Kuwait Financial Centre “Markaz” Daily Oil & Gas Bulletin – 18 January 2012 Regional Oil & Gas Highlights Dana hires Deutsche to explore sukuk options - Dana Gas has hired Deutsche Bank as its financial advisor to explore options for meeting its $1 billion convertible sukuk maturity in October. The UAE energy firm had earlier announced it had mandated an international firm to help it address the debt obligation. Market uncertainty over the fate of the maturity has battered both the company's share price and the Islamic bond, although both recovered some ground lost in recent days after Tuesday's statement.
Select MENA Oil & Gas Stock Prices Ticker
Oil & Gas Prices Currency
IPG OULAFUEL ABAR BPCC SABIC SAFCO
Independent Petroleum Group Oula Fuel Co. Burgan Co. for Well Drilling Boubyan Petrochemicals Co. Saudi Basic Industries Corp. Saudi Arabian Fertilizer Co.
KWD KWD KWD KWD SAR SAR
295.0 300.0 212.0 550.0 92.0 175.5
0.00% 0.00% 0.00% 0.00% -2.13% 0.29%
9.51 27.58 21.94 10.78 9.45 10.68
PETROR YANSAB IQCD QGTS DANA TAQA
Rabigh Refining & Petrochemical Co. YANBU National Petrochemical Industries Qatar Qatar Gas Transport Co. Dana Gas Abu Dhabi National Energy Co.
SAR SAR QAR QAR AED AED
23.3 42.5 129.8 17.2 0.3 1.2
1.30% -0.47% -0.15% -0.29% 0.00% 0.00%
299.56 7.53 9.19 12.12 4.94 4.88
Sabic profit drops 10pc to $1.4bn - Sabic reported a 10-percent drop in quarterly profits on Tuesday, missing forecasts, as the petrochemical giant felt the impact of lower prices globally. Sabic made a net profit of 5.24 billion riyals ($1.40 billion) for the three months to end December, compared with 5.81 billion riyals in the same period a year earlier. Analysts surveyed by Reuters expected Shell Oman Marketing Co. OMR the firm to post, on average, a net profit of 7.1 billion riyals for the SOM second quarter. Global Energy & Currency Market Watch
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*All prices as of last traded day NYMEX Henry Hub Futures Forward Curve
NYMEX WTI Crude Oil Futures Forward Curve 105
Abu Dhabi pushes back green energy goal to 2030 - Abu Dhabi plans to generate 7 percent of its domestic power from renewable sources by 2030, a decade later than it originally expected, according to the head of Masdar, the emirate’s alternative energy company. Chief executive officer Sultan Al Jaber identified the target as 2030, speaking to reporters at the World Future Energy Summit in Abu Dhabi. At the same conference three years ago, Al Jaber specified 2020 as the date for reaching this goal. He didn’t provide an explanation for the 10-year change in timing.
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China and UAE sign energy cooperation agreement - China's Sinopec clinched a "strategic" energy cooperation agreement with the UAE's state-run Abu Dhabi National Oil Company (ADNOC). The UAE-Chinese agreement will promote cooperation between the two nations on the production and storage of oil, and on issues pertaining to training and research. The UAE and China also signed a memorandum of understanding on energy cooperation which focuses on new and renewable energy sources and paves the way for joint projects and research in the development of clean energy technologies.
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