Turkey Oil Firm Weighs Partners for $3.2 Billion Gas Project - Bloomberg
Turkey’s state-owned oil and gas company is considering partnerships and plans to raise funding this year to carry out work on the biggest natural gas discovery in the Black Sea, according to people with knowledge of the matter.
Turkish Petroleum Corp. has made preliminary contact with several international oil firms, including some of the majors, to jointly produce gas from the offshore field, said the people, who asked not to be identified because deliberations are confidential. The negotiations may not result in any ventures and the Ankara-based company may still go it alone, they said.
The necessary capital investment to produce the gas and deliver it onshore is estimated to be around $3.2 billion, one of the people said. Turkish Petroleum, also known as TPAO, was allocated 13.4 billion liras ($1.9 billion) from the government’s 2021 budget. It isn’t clear how much of that will be earmarked for the Black Sea gas project.
TPAO and Turkey’s Energy Ministry didn’t respond to emailed requests for comments.
Monday 8 February 2021
Oil rises 2% to more than one-year high on supply cuts, stimulus hopes | Reuters
Oil rises 2% to more than one-year high on supply cuts, stimulus hopes | Reuters
Oil prices rose 2% on Monday to their highest in over a year, with Brent nudging past $60 a barrel, boosted by supply cuts among key producers and hopes for further U.S. economic stimulus.
Brent rose $1.22, or 2.1%, to settle at $60.56 a barrel, while U.S. West Texas Intermediate rose $1.12, or 2%, to settle at $57.97 a barrel. Both benchmarks were at the highest since January 2020.
“Managing to breach $60 again feels like the market is finally resurfacing after the long struggle and (taking) a proper breath,” said Rystad Energy’s vice president for oil markets Paola Rodriguez Masiu. “It offers a feeling of normality again.”
Brent and WTI have risen more than 60% since the start of November due to optimism around coronavirus vaccine distributions as well as production cuts from OPEC+ members.
“There seems to be a paradigm shift in the market,” said Phil Flynn, senior analyst at Price Futures Group in Chicago. “There is a sense that the glut of oil supply is disappearing more rapidly than anybody thought possible.”
Oil prices rose 2% on Monday to their highest in over a year, with Brent nudging past $60 a barrel, boosted by supply cuts among key producers and hopes for further U.S. economic stimulus.
Brent rose $1.22, or 2.1%, to settle at $60.56 a barrel, while U.S. West Texas Intermediate rose $1.12, or 2%, to settle at $57.97 a barrel. Both benchmarks were at the highest since January 2020.
“Managing to breach $60 again feels like the market is finally resurfacing after the long struggle and (taking) a proper breath,” said Rystad Energy’s vice president for oil markets Paola Rodriguez Masiu. “It offers a feeling of normality again.”
Brent and WTI have risen more than 60% since the start of November due to optimism around coronavirus vaccine distributions as well as production cuts from OPEC+ members.
“There seems to be a paradigm shift in the market,” said Phil Flynn, senior analyst at Price Futures Group in Chicago. “There is a sense that the glut of oil supply is disappearing more rapidly than anybody thought possible.”
Brent Climbs Above $60 With Trading Houses Divided on Rally - Bloomberg
Brent Climbs Above $60 With Trading Houses Divided on Rally - Bloomberg
Oil in London extended gains above $60 a barrel for the first time in more than a year in a rally that’s dividing the world’s top oil trading houses.
Global benchmark Brent futures surged as much as 2.2% on Monday. Surpassing the key marker is another milestone in a stellar comeback from the depths of the pandemic, which forced countries to lock down and devastated economies. Trading house Trafigura Group sees prices moving even higher as refiners increase processing rates to meet rising product demand amid tight physical crude supplies.
However, with a full-fledged demand recovery yet to take a shape, futures may have rallied too far too fast, especially with key technical indicators signaling crude is in overbought territory. The world’s largest independent oil trader, Vitol SA, and rival Gunvor Group Ltd. both expressed caution over the recent rally.
“Be concerned all you want, but oil prices continue to rip,” said Bob Yawger, head of the futures division at Mizuho Securities. “There are some good demand-side factors and some good supply-side factors, which are all conspiring to push prices higher. But they could trade lower fast at any given moment.”
Oil in London extended gains above $60 a barrel for the first time in more than a year in a rally that’s dividing the world’s top oil trading houses.
