Mubadala takes stake in Aramco pipelines venture | The National
Abu Dhabi’s sovereign fund Mubadala confirmed it has joined the consortium that took a significant minority stake in an oil pipeline venture with Saudi Aramco.
Aramco announced a $12.4 billion deal in April for the sale of a 49 per cent stake in a newly created vehicle known as Aramco Oil Pipelines. The buyer was a consortium led by Washington-based investor EIG, an investor in energy-related infrastructure.
Mubadala “has joined the EIG-led consortium which has entered into a transaction with Saudi Arabian Oil Company [Aramco] to acquire a 49 per cent equity stake in the newly formed entity Aramco Oil Pipelines Company. Aramco will retain the remaining 51 per cent stake in the new entity,” a company representative said in a statement.
“The new entity has rights to 25 years of tariff payments for oil transported through Aramco’s stabilised crude oil infrastructure network, backed by minimum volume commitments.”
The deal allows Aramco, the world’s third-most valuable company, to monetise its pipeline assets while retaining overall ownership and operational control of the network. It does not impose any restrictions on Aramco’s crude oil production volumes, which are set by the kingdom itself, the Mubadala representative said.
Aramco, which made a profit of 183.7bn Saudi riyals ($49bn) in 2020, said earlier this week it also plans to tap debt capital markets through the issue of dollar-denominated sukuk. It did not disclose how much it plans to raise, but said the funds raised would be used “for general corporate purposes or for any other purpose specified” in the offer documents for the sukuk.
Speaking at the time EIG’s investment was announced in April, Aramco’s president and chief executive Amin Nasser described it as a landmark deal that “defines the way forward for our portfolio optimisation programme”.
Aramco’s monetisation of its pipeline network follows similar initiatives taken by Abu Dhabi National Oil Company in recent years.
Adnoc completed a $20.7bn deal with a consortium of infrastructure and sovereign funds to buy a stake in its natural gas pipelines in July last year. This followed a $5bn investment in the company’s oil pipelines from other investors in 2019.
Adnoc also raised $2.7bn by monetising future rents from some of its non-core property assets in September last year through a vehicle known as Abu Dhabi Property Leasing Holding Company. Apollo Global Management took a 49 per cent stake in the company, valuing it at $5.5bn.
Tuesday 8 June 2021
Oil rises as Iranian supply not seen returning soon | Reuters
Oil rises as Iranian supply not seen returning soon | Reuters
Oil prices rose on Tuesday, settling at the highest in more than two years after the top U.S. diplomat said that even if the United States were to reach a nuclear deal with Iran, hundreds of U.S. sanctions on Tehran would remain in place.
That could mean additional Iranian oil supply would not be re-introduced into the market soon.
"I would anticipate that even in the event of a return to compliance with the JCPOA (2015 Joint Comprehensive Plan of Action), hundreds of sanctions will remain in place, including sanctions imposed by the Trump administration," U.S. Secretary of State Antony Blinken said.
Brent crude rose 73 cents, or 1%, to close at $72.22 a barrel, the highest it has settled since May 2019. U.S. West Texas Intermediate oil rose 82 cents, or 1.2%, to settle at $70.05 a barrel, highest since October 2018.
Oil prices rose on Tuesday, settling at the highest in more than two years after the top U.S. diplomat said that even if the United States were to reach a nuclear deal with Iran, hundreds of U.S. sanctions on Tehran would remain in place.
That could mean additional Iranian oil supply would not be re-introduced into the market soon.
"I would anticipate that even in the event of a return to compliance with the JCPOA (2015 Joint Comprehensive Plan of Action), hundreds of sanctions will remain in place, including sanctions imposed by the Trump administration," U.S. Secretary of State Antony Blinken said.
Brent crude rose 73 cents, or 1%, to close at $72.22 a barrel, the highest it has settled since May 2019. U.S. West Texas Intermediate oil rose 82 cents, or 1.2%, to settle at $70.05 a barrel, highest since October 2018.
Bahrain's GFH approaches Khaleeji Commercial Bank with voluntary takeover offer | The National
Bahrain's GFH approaches Khaleeji Commercial Bank with voluntary takeover offer | The National
Bahrain’s GFH Financial Group plans to fully acquire Khaleeji Commercial Bank (KHCB), after it raised its stake in the Sharia-compliant lender to more than 69 per cent.
