Saudi announces new natural gas discoveries in Empty Quarter, Eastern Province | Reuters
Saudi Aramco (2223.SE) has discovered two new natural gas fields in the Empty Quarter region, the state news agency quoted Saudi energy minister Prince Abdulaziz bin Salman as saying on Sunday.
The discovery of the Al-Hiran gas field was confirmed after gas flowed at a rate of 30 million standard cubic feet per day, and 1,600 barrels of condensate daily. The Al-Mahakik gas field was confirmed after gas flowed from it at a rate of 0.85 million standard cubic feet, the agency said.
"Natural gas was also discovered in five reservoirs in previously discovered fields," the agency added, citing the minister.
Other discoveries were also announced in fields in the Eastern Province, according to the agency.
Aramco, overwhelmingly an oil producer, aims to boost its gas production by 50% by 2030 from 2021 levels.
Sunday 19 November 2023
Most Gulf markets gain on rising oil prices | Reuters
Most Gulf markets gain on rising oil prices | Reuters
Most stock markets in the Gulf ended higher on Sunday in response to Friday's rise in oil prices, with the Saudi index rising for a fourth consecutive session.
Oil prices - often a catalyst for the Gulf's financial market - jumped more than 4% on Friday, rebounding from a 4-month low, with U.S. sanctions on some Russian oil shippers lending support.
Saudi Arabia's benchmark index (.TASI) gained 0.5%, with oil giant Saudi Aramco (2222.SE) gaining 0.3% and the country's biggest lender Saudi National Bank (1180.SE) advancing 1.5%.
In Qatar, the index (.QSI) closed 0.2% higher, helped by a 1% rise in the Gulf's biggest lender Qatar National Bank (QNBK.QA).
A softer tone to U.S. economic data last week has fuelled rate-cuts bets, pushing Treasury yields down and lifting equity markets.
Monetary policy in the six-member Gulf Cooperation Council (GCC) is usually guided by the decisions of the U.S. Federal Reserve, as most regional currencies are pegged to the dollar.
Outside the Gulf, Egypt's blue-chip index (.EGX30) advanced 2.1%, buoyed by a 3.8% jump in Commercial International Bank (CIB) (COMI.CA).
CIB, Egypt's biggest private bank, has secured a $150 million loan from the European Bank for Reconstruction and Development (EBRD) to shore up its capital base, it said in a statement on Thursday.
International Monetary Fund Managing Director Kristalina Georgieva told Reuters on Friday the Fund was "seriously considering" a possible augmentation of Egypt's $3 billion loan programme due to economic difficulties posed by the Israel-Hamas war.
Most stock markets in the Gulf ended higher on Sunday in response to Friday's rise in oil prices, with the Saudi index rising for a fourth consecutive session.
Oil prices - often a catalyst for the Gulf's financial market - jumped more than 4% on Friday, rebounding from a 4-month low, with U.S. sanctions on some Russian oil shippers lending support.
Saudi Arabia's benchmark index (.TASI) gained 0.5%, with oil giant Saudi Aramco (2222.SE) gaining 0.3% and the country's biggest lender Saudi National Bank (1180.SE) advancing 1.5%.
In Qatar, the index (.QSI) closed 0.2% higher, helped by a 1% rise in the Gulf's biggest lender Qatar National Bank (QNBK.QA).
A softer tone to U.S. economic data last week has fuelled rate-cuts bets, pushing Treasury yields down and lifting equity markets.
Monetary policy in the six-member Gulf Cooperation Council (GCC) is usually guided by the decisions of the U.S. Federal Reserve, as most regional currencies are pegged to the dollar.
Outside the Gulf, Egypt's blue-chip index (.EGX30) advanced 2.1%, buoyed by a 3.8% jump in Commercial International Bank (CIB) (COMI.CA).
CIB, Egypt's biggest private bank, has secured a $150 million loan from the European Bank for Reconstruction and Development (EBRD) to shore up its capital base, it said in a statement on Thursday.
International Monetary Fund Managing Director Kristalina Georgieva told Reuters on Friday the Fund was "seriously considering" a possible augmentation of Egypt's $3 billion loan programme due to economic difficulties posed by the Israel-Hamas war.
#Qatar Islamic Bank returns to global debt market; $500mln sukuk oversubscribed 6.6 times
Qatar Islamic Bank returns to global debt market; $500mln sukuk oversubscribed 6.6 times
Qatar Islamic Bank (QIB), the largest Islamic lender in Qatar, has returned to global capital markets with a $500mn sukuk, which was oversubscribed 6.6 times, indicating high demand from investors in Europe, Asia and the Middle East.
The bank's five-year sukuk, which carries a profit rate of 5.581%, equivalent to 115 basis points (bps) over the benchmark US treasury rate, shows international investors' confidence in the bank and in Qatar's economy.
QIB effectively reopened the international market for other Qatari entities, being the first bank issuer from Qatar to access the dollar market via a public issue since July 2021.
The transaction was met with strong demand, culminating an orderbook size in excess of $3.3bn from more than 160 regional and international investors.
The oversubscription rate represents the highest orderbook for a senior sukuk since June 2020.
The strong investor appetite for the sukuk allowed QIB to tighten pricing to 115bps over the benchmark rate from initial price thoughts of 155bps, a move of 40bps, which is rarely seen in the market and is reflective of the strength and quality of the orderbook, said a spokesman of QIB.
Qatar Islamic Bank (QIB), the largest Islamic lender in Qatar, has returned to global capital markets with a $500mn sukuk, which was oversubscribed 6.6 times, indicating high demand from investors in Europe, Asia and the Middle East.
The bank's five-year sukuk, which carries a profit rate of 5.581%, equivalent to 115 basis points (bps) over the benchmark US treasury rate, shows international investors' confidence in the bank and in Qatar's economy.
QIB effectively reopened the international market for other Qatari entities, being the first bank issuer from Qatar to access the dollar market via a public issue since July 2021.
The transaction was met with strong demand, culminating an orderbook size in excess of $3.3bn from more than 160 regional and international investors.
The oversubscription rate represents the highest orderbook for a senior sukuk since June 2020.
The strong investor appetite for the sukuk allowed QIB to tighten pricing to 115bps over the benchmark rate from initial price thoughts of 155bps, a move of 40bps, which is rarely seen in the market and is reflective of the strength and quality of the orderbook, said a spokesman of QIB.