Global benchmark Brent futures surged as much as 2.2% on Monday. Surpassing the key marker is another milestone in a stellar comeback from the depths of the pandemic, which forced countries to lock down and devastated economies. Trading house Trafigura Group sees prices moving even higher as refiners increase processing rates to meet rising product demand amid tight physical crude supplies.
However, with a full-fledged demand recovery yet to take a shape, futures may have rallied too far too fast, especially with key technical indicators signaling crude is in overbought territory. The world’s largest independent oil trader, Vitol SA, and rival Gunvor Group Ltd. both expressed caution over the recent rally.
“Be concerned all you want, but oil prices continue to rip,” said Bob Yawger, head of the futures division at Mizuho Securities. “There are some good demand-side factors and some good supply-side factors, which are all conspiring to push prices higher. But they could trade lower fast at any given moment.”
#UAE News: #AbuDhabi Villa Prices Climb for the First Time in Five Years - Bloomberg
UAE News: Abu Dhabi Villa Prices Climb for the First Time in Five Years - Bloomberg
Prices for villas in Abu Dhabi rose for the first time in five years during 2020 amid higher demand for larger properties as the coronavirus pandemic forced people to spend more time at home.
Prices for single-family homes, known locally as villas, rose 2% in Abu Dhabi, the richest and largest of the seven sheikhdoms that make up the United Arab Emirates, real estate consultancy Core said in a report on Monday. Prices for apartments, which make up the vast majority of residential properties in the city, dropped 4% last year.
Rental rates continued to decline for both villas and apartments as the pandemic forced companies to cut jobs. Residency permits in the UAE, where expatriates make up the majority of the population, are usually tied to employment and many residents who lose their jobs leave the country.
Average rents for villas fell 3% in 2020, compared with a 5% drop on average for apartments, according to the report.
Abu Dhabi’s housing market has fared somewhat better than neighboring Dubai, where values have been hammered by a supply glut and faltering demand.
Prices for villas in Abu Dhabi rose for the first time in five years during 2020 amid higher demand for larger properties as the coronavirus pandemic forced people to spend more time at home.
Prices for single-family homes, known locally as villas, rose 2% in Abu Dhabi, the richest and largest of the seven sheikhdoms that make up the United Arab Emirates, real estate consultancy Core said in a report on Monday. Prices for apartments, which make up the vast majority of residential properties in the city, dropped 4% last year.
Rental rates continued to decline for both villas and apartments as the pandemic forced companies to cut jobs. Residency permits in the UAE, where expatriates make up the majority of the population, are usually tied to employment and many residents who lose their jobs leave the country.
Average rents for villas fell 3% in 2020, compared with a 5% drop on average for apartments, according to the report.
Abu Dhabi’s housing market has fared somewhat better than neighboring Dubai, where values have been hammered by a supply glut and faltering demand.
Top #AbuDhabi Lender to Sell Bonds for Fifth Time in Two Months - Bloomberg
Top Abu Dhabi Lender to Sell Bonds for Fifth Time in Two Months - Bloomberg
The United Arab Emirates’ biggest bank has returned to the debt markets for the fifth time in less than two months.
First Abu Dhabi Bank PJSC on Monday hired advisers to market a euro-denominated deal, according to people familiar with the transaction. Since the start of the year, the bank has raised a combined $1.56 billion selling debt denominated in U.S. dollars, Chinese renminbi, Swiss francs and the British pound.
FAB DEBT DEALS
Governments and companies in the Gulf will issue about $120 billion of dollar debt and Islamic securities this year, according to Franklin Templeton. That compares with a record $126 billion last year.
The United Arab Emirates’ biggest bank has returned to the debt markets for the fifth time in less than two months.
First Abu Dhabi Bank PJSC on Monday hired advisers to market a euro-denominated deal, according to people familiar with the transaction. Since the start of the year, the bank has raised a combined $1.56 billion selling debt denominated in U.S. dollars, Chinese renminbi, Swiss francs and the British pound.
FAB DEBT DEALS
- Feb. 8: MANDATE: First Abu Dhabi Bank EUR Bmark 5Y Bond Investor Calls
- Feb. 2: PRICED: First Abu Dhabi Bank GBP400m Short 5Y +98
- Jan. 28: PRICED: First Abu Dhabi Bank CHF260m Long 6Y Green MS +57
- Jan. 12: First Abu Dhabi Bank Raises CNY1.5 Billion From Formosa Bond
- Jan. 8: PRICED: First Abu Dhabi Bank 5Y Sukuk MS+90bps; Size $500m
Governments and companies in the Gulf will issue about $120 billion of dollar debt and Islamic securities this year, according to Franklin Templeton. That compares with a record $126 billion last year.