GFH has approached KHCB's board with a “proposed voluntary takeover offer for the issued shares of KHCB”, the company said in a statement to the Bahrain Bourse, where its shares trade. The offer is “subject to receipt of all necessary regulatory, board and shareholders approvals” and “may or may not” lead to an offer.
KHCB, which also trades on the Bahrain stock exchange, confirmed the offer from the GFH board and said it will make further announcements in the future.
GFH, a Shariah-compliant investment bank, with more than $12 billion in assets and funds under management increased its shareholding in KHCB this week after it bought shares from Dubai-based Shuaa Capital and the Goldilocks Fund, which is managed by a Shuaa subsidiary.
Bahrain’s GFH Financial Group plans to fully acquire Khaleeji Commercial Bank (KHCB), after it raised its stake in the Sharia-compliant lender to more than 69 per cent.
GFH has approached KHCB's board with a “proposed voluntary takeover offer for the issued shares of KHCB”, the company said in a statement to the Bahrain Bourse, where its shares trade. The offer is “subject to receipt of all necessary regulatory, board and shareholders approvals” and “may or may not” lead to an offer.
KHCB, which also trades on the Bahrain stock exchange, confirmed the offer from the GFH board and said it will make further announcements in the future.
GFH, a Shariah-compliant investment bank, with more than $12 billion in assets and funds under management increased its shareholding in KHCB this week after it bought shares from Dubai-based Shuaa Capital and the Goldilocks Fund, which is managed by a Shuaa subsidiary.
#Saudi Stocks Whipsawed as Global Website Outage Sparks Selling - Bloomberg
Saudi Stocks Whipsawed as Global Website Outage Sparks Selling - Bloomberg
Saudi stocks plunged the most in weeks before recovering as a global outage in websites across the internet fueled volatility.
The Tadawul All Share Index fell as much as 1.1% in Riyadh, the most intraday since April 29, before erasing the slump to close up 0.1%.
“People are panic-selling because of the global outage we just witnessed -- there is a global concern,” Abdulmalik Alsalem, an analyst at Samba Capital in the Saudi capital, said as the benchmark index fell sharply.
Several international websites were temporarily unavailable on Tuesday, including the New York Times, Bloomberg News, Reddit Inc., and the U.K. government, after services from content-delivery network Fastly Inc. went down. Saudi shares followed moves in global equities, which also slumped as the outage struck.
Most Saudi stocks have “rallied quite a bit” recently, and investors are “willing to take some profits,” said Pritish Devassy, head of equity research at Al Rajhi Capital. The Tadawul index remains among the best-performing gauges globally this year, advancing 24% in 2021.
Saudi stocks plunged the most in weeks before recovering as a global outage in websites across the internet fueled volatility.
The Tadawul All Share Index fell as much as 1.1% in Riyadh, the most intraday since April 29, before erasing the slump to close up 0.1%.
“People are panic-selling because of the global outage we just witnessed -- there is a global concern,” Abdulmalik Alsalem, an analyst at Samba Capital in the Saudi capital, said as the benchmark index fell sharply.
Several international websites were temporarily unavailable on Tuesday, including the New York Times, Bloomberg News, Reddit Inc., and the U.K. government, after services from content-delivery network Fastly Inc. went down. Saudi shares followed moves in global equities, which also slumped as the outage struck.
Most Saudi stocks have “rallied quite a bit” recently, and investors are “willing to take some profits,” said Pritish Devassy, head of equity research at Al Rajhi Capital. The Tadawul index remains among the best-performing gauges globally this year, advancing 24% in 2021.
#Oman gets $1.75 billion as sukuk comeback sees huge demand | Reuters
Oman gets $1.75 billion as sukuk comeback sees huge demand | Reuters
Oman sold $1.75 billion in nine-year sukuk, or Islamic bonds, on Tuesday after drawing more than $11.5 billion in orders for its second international bond issuance this year, a document showed.
It launched the bonds at 4.875%, tightened from initial price guidance of 5.375%-5.5%, according to the document from one of the banks involved in the deal.
Oman, a relatively small oil producer, is one of the weakest credits in the hydrocarbon-rich Gulf and more sensitive than its neighbours to oil price swings, meaning it was hit especially hard by 2020’s historic price crash and the COVID-19 pandemic.
