Abu Dhabi could develop significant LNG export capacity by 2024 - The National:
Abu Dhabi can expect to develop significant liquefied natural gas export capacity by 2024, on the back of the latest discoveries of oil and gas reserves, according to consultancy Wood Mackenzie.
“To export LNG at capacity (around 5.6/5.8 million metric tonnes per annum) requires a little over 1 billion cubic feet per day to be sent to the liquefaction plants,” said Tom Quinn, senior research analyst for Middle East at Wood Mackenzie.
This additional production, however, would require refurbishment of existing facilities.
Monday, 5 November 2018
Abu Dhabi's ADNOC, Exxon Mobil CEOs 'discuss prospects of long-term partnership' between the two firms
Abu Dhabi's ADNOC, Exxon Mobil CEOs 'discuss prospects of long-term partnership' between the two firms:
The chief executive of Abu Dhabi National Oil Company (ADNOC) met with Darren Woods, the CEO of Exxon Mobil on the sidelines of the Bloomberg World Forum in Singapore on Monday.
According to a tweet on ADNOC’s official Twitter page, the two discussed “prospect of long-term partnership" between the two companies.
ADNOC also announced on Monday its plans to launch a new integrated gas strategy and increase its oil production capacity to 4 million barrels per day (mmbpd) by the end of 2020 and 5mmbpd by 2030, following approval from the Supreme Petroleum Council (SPC), the highest governing body of the oil and gas industry in Abu Dhabi.
The chief executive of Abu Dhabi National Oil Company (ADNOC) met with Darren Woods, the CEO of Exxon Mobil on the sidelines of the Bloomberg World Forum in Singapore on Monday.
According to a tweet on ADNOC’s official Twitter page, the two discussed “prospect of long-term partnership" between the two companies.
ADNOC also announced on Monday its plans to launch a new integrated gas strategy and increase its oil production capacity to 4 million barrels per day (mmbpd) by the end of 2020 and 5mmbpd by 2030, following approval from the Supreme Petroleum Council (SPC), the highest governing body of the oil and gas industry in Abu Dhabi.
Saudi Arabia's Crown Prince Isn't Indispensable - Bloomberg
Saudi Arabia's Crown Prince Isn't Indispensable - Bloomberg:
Since the controversy surrounding the murder of critic Jamal Khashoggi, Saudi Arabia has been able to count on the support of most Arab states. Even as officials privately expressed the hope that the international condemnation of the Washington Post columnist’s killing would curb the powers of Crown Prince Mohammed bin Salman, the kingdom’s de-facto ruler, their public statements have been unequivocal.
Now, with prince politically weakened by the controversy, some of the region’s most powerful leaders – Israel’s Prime Minister Benjamin Netanyahu and Egypt’s President Abdel-Fattah El-Sisi – are quietly lobbying the Trump Administration to support him. Their argument: the survival of MBS, as the crown prince is widely known, is essential to the kingdom’s stability, and to the containment of Iran, the main American and Israeli goal in the region.
There are reasons for the U.S. and others to support MBS, especially if he opens up the Khashoggi investigation, embarks on reform, and stops the war in Yemen. But stability is not one of them. It's an old, thoroughly discredited trope deployed in the support of Middle Eastern tyrants for decades. It has rarely been used to defend a Saud
Since the controversy surrounding the murder of critic Jamal Khashoggi, Saudi Arabia has been able to count on the support of most Arab states. Even as officials privately expressed the hope that the international condemnation of the Washington Post columnist’s killing would curb the powers of Crown Prince Mohammed bin Salman, the kingdom’s de-facto ruler, their public statements have been unequivocal.
Now, with prince politically weakened by the controversy, some of the region’s most powerful leaders – Israel’s Prime Minister Benjamin Netanyahu and Egypt’s President Abdel-Fattah El-Sisi – are quietly lobbying the Trump Administration to support him. Their argument: the survival of MBS, as the crown prince is widely known, is essential to the kingdom’s stability, and to the containment of Iran, the main American and Israeli goal in the region.
There are reasons for the U.S. and others to support MBS, especially if he opens up the Khashoggi investigation, embarks on reform, and stops the war in Yemen. But stability is not one of them. It's an old, thoroughly discredited trope deployed in the support of Middle Eastern tyrants for decades. It has rarely been used to defend a Saud
Dubai Holding to Buy Stake in Zara’s Middle East Operator - Bloomberg
Dubai Holding to Buy Stake in Zara’s Middle East Operator - Bloomberg:
Dubai Holding LLC, the investment firm owned by the emirate’s ruler, agreed to acquire a minority stake in the operator of Zara clothing and Virgin Megastore chains in the Middle East, according to people with the matter.