Largest #Saudi Chain of Dental Clinics Is Said to Explore Sale - Bloomberg
Largest Saudi Chain of Dental Clinics Is Said to Explore Sale - Bloomberg
Saudi Arabia’s largest provider of dental and dermatology care is considering a range of strategic options including a full or partial sale, according to people familiar with the matter.
Shareholders in Almeswak Dental Clinics, which operates around 80 centers across 20 cities in the kingdom, have hired investment bank EFG-Hermes Holding Co. to look at a range of alternatives, including a sale or even an initial public offering, said the people, who asked not to be named because the information is private.
The company could be valued at almost $1 billion and has already attracted interest from regional players and international private equity firms, the people said. Almeswak is majority owned by Saudi private equity firm Jadwa Investment Co., which bought its 70% stake in 2017. Emirati health-care company United Eastern Medical Services is the other shareholder.
Jadwa and EFG declined to comment. Almeswak didn’t immediately reply to a request for comment.
Saudi Arabia’s largest provider of dental and dermatology care is considering a range of strategic options including a full or partial sale, according to people familiar with the matter.
Shareholders in Almeswak Dental Clinics, which operates around 80 centers across 20 cities in the kingdom, have hired investment bank EFG-Hermes Holding Co. to look at a range of alternatives, including a sale or even an initial public offering, said the people, who asked not to be named because the information is private.
The company could be valued at almost $1 billion and has already attracted interest from regional players and international private equity firms, the people said. Almeswak is majority owned by Saudi private equity firm Jadwa Investment Co., which bought its 70% stake in 2017. Emirati health-care company United Eastern Medical Services is the other shareholder.
Jadwa and EFG declined to comment. Almeswak didn’t immediately reply to a request for comment.
Oil lifts #Saudi shares; other Gulf indexes fall | Reuters
Oil lifts Saudi shares; other Gulf indexes fall | Reuters
Saudi Arabian shares surged on Monday as crude prices rose to their highest in just over a year, while the markets in the United Arab Emirates finished lower after a spike in coronavirus cases in recent weeks soured sentiment.
Oil prices, the most crucial catalyst for the Saudi financial market, were boosted by supply cuts among key producers and hopes for further U.S. economic stimulus measures that could boost demand. [O/R]
The oil market continues to tighten with deeper cuts from Saudi Arabia, which pledged extra reductions in February and March after cuts by other members of the Organization of the Petroleum Exporting Countries and its allies.
Saudi Arabia’s benchmark index firmed 1.4%, extending its gains to a third session and posting its best day since Dec. 22.
Index heavyweight Al-Rajhi Bank added 2.1%, while Saudi Basic Industries Corp, the Gulf’s largest petrochemical maker, advanced 1.6%.
However it was a different story in other Gulf markets, with Abu Dhabi and Dubai shares declining 0.3% and 0.9% respectively.
The UAE on Sunday decided it will temporarily only vaccinate residents and citizens who are elderly or who have certain health conditions.
The policy change was brought in to contain the disease and to ensure acquired community immunity following a spike in infections over the past weeks, the country’s health ministry said.
In Dubai, losses were led by the emirate’s biggest bank Emirates NBD and its largest listed developer Emaar Properties, which shed 2.2% and 1% respectively.
The Dubai markets have now logged losses in the last four straight sessions.
Aldar Properties was the biggest loser on the Abu Dhabi benchmark, falling 3.1%, while the UAE’s largest lender and index heavyweight First Abu Dhabi Bank slipped 0.3%.
In Qatar the benchmark declined 0.5%, dragged down mainly by a 1.5% loss in the Gulf’s biggest lender Qatar National Bank.
Saudi Arabian shares surged on Monday as crude prices rose to their highest in just over a year, while the markets in the United Arab Emirates finished lower after a spike in coronavirus cases in recent weeks soured sentiment.
Oil prices, the most crucial catalyst for the Saudi financial market, were boosted by supply cuts among key producers and hopes for further U.S. economic stimulus measures that could boost demand. [O/R]
The oil market continues to tighten with deeper cuts from Saudi Arabia, which pledged extra reductions in February and March after cuts by other members of the Organization of the Petroleum Exporting Countries and its allies.
