Oil soars 3% to 7-yr highs on Ukraine jitters, tight supplies | Reuters
Oil prices ended 3% higher on Friday at fresh seven-year highs as escalating fears of an invasion of Ukraine by Russia, a top energy producer, added to concerns over tight global crude supplies.
Russia has massed enough troops near Ukraine to launch a major invasion, Washington said, as it urged all U.S. citizens to leave the country within 48 hours. read more
Britain also advised its nationals to leave Ukraine as Prime Minister Boris Johnson impressed the need for NATO allies to make it absolutely clear that there will be a heavy package of economic sanctions ready to go, should Russia invade Ukraine. read more
Brent crude futures settled $3.03, or 3.3%, higher at $94.44 a barrel, while U.S. West Texas Intermediate crude rose $3.22, or 3.6%, to $93.10 a barrel.
Both benchmarks touched their highest since late 2014, surpassing the record highs hit on Monday, and posted their eighth consecutive week of gains on growing concerns about global supplies as demand recovers from the coronavirus pandemic.
Friday, 11 February 2022
Oil prices gain 2% after IEA says market tight | Reuters
Oil prices gain 2% after IEA says market tight | Reuters
Oil prices rose 2% on Friday after the International Energy Agency (IEA) said oil markets were tight, but crude benchmarks were still headed for weekly losses on jitters about looming U.S. interest rate hikes and concern that U.S.-Iran talks which could boost global supplies.
Brent crude futures rose $1.52, or 1.7%, to $92.92 a barrel by 1145 a.m. ET (1645 GMT). U.S. West Texas Intermediate crude gained $1.67, or 1.9%, to $91.53 a barrel.
Prices are on track for their first weekly decline after seven consecutive weekly gains.
Saudi Arabia and the United Arab Emirates could help to calm volatile oil markets if they pumped more crude, the IEA said, adding that the OPEC+ alliance produced 900,000 barrels per day (bpd) below target in January.
Oil prices rose 2% on Friday after the International Energy Agency (IEA) said oil markets were tight, but crude benchmarks were still headed for weekly losses on jitters about looming U.S. interest rate hikes and concern that U.S.-Iran talks which could boost global supplies.
Brent crude futures rose $1.52, or 1.7%, to $92.92 a barrel by 1145 a.m. ET (1645 GMT). U.S. West Texas Intermediate crude gained $1.67, or 1.9%, to $91.53 a barrel.
Prices are on track for their first weekly decline after seven consecutive weekly gains.
Saudi Arabia and the United Arab Emirates could help to calm volatile oil markets if they pumped more crude, the IEA said, adding that the OPEC+ alliance produced 900,000 barrels per day (bpd) below target in January.
#Dubai's Tabreed in talks to buy Majid Al Futtaim cooling assets, sources say | Reuters
Dubai's Tabreed in talks to buy Majid Al Futtaim cooling assets, sources say | Reuters
Dubai-listed National Central Cooling Co (Tabreed) (TABR.DU) is in exclusive talks to buy regional mall operator Majid Al Futtaim's cooling assets, two sources close to the matter said.
Tabreed has appointed Standard Chartered (STAN.L) to advise on the transaction, the sources, who declined to be named because the matter is not public, told Reuters.
Tabreed and Majid Al Futtaim did not immediately respond to requests for comment. Standard Chartered declined to comment.
District cooling firms deliver chilled water via insulated pipes to cool offices and industrial and residential buildings.
HSBC (HSBA.L) was advising Majid Al Futtaim, which develops shopping malls across the Middle East, Reuters reported in 2020.
Dubai-listed National Central Cooling Co (Tabreed) (TABR.DU) is in exclusive talks to buy regional mall operator Majid Al Futtaim's cooling assets, two sources close to the matter said.
Tabreed has appointed Standard Chartered (STAN.L) to advise on the transaction, the sources, who declined to be named because the matter is not public, told Reuters.
Tabreed and Majid Al Futtaim did not immediately respond to requests for comment. Standard Chartered declined to comment.
District cooling firms deliver chilled water via insulated pipes to cool offices and industrial and residential buildings.
HSBC (HSBA.L) was advising Majid Al Futtaim, which develops shopping malls across the Middle East, Reuters reported in 2020.
