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Jul 30
JEDDAH – Robust public spending outlays and a moderate return in private sector activity supported stronger money supply and credit growth in Saudi Arabia in June, according to the latest central bank data.
In the latest “Monetary Watch” report by Banque Saudi Fransi, it quoted Saudi Arabian Monetary Agencys monthly bulletin showing that broad money supply (M3) growth accelerated on an annual basis after eight consecutive months of slowing growth that had taken year-on-year expansion in M3 to its slowest pace since 1999 in May.
Tagged as: Bahrain;, bank claims, bank credit, bank data, bank deposits, bank;, Banque Saudi Fransi, chief economist, G20, grant long, International Monetary Fund;, JEDDAH, John Sfakianakis, Kuwait;, machinery imports, National Commercial Bank, oil prices;, oil;, Ramadan;, retail, Saudi Arabia, Saudi Kayan, sector bank credit, UAE;, USD; -
Oil prices rise on weak dollar
Filed under NewsJul 30NEW YORK – World oil prices jumped Thursday on the back of a weaker dollar and positive European data.
New Yorks main contract, light sweet crude for delivery in September, climbed $1.37 to $78.36 a barrel, its first gain in five sessions.
Londons Brent North Sea crude for September gained $1.53 to $77.59 per barrel.
Tagged as: CHF, JPY, LONDON;, Londons Brent North Sea, New York;, oil prices;, oil;, United States;, USD; -
Jul 29
AL-KHOBAR – Saudi Aramco has signed contracts with international firms to build a multi-billion dollar refinery at Yanbu on Red Sea coast, the state-run company said on Wednesday.
The 400,000 barrels per day (bpd) refinery accounts for just under a quarter of Saudis plans to add 1.7 million barrels per day of refining capacity.
It was to have been built by US oil firm ConocoPhillips and Aramco in Yanbu Industrial City, but Conoco pulled out of the plans in April.
Tagged as: Aramco, Asia;, cent, Conoco, ConocoPhillips, Conocos, Daelim, Londons Brent North Sea, MIddle East;, Moneefa oilfield, oil majors, oil prices;, oil refinery, oil;, record oil price rally, Red Sea coast;, refinery AL-KHOBAR, Saudi Arabia, SK Engineering & Construction Company, United States;, USD; -
Blast hits oil tanker near Iran
Filed under NewsJul 29TOKYO – An explosion from a suspected attack hit a Japanese tanker early Wednesday in the Strait of Hormuz near Iran, officials said, spotlighting a potential threat in a chokepoint for global oil supplies.
One crew member was injured and the ship, the M. Star of the Mitsui OSK Lines, was partly damaged but able to keep sailing after the blast hit at 00:30 am local time (2030 GMT Tuesday), Japans transport ministry said.
Tagged as: Arabian Sea, Bahrain;, Blast hits oil tanker, company official, crude oil;, Doha;, Dow Jones, Eiko Mizuno, energy supplies, General Manager, Indian Ocean, Islamic Republic of Iran;, Junto Endoh, Kuwait;, Mitsui, oil rich states, oil supplies, oil;, Qatar;, spokeswoman, Strait of Hormuz, the Philippines;, Tokyo;, UAE;, United Arab Emirates; -
Jul 28
SOFIA – Bulgaria and Greece boosted bilateral ties in talks Tuesday that nonetheless failed to overcome uncertainties on the fate of a Russia-backed oil pipeline project, officials said.
Greek Prime Minister George Papandreou reiterated Greek interest in building the 280-kilometre (174-mile) pipeline from the Bulgarian port of Burgas to Alexandroupolis in Greece.
The line would carry Russian oil from the Caspian Sea to Europe, bypassing the busy Bosphorus strait.
Tagged as: Athens, Athens Eleftherios Venizelos, Athens Eleftherios Venizelos airport, Black Sea, Bosphorus strait, Boyko Borisov, Bulgaria, Caspian Sea, Dimitris Reppas, energy;, EUR, Europe;, European Union;, finance;, George Papandreou, Greece, healthcare, International Monetary Fund;, oil pipeline project, oil;, Premier, Prime Minister, Russia;, Sofia, spokesman, Transport Minister, USD;, water management -
Natural gas could lead to new Lebanon-Israel war
Filed under NewsJul 28BEIRUT – The discovery of large natural gas reserves under the waters of the eastern Mediterranean could potentially mean a huge economic windfall for Israel and Lebanon, both resource-poor nations – if it doesnt spark new war between them.
