Kuwait to raise oil output by 85,000 bpd — energy minister:
Kuwait will raise oil output by 85,000 barrels per day (bpd)starting on Sunday, part of an agreement between OPEC and non-OPEC producers to increase production by one million bpd, Energy Minister Bakhit Al-Rashidi told a local newspaper on Saturday. “Kuwait will raise its oil production from tomorrow to 2.785 million barrels, a daily increase of 85,000 compared to May, based on last week’s production cut agreement,” Rashidi told Arabic-language daily Al-Rai. OPEC agreed with Russia and other oil-producing allies this month to raise output from July by about 1 million bpd.
Saturday 30 June 2018
New York's Plaza Hotel Has Third Suitor Join Battle for Control - Bloomberg
New York's Plaza Hotel Has Third Suitor Join Battle for Control - Bloomberg:
The storied New York Plaza hotel’s ownership drama has taken another turn. United Capital Real Estate Development Corp. has emerged as a third suitor for the property, according to court filings. United Capital Real Estate is suing Subrata Roy, chairman of Sahara India Pariwar, as well as its U.S. entity, the property’s majority owner, alleging that they breached an agreement by seeking a separate deal, and fraudulently induced United to enter into contracts, show proof of funds and place money in escrow, according to a complaint filed in New York state court on June 22. United Capital Real Estate is seeking damages of $1 billion plus interest and attorney costs. The complaint says it was also in contract to buy Sahara’s 85 percent stake in the Dream Downtown hotel, located between New York’s Meatpacking and Chelsea neighborhoods. It also says the sales included so-called "drag along" rights in which minority owners of the properties would have their rights extinguished, beyond receipt of proportionate net proceeds.
The storied New York Plaza hotel’s ownership drama has taken another turn. United Capital Real Estate Development Corp. has emerged as a third suitor for the property, according to court filings. United Capital Real Estate is suing Subrata Roy, chairman of Sahara India Pariwar, as well as its U.S. entity, the property’s majority owner, alleging that they breached an agreement by seeking a separate deal, and fraudulently induced United to enter into contracts, show proof of funds and place money in escrow, according to a complaint filed in New York state court on June 22. United Capital Real Estate is seeking damages of $1 billion plus interest and attorney costs. The complaint says it was also in contract to buy Sahara’s 85 percent stake in the Dream Downtown hotel, located between New York’s Meatpacking and Chelsea neighborhoods. It also says the sales included so-called "drag along" rights in which minority owners of the properties would have their rights extinguished, beyond receipt of proportionate net proceeds.
Iran's leaders seek ways to defend economy from U.S. sanctions | Reuters
Iran's leaders seek ways to defend economy from U.S. sanctions | Reuters:
Iran is studying ways to keep exporting oil and other measures to counter U.S. economic sanctions, state news agency IRNA reported on Saturday.
Since last month, when U.S. President Donald Trump pulled out of the nuclear deal which lifted most sanctions in 2015, the rial currency has dropped up to 40 percent in value, prompting protests by bazaar traders usually loyal to the Islamist rulers.
Speaking after three days of those protests, supreme leader Ayatollah Ali Khamenei said the U.S. sanctions were aimed at turning Iranians against their government.
Iran is studying ways to keep exporting oil and other measures to counter U.S. economic sanctions, state news agency IRNA reported on Saturday.
Since last month, when U.S. President Donald Trump pulled out of the nuclear deal which lifted most sanctions in 2015, the rial currency has dropped up to 40 percent in value, prompting protests by bazaar traders usually loyal to the Islamist rulers.
Speaking after three days of those protests, supreme leader Ayatollah Ali Khamenei said the U.S. sanctions were aimed at turning Iranians against their government.
Trump says Saudi king agreed to raise oil output by up to 2 million barrels | Reuters
Trump says Saudi king agreed to raise oil output by up to 2 million barrels | Reuters:
U.S. President Donald Trump said on Saturday that Saudi Arabia’s King Salman had agreed to his request to increase oil production “maybe up to 2,000,000 barrels,” an extraordinary amount not confirmed by the kingdom and which would push the OPEC leader to a level of production never tested before.
In an early morning tweet, Trump said Saudi Arabia’s expanded production would help offset a decline in supply from Iran, after the United States pulled out of the Iran nuclear deal in May and moved to reimpose oil sanctions.
“Just spoke to King Salman of Saudi Arabia and explained to him that, because of the turmoil & disfunction in Iran and Venezuela, I am asking that Saudi Arabia increase oil production, maybe up to 2,000,000 barrels, to make up the difference ... Prices to high! He has agreed!” Trump tweeted.
U.S. President Donald Trump said on Saturday that Saudi Arabia’s King Salman had agreed to his request to increase oil production “maybe up to 2,000,000 barrels,” an extraordinary amount not confirmed by the kingdom and which would push the OPEC leader to a level of production never tested before.
In an early morning tweet, Trump said Saudi Arabia’s expanded production would help offset a decline in supply from Iran, after the United States pulled out of the Iran nuclear deal in May and moved to reimpose oil sanctions.
“Just spoke to King Salman of Saudi Arabia and explained to him that, because of the turmoil & disfunction in Iran and Venezuela, I am asking that Saudi Arabia increase oil production, maybe up to 2,000,000 barrels, to make up the difference ... Prices to high! He has agreed!” Trump tweeted.
Union Properties unit ServeU to launch IPO in September | ZAWYA MENA Edition
Union Properties unit ServeU to launch IPO in September | ZAWYA MENA Edition:
Facilities management company ServeU, a subsidiary of Union Properties, will launch its IPO in September and aims to double the number of its workforce to 10,000 in the next couple of years through organic and inorganic measures, its general manager said.
"All the governance and strategies have been aligned to make sure that everything is in right place ahead of IPO which is planned for September this year and listing will be on the Dubai Financial Market. It is difficult to give the size of IPO or how much stake will be floated," Gary Reader told Khaleej Times in an interview.
It was Reader's first interview since taking over in January 2018.
Facilities management company ServeU, a subsidiary of Union Properties, will launch its IPO in September and aims to double the number of its workforce to 10,000 in the next couple of years through organic and inorganic measures, its general manager said.
"All the governance and strategies have been aligned to make sure that everything is in right place ahead of IPO which is planned for September this year and listing will be on the Dubai Financial Market. It is difficult to give the size of IPO or how much stake will be floated," Gary Reader told Khaleej Times in an interview.
It was Reader's first interview since taking over in January 2018.
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