“The pricing is reflective of pent-up demand in the sukuk space,” said Abdul Kadir Hussain, head of fixed income asset management at Arqaam Capital. The issuance was Oman’s first dollar sukuk sale since 2018.
The prospectus for the bonds, reviewed by Reuters, forecasts a 2021 deficit of 2.23 billion rials ($5.79 billion), or 8.6% of gross domestic product, falling to 1.66 billion rials in 2022, 605 million rials in 2023 and 165 million rials in 2024, or 5.9%, 2% and 0.5% of GDP respectively.
Oman expects it will continue to have substantial financing needs that will be met partly through privatisations, monetisation of government assets and “limited” use of domestic funding sources such as government development bonds and domestic sukuk issues, the prospectus said.
Raffaele Bertoni, head of debt capital markets at Gulf Investment Corporation, said a lack of supply of dollar sukuk from the region, as well as Oman’s $1.5 billion bond maturity this month, helped draw large demand for the new bonds.
The sultanate, which is the only Gulf sovereign with a “junk” credit rating apart from Bahrain, faced what banking sources described as lacklustre demand when it tapped the international debt markets last year.
But higher oil prices, some progress on fiscal consolidation and abundant global liquidity helped Oman become the first Gulf sovereign to issue bonds this year in a deal that drew over $15 billion in demand.
It raised $3.25 billion in that bond sale in January and later closed a $2.2 billion loan.
Oman expects its total government debt to fall from 82.7% of gross domestic product in 2021 to 71.7% in 2024, according to an investor presentation reviewed by Reuters.
Citi, Gulf International Bank, HSBC, Standard Chartered, Bank ABC and Bank Muscat arranged Tuesday’s deal.
Oman sold $1.75 billion in nine-year sukuk, or Islamic bonds, on Tuesday after drawing more than $11.5 billion in orders for its second international bond issuance this year, a document showed.
It launched the bonds at 4.875%, tightened from initial price guidance of 5.375%-5.5%, according to the document from one of the banks involved in the deal.
Oman, a relatively small oil producer, is one of the weakest credits in the hydrocarbon-rich Gulf and more sensitive than its neighbours to oil price swings, meaning it was hit especially hard by 2020’s historic price crash and the COVID-19 pandemic.
“The pricing is reflective of pent-up demand in the sukuk space,” said Abdul Kadir Hussain, head of fixed income asset management at Arqaam Capital. The issuance was Oman’s first dollar sukuk sale since 2018.
The prospectus for the bonds, reviewed by Reuters, forecasts a 2021 deficit of 2.23 billion rials ($5.79 billion), or 8.6% of gross domestic product, falling to 1.66 billion rials in 2022, 605 million rials in 2023 and 165 million rials in 2024, or 5.9%, 2% and 0.5% of GDP respectively.
Oman expects it will continue to have substantial financing needs that will be met partly through privatisations, monetisation of government assets and “limited” use of domestic funding sources such as government development bonds and domestic sukuk issues, the prospectus said.
Raffaele Bertoni, head of debt capital markets at Gulf Investment Corporation, said a lack of supply of dollar sukuk from the region, as well as Oman’s $1.5 billion bond maturity this month, helped draw large demand for the new bonds.
The sultanate, which is the only Gulf sovereign with a “junk” credit rating apart from Bahrain, faced what banking sources described as lacklustre demand when it tapped the international debt markets last year.
But higher oil prices, some progress on fiscal consolidation and abundant global liquidity helped Oman become the first Gulf sovereign to issue bonds this year in a deal that drew over $15 billion in demand.
It raised $3.25 billion in that bond sale in January and later closed a $2.2 billion loan.
Oman expects its total government debt to fall from 82.7% of gross domestic product in 2021 to 71.7% in 2024, according to an investor presentation reviewed by Reuters.
Citi, Gulf International Bank, HSBC, Standard Chartered, Bank ABC and Bank Muscat arranged Tuesday’s deal.
MIDEAST STOCKS #AbuDhabi, #Saudi manage small gains; other Gulf indexes muted | Reuters
MIDEAST STOCKS Abu Dhabi, Saudi manage small gains; other Gulf indexes muted | Reuters
Major Gulf markets ended lower on Tuesday, while Abu Dhabi and Saudi Arabia eked out marginal gains, as sentiment was pressured by weak oil prices.