The stake purchase in Beirut-based Azadea Group values the business at more than $1 billion, the people said, asking not to be identified as the matter is private. The two parties reached an initial agreement on the transaction last week, the people said.
A spokeswoman for Dubai Holding didn’t immediately respond to requests for comment, while a spokeswoman for Azadea declined to comment.
Dubai Holding LLC, the investment firm owned by the emirate’s ruler, agreed to acquire a minority stake in the operator of Zara clothing and Virgin Megastore chains in the Middle East, according to people with the matter.
The stake purchase in Beirut-based Azadea Group values the business at more than $1 billion, the people said, asking not to be identified as the matter is private. The two parties reached an initial agreement on the transaction last week, the people said.
A spokeswoman for Dubai Holding didn’t immediately respond to requests for comment, while a spokeswoman for Azadea declined to comment.
Abraaj fund investors hire Duff & Phelps to help recover money: sources | Reuters
Abraaj fund investors hire Duff & Phelps to help recover money: sources | Reuters:
Investors in one of Abraaj’s Middle East and North Africa funds have hired New York-based Duff & Phelps in an effort to recover money owed by the stricken private equity company, say sources familiar with the matter.
The advisory firm will seek to trace an estimated $33 million owed by Abraaj relating to the Infrastructure and Growth Capital Fund and to ensure a suitable manager is brought in to oversee it, the sources said. The fund’s net asset value was estimated at around $700 million, one of the sources added.
The fund is one of several where court-appointed liquidators Deloitte and PwC have yet to pick preferred bidders for management rights.
Investors in one of Abraaj’s Middle East and North Africa funds have hired New York-based Duff & Phelps in an effort to recover money owed by the stricken private equity company, say sources familiar with the matter.
The advisory firm will seek to trace an estimated $33 million owed by Abraaj relating to the Infrastructure and Growth Capital Fund and to ensure a suitable manager is brought in to oversee it, the sources said. The fund’s net asset value was estimated at around $700 million, one of the sources added.
The fund is one of several where court-appointed liquidators Deloitte and PwC have yet to pick preferred bidders for management rights.
Commentary: Hedge funds turn negative on oil | Reuters
Commentary: Hedge funds turn negative on oil | Reuters:
Hedge fund managers were net sellers of petroleum-linked futures and options for a fifth week running last week as concerns about sanctions on Iran evaporated and investors refocused on economic worries.
The net long position in the six most important petroleum-linked futures and options contracts was cut by a further 73 million barrels in the week to Oct. 30.
Portfolio managers have been net sellers of 371 million barrels since the end of September, taking their net long position to the lowest level for 15 months, according to records published by regulators and exchanges.
Hedge fund managers were net sellers of petroleum-linked futures and options for a fifth week running last week as concerns about sanctions on Iran evaporated and investors refocused on economic worries.
The net long position in the six most important petroleum-linked futures and options contracts was cut by a further 73 million barrels in the week to Oct. 30.
Portfolio managers have been net sellers of 371 million barrels since the end of September, taking their net long position to the lowest level for 15 months, according to records published by regulators and exchanges.
MIDEAST STOCKS-Qatar gains after new appointments, Saudi down on poor earnings | Reuters
MIDEAST STOCKS-Qatar gains after new appointments, Saudi down on poor earnings | Reuters:
Qatar’s main bourse hit its highest level in a year and a half on Monday following a government reshuffle, while Saudi Arabia was dragged lower by a string of poor earnings.
The Qatar market extended Sunday’s gains as investors greeted the news about the appointment of new heads to its giant state-run energy firm and deep-pocketed sovereign wealth fund as well as appointment of the CEO of its largest bank as its new trade minister.
Abu Dhabi’s blue-chip index recovered from initial losses and recorded its biggest one-day gain in nearly two months, while Dubai erased most of the session’s losses to end roughly flat.
Qatar’s main bourse hit its highest level in a year and a half on Monday following a government reshuffle, while Saudi Arabia was dragged lower by a string of poor earnings.
