Business Quietly Returns to Saudi Arabia After Khashoggi’s Murder - The New York Times:
Six months after agents from Saudi Arabia murdered and dismembered the writer Jamal Khashoggi, companies are no longer shying away from the Arab kingdom.
The movie theater giant AMC says it is moving ahead with ambitious expansion plans for dozens of cinemas there. Hundreds of investors thronged last week to place $100 billion in orders for the first international bond sale tied to Saudi Arabia’s state-backed oil company. Google has a major data center in the works.
Many companies contend that they are, in part, helping to open up the deeply conservative society. A screening of Marvel’s “Black Panther” at a repurposed concert hall in early 2018 lifted a 35-year ban on movie theaters, with men and women attending the showing together.
Wednesday, 17 April 2019
Mubadala Real Estate looks to part sell #UAE assets - The National
Mubadala Real Estate looks to part sell UAE assets - The National:
Mubadala Real Estate and Infrastructure, the property investment arm of Abu Dhabi’s strategic firm Mubadala Investment Company, is looking to monetise UAE assets through partial sales or launching a real estate investment trust (Reit) after it finishes a portfolio valuation process this year, a senior company executive said.
“It may be a partial sale to third-party private sector investors or we list them [assets] on a Reit,” Ali Eid Al Muheiri, executive director of the firm told The National in an interview at Cityscape Abu Dhabi. "I think in 2019, we will be in a position to decide how we are going to monetise our assets.”
Mubadala Real Estate has had informal discussions with potential investors and hasn’t yet done a “market-sounding exercise”. The initial response for partial sales has been very positive, he noted.
Mubadala Real Estate and Infrastructure, the property investment arm of Abu Dhabi’s strategic firm Mubadala Investment Company, is looking to monetise UAE assets through partial sales or launching a real estate investment trust (Reit) after it finishes a portfolio valuation process this year, a senior company executive said.
“It may be a partial sale to third-party private sector investors or we list them [assets] on a Reit,” Ali Eid Al Muheiri, executive director of the firm told The National in an interview at Cityscape Abu Dhabi. "I think in 2019, we will be in a position to decide how we are going to monetise our assets.”
Mubadala Real Estate has had informal discussions with potential investors and hasn’t yet done a “market-sounding exercise”. The initial response for partial sales has been very positive, he noted.
Etihad stands by Jet Airways amid flight suspensions
Etihad stands by Jet Airways amid flight suspensions:
Etihad Airways reiterated on Wednesday that it was still working with Jet Airways and its lenders to restructure the Indian airline, which has now temporarily suspended operations.
A spokesperson for Abu Dhabi’s Etihad told Gulf News that its teams are assisting guests with their travel arrangements and rebooking those affected. Etihad owns a 24 per cent stake in Jet.
“Following the announcement that Jet Airways has suspended operations, Etihad continues to re-accommodate and support affected guests,” Etihad said.
Etihad Airways reiterated on Wednesday that it was still working with Jet Airways and its lenders to restructure the Indian airline, which has now temporarily suspended operations.
A spokesperson for Abu Dhabi’s Etihad told Gulf News that its teams are assisting guests with their travel arrangements and rebooking those affected. Etihad owns a 24 per cent stake in Jet.
“Following the announcement that Jet Airways has suspended operations, Etihad continues to re-accommodate and support affected guests,” Etihad said.
#Dubai's biggest bank shrugs off slow economy as profits surge
Dubai's biggest bank shrugs off slow economy as profits surge:
Emirates NBD, Dubai’s biggest bank, reported a 15 percent increase in first-quarter profit on Wednesday as overall lending and margins gained.
Both loans and deposits rose as improved margins helped to offset an increase in provisions and operating costs.
The stock closed 0.4 percent lower on Wednesday after gaining more than 18 percent this month.
Emirates NBD, Dubai’s biggest bank, reported a 15 percent increase in first-quarter profit on Wednesday as overall lending and margins gained.
Both loans and deposits rose as improved margins helped to offset an increase in provisions and operating costs.
The stock closed 0.4 percent lower on Wednesday after gaining more than 18 percent this month.