Brent crude was down 58 cents, or 0.8%, at $70.91 a barrel by 1218 GMT, after declining 0.6% on Monday. U.S. West Texas Intermediate oil was off by 55 cents, or 0.8%, at $68.68 a barrel, having dropped by 0.6% in the previous session. read more
The movement in oil prices is a key catalyst for the Gulf region's financial markets.
Saudi Arabia's benchmark index (.TASI) edged up 0.1%, with Al Rajhi Bank (1120.SE) gaining 0.8% and Saudi Telecom (7010.SE) rising 2%.
In Abu Dhabi, the index (.ADI) was up 0.4%, extending gains for a third consecutive session, as Abu Dhabi Commercial Bank (ADCB.AD) jumped 3.1%.
The lender received an amended offer for its stake in Alexandria Medical Services (AMES.CA). TAT For Medical Services increased the offer price to 700 million Egyptian pounds ($44.87 million) from 650 million offered earlier.
The main share index in Dubai (.DFMGI) eased 0.1%, with Dubai's largest lender Emirates NBD Bank (ENBD.DU) falling 1.1% and developer Emaar Properties (EMAR.DU) shedding 0.2%.
On Monday, Emaar shares rose as much 1.5% after the company reported a more than three-fold jump in property sales for the first five months of 2021.
Qatar's index (.QSI), dropped 0.4%, with Gulf's largest lender Qatar National Bank (QNBK.QA) declining 1.1% and Industries Qatar (IQCD.QA) losing 0.9%.
Outside the Gulf, Egypt's blue-chip index (.EGX30) fell 1.4%, as the country's largest lender, Commercial International Bank (COMI.CA), dropped 2.5% and Fawry For Banking Technology and Electronic Payment (FWRY.CA) lost 4.4%.
In a bright spot, Telecom Egypt (ETEL.CA) jumped 8.9% after the company signed a modified shareholders' agreement with Vodafone Group (VOD.L) whereby Vodafone Egypt Telecommunications (VODE.CA) will pay a one-time dividend of 10 billion Egyptian pounds to its shareholders during 2021. Telecom Egypt owns about 45% of Vodafone Egypt.
Major Gulf markets ended lower on Tuesday, while Abu Dhabi and Saudi Arabia eked out marginal gains, as sentiment was pressured by weak oil prices.
Brent crude was down 58 cents, or 0.8%, at $70.91 a barrel by 1218 GMT, after declining 0.6% on Monday. U.S. West Texas Intermediate oil was off by 55 cents, or 0.8%, at $68.68 a barrel, having dropped by 0.6% in the previous session. read more
The movement in oil prices is a key catalyst for the Gulf region's financial markets.
Saudi Arabia's benchmark index (.TASI) edged up 0.1%, with Al Rajhi Bank (1120.SE) gaining 0.8% and Saudi Telecom (7010.SE) rising 2%.
In Abu Dhabi, the index (.ADI) was up 0.4%, extending gains for a third consecutive session, as Abu Dhabi Commercial Bank (ADCB.AD) jumped 3.1%.
The lender received an amended offer for its stake in Alexandria Medical Services (AMES.CA). TAT For Medical Services increased the offer price to 700 million Egyptian pounds ($44.87 million) from 650 million offered earlier.
The main share index in Dubai (.DFMGI) eased 0.1%, with Dubai's largest lender Emirates NBD Bank (ENBD.DU) falling 1.1% and developer Emaar Properties (EMAR.DU) shedding 0.2%.
On Monday, Emaar shares rose as much 1.5% after the company reported a more than three-fold jump in property sales for the first five months of 2021.
Qatar's index (.QSI), dropped 0.4%, with Gulf's largest lender Qatar National Bank (QNBK.QA) declining 1.1% and Industries Qatar (IQCD.QA) losing 0.9%.
Outside the Gulf, Egypt's blue-chip index (.EGX30) fell 1.4%, as the country's largest lender, Commercial International Bank (COMI.CA), dropped 2.5% and Fawry For Banking Technology and Electronic Payment (FWRY.CA) lost 4.4%.
