UAE Plans Global Energy Push With $150 Billion Oil, Gas Spending – Bloomberg — www.bloomberg.com
– The United Arab Emirates’ main energy company will boost investment to $150 billion over the next five years, speed up an increase in oil-production capacity and list some of its natural gas business.
– Adnoc owns 70% of its LNG arm, with the rest held by Japan’s Mitsui & Co., BP Plc and TotalEnergies SE.
– Adnoc Gas Processing is 68%-owned by Adnoc. The other shareholders are Total, Shell Plc and PTT Pcl of Thailand.
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UAE Seeks Economic Pact to Boost Trade With War-Torn Ukraine – Bloomberg — www.bloomberg.com
– The Gulf state said it plans to negotiate a wide-ranging economic deal which will boost bilateral trade with Ukraine, one of the Middle East’s most important sources of grains such as barley and wheat.
– The pact, known as a Comprehensive Economic Partnership Agreement (CEPA), will lay the groundwork for freeing up trade flows between the two countries.
– If the economic talks go to plan, the UAE could increase trade with Ukraine 10-fold over the coming decade, Al Zeyoudi told Bloomberg.
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OPEC+ Holds Oil Production Steady as Russia Sanctions, China Covid Roil Markets – Bloomberg — www.bloomberg.com
– The decision by the Organization of Petroleum Exporting Countries and its allies should hold for at least a few months.
– OPEC+ responded to surging volatility and growing market uncertainty by keeping oil production unchanged.
– On Monday, the EU will ban most seaborne imports of Russian crude and block anyone else from using the region’s shipping or insurance services for purchases of Russian oil, unless it’s done so below a $60-a-barrel price cap.
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Saudi Central Bank Steps Up Efforts to Ease Liquidity Crunch – Bloomberg — www.bloomberg.com
– A rapid rise in lending that’s not been matched by deposit growth has left banks clamoring for funding.
– The rising Saibor premium appears to be driven by strong demand so an injection of liquidity by SAMA will help,” said Tarek Fadlallah, head of Nomura Asset Management’s Middle East business. “But banks may need to additionally lure substantial private-sector deposits in order to maintain the current pace of lending.”
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Qatar Wealth Fund QIA Hires Former JPMorgan Exec Niall Byrne as CFO – Bloomberg — www.bloomberg.com
– Byrne, who has nearly 30 years’ experience in the finance industry.
– He previously held positions at JPMorgan including chief operating officer and chief financial officer of global fixed income, currency and commodities at its asset management arm.
– QIA has been poaching Wall Street veterans to beef up its senior ranks. It recently hired Gautier Martin-Regnier, a former Morgan Stanley managing director in EMEA equity capital markets, as its global head of capital markets.
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