 percent, with United International Transportation Co up 2.2 percent and loss-making Saudi Arabian home furnishings maker Al Sorayai Trading climbing 2.2 percent.
The stock has climbed since the company said on Tuesday that chief executive Waiel bin Saad al-Rashid had resigned immediately for personal reasons, with a replacement to be announced later."
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Rise of petro-yuan provides dilemma for Saudi Aramco | Arab News
Rise of petro-yuan provides dilemma for Saudi Aramco | Arab News:
"The Chinese move was an instant success, with trading volumes overtaking traditional Brent futures in London on the opening day. It remains to be seen how the pattern will settle down long-term, but the Chinese authorities will have been encouraged by the launch, and participation from some big global energy traders, such as Glencore and Trafigura, in the new contracts. The move potentially has historical significance. Although now just a futures contract — a bargain to pay for oil in yuan in future — it could turn into a strategic play by the Chinese to pay for oil imports in yuan, rather than the US dollar, which has dominated the world oil industry for most of its existence."
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"The Chinese move was an instant success, with trading volumes overtaking traditional Brent futures in London on the opening day. It remains to be seen how the pattern will settle down long-term, but the Chinese authorities will have been encouraged by the launch, and participation from some big global energy traders, such as Glencore and Trafigura, in the new contracts. The move potentially has historical significance. Although now just a futures contract — a bargain to pay for oil in yuan in future — it could turn into a strategic play by the Chinese to pay for oil imports in yuan, rather than the US dollar, which has dominated the world oil industry for most of its existence."
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S&P affirms QIB’s credit rating - The Peninsula Qatar
S&P affirms QIB’s credit rating - The Peninsula Qatar:
"International credit rating agency, Standard & Poor’s (S&P) has affirmed Qatar Islamic Bank (QIB), Qatar’s leading Islamic Bank, the coveted ‘A-’ issuer credit rating. According to the report issued by S&P, the major contributing factors strengthening QIB’s rating include the Bank being the largest Islamic Bank in Qatar and second-largest player in the market, its sound financial performance, and its strong capitalisation. S&P, one of the top three international rating agencies, cited: “The rating reflect our views of the bank’s robust corporate banking franchise and favorable position as Qatar’s largest Islamic Bank. QIB’s capital is strong and supports the bank’s rating. QIB’s funding profile is now more balanced, since the bank replaced deposits from Gulf Cooperation Council (GCC) countries with core deposits from government and government-related entities in Qatar. QIB’s stable funding ratio reached 113.9% at year-end 2017. The bank’s liquidity is also adequate with around 7 percent of assets placed in liquid forms and another 20 percent placed mostly in Qatari government sukuk”."
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"International credit rating agency, Standard & Poor’s (S&P) has affirmed Qatar Islamic Bank (QIB), Qatar’s leading Islamic Bank, the coveted ‘A-’ issuer credit rating. According to the report issued by S&P, the major contributing factors strengthening QIB’s rating include the Bank being the largest Islamic Bank in Qatar and second-largest player in the market, its sound financial performance, and its strong capitalisation. S&P, one of the top three international rating agencies, cited: “The rating reflect our views of the bank’s robust corporate banking franchise and favorable position as Qatar’s largest Islamic Bank. QIB’s capital is strong and supports the bank’s rating. QIB’s funding profile is now more balanced, since the bank replaced deposits from Gulf Cooperation Council (GCC) countries with core deposits from government and government-related entities in Qatar. QIB’s stable funding ratio reached 113.9% at year-end 2017. The bank’s liquidity is also adequate with around 7 percent of assets placed in liquid forms and another 20 percent placed mostly in Qatari government sukuk”."
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QIA ‘interested’ to increase investments in US, says Sheikh Khalifa
QIA ‘interested’ to increase investments in US, says Sheikh Khalifa:
"Qatar, through its sovereign wealth fund Qatar Investment Authority (QIA), is eyeing to increase its investments in the US, private sector leader Qatar Chamber announced at the Qatar-US Business Forum held recently in Miami, Florida. The forum is part of an ongoing economic roadshow in different parts of the US, aimed at promoting and expanding trade and economic relations between the two nations. Citing the City Center DC project in Washington, Qatar Chamber chairman Sheikh Khalifa bin Jassim al-Thani told the forum that the project was the first Qatari investment in the US real estate sector. “The Qatar Investment Authority is interested in increasing Qatari investments in the years ahead. Further, there are many private investments for Qatari investors here. There are many Qatari investments in hospitality in Miami,” Sheikh Khalifa said in his speech."
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"Qatar, through its sovereign wealth fund Qatar Investment Authority (QIA), is eyeing to increase its investments in the US, private sector leader Qatar Chamber announced at the Qatar-US Business Forum held recently in Miami, Florida. The forum is part of an ongoing economic roadshow in different parts of the US, aimed at promoting and expanding trade and economic relations between the two nations. Citing the City Center DC project in Washington, Qatar Chamber chairman Sheikh Khalifa bin Jassim al-Thani told the forum that the project was the first Qatari investment in the US real estate sector. “The Qatar Investment Authority is interested in increasing Qatari investments in the years ahead. Further, there are many private investments for Qatari investors here. There are many Qatari investments in hospitality in Miami,” Sheikh Khalifa said in his speech."