In a bright spot, Telecom Egypt (ETEL.CA) jumped 8.9% after the company signed a modified shareholders' agreement with Vodafone Group (VOD.L) whereby Vodafone Egypt Telecommunications (VODE.CA) will pay a one-time dividend of 10 billion Egyptian pounds to its shareholders during 2021. Telecom Egypt owns about 45% of Vodafone Egypt.
#Oman expected to raise $1.5bln in year's second international debt sale | ZAWYA MENA Edition
Oman expected to raise $1.5bln in year's second international debt sale | ZAWYA MENA Edition
Oman is expected to sell $1.5 billion in nine-year sukuk, or Islamic bonds and tightened price guidance after it received more than $8.5 billion in orders for its second international debt sale of the year, a document showed on Tuesday.
Citi, Gulf International Bank, HSBC, Standard Chartered, Bank ABC and Bank Muscat are arranging the deal, which is expected to launch later on Tuesday, according to the document from one of the banks on the deal.
Oman is expected to sell $1.5 billion in nine-year sukuk, or Islamic bonds and tightened price guidance after it received more than $8.5 billion in orders for its second international debt sale of the year, a document showed on Tuesday.
Citi, Gulf International Bank, HSBC, Standard Chartered, Bank ABC and Bank Muscat are arranging the deal, which is expected to launch later on Tuesday, according to the document from one of the banks on the deal.
Emirates Development Bank sells $750 mln in five-year bonds | Reuters
Emirates Development Bank sells $750 mln in five-year bonds | Reuters
Emirates Development Bank, wholly owned by the United Arab Emirates federal government, sold $750 million in five-year bonds at 80 basis points (bps) over mid-swaps after receiving over $3.2 billion in orders for its first international bond sale since 2019, a document showed on Tuesday.
The spread was tightened from initial guidance of between 105 and 110 basis points over mid-swaps, the document from one of the banks on the deal showed.
Emirates NBD Capital (ENBD.DU), Standard Chartered (STAN.L), Goldman Sachs International (GS.N), and Industrial and Commercial Bank of China (601398.SS) arranged the deal.
Emirates Development Bank, wholly owned by the United Arab Emirates federal government, sold $750 million in five-year bonds at 80 basis points (bps) over mid-swaps after receiving over $3.2 billion in orders for its first international bond sale since 2019, a document showed on Tuesday.
The spread was tightened from initial guidance of between 105 and 110 basis points over mid-swaps, the document from one of the banks on the deal showed.
Emirates NBD Capital (ENBD.DU), Standard Chartered (STAN.L), Goldman Sachs International (GS.N), and Industrial and Commercial Bank of China (601398.SS) arranged the deal.
#Saudi sovereign fund PIF appoints two to new deputy governor roles | Reuters
Saudi sovereign fund PIF appoints two to new deputy governor roles | Reuters
Saudi Arabia’s sovereign wealth fund PIF said on Tuesday it has established two deputy governor roles to support the $430 billion fund’s continued growth and expansion.
Turqi Alnowaiser, who heads PIF’s International Investments division, and Yazeed Alhumied, who leads the fund’s MENA (Middle East and North Africa) Investments Division, formerly the Local Holdings Investments Division, will take on the roles alongside their current responsibilities, it said.
The Public Investment Fund (PIF), led by Governor Yasir al-Rumayyan, is at the centre of Saudi Arabia’s plans to transform the economy by creating new sectors and diversifying revenues away from oil.
The fund is expected to inject at least $40 billion annually into the local economy until 2025, and increase its assets to $1 trillion by that date.
Saudi Arabia’s sovereign wealth fund PIF said on Tuesday it has established two deputy governor roles to support the $430 billion fund’s continued growth and expansion.
Turqi Alnowaiser, who heads PIF’s International Investments division, and Yazeed Alhumied, who leads the fund’s MENA (Middle East and North Africa) Investments Division, formerly the Local Holdings Investments Division, will take on the roles alongside their current responsibilities, it said.
The Public Investment Fund (PIF), led by Governor Yasir al-Rumayyan, is at the centre of Saudi Arabia’s plans to transform the economy by creating new sectors and diversifying revenues away from oil.
The fund is expected to inject at least $40 billion annually into the local economy until 2025, and increase its assets to $1 trillion by that date.
