Bullet Dodged? Markets Bet on Global Economy
World shares climbed back towards record highs and safe-haven bonds tumbled on Tuesday, as hopes that Washington may roll back some of the tariffs it has imposed on Chinese imports rekindled optimism about the global economic outlook.A year-end rally looked to be building. Wall Street's main markets were expected to add to their 20% gains and best year since 2013. MSCI's 49-country world index was…
Aramco: IPO Will Come Soon
The initial public offering (IPO) for state-owned oil company Saudi Aramco will come soon, and will be a decision taken by Saudi Crown Prince Mohammed bin Salman, the kingdom's energy minister said on Wednesday.Aramco aims to announce the start of its IPO on Nov. 3, three people with direct knowledge of the matter told Reuters on Tuesday, after delaying the deal earlier this month to give advisers time to secure cornerstone investors."It is going to come soon ...
BP, Exxon Sign On Alaska LNG Export Project
Alaska Gasline Development Corp (AGDC) said it signed an agreement with BP PLC and Exxon Mobil Corp to help advance the state-owned company's proposed $43.4 billion Alaska liquefied natural gas (LNG) project."Our respective organizations share an interest in the successful commercialization of Alaska's stranded North Slope natural gas," AGDC Interim President Joe Dubler said in a statement late Friday.BP…
Oil Prices Set for Weekly Drop as Trade Worries Weigh
Oil prices came under pressure on Friday from U.S.-China trade tensions and were on course for a third straight week of falls.Brent crude was up 57 cents at $73.15 a barrel by 1344 GMT. The expiring U.S. West Texas Intermediate (WTI) crude for August delivery was up 28 cents at $69.74 a barrel, while the more traded September contract fell 13 cents to $68.11.U.S. President Donald Trump said in a CNBC…
Prosafe Extends Standstill Agreement with COSCO
Prosafe has extended a standstill agreement with COSCO Shipping (Qidong) Offshore Co. Ltd in China for two harsh environment semi-submersible accommodation units, Safe Nova and Safe Vega.The standstill agreement has been extended until May 21, 2018 as Prosafe continues negotiations with COSCO and related parties for a workable commercial solution for the two units.A third unit, Safe Eurus, is in a preserved…
Prosafe Mulls Scrapping as it Awaits Market Upturn
Accommodation rig firm Prosafe will continue to scrap old rigs and take part in consolidation if opportunities arise while it awaits better market conditions, it said on Friday, after posting a low utilisation rate in the first quarter. Prosafe provides rigs where oil firms can house staff working offshore. That market has declined since 2014, when the price of crude slumped, and has yet to significantly recover despite oil firms posting booming profits.
Petrobras Seals $1 bln Financing Deal
Brazilian state-controlled oil company Petroleo Brasileiro said on Friday it had secured $1 billion in financing from a banking syndicate headed by Standard Chartered PLC, to which it repaid $500 million of debt ahead of schedule. The syndicate includes China Construciton Bank, ABN AMRO Bank, Industrial and Commercial Bank of China, Banco Latinoamericano de Exportações and Commerzbank. The loan will be guaranteed by Petrobras's P-56 platform and will be used to help pay down other debts…
Trump Signs 43 Billion Dollar LNG Deal with China
On his visit to China, President Trump reaffirmed his commitment to form agreements that reduce the trade deficit with China by signing a deal to help the LNG industry in Alaska with three Chinese companies. The deal, which could be potentially worth $43 billion, involves Sinopec, the largest oil company in China, the sovereign wealth fund and one of China's largest bank. will work together to create 12,000 jobs in Alaska.
Wison Delivers FLNG Barge
Wison Offshore & Marine (“Wison”) has announced that the company has completed the final delivery for the world’s first barge-based floating natural gas liquefaction and storage facility (Caribbean FLNG). Prior to the delivery, the contracts for project financing provided by Bank of China, Deutsche Bank and supported by China Export & Credit Insurance Corporation have been officially signed, which laid a good foundation for the successful delivery of the project.
