Oil Rises as Saudis, Venezuela Seen Carving Deeper Into Supplies - Bloomberg:
Oil began the week on the rebound, as Saudi Arabia moved to extend supply curbs and a nationwide blackout threatened deep production cuts in Venezuela.
Futures in New York climbed 1.3 percent after dropping on Friday amid weak U.S. employment figures. Saudi Arabia plans to produce well below 10 million barrels a day in April, a Saudi official said over the weekend. Meanwhile, crude output from fellow OPEC member Venezuela has collapsed in recent days after a four-day power outage, according to a senior oil ministry official there.
In terms of production, “there’s nothing really bearish about the markets," said Brynne Kelly, an energy trader and analyst who runs The Fundamental Angle, an energy consultancy in New Jersey. “We still have Canada holding back; we still have OPEC cuts. At the moment, inventories aren’t out of line."
Monday, 11 March 2019
#UAE GDP grows by 4.4% in the last quarter of 2018
UAE GDP grows by 4.4% in the last quarter of 2018:
The UAE’s gross domestic product (GDP) grew by 4.4 per cent in the last quarter of 2018, driven by real growth in the non-oil sector, as well as the rapid growth in oil production, according to the latest estimates issued by the UAE Central Bank.
The central bank’s quarterly review showed a slowdown in oil price growth during the fourth quarter of 2018, with an increase of 9.8 per cent compared to 44.4 per cent in the third quarter of 2018. On a quarterly basis, prices fell by 10.2 per cent compared to an increase of 1.0 per cent in the third quarter.
On a yearly basis, oil production rose in the fourth quarter by 13.1 per cent compared to a 1.0 per cent growth in the third quarter, averaging 3.3 million barrels per day. On quarterly basis, oil production rose by 9.5 per cent in the fourth quarter compared to an increase of 4.3 per cent in the third quarter.
The UAE’s gross domestic product (GDP) grew by 4.4 per cent in the last quarter of 2018, driven by real growth in the non-oil sector, as well as the rapid growth in oil production, according to the latest estimates issued by the UAE Central Bank.
The central bank’s quarterly review showed a slowdown in oil price growth during the fourth quarter of 2018, with an increase of 9.8 per cent compared to 44.4 per cent in the third quarter of 2018. On a quarterly basis, prices fell by 10.2 per cent compared to an increase of 1.0 per cent in the third quarter.
On a yearly basis, oil production rose in the fourth quarter by 13.1 per cent compared to a 1.0 per cent growth in the third quarter, averaging 3.3 million barrels per day. On quarterly basis, oil production rose by 9.5 per cent in the fourth quarter compared to an increase of 4.3 per cent in the third quarter.
#Emirates, #Etihad extend cooperation into MRO
Emirates, Etihad extend cooperation into MRO:
Over a year after signing their first partnership deal together, Emirates airline and Etihad Airways said they have extended their cooperation to areas of Maintenance, Repair, and Overhaul (MRO).
An Emirates spokesperson confirmed to Gulf News that the company provides “ad hoc MRO support to a number of airlines, including Etihad, as per standard industry practice.”
The carriers did not elaborate on the extent of their MRO cooperation, but at a conference in Dubai in February, an executive from Etihad Airways Engineering cited use of spare parts between the two.
Over a year after signing their first partnership deal together, Emirates airline and Etihad Airways said they have extended their cooperation to areas of Maintenance, Repair, and Overhaul (MRO).
An Emirates spokesperson confirmed to Gulf News that the company provides “ad hoc MRO support to a number of airlines, including Etihad, as per standard industry practice.”
The carriers did not elaborate on the extent of their MRO cooperation, but at a conference in Dubai in February, an executive from Etihad Airways Engineering cited use of spare parts between the two.
#UAE to allow flexibility in fund distribution
UAE to allow flexibility in fund distribution:
The UAE will allow flexibility for distribution of domestic funds by asset management companies by allowing passporting of funds under various jurisdictions in the country.