Oil Extends Decline as Rally Falters After Hitting 2018 High - Bloomberg
Oil Extends Decline as Rally Falters After Hitting 2018 High - Bloomberg
| PRICES |
|---|
Oil fell for a second session after a rally that saw prices hit $70 a barrel in New York for the first time since October 2018 faltered. Futures dropped back below $69 a barrel on Tuesday. That mirrored wider markets where the dollar rose and U.S. equity futures pared gains as the recent surge in various assets brought on inflation concerns. Still, in the oil market there’s confidence in the demand outlook with accelerating vaccinations allowing people to travel more. The Middle Eastern Dubai benchmark is trading in its strongest backwardation -- a market structure that indicates supply tightness -- in almost a year.  |
GlobalFoundries Says IBM Demanding $2.5 Billion as IPO Nears - Bloomberg
GlobalFoundries Says IBM Demanding $2.5 Billion as IPO Nears - Bloomberg
GlobalFoundries Inc. asked a judge to rule that it doesn’t owe $2.5 billion to International Business Machines Corp. over a 2014 deal in which the semi-conductor maker agreed to take an unprofitable chip-manufacturing unit off IBM’s hands.
In a complaint filed Monday in New York Supreme Court, GlobalFoundries is seeking a declaratory judgment that it didn’t breach the agreement and said IBM is threatening to sue. The suit comes as GlobalFoundries works with banks on an initial public offering that could value the chipmaker at about $30 billion.
“This action arises out of what seems to be a misguided and ill-conceived effort by IBM’s law department to try to extract an outlandish payment,” GlobalFoundries said its complaint.
IBM agreed in 2014 to pay GlobalFoundries $1.5 billion for GlobalFoundries to acquire the unit. As part of the deal, GlobalFoundries became IBM’s exclusive provider of certain power processors for the next 10 years, in exchange for access to IBM’s intellectual property. GlobalFoundries acquired manufacturing facilities in East Fishkill, New York, and Essex Junction, Vermont.
GlobalFoundries is backed by Abu Dhabi sovereign fund Mubadala Investment Co. The chipmaker is coming to market as numerous industries complain they can’t get enough semiconductor supply and governments across the globe gear up to provide financial support for expansions in production.
A call and email to IBM wasn’t immediately returned.
GlobalFoundries Inc. asked a judge to rule that it doesn’t owe $2.5 billion to International Business Machines Corp. over a 2014 deal in which the semi-conductor maker agreed to take an unprofitable chip-manufacturing unit off IBM’s hands.
In a complaint filed Monday in New York Supreme Court, GlobalFoundries is seeking a declaratory judgment that it didn’t breach the agreement and said IBM is threatening to sue. The suit comes as GlobalFoundries works with banks on an initial public offering that could value the chipmaker at about $30 billion.
“This action arises out of what seems to be a misguided and ill-conceived effort by IBM’s law department to try to extract an outlandish payment,” GlobalFoundries said its complaint.
IBM agreed in 2014 to pay GlobalFoundries $1.5 billion for GlobalFoundries to acquire the unit. As part of the deal, GlobalFoundries became IBM’s exclusive provider of certain power processors for the next 10 years, in exchange for access to IBM’s intellectual property. GlobalFoundries acquired manufacturing facilities in East Fishkill, New York, and Essex Junction, Vermont.
GlobalFoundries is backed by Abu Dhabi sovereign fund Mubadala Investment Co. The chipmaker is coming to market as numerous industries complain they can’t get enough semiconductor supply and governments across the globe gear up to provide financial support for expansions in production.
A call and email to IBM wasn’t immediately returned.
Emirates Development Bank gives initial outlook of dollar bonds - document | Reuters
Emirates Development Bank gives initial outlook of dollar bonds - document | Reuters
Emirates Development Bank, wholly owned by the United Arab Emirates federal government, has given an initial price outlook of between 105 and 110 basis points over mid-swaps for five-year U.S. dollar-denominated bonds, a document showed on Tuesday.
Emirates NBD Capital (ENBD.DU), Standard Chartered (STAN.L), Goldman Sachs International (GS.N), and Industrial and Commercial Bank of China (601398.SS) are arranging the deal, which is expected to close later in the day, according to a document from one of the banks.
Emirates Development Bank, wholly owned by the United Arab Emirates federal government, has given an initial price outlook of between 105 and 110 basis points over mid-swaps for five-year U.S. dollar-denominated bonds, a document showed on Tuesday.
