Wednesday 12 May 2021
Oil rises to 8-wk high on demand hopes, U.S. export decline | Reuters
Oil rises to 8-wk high on demand hopes, U.S. export decline | Reuters
Oil prices rose to an eight-week high on Wednesday as U.S. crude exports plunged and on signs of a speedy economic recovery and upbeat forecasts for energy demand.
Brent futures rose 77 cents, or 1.1%, to settle at $69.32 a barrel, while U.S. West Texas Intermediate (WTI) crude rose 80 cents, or 1.2%, to settle at $66.08.
That was the highest close for Brent since March 11 and for WTI since March 5.
U.S. crude exports fell last week to around 1.8 million barrels per day (bpd), their lowest since October 2018, while crude inventories declined 0.4 million barrels versus an expected 2.8 million-barrel draw, according to weekly government data.
Oil prices rose to an eight-week high on Wednesday as U.S. crude exports plunged and on signs of a speedy economic recovery and upbeat forecasts for energy demand.
Brent futures rose 77 cents, or 1.1%, to settle at $69.32 a barrel, while U.S. West Texas Intermediate (WTI) crude rose 80 cents, or 1.2%, to settle at $66.08.
That was the highest close for Brent since March 11 and for WTI since March 5.
U.S. crude exports fell last week to around 1.8 million barrels per day (bpd), their lowest since October 2018, while crude inventories declined 0.4 million barrels versus an expected 2.8 million-barrel draw, according to weekly government data.
Easy Money? But Where Will It Go And What About #AbuDhabi's Billions Owed? | ht @Sarawak_Report
Easy Money? But Where Will It Go And What About Abu Dhabi's Billions Owed? | Sarawak Report
Four law firms have filed a plethora of 22 civil suits to claim billions of US dollars on behalf of state-owned 1Malaysia Development Bhd (1MDB) and its former subsidiary SRC International Sdn Bhd.
The firms of Rosli Dahlan Saravana Partnership (RDS), Skrine & Co, Lim Chee Wee Partnership and Shearne Delamore filed the suits last Friday in the High Court in Kuala Lumpur and the Sessions Court in Shah Alam.
Various claims were made against individuals like former premier Datuk Seri Najib Razak, his stepson Riza Aziz, former 1MDB office bearers like Tan Sri Che Lodin Wok Kamaruddin, and former chief executive officers (CEOs) of 1MDB Datuk Shahrol Azral Ibrahim Halmi, Arul Kanda Kandasamy and Mohd Hazem Abdul Rahman.
Also named in the suits are fugitive businessman Low Taek Jho (Jho Low), his father Tan Sri Larry Low Hock Peng, sister Low May Lin and Jho Low’s close associate Eric Tan Kim Loong.
Four law firms have filed a plethora of 22 civil suits to claim billions of US dollars on behalf of state-owned 1Malaysia Development Bhd (1MDB) and its former subsidiary SRC International Sdn Bhd.
The firms of Rosli Dahlan Saravana Partnership (RDS), Skrine & Co, Lim Chee Wee Partnership and Shearne Delamore filed the suits last Friday in the High Court in Kuala Lumpur and the Sessions Court in Shah Alam.
Various claims were made against individuals like former premier Datuk Seri Najib Razak, his stepson Riza Aziz, former 1MDB office bearers like Tan Sri Che Lodin Wok Kamaruddin, and former chief executive officers (CEOs) of 1MDB Datuk Shahrol Azral Ibrahim Halmi, Arul Kanda Kandasamy and Mohd Hazem Abdul Rahman.
Also named in the suits are fugitive businessman Low Taek Jho (Jho Low), his father Tan Sri Larry Low Hock Peng, sister Low May Lin and Jho Low’s close associate Eric Tan Kim Loong.
Rasmala's Swats on #SaudiArabia Post-Pandemic Economic Recovery - Bloomberg video
Rasmala's Swats on Saudi Arabia Post-Pandemic Economic Recovery - Bloomberg
Eric Swats, Rasmala Investment Bank, Senior Executive Officer discusses pandemic recovery and oil curbs in Saudi Arabia. He speaks with Yousef Gamal El-Din on "Bloomberg Daybreak: Middle East." (Source: Bloomberg)
Indian court upholds travel bar on founder of debt-laden hospital operator NMC | Reuters
Indian court upholds travel bar on founder of debt-laden hospital operator NMC | Reuters
An Indian court on Wednesday refused to let B R Shetty, the founder of troubled hospital operator NMC Health, travel to the United Arab Emirates (UAE), as it upheld a previous ruling.