Fund passporting is expected to give the asset management company the flexibility to distribute their funds in pre-approved jurisdiction. Earlier the fund had to get approval from each jurisdiction. This move will help in attracting more foreign investment and in providing more options for channelling savings to new financial instruments such as mutual funds.
Sultan Bin Saeed Al Mansouri, Minister of Economy and chairman of the board of directors of the Emirates Securities and Commodities Authority (ESCA), said the start of implementing the recently-signed Passporting Agreement as a regulatory mechanism for the mutual promotion and oversight of investment funds established in the different jurisdictions within the UAE is an important step to inspire the development of the mutual funds’ market so as to achieve the goal of having more diversified investment opportunities and products.
The UAE will allow flexibility for distribution of domestic funds by asset management companies by allowing passporting of funds under various jurisdictions in the country.
Fund passporting is expected to give the asset management company the flexibility to distribute their funds in pre-approved jurisdiction. Earlier the fund had to get approval from each jurisdiction. This move will help in attracting more foreign investment and in providing more options for channelling savings to new financial instruments such as mutual funds.
Sultan Bin Saeed Al Mansouri, Minister of Economy and chairman of the board of directors of the Emirates Securities and Commodities Authority (ESCA), said the start of implementing the recently-signed Passporting Agreement as a regulatory mechanism for the mutual promotion and oversight of investment funds established in the different jurisdictions within the UAE is an important step to inspire the development of the mutual funds’ market so as to achieve the goal of having more diversified investment opportunities and products.
CERAWeek Diary: Houston buzzing ahead of ‘oil man’s Davos’ — or was it the 16-hour flight?
CERAWeek Diary: Houston buzzing ahead of ‘oil man’s Davos’ — or was it the 16-hour flight?:
Downtown Houston was buzzing on the eve of the Texan city’s big event: The oil man’s Davos — otherwise known as CERAWeek by IHS Markit — the annual gathering of the masters of the energy universe.
Nobody actually uses the “by IHS Market” bit in casual conversation — it’s just CERAWeek. But because the event’s wonderfully efficient communications people spend a lot of time specifying exactly how the event should be referred to, it would be churlish not to give it its full brand name — on first mention at least.
It is also widely regarded as the Daniel Yergin show. The Pulitzer-winning historian of the oil industry — as author of “The Prize” — is absolutely everywhere at the five-day event, from crack-of-dawn breakfast meetings to more informal late-evening gatherings.
Downtown Houston was buzzing on the eve of the Texan city’s big event: The oil man’s Davos — otherwise known as CERAWeek by IHS Markit — the annual gathering of the masters of the energy universe.
Nobody actually uses the “by IHS Market” bit in casual conversation — it’s just CERAWeek. But because the event’s wonderfully efficient communications people spend a lot of time specifying exactly how the event should be referred to, it would be churlish not to give it its full brand name — on first mention at least.
It is also widely regarded as the Daniel Yergin show. The Pulitzer-winning historian of the oil industry — as author of “The Prize” — is absolutely everywhere at the five-day event, from crack-of-dawn breakfast meetings to more informal late-evening gatherings.
#Oman: 25 investors interested in two power assets
Oman: 25 investors interested in two power assets:
Oman has received 25 expressions of interest from investors interested in buying stakes in two electricity companies under a privatization plan aimed at boosting state coffers, officials said on Monday.
Nama Group, a government holding company, plans to sell a 70 percent stake in Muscat Electricity Distribution and 49 percent of Oman Electricity Transmission. The firms have combined assets worth $3.2 billion.
Nama tweeted that it had received 14 offers for Muscat Electricity Distribution and 11 bids for Oman Electricity Transmission. It said 23 “strategic and financial investors” were among the bidders but did not name them.
Oman has received 25 expressions of interest from investors interested in buying stakes in two electricity companies under a privatization plan aimed at boosting state coffers, officials said on Monday.