Saudi Arabia’s benchmark index firmed 1.4%, extending its gains to a third session and posting its best day since Dec. 22.
Index heavyweight Al-Rajhi Bank added 2.1%, while Saudi Basic Industries Corp, the Gulf’s largest petrochemical maker, advanced 1.6%.
However it was a different story in other Gulf markets, with Abu Dhabi and Dubai shares declining 0.3% and 0.9% respectively.
The UAE on Sunday decided it will temporarily only vaccinate residents and citizens who are elderly or who have certain health conditions.
The policy change was brought in to contain the disease and to ensure acquired community immunity following a spike in infections over the past weeks, the country’s health ministry said.
In Dubai, losses were led by the emirate’s biggest bank Emirates NBD and its largest listed developer Emaar Properties, which shed 2.2% and 1% respectively.
The Dubai markets have now logged losses in the last four straight sessions.
Aldar Properties was the biggest loser on the Abu Dhabi benchmark, falling 3.1%, while the UAE’s largest lender and index heavyweight First Abu Dhabi Bank slipped 0.3%.
In Qatar the benchmark declined 0.5%, dragged down mainly by a 1.5% loss in the Gulf’s biggest lender Qatar National Bank.
Brent hits $60 as supply cuts and stimulus hopes boost prices | Reuters
Brent hits $60 as supply cuts and stimulus hopes boost prices | Reuters
Oil prices rose on Monday to their highest in just over a year, with Brent nudging past $60 a barrel, boosted by supply cuts among key producers and hopes for further U.S. economic stimulus measures that can boost demand.
Brent was up 69 cents, or 1.2%, at $60.03 a barrel by 1218 GMT, and U.S. West Texas Intermediate rose 64 cents, or 1.1%, to $57.49 a barrel.
Both contracts were at their highest levels since January 2020.
“Oil prices are back close to pre-pandemic levels,” said Norbert Rücker, analyst at Swiss bank Julius Baer.
“Support seems robust and the narrative sees the oil market swiftly burning through the remaining crisis-surplus, potentially running into tightness later this year,” he added.
Oil prices rose on Monday to their highest in just over a year, with Brent nudging past $60 a barrel, boosted by supply cuts among key producers and hopes for further U.S. economic stimulus measures that can boost demand.
Brent was up 69 cents, or 1.2%, at $60.03 a barrel by 1218 GMT, and U.S. West Texas Intermediate rose 64 cents, or 1.1%, to $57.49 a barrel.
Both contracts were at their highest levels since January 2020.
“Oil prices are back close to pre-pandemic levels,” said Norbert Rücker, analyst at Swiss bank Julius Baer.
“Support seems robust and the narrative sees the oil market swiftly burning through the remaining crisis-surplus, potentially running into tightness later this year,” he added.
ADNOC pipeline investors Galaxy hire banks for dual-tranche dollar bonds - document | ZAWYA MENA Edition
ADNOC pipeline investors Galaxy hire banks for dual-tranche dollar bonds - document | ZAWYA MENA Edition
Galaxy Pipeline Assets, owned by a consortium of investors that took a stake in Abu Dhabi National Oil Company's (ADNOC) gas pipeline assets, has hired banks for a planned dual-tranche U.S. dollar-denominated bond sale, a document showed on Monday.
Galaxy hired Citi, HSBC and Mizuho as joint global coordinators, while First Abu Dhabi Bank, Santander, SMBC Nikko and Societe Generale join them as joint bookrunners, the document from one of the banks showed.
They will arrange a series of investor calls starting on Monday, which will be followed by a sale of fixed-rate dual-tranche bonds, subject to market conditions.
The amortising bonds will have maturities ranging from about 13 years to roughly 19-1/2 years.
Galaxy Pipeline Assets, owned by a consortium of investors that took a stake in Abu Dhabi National Oil Company's (ADNOC) gas pipeline assets, has hired banks for a planned dual-tranche U.S. dollar-denominated bond sale, a document showed on Monday.
Galaxy hired Citi, HSBC and Mizuho as joint global coordinators, while First Abu Dhabi Bank, Santander, SMBC Nikko and Societe Generale join them as joint bookrunners, the document from one of the banks showed.
They will arrange a series of investor calls starting on Monday, which will be followed by a sale of fixed-rate dual-tranche bonds, subject to market conditions.
The amortising bonds will have maturities ranging from about 13 years to roughly 19-1/2 years.
