Energy Korean company signs oil storage deal with Aramco South Korea’s state-run Korea National Oil Corp (KNOC) announced on Monday it has signed an oil storage agreement with Saudi Arabia’s oil giant Aramco to reserve 5.3 million barrels for five years. The agreement announced in a press release posted on KNOC’s company blog was sealed as South Korean President Yoon Suk Yeol is visiting […] October 23, 2023
Energy Mubadala among suitors for $1.2bn Malaysian oil company Abu Dhabi state fund Mubadala Investment and Japanese oil and gas explorer Inpex are among firms competing to acquire SapuraOMV in a deal expected to be worth about $1.2 billion, according to two sources with direct knowledge. The sale of the Malaysian-headquartered oil and gas upstream company could help boost weak global merger and acquisition […] October 23, 2023
Leisure & Hospitality IHG says funding challenges hinder new hotel projects Holiday Inn owner IHG said on Friday short-term funding issues were holding back development of new hotels, as it reported a quarter-on-quarter slowdown in its net room supply, a key revenue driver. The hotel chain owner said it expected to close out 2023 with a “very strong” financial performance after a 10.5 percent rise in […] October 23, 2023
Finance IMF seeks lower deficit and strong budget from Sri Lanka The International Monetary Fund (IMF) is looking for a strong budget and narrower deficit from Sri Lanka as it seeks funding to bridge the gap between government revenue and expenditure, the IMF mission chief for the country said on Friday. Sri Lanka plunged into its worst financial crisis in seven decades last year after its […] October 20, 2023
Economy Chinese ‘decision makers’ at Saudi conference doubles Around 300 Chinese “decision makers” are attending Saudi Arabia’s flagship investment conference this year, organisers said on Thursday, double last year’s attendance as Riyadh deepens its relationship with China despite US concerns. Only around 15 people have cancelled their attendance of the annual Future Investment Initiative (FII), Richard Attias, CEO of the FII Institute said, […] October 20, 2023
Energy Opec+ unlikely to change policy on Venezuela’s return An easing of US oil sanctions on Opec member Venezuela is unlikely to require any policy changes by the Opec+ producer group for the time being as a recovery in production is likely to be gradual, Opec+ sources told Reuters. Opec+’s attitude towards the easing of sanctions means the group, which produces over 40 percent […] October 20, 2023
Energy Kuwait Oil Company signs $1.7bn soil contracts Kuwait Oil Company (KOC) has signed contracts worth $1.73 billion linked to rehabilitating the soil of oilfields damaged during Iraq’s invasion of Kuwait, according to a document seen by Reuters. The contracts are for “rehabilitation, treatment, drilling, transportation, and backfilling, covering all affected areas and areas to be rehabilitated within the oilfields,” oil minister Saad […] October 19, 2023
Oil & Gas Japan’s Mitsui looks at buying stake in Qatar’s LNG project Japanese trading house Mitsui & Co is considering buying a stake in the North Field liquefied natural gas (LNG) expansion project in Qatar as a way to ensure a stable supply of LNG, a Mitsui spokesperson said. “We have always said that we would consider investing in any quality LNG projects, and the North Field […] October 19, 2023
Industry UAE agribusiness in talks to acquire land in Egypt Emirati agribusiness Al Dahra is in talks to acquire more agricultural land in Egypt, two sources with direct knowledge of the matter said, in a deal that could reduce Cairo’s dependence on imports of staple crops but also reignite water use concerns. The sources did not say how close a deal might be, but the […] October 18, 2023
Finance Tunisia to maintain fuel and food subsidies in 2024 Tunisia expects its economy to grow by 2.1 percent in 2024, up from 0.9 percent in 2023, and plans almost the same subsidies for fuel, electricity and food while raising taxes for banks, hotels and liquor firms, a bill on its budget showed on Tuesday. The bill included no reference to an agreement with the […] October 18, 2023
Leisure & Hospitality Manchester United tumbles on Ratcliffe’s stake bid Shares of Manchester United fell as much as 23 percent on Monday after reports that British billionaire Jim Ratcliffe is looking to acquire only a 25 percent stake in the football club raised concerns that a buyout by Qatar’s Sheikh Jassim bin Hamad al Thani could be off the table. The shares were last down […] October 17, 2023