Nama Group, a government holding company, plans to sell a 70 percent stake in Muscat Electricity Distribution and 49 percent of Oman Electricity Transmission. The firms have combined assets worth $3.2 billion.
Nama tweeted that it had received 14 offers for Muscat Electricity Distribution and 11 bids for Oman Electricity Transmission. It said 23 “strategic and financial investors” were among the bidders but did not name them.
Bearish spell continues on QSE on local retail investors' sell pressure
Bearish spell continues on QSE on local retail investors' sell pressure:
The Qatar Stock Exchange continued its bearish spell for the fifth consecutive day on Monday and remained under 9,700 levels, mainly dragged by local retail investors.
Insurance and transport counters witnessed higher than average selling pressure, leading the 20-stock Qatar Index settle 0.25% lower at five-month low of 9,744.22 points.
The bearish outlook of non-Qatari retail investors also played its role in dampening the market, whose sensitive index is down 5.39% year-to-date.
The Qatar Stock Exchange continued its bearish spell for the fifth consecutive day on Monday and remained under 9,700 levels, mainly dragged by local retail investors.
Insurance and transport counters witnessed higher than average selling pressure, leading the 20-stock Qatar Index settle 0.25% lower at five-month low of 9,744.22 points.
The bearish outlook of non-Qatari retail investors also played its role in dampening the market, whose sensitive index is down 5.39% year-to-date.
#Qatar, Pakistan exploring feasibility of establishing global financial centre
Qatar, Pakistan exploring feasibility of establishing global financial centre:
Qatar and Pakistan are jointly exploring feasibility of establishing an international financial centre either in Karachi or another major city in that Asian country.
This formed one of the rivets of the recently signed memorandum of understanding (MoU) between the Qatar Financial Center (QFC) and Pakistan Stock Exchange (PSX).
The agreement will see the QFC and the PSX collaborate on a variety of initiatives including promoting bilateral business development opportunities, facilitating the mutual cross-selling of financial products, facilitating trade and investment between companies in Pakistan and Qatar.
Qatar and Pakistan are jointly exploring feasibility of establishing an international financial centre either in Karachi or another major city in that Asian country.
This formed one of the rivets of the recently signed memorandum of understanding (MoU) between the Qatar Financial Center (QFC) and Pakistan Stock Exchange (PSX).
The agreement will see the QFC and the PSX collaborate on a variety of initiatives including promoting bilateral business development opportunities, facilitating the mutual cross-selling of financial products, facilitating trade and investment between companies in Pakistan and Qatar.
#Qatar Seeks More Russia Deals After `Great' Rosneft Investment - Bloomberg
Qatar Seeks More Russia Deals After `Great' Rosneft Investment - Bloomberg:
Qatar is looking for more investment opportunities in Russia to capitalize on “huge” growth potential and is fully satisfied with its purchase of around a fifth of Russian state oil producer Rosneft PJSC, the Gulf state’s ambassador in Moscow said.
“The company with its valuation has been attractive,” Fahd bin Mohammed Al-Attiyah said in an interview in the Russian capital. “It’s a great investment and we’re very happy to be part of it.”
The Qatar Investment Authority emerged as a major shareholder in Rosneft in May last year after a $9 billion deal to sell a stake to China’s troubled CEFC Energy Co. collapsed. The sovereign wealth fund now owns 18.93 percent of Rosneft, making it the third-largest shareholder after the Russian state, which holds 50 percent, and U.K. oil major BP Plc with 19.75 percent.
Qatar is looking for more investment opportunities in Russia to capitalize on “huge” growth potential and is fully satisfied with its purchase of around a fifth of Russian state oil producer Rosneft PJSC, the Gulf state’s ambassador in Moscow said.
“The company with its valuation has been attractive,” Fahd bin Mohammed Al-Attiyah said in an interview in the Russian capital. “It’s a great investment and we’re very happy to be part of it.”