Multiply Group: #UAE Firm Sitting on Millions Eyes Bargains in ‘Buyer’s Market’ - Bloomberg
Multiply Group: UAE Firm Sitting on Millions Eyes Bargains in ‘Buyer’s Market’ - Bloomberg
An Abu Dhabi firm with investments ranging from Getty Images to Rihanna’s lingerie company is scouting for opportunities to deploy an $817 million warchest.
“It’s a buyer’s market. It’s a good time to be sitting on a pile of cash,” Multiply Group Chief Executive Officer Samia Bouazza said in an interview. “We’re in a very active acquisitive mode looking for the right opportunities.”
The tech-focused holding company plans to spend more than 3 billion dirhams ($817 million) on investments in sectors including media, wellness and beauty, and the digital economy. Through its ventures arm, it will target investments in sectors benefiting from a post-Covid boom, including software and e-commerce.
“We believe we will find a lot of opportunities globally,” Bouazza said, adding that the firm would like the allocation to be fairly distributed across its verticals.
An Abu Dhabi firm with investments ranging from Getty Images to Rihanna’s lingerie company is scouting for opportunities to deploy an $817 million warchest.
“It’s a buyer’s market. It’s a good time to be sitting on a pile of cash,” Multiply Group Chief Executive Officer Samia Bouazza said in an interview. “We’re in a very active acquisitive mode looking for the right opportunities.”
The tech-focused holding company plans to spend more than 3 billion dirhams ($817 million) on investments in sectors including media, wellness and beauty, and the digital economy. Through its ventures arm, it will target investments in sectors benefiting from a post-Covid boom, including software and e-commerce.
“We believe we will find a lot of opportunities globally,” Bouazza said, adding that the firm would like the allocation to be fairly distributed across its verticals.
EXCLUSIVE #Qatar Petroleum no longer in EU antitrust crosshairs - sources | Reuters
EXCLUSIVE Qatar Petroleum no longer in EU antitrust crosshairs - sources | Reuters
Qatar Petroleum is unlikely to face further EU antitrust action three years after EU regulators opened an investigation into its 20-year gas contracts on concerns that these may hinder the development of a single gas market in the 27-country bloc, sources said.
The state-owned company, renamed QatarEnergy, found itself in the EU antitrust crosshairs in 2018 as the European Commission started an investigation into whether its liquefied natural gas (LNG) supply deals with European utilities barred them from diverting shipments within the region.
The move came after the EU competition enforcer ended a seven-year market abuse probe into Gazprom, accepting a pledge by the Russian gas giant to reform its pricing structure and allow rivals a foothold in eastern Europe.
The Commission is not expected to take further action against QatarEnergy, the sources said.
Qatar Petroleum is unlikely to face further EU antitrust action three years after EU regulators opened an investigation into its 20-year gas contracts on concerns that these may hinder the development of a single gas market in the 27-country bloc, sources said.
The state-owned company, renamed QatarEnergy, found itself in the EU antitrust crosshairs in 2018 as the European Commission started an investigation into whether its liquefied natural gas (LNG) supply deals with European utilities barred them from diverting shipments within the region.
The move came after the EU competition enforcer ended a seven-year market abuse probe into Gazprom, accepting a pledge by the Russian gas giant to reform its pricing structure and allow rivals a foothold in eastern Europe.
The Commission is not expected to take further action against QatarEnergy, the sources said.
#UAE stock markets gain after IEA says oil markets were tight | Reuters
UAE stock markets gain after IEA says oil markets were tight | Reuters
Stock markets in the United Arab Emirates (UAE) rebounded from early losses to close higher on Friday as oil prices gain after International Energy Agency (IEA) hints of tight oil markets.
The IAE said on Friday, Saudi Arabia and the United Arab Emirates could help to calm volatile oil markets if they pumped more crude. read more
Oil Prices are on track for their first weekly decline after seven consecutive weekly gains, however.
Abu Dhabi's index (.FTFADGI) rose 0.8%, extending gains for a sixth session in a row and on track for its weekly gain.
The country's largest lender First Abu Dhabi Bank (FAB.AD) jumped 2.2%, after state holding company ADQ said on Friday it has received the UAE central bank's in-principle approval for a new digital banking platform, to launch operations. read more
FAB will own a 10% stake in new digital banking platform alongside ADQ and Alpha Dhabi (ALPHADHABI.AD), which will have a combined 65% stake, while telecoms operator Etilasat (ETISALAT.AD) will own 25%.
