UAE Chemical Maker Borouge Pursues Target in Asia in Growth Push - Bloomberg
The biggest chemicals producer in the United Arab Emirates is pursuing a target in the Asia-Pacific region, even as its biggest shareholder is working on a €30 billion ($32 billion) merger of the company with a unit of Austria’s OMV AG.
Borouge Plc’s “accelerated growth opportunity” is at the feasibility stage, Chairman Sultan Al Jaber said in a statement. Al Jaber is also chief executive officer of Abu Dhabi National Oil Co., which owns a majority stake in Borouge. No other details of the potential transaction were provided in the statement about the company’s dividend policy.
Borouge has been evaluating options, particularly in key Asian markets including India and China, Chief Executive Officer Hazeem Sultan Al Suwaidi said in an interview this month. Its main shareholder, Adnoc, is also pushing for international growth, including a multibillion-dollar pursuit of Germany’s Covestro AG, purchasing stakes in natural gas fields in Egypt and Azerbaijan and the proposed merger of Borouge with OMV’s chemical producer Borealis AG.
Sunday 31 March 2024
Gulf bourses drop; Egypt extends decline | Reuters
Gulf bourses drop; Egypt extends decline | Reuters
Stock markets in the Gulf fell on Sunday, led by the Saudi index, after the U.S. Federal Reserve Chair Powell indicated the latest inflation data did not undermine the central bank's baseline outlook.
Saudi Arabia's benchmark index (.TASI), opens new tab was down for a second straight session and dropped 1.3%, with almost all sectors in the red.
ACWA Power (2082.SE), opens new tab fell 3.5% and Saudi National Bank(1180.SE), opens new tab, the kingdom's largest lender, lost 1.5%.
Among other losers, Middle East Pharmaceutical Industries (4016.SE), opens new tab and Al Rajhi Bank (1120.SE), opens new tab, the world's largest Islamic lender, slid 7.8% and 1% respectively.
Meanwhile, the index gained 3.6% on a quarterly basis.
The Qatari benchmark index (.QSI), opens new tab dropped for a fifth straight session and ended 1% lower with almost all sectors in the negative territory.
Qatar Islamic Bank (QISB.QA), opens new tab and Qatar International Islamic Bank (QIIB.QA), opens new tab slipped 3.4% and 1.5% respectively, while Qatar Aluminum Manufacturing (QAMC.QA), opens new tab dropped 4%.
The index lost 9.1% in the first quarter of 2024 after posting gains in the previous two quarters, according to LSEG data.
The latest U.S. inflation data is "along the lines of what we would like to see," Fed Chair Jerome Powell said on Friday in comments that appeared to keep the central bank's baseline for interest rate cuts this year intact.
Most Gulf currencies are pegged to the dollar, and any U.S. monetary policy changes are usually followed by Saudi Arabia, the United Arab Emirates and Qatar.
Outside the Gulf, Egypt's blue-chip index (.EGX30), opens new tab extended its losses to a fourth straight session and lost 2.5% to 26,883, lowest levels in more than two months.
E-Finance (EFIH.CA), opens new tab and Eastern Co (EAST.CA), opens new tab slumped 6.6% and 6.1% respectively, while Commercial International Bank (COMI.CA), opens new tab dropped 3.8%.
The Egypt index has advanced 8% in the January-March quarter, extending gains for seven straight quarters in a row.
Stock markets in the Gulf fell on Sunday, led by the Saudi index, after the U.S. Federal Reserve Chair Powell indicated the latest inflation data did not undermine the central bank's baseline outlook.
Saudi Arabia's benchmark index (.TASI), opens new tab was down for a second straight session and dropped 1.3%, with almost all sectors in the red.
ACWA Power (2082.SE), opens new tab fell 3.5% and Saudi National Bank(1180.SE), opens new tab, the kingdom's largest lender, lost 1.5%.
Among other losers, Middle East Pharmaceutical Industries (4016.SE), opens new tab and Al Rajhi Bank (1120.SE), opens new tab, the world's largest Islamic lender, slid 7.8% and 1% respectively.
Meanwhile, the index gained 3.6% on a quarterly basis.
The Qatari benchmark index (.QSI), opens new tab dropped for a fifth straight session and ended 1% lower with almost all sectors in the negative territory.
Qatar Islamic Bank (QISB.QA), opens new tab and Qatar International Islamic Bank (QIIB.QA), opens new tab slipped 3.4% and 1.5% respectively, while Qatar Aluminum Manufacturing (QAMC.QA), opens new tab dropped 4%.
The index lost 9.1% in the first quarter of 2024 after posting gains in the previous two quarters, according to LSEG data.
The latest U.S. inflation data is "along the lines of what we would like to see," Fed Chair Jerome Powell said on Friday in comments that appeared to keep the central bank's baseline for interest rate cuts this year intact.
Most Gulf currencies are pegged to the dollar, and any U.S. monetary policy changes are usually followed by Saudi Arabia, the United Arab Emirates and Qatar.
Outside the Gulf, Egypt's blue-chip index (.EGX30), opens new tab extended its losses to a fourth straight session and lost 2.5% to 26,883, lowest levels in more than two months.
E-Finance (EFIH.CA), opens new tab and Eastern Co (EAST.CA), opens new tab slumped 6.6% and 6.1% respectively, while Commercial International Bank (COMI.CA), opens new tab dropped 3.8%.