Shetty's NMC, the UAE's biggest hospital group listed in London, went into administration in April 2020 after months of turmoil over its finances and its disclosure of $6.6 billion in debt, well above earlier estimates.
"The findings recorded...are based on sound appreciation of facts and law," the two-judge panel said in dismissing Shetty's challenge of immigration officials' decision to stop him from boarding a Nov. 14 flight to the Middle Eastern nation.
He was appealing against a February ruling by a single judge of the High Court in the southern state of Karnataka.
An Indian court on Wednesday refused to let B R Shetty, the founder of troubled hospital operator NMC Health, travel to the United Arab Emirates (UAE), as it upheld a previous ruling.
Shetty's NMC, the UAE's biggest hospital group listed in London, went into administration in April 2020 after months of turmoil over its finances and its disclosure of $6.6 billion in debt, well above earlier estimates.
"The findings recorded...are based on sound appreciation of facts and law," the two-judge panel said in dismissing Shetty's challenge of immigration officials' decision to stop him from boarding a Nov. 14 flight to the Middle Eastern nation.
He was appealing against a February ruling by a single judge of the High Court in the southern state of Karnataka.
Exclusive - #Qatar pivots to LNG-hungry China in strategy shift | Reuters
Exclusive - Qatar pivots to LNG-hungry China in strategy shift | Reuters
Qatar is in talks to make Chinese firms partners in its liquefied natural gas expansion project, the world’s largest, in a shift from the Gulf state’s reliance on western majors for technology and global outreach, industry sources said.
Since the early 1990s, Qatar has depended on international companies, including ExxonMobil, Royal Dutch Shell and Total, to help it to build its LNG industry. In exchange, the Western majors received lucrative long-term supply contracts.
But the U.S. shale gas revolution and increased focus on renewable energy as pressure mounts to tackle climate change has curbed the West’s appetite for gas.
Three sources familiar with the matter told Reuters state energy giant Qatar Petroleum (QP) was in talks with Chinese state firms, including PetroChina and Sinopec, for equity stakes in Qatar’s $28.7 billion North Field expansion, the world’s biggest single LNG project.
Western majors ExxonMobil, Shell, ConocoPhillips, Total, Chevron and Eni have also been invited to bid for a share.
The sources spoke on condition of anonymity because the matter is private, although CNOOC Ltd’s CFO Xie Weizhi said last month the firm was “very interested” in Qatar’s gas projects.
It was unclear how advanced the talks were. One of the sources said PetroChina was discussing a 5% stake.
Qatar is in talks to make Chinese firms partners in its liquefied natural gas expansion project, the world’s largest, in a shift from the Gulf state’s reliance on western majors for technology and global outreach, industry sources said.
Since the early 1990s, Qatar has depended on international companies, including ExxonMobil, Royal Dutch Shell and Total, to help it to build its LNG industry. In exchange, the Western majors received lucrative long-term supply contracts.
But the U.S. shale gas revolution and increased focus on renewable energy as pressure mounts to tackle climate change has curbed the West’s appetite for gas.
Three sources familiar with the matter told Reuters state energy giant Qatar Petroleum (QP) was in talks with Chinese state firms, including PetroChina and Sinopec, for equity stakes in Qatar’s $28.7 billion North Field expansion, the world’s biggest single LNG project.
Western majors ExxonMobil, Shell, ConocoPhillips, Total, Chevron and Eni have also been invited to bid for a share.
The sources spoke on condition of anonymity because the matter is private, although CNOOC Ltd’s CFO Xie Weizhi said last month the firm was “very interested” in Qatar’s gas projects.
It was unclear how advanced the talks were. One of the sources said PetroChina was discussing a 5% stake.