In Dubai, the main share index (.DFMGI) was up 0.2%, posting its biggest weekly since Dec 17, 2021, led by a 1.2% rise in blue-cap developer Emaar Properties (EMAR.DU) and a 0.4% gain Emirates NBD Bank (ENBD.DU).
Stock markets in the United Arab Emirates (UAE) rebounded from early losses to close higher on Friday as oil prices gain after International Energy Agency (IEA) hints of tight oil markets.
The IAE said on Friday, Saudi Arabia and the United Arab Emirates could help to calm volatile oil markets if they pumped more crude. read more
Oil Prices are on track for their first weekly decline after seven consecutive weekly gains, however.
Abu Dhabi's index (.FTFADGI) rose 0.8%, extending gains for a sixth session in a row and on track for its weekly gain.
The country's largest lender First Abu Dhabi Bank (FAB.AD) jumped 2.2%, after state holding company ADQ said on Friday it has received the UAE central bank's in-principle approval for a new digital banking platform, to launch operations. read more
FAB will own a 10% stake in new digital banking platform alongside ADQ and Alpha Dhabi (ALPHADHABI.AD), which will have a combined 65% stake, while telecoms operator Etilasat (ETISALAT.AD) will own 25%.
In Dubai, the main share index (.DFMGI) was up 0.2%, posting its biggest weekly since Dec 17, 2021, led by a 1.2% rise in blue-cap developer Emaar Properties (EMAR.DU) and a 0.4% gain Emirates NBD Bank (ENBD.DU).
Doha Bank posts QR703.774 million net profit in 2021 | Banking – Gulf News
Doha Bank posts QR703.774 million net profit in 2021 | Banking – Gulf News
Doha Bank recorded a slight increase in net profit during the year 2021, to reach QR 703.774 million Qatari riyals, up 0.10 per cent compared to 703.024 million riyals in the previous year.
A statement issued by the bank, published on Qatar Stock Exchange website, said that the profit per share of Doha Bank amounted to QR0.16, unchanged from the same period last year.
Net interest income grew by 11.4 per cent compared to the previous year to reach QR2.6 billion.
Net operating income stood at QR3.1 billion, up 5.8 per cent compared to the previous year.
Doha Bank recorded a slight increase in net profit during the year 2021, to reach QR 703.774 million Qatari riyals, up 0.10 per cent compared to 703.024 million riyals in the previous year.
A statement issued by the bank, published on Qatar Stock Exchange website, said that the profit per share of Doha Bank amounted to QR0.16, unchanged from the same period last year.
Net interest income grew by 11.4 per cent compared to the previous year to reach QR2.6 billion.
Net operating income stood at QR3.1 billion, up 5.8 per cent compared to the previous year.
Watch Soussa on KSA Economy & Higher Oil Prices - Bloomberg video
Watch Soussa on KSA Economy & Higher Oil Prices - Bloomberg
Farouk Soussa, VP of MENA economics research at Goldman Sachs discusses Saudi Arabia's economy. The country expanded at 6.8% in the fourth quarter of 2021, maintaining the fastest pace of annual growth in almost a decade as high oil prices boost the kingdom's income and drive its recovery from the shock of the pandemic. He speaks with Yousef Gamal El-Din and Manus Cranny on "Bloomberg Daybreak: Middle East. (Source: Bloomberg)
#SaudiArabia and #UAE could ease oil market volatility, IEA says | Reuters
Saudi Arabia and UAE could ease oil market volatility, IEA says | Reuters
Saudi Arabia and the United Arab Emirates (UAE) could help to calm volatile oil markets if they pumped more crude, the International Energy Agency (IEA) said on Friday.
The UAE and Saudi Arabia are the two oil producers with the most spare production capacity and could help to relieve dwindling global oil inventories that have been among factors pushing prices towards $100 a barrel, deepening inflation worldwide.
"These risks, which have broad economic implications, could be reduced if producers in the Middle East with spare capacity were to compensate for those running out," the Paris-based agency said in its montly oil report.
The IEA said that effective spare capacity could fall to 2.5 million barrels per day (bpd) by the end of the year, held up almost entirely by Saudi Arabia and, to a lesser extent, the UAE.
Saudi Arabia and the United Arab Emirates (UAE) could help to calm volatile oil markets if they pumped more crude, the International Energy Agency (IEA) said on Friday.
The UAE and Saudi Arabia are the two oil producers with the most spare production capacity and could help to relieve dwindling global oil inventories that have been among factors pushing prices towards $100 a barrel, deepening inflation worldwide.