Oil Markets Have Got Ahead of Themselves, Trader Vitol Says - Bloomberg
Oil Markets Have Got Ahead of Themselves, Trader Vitol Says - Bloomberg
The world’s largest independent oil trader, Vitol SA, joined rival Gunvor Group Ltd. in expressing caution about the recent surge in crude prices.
“The market is getting ahead of itself in terms of a post-vaccine euphoria but also continued belief in the ability of OPEC to manage supply,” Mike Muller, head of Vitol’s Asian operations, said Sunday in an interview with Dubai-based consultant Gulf Intelligence.
Crude prices have soared since early November on optimism Covid-19 vaccines will restore energy demand and because of deep supply cuts by the Organization of Petroleum Exporting Countries and its partners such as Russia. Yet many major economies remain in strict lockdowns and some are struggling to source enough vaccine doses.
Brent crude futures gained more than 6% last week to $59.34 a barrel, while WTI climbed almost 9%. Each benchmark is now at its highest level in more than a year.
The world’s largest independent oil trader, Vitol SA, joined rival Gunvor Group Ltd. in expressing caution about the recent surge in crude prices.
“The market is getting ahead of itself in terms of a post-vaccine euphoria but also continued belief in the ability of OPEC to manage supply,” Mike Muller, head of Vitol’s Asian operations, said Sunday in an interview with Dubai-based consultant Gulf Intelligence.
Crude prices have soared since early November on optimism Covid-19 vaccines will restore energy demand and because of deep supply cuts by the Organization of Petroleum Exporting Countries and its partners such as Russia. Yet many major economies remain in strict lockdowns and some are struggling to source enough vaccine doses.
Brent crude futures gained more than 6% last week to $59.34 a barrel, while WTI climbed almost 9%. Each benchmark is now at its highest level in more than a year.
Bank AlBilad's Al Onaizan Says Financing Landscape Has Changed - Bloomberg video
Bank AlBilad's Al Onaizan Says Financing Landscape Has Changed - Bloomberg
Abdul Aziz Al Onaizan, Bank AlBilad, CEO discusses how banking and financing has changed during worldwide pandemic crisis. He speaks with Yousef Gamal El-Din and Manus Cranny on "Bloomberg Daybreak: Middle East." (Source: Bloomberg)
Oil’s Remarkable Rebound From a Year of Catastrophe - Bloomberg
Oil’s Remarkable Rebound From a Year of Catastrophe - Bloomberg
One year after the first glimmers of the catastrophe awaiting global oil markets -- from deserted Chinese cities to grounded jets -- crude is staging a remarkable turnaround.
The crisis triggered by the deadly coronavirus was the worst the petroleum industry has ever seen. Fuel demand crashed by a fifth, prices slumped below zero, producers fought viciously over customers, and more than a billion surplus barrels poured into storage tanks around the world.
Yet oil’s emergence from the calamity has been stark.
Futures rallied to a one-year high above $60 a barrel in London on Monday as Chinese consumption surpasses pre-virus levels, the vaccine rollout restores confidence, and the OPEC cartel and its allies keep a tight leash on supply.
One year after the first glimmers of the catastrophe awaiting global oil markets -- from deserted Chinese cities to grounded jets -- crude is staging a remarkable turnaround.
The crisis triggered by the deadly coronavirus was the worst the petroleum industry has ever seen. Fuel demand crashed by a fifth, prices slumped below zero, producers fought viciously over customers, and more than a billion surplus barrels poured into storage tanks around the world.
Yet oil’s emergence from the calamity has been stark.
Futures rallied to a one-year high above $60 a barrel in London on Monday as Chinese consumption surpasses pre-virus levels, the vaccine rollout restores confidence, and the OPEC cartel and its allies keep a tight leash on supply.
#UAE’s GDP contracted 7.7% in 2020: Knight Frank | ZAWYA MENA Edition
UAE’s GDP contracted 7.7% in 2020: Knight Frank | ZAWYA MENA Edition
The UAE’s economy might have contracted by as much as 7.7 per cent in 2020, the steepest decline estimated for the GDP so far, with the core economic sectors --- the hydrocarbon, tourism and retail sectors --- arguably among the most affected by the pandemic, a leading global consultancy company said on Sunday.
In its “UAE Market Review and Forecast 2021” report, Knight Frank said that such “a seismic shock” would also go on to have major impacts on global economic activity, where it is estimated that global GDP decreased by 3.5 per cent in 2020.