#UAE's ADNOC Distribution to join MSCI Emerging Markets Index on May 27 | ZAWYA MENA Edition
UAE's ADNOC Distribution to join MSCI Emerging Markets Index on May 27 | ZAWYA MENA Edition
Morgan Stanley Capital International (MSCI) has included ADNOC Distribution as part of its MSCI Emerging Markets Index with effective date of 27 May 2021.
ADNOC Distribution is the UAE’s largest fuel and convenience retailer and is listed on the Abu Dhabi Securities Exchange (ADX).
ADNOC Distribution will now be among nine UAE listed companies to be part of the MSCI EM index which is most widely tracked by global institutional investors. The inclusion is expected to increase the attractiveness of the company's shares to potential international investors and thus further diversifying the company's investor base, according to a statement from ADNOC Distribution.
Ahmed Al Shamsi, Acting Chief Executive Officer of ADNOC Distribution said: “Being included on the MSCI Emerging Markets Index is an important milestone in ADNOC Distribution’s thriving equity narrative. The inclusion is a testament to the company’s ability to grow and a reflection of its solid performance and resilience since IPO."
In September 2020, ADNOC successfully completed a private placement of 1.25 billion of ADNOC Distribution shares (valued at $1 billion) to institutional investors, increasing its free-floating equity to 20 percent.
ADNOC Distribution's Q1 profit rose to AED 630.7 million ( $171.74 million) versus AED 399.5 million ($108.78 million) in the same period last year. Its Q1 revenue stood at 4.28 billion dirhams compared to 4.94 billion dirhams in the same period in 2020.
Morgan Stanley Capital International (MSCI) has included ADNOC Distribution as part of its MSCI Emerging Markets Index with effective date of 27 May 2021.
ADNOC Distribution is the UAE’s largest fuel and convenience retailer and is listed on the Abu Dhabi Securities Exchange (ADX).
ADNOC Distribution will now be among nine UAE listed companies to be part of the MSCI EM index which is most widely tracked by global institutional investors. The inclusion is expected to increase the attractiveness of the company's shares to potential international investors and thus further diversifying the company's investor base, according to a statement from ADNOC Distribution.
Ahmed Al Shamsi, Acting Chief Executive Officer of ADNOC Distribution said: “Being included on the MSCI Emerging Markets Index is an important milestone in ADNOC Distribution’s thriving equity narrative. The inclusion is a testament to the company’s ability to grow and a reflection of its solid performance and resilience since IPO."
In September 2020, ADNOC successfully completed a private placement of 1.25 billion of ADNOC Distribution shares (valued at $1 billion) to institutional investors, increasing its free-floating equity to 20 percent.
ADNOC Distribution's Q1 profit rose to AED 630.7 million ( $171.74 million) versus AED 399.5 million ($108.78 million) in the same period last year. Its Q1 revenue stood at 4.28 billion dirhams compared to 4.94 billion dirhams in the same period in 2020.
Oil climbs on demand outlook as market awaits fresh cues | Reuters
Oil climbs on demand outlook as market awaits fresh cues | Reuters
Oil prices rose on Wednesday on signs of a speedy economic recovery and upbeat predictions for energy demand in light of progress with vaccinations against COVID-19, though waves of infections in India and Brazil weighed on gains.
Brent crude climbed 18 cents, or 0.3% to $68.73 a barrel at 0846 GMT. U.S. West Texas Intermediate crude rose 20 cents, or 0.3%, to $65.48.
The International Energy Agency (IEA) said in its monthly report that demand for oil will exceed the output of the top producers.
"The anticipated supply growth through the rest of this year comes nowhere close to matching our forecast for significantly stronger demand beyond the second quarter," the IEA said.
Oil prices rose on Wednesday on signs of a speedy economic recovery and upbeat predictions for energy demand in light of progress with vaccinations against COVID-19, though waves of infections in India and Brazil weighed on gains.
Brent crude climbed 18 cents, or 0.3% to $68.73 a barrel at 0846 GMT. U.S. West Texas Intermediate crude rose 20 cents, or 0.3%, to $65.48.
The International Energy Agency (IEA) said in its monthly report that demand for oil will exceed the output of the top producers.
"The anticipated supply growth through the rest of this year comes nowhere close to matching our forecast for significantly stronger demand beyond the second quarter," the IEA said.
