Saudi Arabia to Invest $110 Billion in Jafurah Gas Field - Bloomberg:
Saudi Arabia plans to invest 412 billion riyals ($110 billion) to develop unconventional natural gas reserves in the eastern Jafurah field, according to the kingdom’s official Saudi Press Agency.
Crown Prince Mohammed bin Salman presided over a meeting of the Saudi High Commission for Hydrocarbons on Thursday during which the development plans were reviewed, the agency reported late Friday. The field is estimated to hold 200 trillion cubic feet of wet gas (about 5.7 trillion cubic meters) and its phased development is expected to begin production in 2024, gradually increasing output to 2.2 trillion cubic feet by 2036, it added.
Saudi Arabian Oil Co. Chief Executive Officer Amin Nasser said in a separate statement on Saturday that the development of the Jafurah field is meant to support the state-run company’s “diverse resources and the kingdom’s economic development.”
Jafurah will be able to produce about 130,000 barrels a day of ethane, representing about 40% of the kingdom’s current production and about 500,000 barrels a day of gas liquids and condensates, representing about 34% of the country’s output.
Saturday 22 February 2020
#Lebanon Slammed by Double Downgrade as Bond Default Looms - Bloomberg
Lebanon Slammed by Double Downgrade as Bond Default Looms - Bloomberg:
Lebanon was downgraded deeper into junk by two of the three biggest credit rating companies Friday as the nation’s bondholders brace for a potential default next month.
S&P Global Ratings cut the country’s long-term foreign currency rating to CC, following a similar reduction by Moody’s Investors Service to Ca earlier in the day. That puts Lebanon’s rating below the likes of Argentina, Mozambique and the Democratic Republic of Congo.
The moves cap a turbulent week for Lebanon in which a bank run intensified, the World Bank warned of “implosion” and the yield on the government’s Eurobonds maturing next month skyrocketed to more than 1,000%.
“A distressed exchange or unilateral default on Lebanon’s commercial debt is virtually certain,” S&P analysts led by Zahabia Gupta said in a statement. “Social unrest, a contracting economy, and intensifying liquidity pressures in the private sector will make it politically difficult to repay creditors in 2020.”
Lebanon was downgraded deeper into junk by two of the three biggest credit rating companies Friday as the nation’s bondholders brace for a potential default next month.
S&P Global Ratings cut the country’s long-term foreign currency rating to CC, following a similar reduction by Moody’s Investors Service to Ca earlier in the day. That puts Lebanon’s rating below the likes of Argentina, Mozambique and the Democratic Republic of Congo.
The moves cap a turbulent week for Lebanon in which a bank run intensified, the World Bank warned of “implosion” and the yield on the government’s Eurobonds maturing next month skyrocketed to more than 1,000%.
“A distressed exchange or unilateral default on Lebanon’s commercial debt is virtually certain,” S&P analysts led by Zahabia Gupta said in a statement. “Social unrest, a contracting economy, and intensifying liquidity pressures in the private sector will make it politically difficult to repay creditors in 2020.”
#Lebanon Slammed by Double Downgrade as Investors Warn of Default - Bloomberg
Lebanon Slammed by Double Downgrade as Investors Warn of Default - Bloomberg:
Lebanon was downgraded deeper into junk territory by two of the three biggest credit rating companies Friday as the nation’s bondholders brace for a potential default next month.
S&P Global Ratings cut the country’s long-term foreign currency rating to CC, following a similar reduction by Moody’s Investors Service to Ca earlier in the day. That puts Lebanon among the likes of Argentina, Mozambique and the Democratic Republic of Congo, other nations teetering near default.
The moves cap a turbulent week in which a bank run intensified, the World Bank warned of “implosion” and the yield on Lebanon’s Eurobonds that mature next month skyrocketed to more than 1,000%.
“A distressed exchange or unilateral default on Lebanon’s commercial debt is virtually certain,” S&P analysts led by Zahabia Gupta wrote in a statement. “Social unrest, a contracting economy, and intensifying liquidity pressures in the private sector will make it politically difficult to repay creditors in 2020.”
Lebanon was downgraded deeper into junk territory by two of the three biggest credit rating companies Friday as the nation’s bondholders brace for a potential default next month.