Finance IMF closes Morocco meetings without consensus International Monetary Fund (IMF) countries on Saturday failed to agree on a US-backed plan to boost IMF funding without giving more shares to China and other big emerging markets, but pledged a “meaningful increase” in lending resources by year-end. As IMF and World Bank annual meetings in Morocco closed, a statement from IMF’s steering committee […] October 16, 2023
Energy Iraq and UAE’s Crescent to develop three oil and gas fields Iraq has launched three energy contracts with UAE-based Crescent Petroleum to develop three oil and gas fields in Iraq, the oil ministry said on Sunday. UAE-based Crescent Petroleum signed in February three 20-year contracts to develop oil and natural gas fields in Iraq’s Basra and Diyala provinces in northeastern Baghdad. The Crescent Petroleum contracts are […] October 16, 2023
Energy India wants Aramco to develop petroleum reserve India wants Saudi Aramco to participate in its planned 6.5 million metric tonnes strategic petroleum reserve (SPR) programme as the South Asian nation aims to strengthen ties with its key oil supplier, according to a document seen by Reuters. The two nations have been talking about Aramco’s participation in the SPR programme for years. The […] October 12, 2023
Finance More IMF nations support funding boost Support increased on Wednesday for the US-backed call to boost the International Monetary Fund’s (IMF) quota lending resources without shareholding changes, according to statements from various countries issued at the IMF’s annual meeting in Morocco. France, Britain, Ghana, Switzerland, Finland and Belgium said in statements to the IMF’s steering committee that they supported an equi-proportional […] October 12, 2023
Finance European central bank says inflation to stay at 2% by 2025 Inflation should still land at the European Central Bank’s (ECB) target of around two percent by 2025 despite the violence in Israel weighing on commodity prices, ECB policymaker Francois Villeroy de Galhau said on Tuesday. In an interview with franceinfo radio, Villeroy said the ECB was particularly wary about oil price developments but added those […] October 11, 2023
Energy Russian investments in Iraq total $19bn, Putin confirms Russia’s investments in Iraq totalled around $19 billion, Russian President Vladimir Putin said in a televised excerpt of talks with the country’s prime minister. Putin hosted Iraqi Prime Minister Mohammed Shia Al-Sudani in the Kremlin on Tuesday and praised cooperation between their countries at the Opec+ group of top oil producers, saying it had helped […] October 11, 2023
Energy Chevron halts gas exports from Israel to Egypt Chevron has halted natural gas exports through a major subsea pipeline between Israel and Egypt and is supplying gas via an alternative pipeline through Jordan, the company said on Tuesday. The decision to halt exports via the East Mediterranean Gas (EMG) pipeline came as fighting has intensified between Israel and militants in the Gaza Strip. […] October 11, 2023
Energy Kuwait to boost oil output by 38% to 4m bpd by 2035 Kuwait’s oil minister announced a new strategy to boost fossil fuel production on Monday and said his country would prepare the infrastructure for the Durra gas field, which it shares with Saudi Arabia and Iran claims a stake in. The strategy for the state-owned Kuwait Petroleum Corporation (KPC) aims to raise overall oil production capacity […] October 10, 2023
Finance China funds look to Middle East as US investments wane Chinese funds are seeking new capital sources in the Middle East and other markets, according to managers. It is a shift that could reshape investment flows as diplomatic tensions and other risks drive many US investors out of the country. Seven China equity funds, including hedge funds and mutual funds, running more than $500 billion […] October 10, 2023
Finance Oman’s OQ Gas plans to raise $771m from IPO Oman’s OQ Gas Networks (OQGN), the pipeline business of state oil giant OQ, is expected to price its $771 million initial public offering (IPO) at the top of the marketed range, according to terms seen by Reuters. Orders below 140 Omani baisas ($0.36) per share risk missing out on the deal, one of the banks […] October 9, 2023
Finance Egypt’s bonds fight back after Moody’s downgrade Egypt’s government bonds fought back from an initial heavy tumble on Friday after Moody’s had downgraded the country’s credit rating to a new low and the head of the IMF had warned Cairo against delaying another currency devaluation. Moody’s, which had been eyeing up a possible downgrade for months, concluded the process late on Thursday […] October 8, 2023