EMEA ultra-high net worth investors remain optimistic about global markets - The Peninsula Qatar
EMEA ultra-high net worth investors remain optimistic about global markets - The Peninsula Qatar:
Many EMEA ultra-high net worth investors (39 percent) continue to believe equities will be the best performing asset class over the next 12 months, according to J.P. Morgan’s Spring Private Client Survey. Despite on-going global uncertainty, investor sentiment has remained largely unchanged since the winter Private Client Surveyi, but with increased volatility expectations for 2019, many investors are now beginning to adopt a more defensive investment approach.
A third of the ultra-high net worth clients surveyed (33 percent) are investing in higher-quality assets to help them to position their portfolios more defensively, whilst a quarter of investors (24 percent) are moving from heavily cyclical sectors to focus on long-term investment opportunities in industries such as healthcare and technology. A further fifth (20 percent) are moving to invest in actively defensive sectors such as utilities, real estate and telecoms.
“Like many of the ultra-high net worth clients we surveyed we’re also mostly positive on equities for 2019, which is reflected in our overweight allocation of equities in managed portfolios,” said Tara Smyth (pictured), Head of the Middle East and North Africa m
Many EMEA ultra-high net worth investors (39 percent) continue to believe equities will be the best performing asset class over the next 12 months, according to J.P. Morgan’s Spring Private Client Survey. Despite on-going global uncertainty, investor sentiment has remained largely unchanged since the winter Private Client Surveyi, but with increased volatility expectations for 2019, many investors are now beginning to adopt a more defensive investment approach.
A third of the ultra-high net worth clients surveyed (33 percent) are investing in higher-quality assets to help them to position their portfolios more defensively, whilst a quarter of investors (24 percent) are moving from heavily cyclical sectors to focus on long-term investment opportunities in industries such as healthcare and technology. A further fifth (20 percent) are moving to invest in actively defensive sectors such as utilities, real estate and telecoms.
“Like many of the ultra-high net worth clients we surveyed we’re also mostly positive on equities for 2019, which is reflected in our overweight allocation of equities in managed portfolios,” said Tara Smyth (pictured), Head of the Middle East and North Africa m
QIB posts 10% year-on-year jump in Q1 net profit to QR685.2mn
QIB posts 10% year-on-year jump in Q1 net profit to QR685.2mn:
Qatar Islamic Bank (QIB) has reported a 10% year-on-year jump in net profit to QR685.2mn in the first three months of this year.
Total assets expanded more than 2% to QR155.3bn, mainly driven by continued growth in the financing and investing activities.
Financing reached QR106.3bn, having grown about 2% year-on-year. Customer deposits now stand at QR107.8bn, registering a yearly strong growth of more than 5%.
Qatar Islamic Bank (QIB) has reported a 10% year-on-year jump in net profit to QR685.2mn in the first three months of this year.
Total assets expanded more than 2% to QR155.3bn, mainly driven by continued growth in the financing and investing activities.
Financing reached QR106.3bn, having grown about 2% year-on-year. Customer deposits now stand at QR107.8bn, registering a yearly strong growth of more than 5%.
Oil settles lower as U.S. inventories disappoint market - Reuters
Oil settles lower as U.S. inventories disappoint market - Reuters:
Crude prices declined slightly on Wednesday as U.S. government data showed inventories drew down less than an industry report had suggested on Tuesday.
Brent crude rallied to its highest level this year early in the session, bolstered by an unexpected drop in U.S. crude inventories reported by trade group the American Petroleum Institute late on Tuesday. However, official data from the Energy Information Administration on Wednesday showed a 1.4 million-barrel crude drawdown, about half the API’s reported decline.
“The rally overnight was predicated on a 3 million-barrel-per-day draw in crude that did not materialize,” said Bob Yawger, director of energy futures at Mizuho in New York. “You’re going to need another catalyst.”
Brent crude futures settled down 10 cents at $71.62 a barrel. During the session, the contract touched $72.27 a barrel, the highest this year.
U.S. West Texas Intermediate (WTI) crude futures settled down 29 cents per barrel at $63.76 a barrel. The contract touched an intraday high of $64.61 a barrel, just shy of a 2019
Crude prices declined slightly on Wednesday as U.S. government data showed inventories drew down less than an industry report had suggested on Tuesday.