S&P Global Ratings cut the country’s long-term foreign currency rating to CC, following a similar reduction by Moody’s Investors Service to Ca earlier in the day. That puts Lebanon among the likes of Argentina, Mozambique and the Democratic Republic of Congo, other nations teetering near default.
The moves cap a turbulent week in which a bank run intensified, the World Bank warned of “implosion” and the yield on Lebanon’s Eurobonds that mature next month skyrocketed to more than 1,000%.
“A distressed exchange or unilateral default on Lebanon’s commercial debt is virtually certain,” S&P analysts led by Zahabia Gupta wrote in a statement. “Social unrest, a contracting economy, and intensifying liquidity pressures in the private sector will make it politically difficult to repay creditors in 2020.”
EXCLUSIVE-EU to clear without conditions $69 bln Aramco, SABIC deal - sources - Reuters
EXCLUSIVE-EU to clear without conditions $69 bln Aramco, SABIC deal - sources - Reuters:
EU antitrust regulators are set to give unconditional clearance to world No. 1 oil producer Saudi Aramco’s $69 billion bid for a 70% stake in petrochemicals group Saudi Basic Industries Corp (SABIC) , people familiar with the matter said on Friday.
Aramco announced the deal in March last year, a move key to its diversification into refining and petrochemicals.
EU antitrust regulators are set to give unconditional clearance to world No. 1 oil producer Saudi Aramco’s $69 billion bid for a 70% stake in petrochemicals group Saudi Basic Industries Corp (SABIC) , people familiar with the matter said on Friday.
Aramco announced the deal in March last year, a move key to its diversification into refining and petrochemicals.
#UAE c.bank says monitoring job cuts in financial industry - Reuters
UAE c.bank says monitoring job cuts in financial industry - Reuters:
United Arab Emirates’ (UAE) central bank said on Saturday it is closely following recent job cuts in the financial sector, after banks in the country shed hundreds of jobs in the last few months.
“We are closely following the recent occurrences of downsizing amongst financial institutions in the country to ensure that downsizing is not adversely affecting regulatory compliance and market conduct,” the Central Bank of the UAE said in a statement.
The statement came as banks accelerate job cuts due to mergers, a sluggish economic environment and a reduction in branches as banks encourage more online banking.
United Arab Emirates’ (UAE) central bank said on Saturday it is closely following recent job cuts in the financial sector, after banks in the country shed hundreds of jobs in the last few months.
“We are closely following the recent occurrences of downsizing amongst financial institutions in the country to ensure that downsizing is not adversely affecting regulatory compliance and market conduct,” the Central Bank of the UAE said in a statement.
The statement came as banks accelerate job cuts due to mergers, a sluggish economic environment and a reduction in branches as banks encourage more online banking.
UPDATE 2- #Saudi economy set to grow this year, driven by non-oil sector - central bank - Reuters
UPDATE 2-Saudi economy set to grow this year, driven by non-oil sector - central bank - Reuters:
Saudi Arabia’s economy is expected to grow this year, supported by the non-oil sector, despite a challenging global economic backdrop, the Saudi central bank governor said on Saturday as the kingdom hosts the G20 meeting.
Ahmed al-Kholifey said it was too early to see the full picture of the economic damage caused by the new coronavirus, which has emerged in China and spread globally.
The Saudi Arabian Monetary Authority governor was speaking at an economic conference in Riyadh, where finance leaders of the world’s 20 largest economies have gathered this weekend to discuss policies and the impact of the virus on global growth.
“GDP growth in Saudi Arabia is projected to see an upturn in 2020,” said Kholifey. “Monetary, fiscal and structural policies in my country are all geared towards an expansion of the private non-oil sector GDP over the medium term,” he said.
Saudi Arabia’s economy is expected to grow this year, supported by the non-oil sector, despite a challenging global economic backdrop, the Saudi central bank governor said on Saturday as the kingdom hosts the G20 meeting.
Ahmed al-Kholifey said it was too early to see the full picture of the economic damage caused by the new coronavirus, which has emerged in China and spread globally.
The Saudi Arabian Monetary Authority governor was speaking at an economic conference in Riyadh, where finance leaders of the world’s 20 largest economies have gathered this weekend to discuss policies and the impact of the virus on global growth.
“GDP growth in Saudi Arabia is projected to see an upturn in 2020,” said Kholifey. “Monetary, fiscal and structural policies in my country are all geared towards an expansion of the private non-oil sector GDP over the medium term,” he said.
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