The Qatar Investment Authority emerged as a major shareholder in Rosneft in May last year after a $9 billion deal to sell a stake to China’s troubled CEFC Energy Co. collapsed. The sovereign wealth fund now owns 18.93 percent of Rosneft, making it the third-largest shareholder after the Russian state, which holds 50 percent, and U.K. oil major BP Plc with 19.75 percent.
Oil Optimists Stay the Course Even as Demand Headwinds Loom - Bloomberg
Oil Optimists Stay the Course Even as Demand Headwinds Loom - Bloomberg:
Hedge funds keep betting on an oil rally, even with prices struggling for a direction.
Investors pushed bullish wagers on West Texas Intermediate crude prices to their highest in a month and cut short-selling bets to the lowest since October, according to data released Friday. They’re apparently convinced that dwindling global supplies will be more than enough to withstand a weaker economy.
Futures in New York ended last week up by a mere 0.5 percent, with disappointing reports on U.S. jobs, Chinese exports and global economic growth clouding the outlook for energy demand. But money managers appeared to be focusing on the impact of OPEC output cuts, a pipeline explosion in Nigeria and U.S. sanctions on Iran and Venezuela.
Hedge funds keep betting on an oil rally, even with prices struggling for a direction.
Investors pushed bullish wagers on West Texas Intermediate crude prices to their highest in a month and cut short-selling bets to the lowest since October, according to data released Friday. They’re apparently convinced that dwindling global supplies will be more than enough to withstand a weaker economy.
Futures in New York ended last week up by a mere 0.5 percent, with disappointing reports on U.S. jobs, Chinese exports and global economic growth clouding the outlook for energy demand. But money managers appeared to be focusing on the impact of OPEC output cuts, a pipeline explosion in Nigeria and U.S. sanctions on Iran and Venezuela.
Shale on the Brink of M&A as Oil Majors Flex Muscles in Permian - Bloomberg
Shale on the Brink of M&A as Oil Majors Flex Muscles in Permian - Bloomberg:
Cowboy boots and turquoise belt buckles are giving way to smart suits and silk ties as the world’s biggest shale oil field prepares for mergers.
As oil executives from across the world gather in Houston for the annual CERAWeek by IHS Markit conference, the Permian Basin in the U.S. Southwest is on the cusp of a radical transformation with one simple premise: bigger is better. The energy industry appears primed for deals at a time when Big Oil is flexing its muscle in the region.
Just last week, Exxon Mobil Corp. and Chevron Corp. unveiled audacious growth plans for the Permian Basin, hitherto the domain of smaller rivals. Royal Dutch Shell Plc is said to be on the prowl for deals while BP Plc bought in last year. Meanwhile, independents are under increasing investor pressure to merge or sell out in an effort to end relentless production growth that has burned through some $200 billion over the past eight years.
Cowboy boots and turquoise belt buckles are giving way to smart suits and silk ties as the world’s biggest shale oil field prepares for mergers.
As oil executives from across the world gather in Houston for the annual CERAWeek by IHS Markit conference, the Permian Basin in the U.S. Southwest is on the cusp of a radical transformation with one simple premise: bigger is better. The energy industry appears primed for deals at a time when Big Oil is flexing its muscle in the region.
Just last week, Exxon Mobil Corp. and Chevron Corp. unveiled audacious growth plans for the Permian Basin, hitherto the domain of smaller rivals. Royal Dutch Shell Plc is said to be on the prowl for deals while BP Plc bought in last year. Meanwhile, independents are under increasing investor pressure to merge or sell out in an effort to end relentless production growth that has burned through some $200 billion over the past eight years.
#Iran's Rouhani signs trade pacts in Iraq to help offset US sanctions | Reuters
Iran's Rouhani signs trade pacts in Iraq to help offset US sanctions | Reuters:
Iraq and Iran signed several preliminary trade deals on Monday, Iraqi officials said, as Iranian President Hassan Rouhani began his first visit seeking to bolster Tehran’s influence and expand commercial ties to help offset renewed U.S. sanctions.