Brent crude rallied to its highest level this year early in the session, bolstered by an unexpected drop in U.S. crude inventories reported by trade group the American Petroleum Institute late on Tuesday. However, official data from the Energy Information Administration on Wednesday showed a 1.4 million-barrel crude drawdown, about half the API’s reported decline.
“The rally overnight was predicated on a 3 million-barrel-per-day draw in crude that did not materialize,” said Bob Yawger, director of energy futures at Mizuho in New York. “You’re going to need another catalyst.”
Brent crude futures settled down 10 cents at $71.62 a barrel. During the session, the contract touched $72.27 a barrel, the highest this year.
U.S. West Texas Intermediate (WTI) crude futures settled down 29 cents per barrel at $63.76 a barrel. The contract touched an intraday high of $64.61 a barrel, just shy of a 2019
Kinder Morgan's planned Gulf LNG export plant in Mississippi passes environmental test - Reuters
Kinder Morgan's planned Gulf LNG export plant in Mississippi passes environmental test - Reuters:
Kinder Morgan Inc’s proposed Gulf liquefied natural gas (LNG) export plant in Mississippi took a step toward receiving federal approval for construction on Wednesday after staff at the federal energy regulator prepared an environmental report.
Construction and operation of the project would result in some adverse environmental impacts, but those “would be avoided or reduced to less-than-significant levels” if the company follows some recommendations, staff at the Federal Energy Regulatory Commission (FERC) said in the report, known as a final environmental impact statement.
The FERC commissioners take the staff’s recommendations into consideration when they decide on the project.
Kinder Morgan Inc’s proposed Gulf liquefied natural gas (LNG) export plant in Mississippi took a step toward receiving federal approval for construction on Wednesday after staff at the federal energy regulator prepared an environmental report.
Construction and operation of the project would result in some adverse environmental impacts, but those “would be avoided or reduced to less-than-significant levels” if the company follows some recommendations, staff at the Federal Energy Regulatory Commission (FERC) said in the report, known as a final environmental impact statement.
The FERC commissioners take the staff’s recommendations into consideration when they decide on the project.
COLUMN-White House will tie Iran sanctions review to response by #SaudiArabia: Kemp - Reuters
COLUMN-White House will tie Iran sanctions review to response by Saudi Arabia: Kemp - Reuters:
The White House will have to weigh costs and benefits carefully before tightening sanctions on Iran and Venezuela further – and decide whether the economic price is worth the diplomatic gains.
If the White House toughens sanctions on Iran and Venezuela significantly (and the next decision on Iran sanctions is scheduled for the first week of May) any decision is likely to be tied to production increases by Saudi Arabia.
The White House is likely to agree to scale back Iran sanctions waivers if, and only if, Saudi Arabia commits to replacing the lost barrels at least one-for-one to leave the global production-consumption balance unchanged.
The White House will have to weigh costs and benefits carefully before tightening sanctions on Iran and Venezuela further – and decide whether the economic price is worth the diplomatic gains.
If the White House toughens sanctions on Iran and Venezuela significantly (and the next decision on Iran sanctions is scheduled for the first week of May) any decision is likely to be tied to production increases by Saudi Arabia.
The White House is likely to agree to scale back Iran sanctions waivers if, and only if, Saudi Arabia commits to replacing the lost barrels at least one-for-one to leave the global production-consumption balance unchanged.
Reliance Said to Weigh Refinery Stake Sale to Aramco, Adnoc - Bloomberg
Reliance Said to Weigh Refinery Stake Sale to Aramco, Adnoc - Bloomberg:
Indian billionaire Mukesh Ambani’s Reliance Industries Ltd. is considering selling as much as 25 percent of its refinery business in a deal that could fetch at least $10 billion, people with knowledge of the matter said.
Reliance is sounding out potential investors including state-owned Saudi Arabian Oil Co. and Abu Dhabi National Oil Co. to gauge their interest, according to the people, who asked not to be identified because the information is private. Aramco has also been considering investing in a new Indian refinery that Reliance is planning to build, the people said.