The estimate of the UAE’s economic contraction in 2020 by the Institute of International Finance on Friday has been less dismal at 5.7 per cent as compared to Knight Frank’s.
However, despite this shock, the UAE’s “commendable handling of the pandemic and fiscal and monetary stimulus plans have seen recovery ensue in these and other sectors,” Knight Frank report said.
Looking ahead, the UAE’s GDP is forecast to expand by 1.1 per cent in 2021 and by 4.0 per cent in 2022, Knight Frank said quoting data from Oxford Economics. “During this period, GDP growth rates between Abu Dhabi and Dubai are initially expected to fragment, where Abu Dhabi and Dubai are expected to record growth rates of 1.6 per cent and 5.4 per cent in 2021, before converging to 5.3 per cent and 5.0 per cent in 2022 respectively,” Taimur Khan, associate partner at Knight Frank Middle East, said.
The UAE’s economy might have contracted by as much as 7.7 per cent in 2020, the steepest decline estimated for the GDP so far, with the core economic sectors --- the hydrocarbon, tourism and retail sectors --- arguably among the most affected by the pandemic, a leading global consultancy company said on Sunday.
In its “UAE Market Review and Forecast 2021” report, Knight Frank said that such “a seismic shock” would also go on to have major impacts on global economic activity, where it is estimated that global GDP decreased by 3.5 per cent in 2020.
The estimate of the UAE’s economic contraction in 2020 by the Institute of International Finance on Friday has been less dismal at 5.7 per cent as compared to Knight Frank’s.
However, despite this shock, the UAE’s “commendable handling of the pandemic and fiscal and monetary stimulus plans have seen recovery ensue in these and other sectors,” Knight Frank report said.
Looking ahead, the UAE’s GDP is forecast to expand by 1.1 per cent in 2021 and by 4.0 per cent in 2022, Knight Frank said quoting data from Oxford Economics. “During this period, GDP growth rates between Abu Dhabi and Dubai are initially expected to fragment, where Abu Dhabi and Dubai are expected to record growth rates of 1.6 per cent and 5.4 per cent in 2021, before converging to 5.3 per cent and 5.0 per cent in 2022 respectively,” Taimur Khan, associate partner at Knight Frank Middle East, said.
#Dubai's DP World CEO says 2021 outlook 'remains uncertain' | ZAWYA MENA Edition
Dubai's DP World CEO says 2021 outlook 'remains uncertain' | ZAWYA MENA Edition
International port operator DP World said on Monday it will continue to implement necessary measures to contain costs this year as the outlook for the container industry remains uncertain amid the resurgent COVID-19 pandemic.
“Looking ahead, while 2021 has started encouragingly, the outlook remains uncertain given the continued issues surrounding the pandemic, geopolitical uncertainty in some parts of the world and the ongoing trade war,” said Sultan Ahmed Bin Sulayem, group chairman and chief executive officer of DP World.
“We remain focused on containing costs to protect profitability, managing growth capex to preserve cashflow and are confident of meeting our 2022 targets,” he added.
The Dubai state-owned firm, which operates in more than 50 countries, reported a flat growth for its business for the full year 2020, with container volumes handled hitting 19.1 million TEUs (twenty-foot equivalent units).
However, overall volumes went up by 7.6 percent year-on-year and 6.5 percent like-for-like in the fourth quarter of 2020, thanks to markets like India, Europe, Middle East, Africa and the Americas.
International port operator DP World said on Monday it will continue to implement necessary measures to contain costs this year as the outlook for the container industry remains uncertain amid the resurgent COVID-19 pandemic.
“Looking ahead, while 2021 has started encouragingly, the outlook remains uncertain given the continued issues surrounding the pandemic, geopolitical uncertainty in some parts of the world and the ongoing trade war,” said Sultan Ahmed Bin Sulayem, group chairman and chief executive officer of DP World.
“We remain focused on containing costs to protect profitability, managing growth capex to preserve cashflow and are confident of meeting our 2022 targets,” he added.
The Dubai state-owned firm, which operates in more than 50 countries, reported a flat growth for its business for the full year 2020, with container volumes handled hitting 19.1 million TEUs (twenty-foot equivalent units).
However, overall volumes went up by 7.6 percent year-on-year and 6.5 percent like-for-like in the fourth quarter of 2020, thanks to markets like India, Europe, Middle East, Africa and the Americas.