The Qatar market extended Sunday’s gains as investors greeted the news about the appointment of new heads to its giant state-run energy firm and deep-pocketed sovereign wealth fund as well as appointment of the CEO of its largest bank as its new trade minister.
Abu Dhabi’s blue-chip index recovered from initial losses and recorded its biggest one-day gain in nearly two months, while Dubai erased most of the session’s losses to end roughly flat.
A Penn State Engineer's Quest to Become the World's Gas King - Bloomberg
A Penn State Engineer's Quest to Become the World's Gas King - Bloomberg:
It’s the opposite of a meteoric rise.
Saad Sherida Al-Kaabi was a teenager when he joined Qatar Petroleum in 1986, still an engineering student at Pennsylvania State University. He climbed slowly through the ranks, finally becoming chief executive officer in 2014 and managing projects that cemented Qatar’s role as the world’s top exporter of liquefied natural gas.
On Sunday, Al-Kaabi was appointed minister of state for energy issues and vice chairman of Qatar Petroleum. Qatar’s heft in the energy industry derives from its LNG and condensate exports, not the 600,000 barrels a day of crude it pumps or its membership in OPEC. Al-Kaabi has contributed to a 10-fold surge in Qatar’s gas and oil production over his 32 years at QP.
It’s the opposite of a meteoric rise.
Saad Sherida Al-Kaabi was a teenager when he joined Qatar Petroleum in 1986, still an engineering student at Pennsylvania State University. He climbed slowly through the ranks, finally becoming chief executive officer in 2014 and managing projects that cemented Qatar’s role as the world’s top exporter of liquefied natural gas.
On Sunday, Al-Kaabi was appointed minister of state for energy issues and vice chairman of Qatar Petroleum. Qatar’s heft in the energy industry derives from its LNG and condensate exports, not the 600,000 barrels a day of crude it pumps or its membership in OPEC. Al-Kaabi has contributed to a 10-fold surge in Qatar’s gas and oil production over his 32 years at QP.
October Monthly Overview: Egypt worst hit, as markets tumble from global sell-off | ZAWYA MENA Edition
October Monthly Overview: Egypt worst hit, as markets tumble from global sell-off | ZAWYA MENA Edition:
Middle Eastern markets were caught up in a sharp global sell-off last month, as investors reacted to the decision by the International Monetary Fund (IMF) to cut its global growth forecast by 0.2 percent to 3.7 percent, as concerns grow over the impact of trade tensions between the United States and its trade partners.
The MSCI World index witnessed its biggest drop since mid-2012, falling 7.5 percent during the month. While Egypt was hit hard by heavy local institutional selling, the opposite was the case in Saudi Arabia – the region’s biggest market – as local buyers stepped in to ease the impact from the global backlash felt as a result of the crisis over the killing of journalist Jamal Khashoggi in the Saudi consulate in Istanbul.
Middle Eastern markets were caught up in a sharp global sell-off last month, as investors reacted to the decision by the International Monetary Fund (IMF) to cut its global growth forecast by 0.2 percent to 3.7 percent, as concerns grow over the impact of trade tensions between the United States and its trade partners.
The MSCI World index witnessed its biggest drop since mid-2012, falling 7.5 percent during the month. While Egypt was hit hard by heavy local institutional selling, the opposite was the case in Saudi Arabia – the region’s biggest market – as local buyers stepped in to ease the impact from the global backlash felt as a result of the crisis over the killing of journalist Jamal Khashoggi in the Saudi consulate in Istanbul.
Foreign selling of Saudi stocks slows in week to November 1 | ZAWYA MENA Edition
Foreign selling of Saudi stocks slows in week to November 1 | ZAWYA MENA Edition:
Foreigners sold a net 89.2 million riyals ($23.8 million) in the Saudi stock market in the week ended Nov. 1, a sharp drop from the previous two weeks when investor worries over the impact of journalist Jamal Khashoggi's killing prompted heavy selling.
The foreign selling slowed from 2.34 billion riyals in the previous week and a record 4.01 billion riyals the week before when Khashoggi's killing caused concern about the effects on the kingdom's relations with foreign powers.
The reduction in selling signalled that many managers are still optimistic about expected inflows into Saudi Arabia of about $15 billion of "passive" funds next year, when the market joins emerging market indexes.