Discussions are at an early stage, and valuation could be a hurdle to any agreement on a stake sale, the people said. Aramco has been weighing various deals that would increase its exposure to Reliance’s refining operations, though it hasn’t made a decision on what form any eventual investment would take, the people said.
Indian billionaire Mukesh Ambani’s Reliance Industries Ltd. is considering selling as much as 25 percent of its refinery business in a deal that could fetch at least $10 billion, people with knowledge of the matter said.
Reliance is sounding out potential investors including state-owned Saudi Arabian Oil Co. and Abu Dhabi National Oil Co. to gauge their interest, according to the people, who asked not to be identified because the information is private. Aramco has also been considering investing in a new Indian refinery that Reliance is planning to build, the people said.
Discussions are at an early stage, and valuation could be a hurdle to any agreement on a stake sale, the people said. Aramco has been weighing various deals that would increase its exposure to Reliance’s refining operations, though it hasn’t made a decision on what form any eventual investment would take, the people said.
Aramco plans to buy Shell's stake in Saudi refining JV- sources | ZAWYA MENA Edition
Aramco plans to buy Shell's stake in Saudi refining JV- sources | ZAWYA MENA Edition:
Saudi Aramco plans to buy Royal Dutch Shell's 50 percent stake in Saudi refining complex SASREF, a joint venture between the firms, two sources said on Wednesday.
One of the sources said an agreement has been reached between Aramco and Shell.
Aramco and Shell declined to comment.
Saudi Aramco plans to buy Royal Dutch Shell's 50 percent stake in Saudi refining complex SASREF, a joint venture between the firms, two sources said on Wednesday.
One of the sources said an agreement has been reached between Aramco and Shell.
Aramco and Shell declined to comment.
Aldar welcomes easing of freehold rules in Abu Dhabi | ZAWYA MENA Edition
Aldar welcomes easing of freehold rules in Abu Dhabi | ZAWYA MENA Edition:
Master developer Aldar Properties on Wednesday welcomed the Abu Dhabi government’s removal of restrictions on foreigners owning the freehold of land and properties they purchase in investment zones, a privilege previously reserved for UAE and GCC nationals.
The Abu Dhabi stock-exchange listed developer, citing a government notification, said in its press statement that residential units in investment zones would be registered under Abu Dhabi's freehold law with property ownership deeds issued to investors.
The statement noted that previously, foreign investors in Abu Dhabi property were generally limited to 99-year leasehold arrangements.
Master developer Aldar Properties on Wednesday welcomed the Abu Dhabi government’s removal of restrictions on foreigners owning the freehold of land and properties they purchase in investment zones, a privilege previously reserved for UAE and GCC nationals.
The Abu Dhabi stock-exchange listed developer, citing a government notification, said in its press statement that residential units in investment zones would be registered under Abu Dhabi's freehold law with property ownership deeds issued to investors.
The statement noted that previously, foreign investors in Abu Dhabi property were generally limited to 99-year leasehold arrangements.
Oil pares gains as U.S. fuel stocks draw less than expected - Reuters
Oil pares gains as U.S. fuel stocks draw less than expected - Reuters:
Crude prices pared gains Wednesday, pulling off a 2019 high as U.S. government data showed inventories drew down less than an industry report had suggested on Tuesday.
Brent crude had rallied to its highest this year early in the session, bolstered by an unexpected drop in U.S. crude inventories reported by trade group the American Petroleum Institute late Tuesday.
However, official data from the Energy Information Administration on Wednesday reported a 1.4 million-barrel crude drawdown, about half the API’s reported decline.
“The rally overnight was predicated on a 3 million-barrel per day draw in crude that did not materialize,” said Bob Yawger, director of energy futures at Mizuho in New York. “You’re going to need another catalyst.”
Brent crude futures were up 23 cents at $71.95 by 12:16 p.m. EDT (1616 GMT) having hit an intraday peak of $72.27.
Crude prices pared gains Wednesday, pulling off a 2019 high as U.S. government data showed inventories drew down less than an industry report had suggested on Tuesday.
Brent crude had rallied to its highest this year early in the session, bolstered by an unexpected drop in U.S. crude inventories reported by trade group the American Petroleum Institute late Tuesday.
