Reliance sets up a subsidiary in UAE for trading oil | Reuters
Reliance Industries (RELI.NS) said on Saturday it had set up a wholly owned subsidiary in the United Arab Emirates (UAE) for trading in crude oil, petroleum, petrochemical products and agricultural commodities.
Reliance International Ltd (RINL), the new subsidiary, is yet to commence operations, the parent company said in an exchange filing, adding it had invested $1 million in the new business.
In its brief statement, Reliance Industries, which operates the world's biggest refining complex at Jamnagar in western India, gave no reasons for its decision to set up the new unit and its reasons to locate it in the UAE, though it is in line with it becoming more international in its focus.
It previously bought stakes in a number of overseas exploration and manufacturing assets, and in June it entered an agreement with Abu Dhabi National Oil Co (ADNOC) to build a multi-billion dollar chemical project in Ruwais, marking the group's first investment in a greenfield overseas project. read more
Reliance Industries in June announced the appointment of Saudi Aramco (2222.SE) Chairman Yasir Al-Rumayyan as a director of Reliance's board and said this was the "beginning of the internationalisation of Reliance". The group hopes to formalise this year a deal to sell a 20% stake in its oil-to-chemical business to Aramco. read more
Saturday, 2 October 2021
Top #UAE Official Warns on Risk of ‘Cold War’ Between China, U.S. - Bloomberg
Top UAE Official Warns on Risk of ‘Cold War’ Between China, U.S. - Bloomberg
A top official in the United Arab Emirates has sounded the alarm about escalating tensions between China and the U.S., delivering one of the starkest regional warnings yet about competition between the two powers.
“We’re all worried, very much, by a looming Cold War,” UAE presidential diplomatic adviser Anwar Gargash said Saturday at a conference in the capital, Abu Dhabi. “That is bad news for all of us because the idea of choosing is problematic in the international system, and I think this is not going to be an easy ride.”
A geopolitical rivalry between the U.S. and China is testing the loyalties of countries in the oil-rich Gulf. Despite decades of close cooperation with the U.S., including by hosting military bases, China has emerged as a major economic counterweight to America. It’s now the biggest buyer of crude oil from the Gulf.
“This is going to be a big challenge for all of us,” Gargash said. “For us here in the UAE, the United States is our predominant strategic partner but China is our number one or two -- with India -- economic partner.”
A top official in the United Arab Emirates has sounded the alarm about escalating tensions between China and the U.S., delivering one of the starkest regional warnings yet about competition between the two powers.
“We’re all worried, very much, by a looming Cold War,” UAE presidential diplomatic adviser Anwar Gargash said Saturday at a conference in the capital, Abu Dhabi. “That is bad news for all of us because the idea of choosing is problematic in the international system, and I think this is not going to be an easy ride.”
A geopolitical rivalry between the U.S. and China is testing the loyalties of countries in the oil-rich Gulf. Despite decades of close cooperation with the U.S., including by hosting military bases, China has emerged as a major economic counterweight to America. It’s now the biggest buyer of crude oil from the Gulf.
“This is going to be a big challenge for all of us,” Gargash said. “For us here in the UAE, the United States is our predominant strategic partner but China is our number one or two -- with India -- economic partner.”
#Oman’s First S&P Upgrade in Over a Decade May Be on the Cards - Bloomberg
Oman’s First S&P Upgrade in Over a Decade May Be on the Cards - Bloomberg
S&P Global Ratings could upgrade Oman’s sovereign grade for the first time since 2007 after improving its outlook to positive, following a fiscal turnaround that’s reducing the strain on its public finances.
While the sultanate’s spell in junk may be far from over, S&P’s change in the outlook from stable is a signal the firm is more inclined to raise the rating than cut it. S&P, the first of the major credit assessors to give Oman a non-investment grade, affirmed its long-term foreign currency rating at B+ on Friday, on par with Bahrain, Bolivia and Rwanda.
“Authorities have outlined a solid path to reduce the historically high fiscal deficits,” S&P credit analysts including Zahabia Gupta said in a report. “Economic and fiscal pressures on Oman are easing, as the effects of the sharp drop in oil prices in 2020 and the Covid-19 pandemic abate.”
S&P Global Ratings could upgrade Oman’s sovereign grade for the first time since 2007 after improving its outlook to positive, following a fiscal turnaround that’s reducing the strain on its public finances.
While the sultanate’s spell in junk may be far from over, S&P’s change in the outlook from stable is a signal the firm is more inclined to raise the rating than cut it. S&P, the first of the major credit assessors to give Oman a non-investment grade, affirmed its long-term foreign currency rating at B+ on Friday, on par with Bahrain, Bolivia and Rwanda.
“Authorities have outlined a solid path to reduce the historically high fiscal deficits,” S&P credit analysts including Zahabia Gupta said in a report. “Economic and fiscal pressures on Oman are easing, as the effects of the sharp drop in oil prices in 2020 and the Covid-19 pandemic abate.”
Saudis Triumph in Oil Market With Comeback From Covid Crisis - Bloomberg
Saudis Triumph in Oil Market With Comeback From Covid Crisis - Bloomberg
When the OPEC+ alliance of oil producers gathers next week, group leader Saudi Arabia can savor a moment of triumph.
Eighteen months after slashing crude production during the pandemic, Riyadh is set to pump at almost pre-Covid levels of 9.8 million barrels a day this month as a recovering global economy clamours for energy supplies.
Furthermore, by bringing those shipments back slowly enough to avert a new surplus, Saudi Energy Minister Prince Abdulaziz bin Salman has revived crude prices to $80 a barrel. That’s swelled the kingdom’s petroleum revenues to a three-year high, putting them on track for an even bigger payout in 2022.
“OPEC+ has had a very good year,” said Ben Luckock, co-head of oil trading at commodities merchant Trafigura Group. “They have delivered: they have managed to thread the needle.”
When the OPEC+ alliance of oil producers gathers next week, group leader Saudi Arabia can savor a moment of triumph.
Eighteen months after slashing crude production during the pandemic, Riyadh is set to pump at almost pre-Covid levels of 9.8 million barrels a day this month as a recovering global economy clamours for energy supplies.
Furthermore, by bringing those shipments back slowly enough to avert a new surplus, Saudi Energy Minister Prince Abdulaziz bin Salman has revived crude prices to $80 a barrel. That’s swelled the kingdom’s petroleum revenues to a three-year high, putting them on track for an even bigger payout in 2022.
“OPEC+ has had a very good year,” said Ben Luckock, co-head of oil trading at commodities merchant Trafigura Group. “They have delivered: they have managed to thread the needle.”
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