The Egypt index has advanced 8% in the January-March quarter, extending gains for seven straight quarters in a row.
#Qatar Signs Deals for More Ships Ahead of Massive LNG Expansion - Bloomberg
Qatar Signs Deals for More Ships Ahead of Massive LNG Expansion - Bloomberg
QatarEnergy has signed four agreements to charter 19 liquefied natural gas carriers from Asian ship operators as it prepares to ramp up output.
China’s CMES Co. Ltd. and Shandong MarineGroup Ltd. will supply six vessels each, Qatar’s energy minister Saad Al-Kaabi said at a ceremony in Doha on Sunday. Malaysia’s MISC Bhd will supply three and a joint venture of Kawasaki Kisen Kaisha Ltd. and Hyundai Glovis Co. will provide four. Each ship has a capacity of 174,000 cubic meters.
Qatar needs more LNG carriers as it’s raising its annual production capacity from the North Field to 142 million tons by 2030 from 77 million tons currently.
In doing so, the small Middle Eastern nation is set to re-establish its dominance of the global LNG market. Projects in Australia and the US have eroded its supremacy in recent years to the point where all three countries export roughly the same. However, the US recently imposed a temporary freeze on permits for new projects and Qatar’s investments in its new facilities has put it on course to take the lead again.
QatarEnergy signed another charter deal for 25 LNG carriers from Qatar Gas Transport Company Ltd., also known as Nakilat earlier this month. In addition to chartering vessels, it owns a fleet of LNG carriers. In 2020, it signed landmark deals worth $22 billion with Korean and Chinese shipbuilders.
QatarEnergy has signed four agreements to charter 19 liquefied natural gas carriers from Asian ship operators as it prepares to ramp up output.
China’s CMES Co. Ltd. and Shandong MarineGroup Ltd. will supply six vessels each, Qatar’s energy minister Saad Al-Kaabi said at a ceremony in Doha on Sunday. Malaysia’s MISC Bhd will supply three and a joint venture of Kawasaki Kisen Kaisha Ltd. and Hyundai Glovis Co. will provide four. Each ship has a capacity of 174,000 cubic meters.
Qatar needs more LNG carriers as it’s raising its annual production capacity from the North Field to 142 million tons by 2030 from 77 million tons currently.
In doing so, the small Middle Eastern nation is set to re-establish its dominance of the global LNG market. Projects in Australia and the US have eroded its supremacy in recent years to the point where all three countries export roughly the same. However, the US recently imposed a temporary freeze on permits for new projects and Qatar’s investments in its new facilities has put it on course to take the lead again.
QatarEnergy signed another charter deal for 25 LNG carriers from Qatar Gas Transport Company Ltd., also known as Nakilat earlier this month. In addition to chartering vessels, it owns a fleet of LNG carriers. In 2020, it signed landmark deals worth $22 billion with Korean and Chinese shipbuilders.
S&P upgrades #Oman outlook to ‘positive’ on bright fiscal future
S&P upgrades Oman outlook to ‘positive’ on bright fiscal future
S&P Global Ratings has revised its outlook on Oman to ‘positive’ from ‘stable’. At the same time, the rating agency affirmed its ‘BB+/B’ long- and short-term foreign and local currency sovereign credit ratings on the sultanate.
The positive outlook reflects S&P’s confidence that the Omani government’s balance sheet will strengthen and the economic reform programme could lead to faster-than-expected deleveraging in many state-owned enterprises, without dampening economic growth outcomes. This would strengthen the economy’s resilience to adverse oil price shocks.
In a statement released on Friday, S&P said it could raise Oman’s sovereign ratings over the next 18 months if the sultanate’s fiscal position strengthens further – for instance, from a continued reduction in government debt – and the state-owned enterprise sector continues deleveraging. A stronger economic growth trajectory could also contribute to an upgrade, it added.
‘The outlook revision reflects ongoing improvements in Oman’s government balance sheet. We estimate the government’s budget surplus over 2023 at 2.6% of GDP. Net government debt declined to an estimated 2.4% of GDP in 2023 compared to 7.7% in 2022. With forecast budget surpluses averaging 1.2% of GDP over 2024-2027, the government is well placed to continue reducing external debt or accumulate assets.’
S&P Global Ratings has revised its outlook on Oman to ‘positive’ from ‘stable’. At the same time, the rating agency affirmed its ‘BB+/B’ long- and short-term foreign and local currency sovereign credit ratings on the sultanate.
The positive outlook reflects S&P’s confidence that the Omani government’s balance sheet will strengthen and the economic reform programme could lead to faster-than-expected deleveraging in many state-owned enterprises, without dampening economic growth outcomes. This would strengthen the economy’s resilience to adverse oil price shocks.
In a statement released on Friday, S&P said it could raise Oman’s sovereign ratings over the next 18 months if the sultanate’s fiscal position strengthens further – for instance, from a continued reduction in government debt – and the state-owned enterprise sector continues deleveraging. A stronger economic growth trajectory could also contribute to an upgrade, it added.
‘The outlook revision reflects ongoing improvements in Oman’s government balance sheet. We estimate the government’s budget surplus over 2023 at 2.6% of GDP. Net government debt declined to an estimated 2.4% of GDP in 2023 compared to 7.7% in 2022. With forecast budget surpluses averaging 1.2% of GDP over 2024-2027, the government is well placed to continue reducing external debt or accumulate assets.’
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