"These risks, which have broad economic implications, could be reduced if producers in the Middle East with spare capacity were to compensate for those running out," the Paris-based agency said in its montly oil report.
The IEA said that effective spare capacity could fall to 2.5 million barrels per day (bpd) by the end of the year, held up almost entirely by Saudi Arabia and, to a lesser extent, the UAE.
#AbuDhabi's ADNOC Drilling net profit rises 6.1% in 2021 | Reuters
Abu Dhabi's ADNOC Drilling net profit rises 6.1% in 2021 | Reuters
Abu Dhabi's ADNOC Drilling reported on Friday a rise of 6.1% in 2021 net profit, with revenues boosted by its onshore and oilfield services businesses.
Net profit for 2021 was $603.9 million, up from $569 million in the year-earlier period.
Revenues increased to $2.27 billion in 2021 from $2.10 billion in 2020.
In a regulatory filing, the company said the revenue increase was fuelled by additional drilling services to Abu Dhabi state oil giant Abu Dhabi National Oil Company (ADNOC) and its onshore and offshore units.
ADNOC Drilling said its onshore segment was the biggest driver of revenue growth as it supports state oil giant ADNOC Group's program to significantly grow its output capacity.
Chief financial officer Alexander Urquhart said the company is looking at international expansion with a focus on the Gulf market and specifically Saudi Arabia.
"We had a good conversation with investors during the IPO and plans are progressing and I think at some point there will be a more formal update in that space," he said.
ADNOC Drilling listed on the Abu Dhabi bourse in October last year after ADNOC, its majority shareholder, raised $1.1 billion from investors through a public share-sale.
Abu Dhabi's ADNOC Drilling reported on Friday a rise of 6.1% in 2021 net profit, with revenues boosted by its onshore and oilfield services businesses.
Net profit for 2021 was $603.9 million, up from $569 million in the year-earlier period.
Revenues increased to $2.27 billion in 2021 from $2.10 billion in 2020.
In a regulatory filing, the company said the revenue increase was fuelled by additional drilling services to Abu Dhabi state oil giant Abu Dhabi National Oil Company (ADNOC) and its onshore and offshore units.
ADNOC Drilling said its onshore segment was the biggest driver of revenue growth as it supports state oil giant ADNOC Group's program to significantly grow its output capacity.
Chief financial officer Alexander Urquhart said the company is looking at international expansion with a focus on the Gulf market and specifically Saudi Arabia.
"We had a good conversation with investors during the IPO and plans are progressing and I think at some point there will be a more formal update in that space," he said.
ADNOC Drilling listed on the Abu Dhabi bourse in October last year after ADNOC, its majority shareholder, raised $1.1 billion from investors through a public share-sale.
#Dubai's Deyaar rebounds with $13.8mln profit for 2021 | ZAWYA MENA Edition
Dubai's Deyaar rebounds with $13.8mln profit for 2021 | ZAWYA MENA Edition
Dubai-based developer Deyaar has announced a profit of AED 50.8 million ($13.8 million) for 2021 after its revenues climbed by 22 percent.
The real estate company reported a net profit following a loss of AED 216.9 million in 2020. Its revenue reached AED 504.8 million in 2021 compared to AED 412.8 million in 2020.
Saeed Al Qatami, CEO of Deyaar said the country had seen growth across economic sectors in 2021 thanks to the government’s efforts to combat COVID-19.
Deyaar’s Regalia skyscraper project in Business Bay has achieved sales of AED 1 billion, the company said in a statement.
Construction works in the third and fourth phases of its Midtown project, close to Dubai Production City, are also progressing according to schedule, with completion rates reaching 37 percent and 53 percent, respectively, and its hospitality portfolio also saw strong growth, the company said.
“The company's hospitality portfolio also witnessed an outstanding growth in occupancy rates, driven by the lifting of travel restrictions and the full return of tourism activities in the country,” Qatami added.
Dubai-based developer Deyaar has announced a profit of AED 50.8 million ($13.8 million) for 2021 after its revenues climbed by 22 percent.
The real estate company reported a net profit following a loss of AED 216.9 million in 2020. Its revenue reached AED 504.8 million in 2021 compared to AED 412.8 million in 2020.
Saeed Al Qatami, CEO of Deyaar said the country had seen growth across economic sectors in 2021 thanks to the government’s efforts to combat COVID-19.