The Hezbollah militant group has blared warnings that Israel plans to steal natural gas from Lebanese territory and vows to defend the resources with its arsenal of rockets. Israel says the fields it is developing do not extend into Lebanese waters, a claim experts say appears to be correct, but the maritime boundary between the two countries – still officially at war – has never been precisely set.
Tagged as: Asia;, Aviv Universitys, Beirut;, chief, Commissioner, Dalit, Egypt;, energy companies finding, energy costs, energy needs, energy;, Europe;, gas fields, gross domestic product;, Hashem Safieddine, Hezbollahs Executive Council, high-tech economy thats, Hizballah, HOUSTON, Israel, Israels Petroleum, large natural gas reserves, Lebanese parliament, Lebanon;, Lebanons government, Mediterranean;, Mimran, mining, Nabih Berri, National Infrastructure Ministry Yaakov Mimran, natural gas;, Noble Energy, official, oil and gas exploration, Oil and gas;, oil emirate, oil wealth, oil;, Paul Rivlin, PGS official, producer, speaker, substantial natural gas deposits, Tamar, Texas;, United States;, USD; -
Jul 25
BEIJING – Authorities in China are using over 23 tons of oil-eating bacteria to help clean up an oil spill in the Yellow Sea caused by a pipeline explosion and fire at the weekend, state media said Tuesday.
Yang Jiesen, head of the research and development division of a Beijing biotechnology company, said the Maritime Safety Administration had placed its order for the bacteria on Saturday, the official Xinhua news agency reported.
Tagged as: Alaska, Beijing, bioremediation, biotechnology;, campaigner, China National Petroleum Corp., China;, crude oil;, Dalian, dark brown oil slick, Exxon, Greenpeace, head of the research and development division, Maritime Safety Administration, oil barriers, oil prices;, oil spill, oil storage depot, oil-eating bacteria, oil-skimming vessels, oil;, spilt oil, state media, the Shenyang Evening News, Xinhua news agency, Yang Jiesen, Yellow Sea -
Oil global stocks rise lifts Saudi benchmark
Filed under NewsJul 25JEDDAH – Banking and petrochemical stocks lead Saudi shares to a higher close on Saturday after positive market data lifted global stocks on Friday. The benchmark Tadawul All Share Index closed 1.6 percent higher at 6,187.39 points.
The shares in petrochemicals giant Saudi Basic Industries Corporation (SABIC) ended two per cent higher while heavyweight Al Rajhi Bank added 1.7 percent. The banking index closed 2.3 percent higher while the petrochemicals index rose 1.9 percent.
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Jul 24
JEDDAH – Gulf stock markets ended the week mixed as investors continued to come under psychological pressure from global markets and indecisive indicators of world recovery.
However, the markets were expected to rebound next week in response to gains scored by Wall Street and European bourses on Thursday and Friday following reports of strong earnings by US and European businesses and the record jump in German business sentiment.
Regional markets were forecast to retain their psychological linkage with global markets for some time to come.
Tagged as: Bakhit Investment Group, bank earnings, bank stress test, Bishr Bakhit, cent, CEO, countrys top petrochemical conglomerate, crude oil prices, crude oil;, Dow 30, Dubai;, Gulf of Mexico, JEDDAH, KSE all-share, location, MIddle East;, NASDAQ composite, New York Stock Exchange, New York;, oil prices;, oil production, oil world economy, oil;, Riyadh, Saudi Basic Industries Corp.;, Tadawul All, United States;, USD; -
Low oil price a risk to Gulf growth IMF
Filed under NewsJul 23WASHINGTON – Economic growth in the six-nation Gulf region is strengthening but a major risk to the outlook is that oil prices remain low for a protracted period, the International Monetary Fund said on Wednesday.
In an updated report on Gulf Cooperation Council (GCC) member states the IMF urged countries to prepare exit strategies from the current high spending levels but not to implement them until economic conditions were right.
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