Indian Oil Debt to Iran to be Soon Cleared
Indian refiners owe around 6 billion euros; Iran expects funds to be cleared soon. Indian oil refiners will clear around 6 billion euros ($6.7 billion) of outstanding debt to Iran through Turkey's Halkbank soon, a senior Iranian economy official said on Wednesday. India is one of the biggest buyers of Iranian…
Saudi Aramco Seeks Loan to extract Sinopec JV Cash
Saudi Aramco, the kingdom's state oil giant, is seeking to borrow $4.7 billion from banks to refinance capital used to build a refinery in collaboration with China's Sinopec, three sources with knowledge of the matter said on Tuesday. The funds raised from banks will be used to replace some of the cash Aramco invested to build the 400…
Croatian Energy Group INA Signs $300 mln Loan
Croatian oil and gas group INA has secured a $300 million loan for general financing purposes with seven international and local banks, the company said in a statement on Wednesday. The revolving loan has a three-year maturity with an option for extension for up to two years, INA said. "The loan conditions are much better than those for a loan taken in 2013…
License to Drill – Saudi Bond Issue
Low global crude prices have hit Saudi Arabia hard, says energy industry analysts Douglas-Westwood. With a considerable budget deficit, Saudi has been forced to begin borrowing from capital markets – $4 billion in July. The kingdom is highly reliant on oil – accounting for more than 90 percent of budget revenues.
Slumping Oil Won't Derail $500 bln Gulf Infrastructure Plan
Slumping oil prices will not halt a massive ramp-up in Gulf infrastructure spending, as rich nations deploy huge reserves to maintain a breakneck development pace and the rest turn to buoyant funding markets. However, states are being urged to consider the most effective funding mix for these schemes in the longer term, especially against a backdrop of lower oil prices.
World Market Shockwaves From Oil Price Epicentre
The financial turmoil engulfing Russia is a symptom of a wider world markets quake that has its epicentre in oil's collapse and Western disinflation but is now rippling far and wide across investors' portfolios. Not unlike other bouts of global financial contagion in the late 1990s and again in 2008-09, the…
Cheaper Oil Boon for North Africa, Gulf Exporters Unfazed
Arab economies could face biggest shift since global crisis; oil price far from levels that would hurt Gulf exporters. Falling oil prices may prove the best medicine for economies in the Arab world, rebalancing growth towards countries struggling to recover from the Arab Spring uprisings without doing major damage to the oil exporters of the Gulf.
India's Financial Hub Mumbai Hit by Power Cuts
Power cuts hit large areas of Indian financial capital Mumbai on Tuesday following a technical glitch at an electricity generation unit, but back-up generators at banks and brokerages ensured that financial business was largely unaffected. Tata Power Company Ltd said the cuts, which began at 0945 IST in Mumbai…
AKR Corporindo to Spend 2.3 trln rph on Industrial, Port Project
PT AKR Corporindo, a distributor of basic chemicals and petroleum products, plans to spend 2.3 trillion rupiah ($198.84 million) on investment in the second half of this year, to finance its Java Integrated Industrial and Port Estate project, said Director Suresh Vembu. The firm is working in co-operation with state port firm PT Pelindo on the project situated on a 1…
Petrol Raises Dividend to 10.1 Euros
Slovenia's largest fuel retailer Petrol will pay a dividend of 10.1 euros per share this year, up from 10 euros paid last year, after a shareholder vote on Thursday. The dividend is higher than 9.1 euros per share proposed by the management of Petrol in March because shareholders supported a proposal for a higher dividend by the state investment fund SOD…
