The Next Cycle of LNG Investments Is Set to Start in Canada - Bloomberg:
The next LNG investment cycle may be primed for a liftoff.
Royal Dutch Shell Plc and its partners are set to announce a final investment decision on their C$40 billion ($31 billion) liquefied natural gas terminal in western Canada as early as next week, Bloomberg reported Wednesday. This would be the first FID for a greenfield, onshore project since Corpus Christi LNG in May 2015, according to Fauziah Marzuki, an analyst at Bloomberg NEF.
“We think 2019 could be the biggest year of LNG FIDs ever,” Nicholas Browne, an analyst with Wood Mackenzie Ltd., said by email.
Thursday, 27 September 2018
Gulf Powers Are Said to Weigh Five-Year Bahrain Aid Package - Bloomberg
Gulf Powers Are Said to Weigh Five-Year Bahrain Aid Package - Bloomberg:
Bahrain’s Gulf Arab allies are weighing plans for a five-year aid package to steady its finances and protect a currency peg seen as vital to regional economic stability, according to three people with knowledge of the matter. Bonds gained.
The assistance would help Bahrain meet its financing needs over the period while it carries out fiscal reforms, the people said on condition of anonymity. The amount under negotiation is $10 billion, though a final agreement has yet to be reached, one of the people said.
The deal is taking shape after months of negotiations over the measures Bahrain would take to receive support from Saudi Arabia, the United Arab Emirates and Kuwait. The package may include deposits and low-interest loans, one of the people said.
Bahrain’s Gulf Arab allies are weighing plans for a five-year aid package to steady its finances and protect a currency peg seen as vital to regional economic stability, according to three people with knowledge of the matter. Bonds gained.
The assistance would help Bahrain meet its financing needs over the period while it carries out fiscal reforms, the people said on condition of anonymity. The amount under negotiation is $10 billion, though a final agreement has yet to be reached, one of the people said.
The deal is taking shape after months of negotiations over the measures Bahrain would take to receive support from Saudi Arabia, the United Arab Emirates and Kuwait. The package may include deposits and low-interest loans, one of the people said.
Saudi Arabia's legal revamp offers hope for cautious investors | Reuters
Saudi Arabia's legal revamp offers hope for cautious investors | Reuters:
Saudi Arabia’s first comprehensive bankruptcy law went into effect last month, one of many reforms to the legal system that economists say may be more important in the long run than high-profile privatizations.
Crown Prince Mohammed bin Salman’s Vision 2030 push to diversify the economy away from oil has grabbed attention for its big-ticket initiatives, such as a $500 billion business zone and a plan, now shelved, to sell part of the state oil firm.
The legal reforms have attracted less media coverage because they are highly technical, but they are extensive, ranging from new laws to the creation of courts and training of judges, and they have accelerated over the past couple of years.
Saudi Arabia’s first comprehensive bankruptcy law went into effect last month, one of many reforms to the legal system that economists say may be more important in the long run than high-profile privatizations.
Crown Prince Mohammed bin Salman’s Vision 2030 push to diversify the economy away from oil has grabbed attention for its big-ticket initiatives, such as a $500 billion business zone and a plan, now shelved, to sell part of the state oil firm.
The legal reforms have attracted less media coverage because they are highly technical, but they are extensive, ranging from new laws to the creation of courts and training of judges, and they have accelerated over the past couple of years.
Oil rises as investors fret over Iranian supply gaps | Reuters
Oil rises as investors fret over Iranian supply gaps | Reuters:
Oil edged higher on Thursday, driven by the prospect of a shortfall in global supply once U.S. sanctions against major crude exporter Iran come into force in five weeks.
U.S. President Donald Trump this week demanded that the Organization of the Petroleum Exporting Countries raise production to prevent further price rises ahead of midterm elections in November for U.S. Congress members.
“The market continues to move higher on fears that the loss of Iranian exports is not going to be made up,” said Gene McGillian, director of market research at Tradition Energy, in Stamford Connecticut.