The deals, among them a plan to build a railway linking the neighbors, emerged soon after the start of Rouhani’s visit, meant to underline that Tehran still plays a dominant role in Iraq despite U.S. efforts to isolate the Islamic Republic.
Iran and Iraq fought a devastating 1980-88 war but the 2003 U.S.-led invasion of Iraq that ousted Saddam Hussein prompted a long Sunni Islamist insurgency during which Iran’s regional sway rose at the expense of the United States.
Iraq and Iran signed several preliminary trade deals on Monday, Iraqi officials said, as Iranian President Hassan Rouhani began his first visit seeking to bolster Tehran’s influence and expand commercial ties to help offset renewed U.S. sanctions.
The deals, among them a plan to build a railway linking the neighbors, emerged soon after the start of Rouhani’s visit, meant to underline that Tehran still plays a dominant role in Iraq despite U.S. efforts to isolate the Islamic Republic.
Iran and Iraq fought a devastating 1980-88 war but the 2003 U.S.-led invasion of Iraq that ousted Saddam Hussein prompted a long Sunni Islamist insurgency during which Iran’s regional sway rose at the expense of the United States.
#Qatar Petroleum takes stake in Mozambique exploration block | Reuters
Qatar Petroleum takes stake in Mozambique exploration block | Reuters:
Qatar Petroleum said on Monday it had struck a deal with Italy’s ENI to acquire a 25.5 percent participating interest in block A5A in the Angoche basin, offshore Mozambique.
The agreement between state-owned Qatar Petroleum and ENI, which operates the block, is subject to regulatory approvals by the Mozambique government, Qatar Petroleum said in a statement.
Following the approvals, Eni will hold a 34 percent participating interest in the block, while Sasol and Qatar Petroleum will hold 25.5 percent each and Empresa Nacional de Hidrocarbonetos (ENH) will hold 15 percent.
Qatar Petroleum said on Monday it had struck a deal with Italy’s ENI to acquire a 25.5 percent participating interest in block A5A in the Angoche basin, offshore Mozambique.
The agreement between state-owned Qatar Petroleum and ENI, which operates the block, is subject to regulatory approvals by the Mozambique government, Qatar Petroleum said in a statement.
Following the approvals, Eni will hold a 34 percent participating interest in the block, while Sasol and Qatar Petroleum will hold 25.5 percent each and Empresa Nacional de Hidrocarbonetos (ENH) will hold 15 percent.
#Iran's Rouhani seeks to boost ties on first visit to Baghdad
Iran's Rouhani seeks to boost ties on first visit to Baghdad:
Iranian President Hassan Rouhani was in Baghdad on Monday, making his first official visit to the nation that Tehran once fought a bloody war against and later backed in the battle with the Islamic State group.
Since Rouhani’s election in 2013, Iraq has relied on Iranian paramilitary support to fight IS, following the militant group’s capture of the Iraqi city of Mosul and other territory in both Iraq and Syria.
Now with the militants facing a final territorial defeat in the Syrian village of Baghouz, Iran is looking for Iraq’s continued support as it faces a maximalist pressure campaign by President Donald Trump after his decision to withdraw America from Tehran’s nuclear deal with world powers.
Iranian President Hassan Rouhani was in Baghdad on Monday, making his first official visit to the nation that Tehran once fought a bloody war against and later backed in the battle with the Islamic State group.
Since Rouhani’s election in 2013, Iraq has relied on Iranian paramilitary support to fight IS, following the militant group’s capture of the Iraqi city of Mosul and other territory in both Iraq and Syria.
Now with the militants facing a final territorial defeat in the Syrian village of Baghouz, Iran is looking for Iraq’s continued support as it faces a maximalist pressure campaign by President Donald Trump after his decision to withdraw America from Tehran’s nuclear deal with world powers.