However, official data from the Energy Information Administration on Wednesday reported a 1.4 million-barrel crude drawdown, about half the API’s reported decline.
“The rally overnight was predicated on a 3 million-barrel per day draw in crude that did not materialize,” said Bob Yawger, director of energy futures at Mizuho in New York. “You’re going to need another catalyst.”
Brent crude futures were up 23 cents at $71.95 by 12:16 p.m. EDT (1616 GMT) having hit an intraday peak of $72.27.
MIDEAST STOCKS-Oil lifts most of Gulf, top lender weighs on Egypt - Reuters
MIDEAST STOCKS-Oil lifts most of Gulf, top lender weighs on Egypt - Reuters:
Saudi Arabia's stock market rose on
Wednesday on the back of its banks as rising oil prices lifted
most major Gulf markets, while Egypt was partly dragged down by
its biggest lender Commercial International Bank
Brent oil hit a 2019 high above $72 a barrel on Wednesday,
propelled by steady economic growth in China and a fall in U.S.
crude stocks.
Saudi's index rose 1.1 percent for its biggest
one-day gain in two and a half months, with 11 of its 12 banks
advancing. Al Rajhi Bank added 2.3 percent and the
kingdom's largest lender National Commercial Bank
gained 2.2 percent.
Saudi Arabia's stock market rose on
Wednesday on the back of its banks as rising oil prices lifted
most major Gulf markets, while Egypt was partly dragged down by
its biggest lender Commercial International Bank
Brent oil hit a 2019 high above $72 a barrel on Wednesday,
propelled by steady economic growth in China and a fall in U.S.
crude stocks.
Saudi's index rose 1.1 percent for its biggest
one-day gain in two and a half months, with 11 of its 12 banks
advancing. Al Rajhi Bank added 2.3 percent and the
kingdom's largest lender National Commercial Bank
gained 2.2 percent.
`Unsustainable' #UAE Rate Climb Seen Reversing on Tax Giveaway - Bloomberg
`Unsustainable' U.A.E. Rate Climb Seen Reversing on Tax Giveaway - Bloomberg:
An “unsustainable” increase in the United Arab Emirates’ lending benchmark will reverse once the government doles out the tax revenue whose withdrawal from deposits spurred the rise, according to the biggest bank in Dubai.
The three-month Eibor has climbed in the past three weeks despite a decline in a similar dollar rate, an oddity because the dirham is pegged to the U.S. currency. The spread with the three-month Libor widened to 36 basis points last week, the biggest differential in more than two years, according to data compiled by Bloomberg.
The federal government’s “sudden withdrawal of cash from the large Eibor-fixing banks” is probably to blame, Anita Yadav, the head of fixed-income research at Emirates NBD, said in a report. As banks came under funding pressure, they responded by paying high interbank rates to lure money ahead of quarter-end reporting, she said.
An “unsustainable” increase in the United Arab Emirates’ lending benchmark will reverse once the government doles out the tax revenue whose withdrawal from deposits spurred the rise, according to the biggest bank in Dubai.
The three-month Eibor has climbed in the past three weeks despite a decline in a similar dollar rate, an oddity because the dirham is pegged to the U.S. currency. The spread with the three-month Libor widened to 36 basis points last week, the biggest differential in more than two years, according to data compiled by Bloomberg.
The federal government’s “sudden withdrawal of cash from the large Eibor-fixing banks” is probably to blame, Anita Yadav, the head of fixed-income research at Emirates NBD, said in a report. As banks came under funding pressure, they responded by paying high interbank rates to lure money ahead of quarter-end reporting, she said.
U.S. restrictions on #Qatar Airways could lead to unraveling of aviation agreements: airlines | News | The Mighty 790 KFGO
U.S. restrictions on Qatar Airways could lead to unraveling of aviation agreements: airlines | News | The Mighty 790 KFGO:
The U.S. government should not restrict Qatar Airways or Air Italy from flying to the United States because it may lead to the unraveling of other aviation agreements around the world, three U.S. airlines said in a letter to officials on Wednesday.