Oil edged higher on Thursday, driven by the prospect of a shortfall in global supply once U.S. sanctions against major crude exporter Iran come into force in five weeks.
U.S. President Donald Trump this week demanded that the Organization of the Petroleum Exporting Countries raise production to prevent further price rises ahead of midterm elections in November for U.S. Congress members.
“The market continues to move higher on fears that the loss of Iranian exports is not going to be made up,” said Gene McGillian, director of market research at Tradition Energy, in Stamford Connecticut.
Abu Dhabi’s Mubadala plans bond transaction soon - sources | Reuters
Abu Dhabi’s Mubadala plans bond transaction soon - sources | Reuters:
Abu Dhabi state fund Mubadala is working on a bond transaction which could be announced as soon as next week, sources familiar with the matter said.
Unlisted Mubadala, which has stakes in General Electric and private equity firm Carlyle Group, is working with a number of banks, including Bank of America Merril Lynch (BAML), on the planned deal, said three of the sources.
A spokesman at Mubadala told Reuters: “we are looking at various ways to optimize and simplify our organizational and capital structure.”
Abu Dhabi state fund Mubadala is working on a bond transaction which could be announced as soon as next week, sources familiar with the matter said.
Unlisted Mubadala, which has stakes in General Electric and private equity firm Carlyle Group, is working with a number of banks, including Bank of America Merril Lynch (BAML), on the planned deal, said three of the sources.
A spokesman at Mubadala told Reuters: “we are looking at various ways to optimize and simplify our organizational and capital structure.”
Special Report: As a Saudi prince rose, the Bin Laden business empire crumbled | Reuters
Special Report: As a Saudi prince rose, the Bin Laden business empire crumbled | Reuters:
Soon after Prince Mohammed bin Salman became second in line to the throne of Saudi Arabia, he turned his sights to the sprawling empire of the Saudi Binladin Group.
In 2015, the prince, then 29, approached Bakr bin Laden, chairman of the family-owned construction giant, and told him he wanted to become a partner in the firm, according to six people briefed on the exchange.
The prince pitched his offer as a patriotic opportunity to help transform the kingdom’s oil-dependent economy. It would also, he said, ease the financial strain on the company as the government reined in infrastructure spending to cope with a drop in oil prices.
Soon after Prince Mohammed bin Salman became second in line to the throne of Saudi Arabia, he turned his sights to the sprawling empire of the Saudi Binladin Group.
In 2015, the prince, then 29, approached Bakr bin Laden, chairman of the family-owned construction giant, and told him he wanted to become a partner in the firm, according to six people briefed on the exchange.
The prince pitched his offer as a patriotic opportunity to help transform the kingdom’s oil-dependent economy. It would also, he said, ease the financial strain on the company as the government reined in infrastructure spending to cope with a drop in oil prices.
UPDATE 1-UAE's Bank of Sharjah, Invest Bank, UAB in merger plan –sources | Reuters
UPDATE 1-UAE's Bank of Sharjah, Invest Bank, UAB in merger plan –sources | Reuters:
The Sharjah government is weighing a merger between three of the emirate’s banks that could create a lender with about 66.2 billion dirhams ($ 18.0 billion) of assets, sources aware of the matter told Reuters.
The potential merger between Bank of Sharjah, Invest Bank and United Arab Bank (UAB) reinforces the consolidation already underway in the United Arab Emirates’ crowded banking industry. About 50 banks operate in the UAE with a population of about 9 million people.
Three Abu Dhabi banks are currently in talks to merge, while last year two of the emirate’s biggest banks linked up to create First Abu Dhabi Bank.
The Sharjah government is weighing a merger between three of the emirate’s banks that could create a lender with about 66.2 billion dirhams ($ 18.0 billion) of assets, sources aware of the matter told Reuters.
The potential merger between Bank of Sharjah, Invest Bank and United Arab Bank (UAB) reinforces the consolidation already underway in the United Arab Emirates’ crowded banking industry. About 50 banks operate in the UAE with a population of about 9 million people.