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Qatar says too early to exit OPEC oil cuts as investment still low
Qatar says too early to exit OPEC oil cuts as investment still low:
"OPEC and its allies should maintain oil supply curbs to guarantee healthy price levels which will allow increased investment in the industry and help avoid a big supply and price shock in the long run, OPEC member Qatar said.
Qatar’s Energy Minister Mohammed al-Sada told Reuters he also supported the idea of creating a permanent platform for OPEC’s cooperation with Russia even after the current round of joint oil supply cuts ends.
“There is a clear recovery in oil prices. But it has not been met with an increase in investments ... Investment has been very low. My concern is that medium- to long-term demand is met comfortably,” Sada said in an interview. “Investors are still cautious and over-conservative”. "
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"OPEC and its allies should maintain oil supply curbs to guarantee healthy price levels which will allow increased investment in the industry and help avoid a big supply and price shock in the long run, OPEC member Qatar said.
Qatar’s Energy Minister Mohammed al-Sada told Reuters he also supported the idea of creating a permanent platform for OPEC’s cooperation with Russia even after the current round of joint oil supply cuts ends.
“There is a clear recovery in oil prices. But it has not been met with an increase in investments ... Investment has been very low. My concern is that medium- to long-term demand is met comfortably,” Sada said in an interview. “Investors are still cautious and over-conservative”. "
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Banks See Fast Pace for Mideast, Africa Deals in Bumper Year - Bloomberg
Banks See Fast Pace for Mideast, Africa Deals in Bumper Year - Bloomberg:
"Asset sales from Saudi power plants and football clubs to African energy firms are set to help deliver a bumper year for deals in the region.
Investment banks expect the pace of transactions in the Middle East and Africa to gain momentum after a busy first quarter. Mergers and initial public offerings in the first three months of 2018 were higher in value than in the same period last year, while bond sales were the second-highest on record, according to data compiled by Bloomberg. Bankers say that with a good pipeline of deals to work on, activity should increase further.
Globally, economic growth and relatively cheap funding have encouraged firms to buy rivals. In the Middle East, lower oil prices are prompting governments to seek external funding from bond and asset sales. IPOs raised $3.2 billion in the first quarter, making it the most active start to a year since 2015, the data show. Completed mergers worth $4.2 billion exceeded the $3.6 billion a year earlier.
"
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"Asset sales from Saudi power plants and football clubs to African energy firms are set to help deliver a bumper year for deals in the region.
Investment banks expect the pace of transactions in the Middle East and Africa to gain momentum after a busy first quarter. Mergers and initial public offerings in the first three months of 2018 were higher in value than in the same period last year, while bond sales were the second-highest on record, according to data compiled by Bloomberg. Bankers say that with a good pipeline of deals to work on, activity should increase further.
Globally, economic growth and relatively cheap funding have encouraged firms to buy rivals. In the Middle East, lower oil prices are prompting governments to seek external funding from bond and asset sales. IPOs raised $3.2 billion in the first quarter, making it the most active start to a year since 2015, the data show. Completed mergers worth $4.2 billion exceeded the $3.6 billion a year earlier.
"
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Kuwait’s investments in US reach $300bln | ZAWYA MENA Edition
Kuwait’s investments in US reach $300bln | ZAWYA MENA Edition:
"The American Ambassador to Kuwait Lawrence Silverman reveals that the value of the commercial exchange between Kuwait and the USA exceeds $6 billion, reports Al-Anba daily. In a press release, he said last year witnessed an unprecedented rate of American products being exported to Kuwait, praising the development of commercial relations between the two friendly countries. Ambassador Silverman highlighted some important deals that were signed between Kuwait and the USA last year including the deal for the purchase of ten Boeing 777 aircraft, which was considered as an important step towards upgrading the fleet of Kuwait Airways. He disclosed that Kuwaiti investments in the United States of America have reached $300 billion, affirming that the investments are strong and they are increasing because of good profits obtained from them."
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"The American Ambassador to Kuwait Lawrence Silverman reveals that the value of the commercial exchange between Kuwait and the USA exceeds $6 billion, reports Al-Anba daily. In a press release, he said last year witnessed an unprecedented rate of American products being exported to Kuwait, praising the development of commercial relations between the two friendly countries. Ambassador Silverman highlighted some important deals that were signed between Kuwait and the USA last year including the deal for the purchase of ten Boeing 777 aircraft, which was considered as an important step towards upgrading the fleet of Kuwait Airways. He disclosed that Kuwaiti investments in the United States of America have reached $300 billion, affirming that the investments are strong and they are increasing because of good profits obtained from them."
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