Washington is scrutinizing state-owned Qatar Airways' acquisition of 49 percent of Air Italy, which has been flying to U.S. destinations since June, a deal that U.S. lawmakers say may have violated a commitment by the Gulf airline not to add new flights to the domestic market.
But in a letter to Secretary of State Mike Pompeo and Secretary of Transportation Elaine Chao, JetBlue Airways Corp and cargo carriers FedEx Corp and Atlas Air Worldwide Holdings Inc said restricting the rights of Qatar Airways and Air Italy could lead to retaliation against U.S. carriers.
The U.S. government should not restrict Qatar Airways or Air Italy from flying to the United States because it may lead to the unraveling of other aviation agreements around the world, three U.S. airlines said in a letter to officials on Wednesday.
Washington is scrutinizing state-owned Qatar Airways' acquisition of 49 percent of Air Italy, which has been flying to U.S. destinations since June, a deal that U.S. lawmakers say may have violated a commitment by the Gulf airline not to add new flights to the domestic market.
But in a letter to Secretary of State Mike Pompeo and Secretary of Transportation Elaine Chao, JetBlue Airways Corp and cargo carriers FedEx Corp and Atlas Air Worldwide Holdings Inc said restricting the rights of Qatar Airways and Air Italy could lead to retaliation against U.S. carriers.
#Dubai's Biggest Bank Says CFO Subramanian to Leave After 9 Years - Bloomberg
Dubai's Biggest Bank Says CFO Subramanian to Leave After 9 Years - Bloomberg:
Surya Subramanian, group chief financial officer of Emirates NBD PJSC, will leave after almost nine years at Dubai’s biggest lender.
Subramanian expressed a “desire to return to Singapore to pursue family interests,” the bank said in a statement on Wednesday. The process to find a successor “from eligible internal and external candidates has already started.”
Subramanian will remain at the bank to help find his replacement and to complete an “orderly handover.” Emirates NBD announced Subramanian’s appointment in July 2010.
Surya Subramanian, group chief financial officer of Emirates NBD PJSC, will leave after almost nine years at Dubai’s biggest lender.
Subramanian expressed a “desire to return to Singapore to pursue family interests,” the bank said in a statement on Wednesday. The process to find a successor “from eligible internal and external candidates has already started.”
Subramanian will remain at the bank to help find his replacement and to complete an “orderly handover.” Emirates NBD announced Subramanian’s appointment in July 2010.
UPDATE 1-Loan, margin growth lift Emirates NBD quarterly net profit - Reuters
UPDATE 1-Loan, margin growth lift Emirates NBD quarterly net profit - Reuters:
Emirates NBD, Dubai’s largest bank, reported a 15 percent rise in first-quarter net profit as loan growth and improved margins offset an increase in provisions and operating costs, beating analysts’ expectations.
The bank said on Wednesday it made a net 2.7 billion dirhams ($735 million) in the three months ended March 31, compared with 2.39 billion in the year-ago period.
SICO Bahrain had projected a net profit of 2.54 billion dirhams, while EFG Hermes predicted 2.4 billion.
Emirates NBD, Dubai’s largest bank, reported a 15 percent rise in first-quarter net profit as loan growth and improved margins offset an increase in provisions and operating costs, beating analysts’ expectations.
The bank said on Wednesday it made a net 2.7 billion dirhams ($735 million) in the three months ended March 31, compared with 2.39 billion in the year-ago period.
SICO Bahrain had projected a net profit of 2.54 billion dirhams, while EFG Hermes predicted 2.4 billion.
Oil prices rise for a second day on China demand, U.S. stockpile drop - Reuters
Oil prices rise for a second day on China demand, U.S. stockpile drop - Reuters:
Oil prices rose for a second day on Wednesday on signs of strong demand from refineries in China, the world’s second-largest crude user, amid tightening supply as producers curtail output and as oil inventories in the United States fell unexpectedly.
International benchmark Brent crude oil futures rose 29 cents, or 0.4 percent, to $72.01 a barrel by 0657 GMT. Brent gained as much 0.5 percent to 72.10 a barrel, the highest since Nov. 8 and the highest this year.