Three Abu Dhabi banks are currently in talks to merge, while last year two of the emirate’s biggest banks linked up to create First Abu Dhabi Bank.
Emirates NBD lifts Dubai, rest of Gulf modestly firmer | Reuters
Emirates NBD lifts Dubai, rest of Gulf modestly firmer | Reuters:
A leap by Dubai’s biggest bank boosted the stock market index sharply on Thursday while most Gulf bourses registered only marginal gains.
The Dubai index closed up 1.8 percent, its biggest gain since May, as Emirates NBD jumped 6.2 percent to 9.50 dirhams. It was the market’s strongest stock; 5.6 million of its shares changed hands, or 7.3 times the 30-day average for volume.
Many analysts consider the stock undervalued. Eleven analysts covering the stock have a median target price of 13.20 dirhams, according to Thomson Reuters data.
A leap by Dubai’s biggest bank boosted the stock market index sharply on Thursday while most Gulf bourses registered only marginal gains.
The Dubai index closed up 1.8 percent, its biggest gain since May, as Emirates NBD jumped 6.2 percent to 9.50 dirhams. It was the market’s strongest stock; 5.6 million of its shares changed hands, or 7.3 times the 30-day average for volume.
Many analysts consider the stock undervalued. Eleven analysts covering the stock have a median target price of 13.20 dirhams, according to Thomson Reuters data.
Qatar boycott puts it at highest risk of downgrade globally: S&P | Reuters
Qatar boycott puts it at highest risk of downgrade globally: S&P | Reuters:
Qatar is the country at highest risk of being downgraded by S&P Global Ratings as it continues to feel the impact of a boycott by other Arab states, the rating agency said in a research note.
Saudi Arabia, the United Arab Emirates, Bahrain and Egypt cut diplomatic and transport ties with Qatar last year, accusing it of backing terrorism, a charge which Doha denies.
The move disrupted Qatar’s imports and led to the withdrawal of billions of dollars from Qatari banks by depositors from the four states, hurting the economy.
Qatar is the country at highest risk of being downgraded by S&P Global Ratings as it continues to feel the impact of a boycott by other Arab states, the rating agency said in a research note.
Saudi Arabia, the United Arab Emirates, Bahrain and Egypt cut diplomatic and transport ties with Qatar last year, accusing it of backing terrorism, a charge which Doha denies.
The move disrupted Qatar’s imports and led to the withdrawal of billions of dollars from Qatari banks by depositors from the four states, hurting the economy.
Saudi Arabia in short-term oil fix, fears extra U.S. supply next year | ZAWYA MENA Edition
Saudi Arabia in short-term oil fix, fears extra U.S. supply next year | ZAWYA MENA Edition:
Saudi Arabia will quietly add extra oil to the market over the next couple of months to offset a drop in Iranian production but is worried it might need to limit output next year to balance global supply and demand as the United States pumps more crude.
The kingdom, OPEC's top producer, came under renewed pressure last week from U.S. President Donald Trump to cool oil prices ahead of a meeting in Algiers between a number of OPEC ministers and allies including Russia.
Two sources familiar with OPEC policy said Saudi Arabia and other producers discussed a possible production increase of about 500,000 barrels per day (bpd) among the Organization of the Petroleum Exporting Countries and non-OPEC allies.
Saudi Arabia will quietly add extra oil to the market over the next couple of months to offset a drop in Iranian production but is worried it might need to limit output next year to balance global supply and demand as the United States pumps more crude.
The kingdom, OPEC's top producer, came under renewed pressure last week from U.S. President Donald Trump to cool oil prices ahead of a meeting in Algiers between a number of OPEC ministers and allies including Russia.
Two sources familiar with OPEC policy said Saudi Arabia and other producers discussed a possible production increase of about 500,000 barrels per day (bpd) among the Organization of the Petroleum Exporting Countries and non-OPEC allies.