Foreigners sold a net 89.2 million riyals ($23.8 million) in the Saudi stock market in the week ended Nov. 1, a sharp drop from the previous two weeks when investor worries over the impact of journalist Jamal Khashoggi's killing prompted heavy selling.
The foreign selling slowed from 2.34 billion riyals in the previous week and a record 4.01 billion riyals the week before when Khashoggi's killing caused concern about the effects on the kingdom's relations with foreign powers.
The reduction in selling signalled that many managers are still optimistic about expected inflows into Saudi Arabia of about $15 billion of "passive" funds next year, when the market joins emerging market indexes.
Abu Dhabi’s Mubadala in talks with banks to refinance loan - sources | Reuters
Abu Dhabi’s Mubadala in talks with banks to refinance loan - sources | Reuters:
Abu Dhabi’s Mubadala is in talks with banks to refinance an existing $1.75 billion revolving loan due in May next year, three sources familiar with the matter said.
The state investment fund signed the original loan in 2016 with a group of 21 international banks. A revolving loan is one that can be drawn, repaid and drawn again during the agreed lending period.
“Mubadala has maintained revolving credit facilities since 2006 as part of our strategy to achieve a diversified funding base for the Group. Our current revolving credit facility matures in 2019, and we are planning to renew with our core relationship banks,” said a spokesman for the state fund.
Abu Dhabi’s Mubadala is in talks with banks to refinance an existing $1.75 billion revolving loan due in May next year, three sources familiar with the matter said.
The state investment fund signed the original loan in 2016 with a group of 21 international banks. A revolving loan is one that can be drawn, repaid and drawn again during the agreed lending period.
“Mubadala has maintained revolving credit facilities since 2006 as part of our strategy to achieve a diversified funding base for the Group. Our current revolving credit facility matures in 2019, and we are planning to renew with our core relationship banks,” said a spokesman for the state fund.
Oil slips as U.S. sanctions on Iran begin, Tehran defiant | Reuters
Oil slips as U.S. sanctions on Iran begin, Tehran defiant | Reuters:
Oil prices fell on Monday as U.S. sanctions against Iran’s fuel exports were softened by waivers allowing major buyers to import Iranian crude for a while, while Tehran said it would defy Washington and continue to sell.
Brent crude oil LCOc1 was down 15 cents a barrel at $72.68 by 1030 GMT. U.S. light crude CLc1 was 30 cents lower at $62.84 a barrel.
Both oil price benchmarks have lost more than 15 percent since hitting four-year highs in early October, as hedge funds have cut bullish bets on crude to a one-year low, data show.
Oil prices fell on Monday as U.S. sanctions against Iran’s fuel exports were softened by waivers allowing major buyers to import Iranian crude for a while, while Tehran said it would defy Washington and continue to sell.
Brent crude oil LCOc1 was down 15 cents a barrel at $72.68 by 1030 GMT. U.S. light crude CLc1 was 30 cents lower at $62.84 a barrel.
Both oil price benchmarks have lost more than 15 percent since hitting four-year highs in early October, as hedge funds have cut bullish bets on crude to a one-year low, data show.
Mideast Stocks: Major Gulf stocks down, Qatar up after new appointments | ZAWYA MENA Edition
Mideast Stocks: Major Gulf stocks down, Qatar up after new appointments | ZAWYA MENA Edition:
Saudi Arabia's stock index opened lower on Monday as some stocks were weighed down by poor earnings and blue-chip stocks were lacklustre, while weak bank shares dragged Dubai and Abu Dhabi stocks lower.
The Qatar market extended gains as investors greeted the news about the appointment of new heads to its giant state-run energy firm and deep-pocketed sovereign wealth fund as well as appointment of the CEO of its largest bank as its new trade minister.
Saudi's Tadawul bourse dipped 0.2 percent, as National Medical Care plummeted 10 percent on results that showed quarterly profit more than halved year-on-year.
Saudi Arabia's stock index opened lower on Monday as some stocks were weighed down by poor earnings and blue-chip stocks were lacklustre, while weak bank shares dragged Dubai and Abu Dhabi stocks lower.
The Qatar market extended gains as investors greeted the news about the appointment of new heads to its giant state-run energy firm and deep-pocketed sovereign wealth fund as well as appointment of the CEO of its largest bank as its new trade minister.
Saudi's Tadawul bourse dipped 0.2 percent, as National Medical Care plummeted 10 percent on results that showed quarterly profit more than halved year-on-year.
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