Emirates NBD Capital (ENBD.DU), Standard Chartered (STAN.L), Goldman Sachs International (GS.N), and Industrial and Commercial Bank of China (601398.SS) are arranging the deal, which is expected to close later in the day, according to a document from one of the banks.
Oil drops again on doubts over demand rebound | Reuters
Oil drops again on doubts over demand rebound | Reuters
Oil prices extended their losses on Tuesday as concerns about the fragile state of the global recovery in demand for crude and fuels were heightened by data showing China’s oil imports fell in May.
Brent crude was down 49 cents, or 0.7%, at $71.00 a barrel by 0643 GMT, after declining 0.6% overnight. U.S. oil was off by 44 cents, or 0.6%, at $68.79 a barrel, having dropped by 0.6% in the previous session.
“Chinese oil imports at a five-month low ... would tend to confirm weakness in the Asia market,” said Bob Yawger, director of energy futures at Mizhuo Securities.
China’s crude imports were down 14.6% in May, from a high level a year earlier, with daily arrivals at the lowest level this year, as maintenance at refineries limited demand for oil purchases.
Oil prices extended their losses on Tuesday as concerns about the fragile state of the global recovery in demand for crude and fuels were heightened by data showing China’s oil imports fell in May.
Brent crude was down 49 cents, or 0.7%, at $71.00 a barrel by 0643 GMT, after declining 0.6% overnight. U.S. oil was off by 44 cents, or 0.6%, at $68.79 a barrel, having dropped by 0.6% in the previous session.
“Chinese oil imports at a five-month low ... would tend to confirm weakness in the Asia market,” said Bob Yawger, director of energy futures at Mizhuo Securities.
China’s crude imports were down 14.6% in May, from a high level a year earlier, with daily arrivals at the lowest level this year, as maintenance at refineries limited demand for oil purchases.
MIDEAST STOCKS Most Gulf markets fall; #Dubai rises on real estate strength | Reuters
MIDEAST STOCKS Most Gulf markets fall; Dubai rises on real estate strength | Reuters
Most major Gulf stock markets fell in early trading on Tuesday, while Dubai bucked the trend, supported by gains in real estate shares.
In Dubai, the main share index (.DFMGI) rose 0.2%, led by a 2.3% gain in Damac Properties (DAMAC.DU) and a 0.5% increase in blue-chip developer Emaar Properties (EMAR.DU).
On Sunday, Emaar reported a more than three-fold jump in property sales for the first five months of 2021.
The Abu Dhabi index (.ADI) retreated 0.2%, snapping two straight sessions of gains, with the country's largest lender, First Abu Dhabi Bank (FAB.AD) easing 0.1% and Abu Dhabi Islamic Bank (ADIB.AD) shedding 0.9%
Qatar's index (.QSI) eased 0.1%, extending losses for a fourth day in a row, as petrochemical maker Industries Qatar (IQCD.QA) declined 0.6% and Qatar Fuel (QFLS.QA) dropped 0.5%.
Saudi Arabia's benchmark index (.TASI) was flat as oil giant Saudi Aramco (2222.SE) slipped 0.3%, while Saudi telecom (7010.SE) gained 0.5%.
Most major Gulf stock markets fell in early trading on Tuesday, while Dubai bucked the trend, supported by gains in real estate shares.
In Dubai, the main share index (.DFMGI) rose 0.2%, led by a 2.3% gain in Damac Properties (DAMAC.DU) and a 0.5% increase in blue-chip developer Emaar Properties (EMAR.DU).
On Sunday, Emaar reported a more than three-fold jump in property sales for the first five months of 2021.
The Abu Dhabi index (.ADI) retreated 0.2%, snapping two straight sessions of gains, with the country's largest lender, First Abu Dhabi Bank (FAB.AD) easing 0.1% and Abu Dhabi Islamic Bank (ADIB.AD) shedding 0.9%
Qatar's index (.QSI) eased 0.1%, extending losses for a fourth day in a row, as petrochemical maker Industries Qatar (IQCD.QA) declined 0.6% and Qatar Fuel (QFLS.QA) dropped 0.5%.
Saudi Arabia's benchmark index (.TASI) was flat as oil giant Saudi Aramco (2222.SE) slipped 0.3%, while Saudi telecom (7010.SE) gained 0.5%.