Mobius expresses governance concerns over #Saudi control of Aramco | Reuters
Mobius expresses governance concerns over Saudi control of Aramco | Reuters:
Mark Mobius has “governance” concerns over investing in shares or bonds that could be issued by Saudi Aramco in future because of Riyadh’s control over the oil giant, the emerging markets investor said on Monday.
“At the end of the day decisions about the company will not necessarily be for the benefit of the larger shareholders but for the government,” Mobius told Reuters on the sidelines of an investment conference in Dubai.
Saudi Aramco is expected to issue its first international bond over the next few months with the proceeds likely to be linked to the acquisition of a controlling stake in petrochemical maker SABIC.
Mark Mobius has “governance” concerns over investing in shares or bonds that could be issued by Saudi Aramco in future because of Riyadh’s control over the oil giant, the emerging markets investor said on Monday.
“At the end of the day decisions about the company will not necessarily be for the benefit of the larger shareholders but for the government,” Mobius told Reuters on the sidelines of an investment conference in Dubai.
Saudi Aramco is expected to issue its first international bond over the next few months with the proceeds likely to be linked to the acquisition of a controlling stake in petrochemical maker SABIC.
MIDEAST STOCKS-Banks lead #Saudi lower, blue chips gain in Egypt | Reuters
MIDEAST STOCKS-Banks lead Saudi lower, blue chips gain in Egypt | Reuters:
Saudi Arabia's stock market fell for a fifth straight session on Monday as most of its banking sector stocks dropped, while Egypt's blue-chip index gained, helped by a rise in Eastern Company after it forecast a higher full-year profit.
Saudi Arabia's index was down 0.5 percent with lender Samba Financial Group slipping 1.8 percent and Banque Saudi Fransi shedding 1.7 percent.
But the index is still up 7.7 percent this year, outperforming major Gulf markets. Qualified foreign investors led the rally and have been net-buyers of Saudi stocks every week this year.
Saudi Arabia's stock market fell for a fifth straight session on Monday as most of its banking sector stocks dropped, while Egypt's blue-chip index gained, helped by a rise in Eastern Company after it forecast a higher full-year profit.
Saudi Arabia's index was down 0.5 percent with lender Samba Financial Group slipping 1.8 percent and Banque Saudi Fransi shedding 1.7 percent.
But the index is still up 7.7 percent this year, outperforming major Gulf markets. Qualified foreign investors led the rally and have been net-buyers of Saudi stocks every week this year.
Norway’s oil fund shake-up raises hackles | Financial Times
Norway’s oil fund shake-up raises hackles | Financial Times:
In the autumn of 2017, Norway’s $1tn oil fund lobbed what one official in Oslo called “a bomb” into the country’s policymaking circles.
The world’s largest sovereign wealth investor, funded entirely from Norway’s petroleum resources, advocated selling out of oil and gas entirely — on the grounds that the country, western Europe’s largest oil and gas producer, was now too dependent on petroleum.
Once taboo in Oslo’s elite, the question of divesting from fossil fuels — the oil fund was barred from coal in 2015 — suddenly topped the political agenda. A government-appointed commission recommended keeping the shares; environmentalists and some political parties pushed for divestment.
In the autumn of 2017, Norway’s $1tn oil fund lobbed what one official in Oslo called “a bomb” into the country’s policymaking circles.
The world’s largest sovereign wealth investor, funded entirely from Norway’s petroleum resources, advocated selling out of oil and gas entirely — on the grounds that the country, western Europe’s largest oil and gas producer, was now too dependent on petroleum.
Once taboo in Oslo’s elite, the question of divesting from fossil fuels — the oil fund was barred from coal in 2015 — suddenly topped the political agenda. A government-appointed commission recommended keeping the shares; environmentalists and some political parties pushed for divestment.
Saudis Are Said to Extend Deep Oil-Output Cuts Into April - Bloomberg
Saudis Are Said to Extend Deep Oil-Output Cuts Into April - Bloomberg:
Saudi Arabia will supply its clients with significantly less oil than they requested in April, extending deeper-than-agreed production cuts into a second month, a Saudi official familiar with the policy said.