China Cash Boosts African FLNG Projects
China aims to become lowest-cost seller of FLNG plants; its shipyards to build floating plants for African projects. China plans to pour almost $7 billion into floating liquefied natural gas (FLNG) projects in Africa, betting on a largely untested technology in the hope that energy markets will recover by the time they start production in the early 2020s. Western banks are wary due to the depressed state of the shipping and gas markets…
Aramco to meet in Shanghai to Prop up IPO
Saudi Aramco's board will meet in China in May for the first time in seven years, industry sources said, as the state-owned energy firm seeks to lure Chinese and Asian investors to its giant share offering. The board of directors would gather in Shanghai on May 10 to discuss the firm's business plans, investments and preparations to sell up to 5 percent of Aramco in 2018, the sources said. An annual…
Hong Kong pins Aramco IPO Hopes on China's Deep Pockets
Saudi expects to float 5 pct of state oil company for $100 bln; HKEX hopes to leverage deep-pocketed China investors to woo Riyadh. Hong Kong's stock exchange will bank on its role as a gateway to mainland China's deep-pocketed investors to take on other leading venues and win the coveted $100 billion listing of Saudi Arabia's giant state oil company, Aramco, it said on Monday. Charles Li, the CEO of Hong Kong Exchanges and Clearing (HKEX)…
Gazprom Fixes Yield for Seven-year Euro Bond
Russian state-owned energy company Gazprom has fixed the yield for a seven-year euro benchmark bond at 3.125%, in line with revised guidance. The company initially started marketing the deal at low 3%, before setting guidance at 3.125% area. Order books are in excess of 1.35bn for the offering. The Reg S/144A issue is today's business. Bank of China, Gazprombank, JP Morgan and UniCredit are the lead managers. Gazprom is rated Ba1/BB+/BBB-. (Reporting by Robert Hogg)
Prosafe to Buy Newbuilds, 25 pct in Dan Swift for $70 mln
* Axis shareholders include HitecVision Fund VI and LF Investment ApS (a company owned by Lauritzen Fondet), who respectively own approx. * Danske Bank has delivered a fairness opinion on the terms of the transaction to the Board of Prosafe.
Yamal LNG Project Received €780 Mln in Chinese Loans in July
The Novatek-led Yamal LNG project in Russia received financing in July worth about 780 million euros from China Development Bank and Export-Import Bank of China, according to Yamal's accounting report published on Tuesday. The 15-year loan deals, of 9.3 billion euros and 9.8 billion yuan ($1.48 billion), were signed by the two Chinese financial institutions in late April. The latest disbursement follows the first chunk of 450 million euros Yamal received in late July.
World Stocks Tumble as Britain Votes for EU Exit
Global capital markets reeled on Friday after Britain voted to leave the European Union, with $2 trillion in value wiped from equity bourses worldwide, while money poured into safe-haven gold and government bonds. Sterling suffered a record plunge. The blow to investor confidence and the uncertainty the vote has sparked could keep the Federal Reserve from raising interest rates as planned this year, and even spark a new round of emergency policy easing from major central banks.
Oil Prices Steady Around Multi-Year Lows
Brent steady at around multi-year lows. Oil prices steadied around 11-1/2-year lows, after rising earlier during the day following Chinese shares higher, as persistent global oversupply and a bleak demand outlook weighed on prices. Beijing deactivated a circuit breaker mechanism that was blamed for aggravating equity market crashes earlier this week. Oil prices plunged to 12-year lows on Thursday after leading energy consumer China allowed its yuan currency to slip…
Oil at 11-Year Low as Saudi-Iran Row Impacts Markets
Saudi-Iran split dashes chance of OPEC deal to curb oil glut; analysts expect rise in U.S. crude stocks. Oil prices slid more than 4 percent to new 11-year lows on Wednesday as the row between Saudi Arabia and Iran made any cooperation between major exporters to cut output even more unlikely. The furore over Saudi Arabia's execution of a Shi'ite cleric has stripped nearly 8 percent off the price of oil in the last three trading days…
China's 'steady-as-she-goes' Economy Carries On
China is no longer a driver of commodity demand, rather it has become a constant factor that can be relied upon to import relatively steady volumes of major natural resources. Both China's central bank and a respected think-tank expect further moderation in the economic growth rate next year, which underscores that the world's second-largest economy is still undergoing a structural transformation, but is unlikely to fall victim to a hard landing.
Oil Rattles Investors as Fed Hike Looms
Oil slide to new lows hammers stocks; historic Fed rate decision looms. Volatility swept through world markets on Monday as a renewed slide in oil and weakness in credit markets hit stocks, weighed on bond yields and added to the nervousness already building ahead of an expected U.S. interest rate hike later this week. European stocks wiped out earlier gains to trade in the red by midsession, while U.S. futures turned flat.