Deyaar’s Regalia skyscraper project in Business Bay has achieved sales of AED 1 billion, the company said in a statement.
Construction works in the third and fourth phases of its Midtown project, close to Dubai Production City, are also progressing according to schedule, with completion rates reaching 37 percent and 53 percent, respectively, and its hospitality portfolio also saw strong growth, the company said.
“The company's hospitality portfolio also witnessed an outstanding growth in occupancy rates, driven by the lifting of travel restrictions and the full return of tourism activities in the country,” Qatami added.
#AbuDhabi's TAQA Q4 net profit edges higher to $463mln | ZAWYA MENA Edition
Abu Dhabi's TAQA Q4 net profit edges higher to $463mln | ZAWYA MENA Edition
Abu Dhabi National Energy Co. (TAQA) has posted its net profit for the fourth quarter 2021 at 1.7 billion dirhams ($463 million) compared to 1.5 billion dirhams in Q4 2020, mainly on higher oil and gas prices.
Revenue for the period came in at 11.4 billion dirhams versus 10.3 billion dirhams in Q3 2020, the integrated utility company said in a statement on Abu Dhabi Securities Exchange.
Net profit for 2021 was 6 billion dirhams compared with 2.8 billion dirhams in the year-ago period.
The Oil & Gas business generated net profit of 2.2 billion dirhams compared to a loss of 1.5 billion dirhams in the prior year. This improvement of 3.7 billion in net income was mainly due to higher commodity prices in addition to the 1.5 billion dirhams post-tax impairment charge in Q1 2020 negatively impacting prior year results.
Average production volumes in the Oil & Gas segment increased 4 percent to 122.4 thousand barrels of oil equivalent per day, driven by higher production in Europe, in particular the United Kingdom.
Capital expenditure for the year was 4.7 billion, 26 percent higher than prior year, driven by expenditure in the Transmission & Distribution segment.
TAQA's board of directors has proposed a final cash dividend of 1.2 billion dirhams (1.1 fils per share) for the fourth and final quarterly dividend payment for 2021.
Abu Dhabi National Energy Co. (TAQA) has posted its net profit for the fourth quarter 2021 at 1.7 billion dirhams ($463 million) compared to 1.5 billion dirhams in Q4 2020, mainly on higher oil and gas prices.
Revenue for the period came in at 11.4 billion dirhams versus 10.3 billion dirhams in Q3 2020, the integrated utility company said in a statement on Abu Dhabi Securities Exchange.
Net profit for 2021 was 6 billion dirhams compared with 2.8 billion dirhams in the year-ago period.
The Oil & Gas business generated net profit of 2.2 billion dirhams compared to a loss of 1.5 billion dirhams in the prior year. This improvement of 3.7 billion in net income was mainly due to higher commodity prices in addition to the 1.5 billion dirhams post-tax impairment charge in Q1 2020 negatively impacting prior year results.
Average production volumes in the Oil & Gas segment increased 4 percent to 122.4 thousand barrels of oil equivalent per day, driven by higher production in Europe, in particular the United Kingdom.
Capital expenditure for the year was 4.7 billion, 26 percent higher than prior year, driven by expenditure in the Transmission & Distribution segment.
TAQA's board of directors has proposed a final cash dividend of 1.2 billion dirhams (1.1 fils per share) for the fourth and final quarterly dividend payment for 2021.
Adnoc: Biggest Energy Firms in #UAE Boost Spending on Surging Demand - Bloomberg
Adnoc: Biggest Energy Firms in UAE Boost Spending on Surging Demand - Bloomberg
The largest listed energy companies in the United Arab Emirates are ramping up spending to meet soaring demand for everything from fuels to electricity.
Adnoc Drilling Co. boosted capital expenditure by 34% last year to $505 million, the unit of Abu Dhabi’s government-owned oil giant said in an earnings statement on Friday. Abu Dhabi National Energy Co., the government-owned utility known as Taqa, raised capex by 26% to $1.3 billion to build new power lines.
Investment plans by state-owned oil producers illustrate a stark contrast in their priorities with those of the oil majors, who are opting to return more cash to shareholders. The UAE and Gulf neighbors like Saudi Arabia, Iraq and non-OPEC member Oman are working to get the most out of their reserves before global demand for oil and gas wanes over the coming decades.