Brent strikes $60/bbl as supply cuts, stimulus hopes boost prices | Reuters
Brent strikes $60/bbl as supply cuts, stimulus hopes boost prices | Reuters
Oil prices rose on Monday to their highest in just over a year, with Brent futures nudging past $60 a barrel, boosted by supply cuts among key producers and hopes for further U.S. economic stimulus measures to boost demand.
Brent crude for April touched an intraday high of $60.06 a barrel, the highest since January last year. The front-month contract was at $59.90 by 0728 GMT, up 56 cents, or 0.9%.
U.S. West Texas Intermediate crude futures for March advanced 60 cents, or 1.1%, to $57.45 a barrel, the highest since January last year.
Saudi Arabia’s pledge of extra supply cuts in February and March on the back of reductions by other members of the Organization of the Petroleum Exporting Countries and its allies, including Russia, is helping to balance global markets and support prices.
Oil prices rose on Monday to their highest in just over a year, with Brent futures nudging past $60 a barrel, boosted by supply cuts among key producers and hopes for further U.S. economic stimulus measures to boost demand.
Brent crude for April touched an intraday high of $60.06 a barrel, the highest since January last year. The front-month contract was at $59.90 by 0728 GMT, up 56 cents, or 0.9%.
U.S. West Texas Intermediate crude futures for March advanced 60 cents, or 1.1%, to $57.45 a barrel, the highest since January last year.
Saudi Arabia’s pledge of extra supply cuts in February and March on the back of reductions by other members of the Organization of the Petroleum Exporting Countries and its allies, including Russia, is helping to balance global markets and support prices.
Most major Gulf markets rise, tracking oil and Asian shares | Reuters
Most major Gulf markets rise, tracking oil and Asian shares | Reuters
Most stock markets in the Gulf edged up on Monday, tracking oil prices and Asian shares, on hopes a $1.9 trillion COVID-19 aid package will be passed by U.S. lawmakers as soon as this month just as vaccines are being rolled out globally.
Brent crude for April touched an intraday high of $60.06 a barrel, the highest since January last year, on hopes of a quicker economic revival as well as supply curbs by producer group OPEC and its allies. [O/R]
Saudi Arabia’s benchmark index gained 0.8%, on track to extend gains for a third consecutive session.
Saudi Basic Industries Corp, the Gulf’s largest petrochemical maker, advanced 1.2%, while National Commercial Bank traded 1.4% higher.
In Dubai, the main share index rose 0.1%, helped by a 0.6% gain in sharia-compliant lender Dubai Islamic Bank.
The Abu Dhabi index added 0.2%, with First Abu Dhabi Bank, the country’s largest lender, rising 0.4% and telecoms firm Etisalat increasing 0.6%.
The United Arab Emirates will only vaccinate residents and citizens who are elderly or who have certain health conditions for the present time, state media said on Sunday.
The temporary policy change was made “to ensure acquired community immunity and contain the disease” following a spike in infections over the past weeks.
Elsewhere, Qatar’s benchmark eased 0.1%, with petrochemical maker Industries Qatar losing 0.3% ahead of its earnings announcement.
Most stock markets in the Gulf edged up on Monday, tracking oil prices and Asian shares, on hopes a $1.9 trillion COVID-19 aid package will be passed by U.S. lawmakers as soon as this month just as vaccines are being rolled out globally.
Brent crude for April touched an intraday high of $60.06 a barrel, the highest since January last year, on hopes of a quicker economic revival as well as supply curbs by producer group OPEC and its allies. [O/R]
Saudi Arabia’s benchmark index gained 0.8%, on track to extend gains for a third consecutive session.
Saudi Basic Industries Corp, the Gulf’s largest petrochemical maker, advanced 1.2%, while National Commercial Bank traded 1.4% higher.
In Dubai, the main share index rose 0.1%, helped by a 0.6% gain in sharia-compliant lender Dubai Islamic Bank.
The Abu Dhabi index added 0.2%, with First Abu Dhabi Bank, the country’s largest lender, rising 0.4% and telecoms firm Etisalat increasing 0.6%.
The United Arab Emirates will only vaccinate residents and citizens who are elderly or who have certain health conditions for the present time, state media said on Sunday.
The temporary policy change was made “to ensure acquired community immunity and contain the disease” following a spike in infections over the past weeks.
Elsewhere, Qatar’s benchmark eased 0.1%, with petrochemical maker Industries Qatar losing 0.3% ahead of its earnings announcement.