The move is the latest sign Riyadh is determined to regain control of the oil market as prices remain well below the level that many OPEC members need to cover their government spending.
Saudi Arabia plans to produce well below 10 million barrels a day in April, a similar pace to March, when it cut output by 500,000 barrels a day from February, the same official said, asking not to be named discussing internal deliberations. Last year, Riyadh agreed with OPEC and its partners, including Russia, to cap production at 10.31 million barrels a day.
Saudi Arabia will supply its clients with significantly less oil than they requested in April, extending deeper-than-agreed production cuts into a second month, a Saudi official familiar with the policy said.
The move is the latest sign Riyadh is determined to regain control of the oil market as prices remain well below the level that many OPEC members need to cover their government spending.
Saudi Arabia plans to produce well below 10 million barrels a day in April, a similar pace to March, when it cut output by 500,000 barrels a day from February, the same official said, asking not to be named discussing internal deliberations. Last year, Riyadh agreed with OPEC and its partners, including Russia, to cap production at 10.31 million barrels a day.
Oil gains as #Saudi stands by OPEC supply cuts, U.S. rig activity drops | ZAWYA MENA Edition
Oil gains as Saudi stands by OPEC supply cuts, U.S. rig activity drops | ZAWYA MENA Edition:
Oil prices rose on Monday, lifted by comments from Saudi Energy Minister Khalid al-Falih that an end to OPEC-led supply cuts was unlikely before June and a report showing a fall in U.S. drilling activity.
U.S. West Texas Intermediate (WTI) crude oil futures were at $56.50 per barrel at 0945 GMT GMT, up 43 cents, or 0.77 percent from their last close.
Brent crude futures were at $66.29 per barrel, up 55 cents, or 0.84 percent.
Oil prices rose on Monday, lifted by comments from Saudi Energy Minister Khalid al-Falih that an end to OPEC-led supply cuts was unlikely before June and a report showing a fall in U.S. drilling activity.
U.S. West Texas Intermediate (WTI) crude oil futures were at $56.50 per barrel at 0945 GMT GMT, up 43 cents, or 0.77 percent from their last close.
Brent crude futures were at $66.29 per barrel, up 55 cents, or 0.84 percent.
#UAE to set up debt management office, seek sovereign rating | Reuters
UAE to set up debt management office, seek sovereign rating | Reuters:
The United Arab Emirates’ Finance Ministry will set up a federal debt management office this year and will seek a sovereign rating for the Gulf state, an undersecretary of the ministry said on Monday.
“We want to be rated. It all depends on what we’ll be agreeing with the central bank,” Younis Haji al-Khoori said, adding no rating agency had been appointed yet. “There is no immediate need for issuance of federal bonds.”
The United Arab Emirates’ Finance Ministry will set up a federal debt management office this year and will seek a sovereign rating for the Gulf state, an undersecretary of the ministry said on Monday.
“We want to be rated. It all depends on what we’ll be agreeing with the central bank,” Younis Haji al-Khoori said, adding no rating agency had been appointed yet. “There is no immediate need for issuance of federal bonds.”
IEA sees U.S. leading global oil supply growth to 2024 | Reuters
IEA sees U.S. leading global oil supply growth to 2024 | Reuters:
The United States will drive global oil supply growth over the next five years, adding another 4 million barrels per day to the country’s already booming output, the International Energy Agency said on Monday.
“The United States is increasingly leading the expansion in global oil supplies, with significant growth also seen among other non-OPEC producers, including Brazil, Norway and new producer Guyana,” the IEA said in its five-year outlook.
“By the end of the forecast (2024), oil exports from the United States will overtake Russia and close in on Saudi Arabia, bringing greater diversity of supply,” the IEA said.
The United States will drive global oil supply growth over the next five years, adding another 4 million barrels per day to the country’s already booming output, the International Energy Agency said on Monday.