For now, spending is likely to continue as a blistering commodities rally highlights a global shortage in commodities from oil to gas and metals, with Goldman Sachs Group Inc’s veteran analyst Jeff Currie saying he’s never seen anything like it. Adnoc Drilling also reiterated its guidance to achieve a 5% annual increase in dividends per share through 2026.
The largest listed energy companies in the United Arab Emirates are ramping up spending to meet soaring demand for everything from fuels to electricity.
Adnoc Drilling Co. boosted capital expenditure by 34% last year to $505 million, the unit of Abu Dhabi’s government-owned oil giant said in an earnings statement on Friday. Abu Dhabi National Energy Co., the government-owned utility known as Taqa, raised capex by 26% to $1.3 billion to build new power lines.
Investment plans by state-owned oil producers illustrate a stark contrast in their priorities with those of the oil majors, who are opting to return more cash to shareholders. The UAE and Gulf neighbors like Saudi Arabia, Iraq and non-OPEC member Oman are working to get the most out of their reserves before global demand for oil and gas wanes over the coming decades.
For now, spending is likely to continue as a blistering commodities rally highlights a global shortage in commodities from oil to gas and metals, with Goldman Sachs Group Inc’s veteran analyst Jeff Currie saying he’s never seen anything like it. Adnoc Drilling also reiterated its guidance to achieve a 5% annual increase in dividends per share through 2026.
#Saudi sovereign fund PIF to buy controlling stake in Depa | Reuters
Saudi sovereign fund PIF to buy controlling stake in Depa | Reuters
The Public Investment Fund, Saudi Arabia's sovereign wealth fund, will take a controlling stake in interior design and speciality contractor Depa Plc (DEPA.DI) by agreeing to buy 150 million dirhams ($40.84 million) worth of new shares.
The deal will allow the PIF to own 55% of the company, but the $480 billion fund may also exercise the purchase of a warrant instrument that will give it additional shares and a stake of 62.5% if the warrant is exercised in up to 18 months, Depa said.
Reuters had reported last year PIF was in talks to buy a controlling stake in Depa, citing sources.
Saudi Arabia, the world's biggest oil exporter, is developing its tourism industry as part of an economic diversification push by Crown Prince Mohammed bin Salman, the kingdom's de facto ruler.
Nasdaq Dubai-listed Depa's past interior works projects included the Burj Khalifa, the world's tallest skyscraper, and Dubai's Atlantis resort.
The Public Investment Fund, Saudi Arabia's sovereign wealth fund, will take a controlling stake in interior design and speciality contractor Depa Plc (DEPA.DI) by agreeing to buy 150 million dirhams ($40.84 million) worth of new shares.
The deal will allow the PIF to own 55% of the company, but the $480 billion fund may also exercise the purchase of a warrant instrument that will give it additional shares and a stake of 62.5% if the warrant is exercised in up to 18 months, Depa said.
Reuters had reported last year PIF was in talks to buy a controlling stake in Depa, citing sources.
Saudi Arabia, the world's biggest oil exporter, is developing its tourism industry as part of an economic diversification push by Crown Prince Mohammed bin Salman, the kingdom's de facto ruler.
Nasdaq Dubai-listed Depa's past interior works projects included the Burj Khalifa, the world's tallest skyscraper, and Dubai's Atlantis resort.
Rosneft’s Historic-High Profit Paves Way for Record Payout - Bloomberg
Rosneft’s Historic-High Profit Paves Way for Record Payout - Bloomberg
Rosneft PJSC will pay record dividends after reporting its highest-ever annual net income amid booming energy prices.
Russia’s largest oil producer is the latest to channel the benefits of surging crude prices to shareholders, with global peers including BP Plc, Shell Plc and TotalEnergies SE also boosting investor returns. It’s a stunning reversal of fortunes for the industry that just two years ago was suffering as the market slumped with the pandemic.
“Against the background of the recovery of the global economy, the company achieved new financial records in 2021,” Chief Executive Officer Igor Sechin said in the statement Friday. “Taking into account the company’s commitment to the dividend policy, the earnings of 2021 will provide a record level of dividends.”
Rosneft’s net income reached 883 billion rubles ($11.9 billion) last year, despite a 40% drop in fourth-quarter profit compared with the preceding three months.
Rosneft PJSC will pay record dividends after reporting its highest-ever annual net income amid booming energy prices.