Ferrari World Cooling Provider Sees Analysts Bet on Rebound - Bloomberg
Ferrari World Cooling Provider Sees Analysts Bet on Rebound - Bloomberg:
A company that literally cools down some of the most-popular tourist attractions in the United Arab Emirates is trading in the stock market with a potential upside of more than 40 percent, according to an analyst consensus.
Shares of Abu Dhabi-based National Central Cooling Co. PJSC, or Tabreed, which provides air-conditioning services in the Gulf region, closed at the lowest price in nearly six months earlier this week and close to its cheapest level relative to future earnings since 2016.
The retracement could be flashing a buying opportunity, as six analysts tracking the stock have either a buy or overweight rating with return potential in the next year of 44 percent, data compiled by Bloomberg show.
A company that literally cools down some of the most-popular tourist attractions in the United Arab Emirates is trading in the stock market with a potential upside of more than 40 percent, according to an analyst consensus.
Shares of Abu Dhabi-based National Central Cooling Co. PJSC, or Tabreed, which provides air-conditioning services in the Gulf region, closed at the lowest price in nearly six months earlier this week and close to its cheapest level relative to future earnings since 2016.
The retracement could be flashing a buying opportunity, as six analysts tracking the stock have either a buy or overweight rating with return potential in the next year of 44 percent, data compiled by Bloomberg show.
Total Sees $100 Oil Coming, And Says It May Not Be a Good Thing - Bloomberg
Total Sees $100 Oil Coming, And Says It May Not Be a Good Thing - Bloomberg:
Total SA is among a growing chorus that sees $100 oil on the horizon. But the French energy giant isn’t thrilled about it.
Chief Executive Officer Patrick Pouyanne sees supportive elements, such as looming sanctions on Iran and disruptions in Venezuela, that are stripping supply from the market and pushing prices back into triple digits for the first time seen since 2014, he said in a Bloomberg television interview.
“I’m not sure it’s a good news” for the global economy, Pouyanne said. “Even for the oil industry, because you know, when price goes too high then you open the door to your competitors” and demand will fall, he said.
Total SA is among a growing chorus that sees $100 oil on the horizon. But the French energy giant isn’t thrilled about it.
Chief Executive Officer Patrick Pouyanne sees supportive elements, such as looming sanctions on Iran and disruptions in Venezuela, that are stripping supply from the market and pushing prices back into triple digits for the first time seen since 2014, he said in a Bloomberg television interview.
“I’m not sure it’s a good news” for the global economy, Pouyanne said. “Even for the oil industry, because you know, when price goes too high then you open the door to your competitors” and demand will fall, he said.
MIDEAST STOCKS-Banks lift Dubai, most Gulf markets gain modestly | Reuters
MIDEAST STOCKS-Banks lift Dubai, most Gulf markets gain modestly | Reuters:
Dubai’s stock market rose sharply early on Thursday, boosted by banks and property stocks, while most other Gulf markets gained by much more modest margins.
The Dubai index climbed 1.3 percent as the largest bank in Dubai, Emirates NBD, jumped 4.5 percent to 9.35 dirhams in unusually heavy trade. Many analysts consider it undervalued; 11 analysts covering the stock have a median target price of 13.20 dirhams, according to Thomson Reuters data.
ENBD’s unit Emirates Islamic on Tuesday said it would launch mortgages to help non-residents buy property in the United Arab Emirates.
Dubai’s stock market rose sharply early on Thursday, boosted by banks and property stocks, while most other Gulf markets gained by much more modest margins.
The Dubai index climbed 1.3 percent as the largest bank in Dubai, Emirates NBD, jumped 4.5 percent to 9.35 dirhams in unusually heavy trade. Many analysts consider it undervalued; 11 analysts covering the stock have a median target price of 13.20 dirhams, according to Thomson Reuters data.
ENBD’s unit Emirates Islamic on Tuesday said it would launch mortgages to help non-residents buy property in the United Arab Emirates.
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