“The United States is increasingly leading the expansion in global oil supplies, with significant growth also seen among other non-OPEC producers, including Brazil, Norway and new producer Guyana,” the IEA said in its five-year outlook.
“By the end of the forecast (2024), oil exports from the United States will overtake Russia and close in on Saudi Arabia, bringing greater diversity of supply,” the IEA said.
EU to add Bermuda to tax haven list, Italy blocks #UAE listing | Reuters
EU to add Bermuda to tax haven list, Italy blocks UAE listing | Reuters:
European Union finance ministers are set to add the British overseas territory of Bermuda to the bloc’s blacklist of tax havens on Tuesday but Italy is objecting to the inclusion of the United Arab Emirates, a document seen by Reuters shows.
The largest review of the list since its adoption in Dec. 2017 is expected to see the number of listed jurisdictions triple from the current five.
The Caribbean island of Barbados and the Arab Sultanate of Oman are also on the expanded draft list, EU documents show. Other jurisdictions in the Caribbean and the Pacific Ocean are set to complete the updated list.
European Union finance ministers are set to add the British overseas territory of Bermuda to the bloc’s blacklist of tax havens on Tuesday but Italy is objecting to the inclusion of the United Arab Emirates, a document seen by Reuters shows.
The largest review of the list since its adoption in Dec. 2017 is expected to see the number of listed jurisdictions triple from the current five.
The Caribbean island of Barbados and the Arab Sultanate of Oman are also on the expanded draft list, EU documents show. Other jurisdictions in the Caribbean and the Pacific Ocean are set to complete the updated list.
#Saudi Aramco's board to meet to approve SABIC bond plan: sources | Reuters
Saudi Aramco's board to meet to approve SABIC bond plan: sources | Reuters:
Saudi Aramco’s board is set to meet this week in Saudi Arabia where it will approve a bond issuance plan that could help finance the potential acquisition of a stake in Saudi petrochemicals maker SABIC, industry sources said.
Aramco, the world’s top oil producer, plans to issue its first international bonds in the second quarter of 2019 and the issuance will probably be around $10 billion, Saudi Energy Minister Khalid al-Falih has said.
The company’s representatives are expected to meet fixed-income investors in a bond roadshow in April, two sources familiar with the matter said.
Saudi Aramco’s board is set to meet this week in Saudi Arabia where it will approve a bond issuance plan that could help finance the potential acquisition of a stake in Saudi petrochemicals maker SABIC, industry sources said.
Aramco, the world’s top oil producer, plans to issue its first international bonds in the second quarter of 2019 and the issuance will probably be around $10 billion, Saudi Energy Minister Khalid al-Falih has said.
The company’s representatives are expected to meet fixed-income investors in a bond roadshow in April, two sources familiar with the matter said.
MIDEAST STOCKS- #Saudi slips on sliding banks, top lender lifts #AbuDhabi | Reuters
MIDEAST STOCKS-Saudi slips on sliding banks, top lender lifts Abu Dhabi | Reuters:
Saudi Arabia’s stock market fell in early trading on Monday as most of its bank shares dropped, while Abu Dhabi was lifted partially by its top lender First Abu Dhabi Bank.
Saudi Arabia’s index was down 0.6 percent with Riyad Bank falling 1.7 percent and Al Rajhi Bank slipping 0.8 percent.
Southern Province Cement lost 1.3 percent after reporting a 47 percent drop in its full-year net profit due to lower sales prices.
Saudi Arabia’s stock market fell in early trading on Monday as most of its bank shares dropped, while Abu Dhabi was lifted partially by its top lender First Abu Dhabi Bank.
Saudi Arabia’s index was down 0.6 percent with Riyad Bank falling 1.7 percent and Al Rajhi Bank slipping 0.8 percent.
Southern Province Cement lost 1.3 percent after reporting a 47 percent drop in its full-year net profit due to lower sales prices.
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