Russia’s largest oil producer is the latest to channel the benefits of surging crude prices to shareholders, with global peers including BP Plc, Shell Plc and TotalEnergies SE also boosting investor returns. It’s a stunning reversal of fortunes for the industry that just two years ago was suffering as the market slumped with the pandemic.
“Against the background of the recovery of the global economy, the company achieved new financial records in 2021,” Chief Executive Officer Igor Sechin said in the statement Friday. “Taking into account the company’s commitment to the dividend policy, the earnings of 2021 will provide a record level of dividends.”
Rosneft’s net income reached 883 billion rubles ($11.9 billion) last year, despite a 40% drop in fourth-quarter profit compared with the preceding three months.
ADQ-backed digital bank gets #UAE central bank approval for launch | Reuters
ADQ-backed digital bank gets UAE central bank approval for launch | Reuters
The Central Bank of the United Arab Emirates has given in-principle approval to a new digital banking platform, backed by state holding company ADQ, to launch operations, ADQ said on Friday.
The move comes after a neobank backed by Dubai-based YAP, the first independent digital banking platform in the UAE, was launched last year.
Some UAE banks have in recent years launched their own digital banking offerings targeted at digitally-savvy and younger users, such as LIV by Emirates NBD and Mashreq Neo by Mashreq Bank.
ADQ and investment holding company Alpha Dhabi (ALPHADHABI.AD) will own a combined 65% stake in the bank called "Wio".
Other shareholders are UAE's telecoms operator Etilasat (ETISALAT.AD), which will own 25%, and First Abu Dhabi Bank (FAB.AD), with a 10% stake, it said.
The total invested capital in Wio is 2.3 billion dirhams ($626.26 million) plus in-kind contribution.
Wio will soon launch a beta version that will initially serve small and medium-sized businesses, ADQ said.
The Central Bank of the United Arab Emirates has given in-principle approval to a new digital banking platform, backed by state holding company ADQ, to launch operations, ADQ said on Friday.
The move comes after a neobank backed by Dubai-based YAP, the first independent digital banking platform in the UAE, was launched last year.
Some UAE banks have in recent years launched their own digital banking offerings targeted at digitally-savvy and younger users, such as LIV by Emirates NBD and Mashreq Neo by Mashreq Bank.
ADQ and investment holding company Alpha Dhabi (ALPHADHABI.AD) will own a combined 65% stake in the bank called "Wio".
Other shareholders are UAE's telecoms operator Etilasat (ETISALAT.AD), which will own 25%, and First Abu Dhabi Bank (FAB.AD), with a 10% stake, it said.
The total invested capital in Wio is 2.3 billion dirhams ($626.26 million) plus in-kind contribution.
Wio will soon launch a beta version that will initially serve small and medium-sized businesses, ADQ said.
Oil prices slip on hot U.S. inflation concerns, set for weekly fall | Reuters
Oil prices slip on hot U.S. inflation concerns, set for weekly fall | Reuters
Oil prices eased on Friday as hot U.S. inflation fanned worries about aggressive interest rate hikes and investors await the outcome of U.S.-Iran talks that could lead to increased global crude supply.
Brent crude futures fell 58 cents, or 0.6%, to $90.83 a barrel at 0730 GMT, while U.S. West Texas Intermediate crude declined 45 cents, or 0.5%, to $89.43 a barrel.
The benchmark oil prices are also in line for their first weekly decline after seven consecutive weekly gains, though both contracts had earlier climbed to a seven-year high.
"Yesterday's inflation number likely puts more pressure on the U.S. Fed to act more aggressively with rate hikes. This expectation is weighing on oil and the broader commodities complex somewhat," said Warren Patterson, ING's head of commodities research.
Oil prices eased on Friday as hot U.S. inflation fanned worries about aggressive interest rate hikes and investors await the outcome of U.S.-Iran talks that could lead to increased global crude supply.
Brent crude futures fell 58 cents, or 0.6%, to $90.83 a barrel at 0730 GMT, while U.S. West Texas Intermediate crude declined 45 cents, or 0.5%, to $89.43 a barrel.
The benchmark oil prices are also in line for their first weekly decline after seven consecutive weekly gains, though both contracts had earlier climbed to a seven-year high.
"Yesterday's inflation number likely puts more pressure on the U.S. Fed to act more aggressively with rate hikes. This expectation is weighing on oil and the broader commodities complex somewhat," said Warren Patterson, ING's head of commodities research.