U.S. West Texas Intermediate (WTI) crude futures were at $64.49 per barrel, up 44 cents, or 0.7 percent from their previous settlement.
Oil prices rose for a second day on Wednesday on signs of strong demand from refineries in China, the world’s second-largest crude user, amid tightening supply as producers curtail output and as oil inventories in the United States fell unexpectedly.
International benchmark Brent crude oil futures rose 29 cents, or 0.4 percent, to $72.01 a barrel by 0657 GMT. Brent gained as much 0.5 percent to 72.10 a barrel, the highest since Nov. 8 and the highest this year.
U.S. West Texas Intermediate (WTI) crude futures were at $64.49 per barrel, up 44 cents, or 0.7 percent from their previous settlement.
#Qatar Petroleum wins offshore exploration rights in Argentina - Reuters
Qatar Petroleum wins offshore exploration rights in Argentina - Reuters:
Qatar Petroleum has won exploration rights in five offshore blocks in Argentina as part of two consortia, the company said in a statement on its website.
The consortium for three blocks in the Malvinas West basin is made up of an ExxonMobil affiliate with a 70 percent interest, and a Qatar Petroleum affiliate with a 30 percent.
The consortium for two blocks in the North Argentina basin comprises an affiliate of Shell with a 60 percent interest, and an affiliate of Qatar Petroleum with a 40 percent interest, the statement said.
Qatar Petroleum has won exploration rights in five offshore blocks in Argentina as part of two consortia, the company said in a statement on its website.
The consortium for three blocks in the Malvinas West basin is made up of an ExxonMobil affiliate with a 70 percent interest, and a Qatar Petroleum affiliate with a 30 percent.
The consortium for two blocks in the North Argentina basin comprises an affiliate of Shell with a 60 percent interest, and an affiliate of Qatar Petroleum with a 40 percent interest, the statement said.
MIDEAST STOCKS-Real estate elevates #Dubai, banks lift Saudis - Reuters
MIDEAST STOCKS-Real estate elevates Dubai, banks lift Saudis - Reuters:
Dubai stocks rose on Wednesday as real estate shares gained, while financial stocks lifted Saudi Arabia’s index.
In Dubai, the index was up 0.6 percent as blue-chip developer Emaar Properties gained 1.4 percent and DAMAC Properties climbed 3.1 percent.
Dubai’s Purchasing Managers Index (PMI) for March came in at 57.6, a 10-month high reading, Al Mal Capital said in a note.
Dubai stocks rose on Wednesday as real estate shares gained, while financial stocks lifted Saudi Arabia’s index.
In Dubai, the index was up 0.6 percent as blue-chip developer Emaar Properties gained 1.4 percent and DAMAC Properties climbed 3.1 percent.
Dubai’s Purchasing Managers Index (PMI) for March came in at 57.6, a 10-month high reading, Al Mal Capital said in a note.
Aramco in talks for 25 percent of Reliance's refining, petrochemical units: report - Reuters
Aramco in talks for 25 percent of Reliance's refining, petrochemical units: report - Reuters:
Saudi Aramco, the world’s largest crude oil producer, is in “serious discussions” to acquire up to a 25 percent stake in Reliance Industries’ refining and petrochemicals businesses, the Times of India reported on Wednesday.
A minority stake sale could fetch around $10 billion to $15 billion, valuing the Indian company's refining and petrochemicals businesses at around $55 billion to 60 billion, the report bit.ly/2v5wzCL said.
The agreement on valuation could be reached around June, the Indian newspaper reported, citing people with knowledge of the development. Goldman Sachs is said to have been mandated to advise on the proposed deal, the report added.
Saudi Aramco, the world’s largest crude oil producer, is in “serious discussions” to acquire up to a 25 percent stake in Reliance Industries’ refining and petrochemicals businesses, the Times of India reported on Wednesday.
A minority stake sale could fetch around $10 billion to $15 billion, valuing the Indian company's refining and petrochemicals businesses at around $55 billion to 60 billion, the report bit.ly/2v5wzCL said.
The agreement on valuation could be reached around June, the Indian newspaper reported, citing people with knowledge of the development. Goldman Sachs is said to have been mandated to advise on the proposed deal, the report added.
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