Energy China’s Sinopec profit falls 20% on lower oil prices Chinese refining giant Sinopec Corp plans to maintain steady refinery output during the second half of 2023 as domestic fuel demand recovers, after reporting a 20 percent decline in interim profit because of lower crude oil prices. Sinopec, the world’s largest refiner by capacity, plans 127 million metric tonnes of crude throughput, about 5.04 million […] August 28, 2023
Economy Lebanon’s central bank refuses to cover state deficit Lebanon’s central bank will not print money to lend the state or cover the crisis-hit economy’s projected deficit, acting central bank governor Wassim Mansouri said on Friday, calling on leaders to undertake urgent financial reforms. Mansouri told a press conference at the central bank the draft budget for 2023 included a state deficit of 24 […] August 27, 2023
Energy Brent is well supported at $80 says Morgan Stanley Morgan Stanley expects Brent crude prices to be well supported around $80 per barrel as the oil market is likely to remain in a deficit in the second of half of 2023 before returning to a small surplus next year. “Strong refined products markets and deep Opec cuts have been supporting crude oil prices,” analysts […] August 27, 2023
Economy Turkish minister to meet US investors next month Turkish finance minister Mehmet Simsek, who is leading the country’s economic U-turn toward orthodox policies, will hold his first meeting abroad with foreign investors on September 19 in New York, according to an invitation to the event. Simsek will give a speech and answer investors’ questions at Goldman Sachs headquarters, marking the first such overseas […] August 27, 2023
Renewable Energy Indian firm to invest $3.3bn in green hydrogen project Indian renewable energy firm Acme Group will invest 270 billion rupees ($3.27 billion) to set up a green hydrogen and ammonia project at an industrial park being developed by a Tata Steel unit in Odisha state, the companies said on Friday. Acme Group will acquire 343 acres of land in Gopalpur Industrial Park, developed by […] August 27, 2023
Economy Egypt expects Brics entry will lure foreign investment Egypt hopes its imminent inclusion in the Brics bloc of developing nations will help ease its shortage of foreign currency and attract new investment, but analysts say it may take time before any benefits appear. The bloc, which includes Brazil, Russia, India, China and South Africa, on Thursday invited Egypt and five other countries to […] August 27, 2023
Economy Turkey’s interest rate hike to 25% sparks lira rally Turkey’s central bank hiked its key interest rate by a larger-than-expected 750 basis points (bps) to 25 percent on Thursday, sparking a rare lira rally and signalling a new determination to address rebounding inflation as part of a broader policy U-turn. The surprise move leaves the policy rate at its highest level since 2019, and […] August 25, 2023
Transport Nigeria seeks to ‘immediately’ resolve issues with Emirates Nigeria’s president, Bola Tinubu, has ordered an immediate resolution to disagreements with Emirates airline and visa issuance by the UAE, the president’s spokesman said on Thursday. The UAE stopped issuing visas to Nigerians last year after Dubai’s Emirates suspended flights due to an inability to repatriate funds from Africa’s biggest economy. Tinubu’s office said in […] August 25, 2023
Energy Goldman says high oil stock cuts downside price risk Goldman Sachs sees less of a downside risk to oil prices from higher-than-expected inventories, noting that lower Organisation for Economic Co-operation and Development (Oecd) commercial stocks could add $2 to its end-2023 Brent outlook of $86 per barrel. Oecd commercial stocks, which the Wall Street investment bank estimated were equal to about a third of […] August 24, 2023
Energy Saudi Arabia may roll over 1m bpd cut into October Saudi Arabia will likely roll over a voluntary oil cut of one million barrels per day (bpd) for a third consecutive month into October, five analysts said, amid uncertainty about supplies and as the kingdom targets drawing down global inventories further. Opec+, which groups the Organization of the Petroleum Exporting Countries and allies led by […] August 24, 2023
Retail Qatar to invest $1bn for 1% stake in Reliance Retail Qatar Investment Authority will invest $1 billion for a 1 percent stake in India’s Reliance Retail Ventures, nearly doubling its valuation to $100 billion from its last funding round in 2020. Reliance Retail is India’s largest retailer and the retail arm of billionaire Mukesh Ambani’s Reliance Industries. It has been partnering with a slew of […] August 24, 2023
Manufacturing Foreign investors seek 15% of Egypt’s tobacco company Egypt has received several offers from foreign investors to buy up to 15.3 percent of the shares of state-controlled Eastern Co, the country’s main tobacco products maker, the company said in a disclosure to the stock exchange on Tuesday. If it goes through, the sale would give impetus to Egypt’s floundering privatisation programme and reduce […] August 23, 2023
Energy Africa hopes for climate funding ahead of Cop28 Deals worth hundreds of millions of dollars are expected to be struck at next month’s Africa climate summit, including increasingly popular nature-based investments, the event’s main organiser said on Tuesday. African officials hope the meeting will strengthen the continent’s voice and send a unified message ahead of the Cop28 UN climate summit later this year […] August 23, 2023
Leisure & Hospitality Turkish food delivery company to cut 2,500 jobs Turkish food delivery company Getir announced a global restructuring on Tuesday, saying it plans to cut 2,500 jobs across five countries, or 10.9 percent of its total workforce. Getir last month announced its exit from Italy, Spain, and Portugal, but it will continue to operate in Turkey, the UK, Germany, the Netherlands and the US, […] August 23, 2023
Transport Suez Canal traffic unaffected after tanker collision Shipping traffic was flowing normally on Egypt’s Suez Canal on Wednesday, two shipping sources based in the country said, after two tankers that collided earlier were separated. The two tankers, the Singapore-flagged liquefied natural gas (LNG) carrier BW Lesmes and the Cayman Islands-flagged oil products tanker Burri, briefly collided in the canal, ship tracking company […] August 23, 2023
Brics expansion hopefuls seek to rebalance world order An expansion of the Brics bloc under consideration at a summit this week has attracted a handful of potential candidates – from Iran to Argentina – with one thing in common: a desire to level a global playing field many consider rigged against them. The list of grievances is long. Abusive trade practices. Punishing sanctions […] August 22, 2023
Finance India’s banks asked to settle trades in rupee and dirham India’s central bank is nudging local banks to ask their clients to settle trade between the UAE and India using the dirham or Indian rupee to reduce US-dollar-based transactions. The move is part of the Reserve Bank of India’s broader aim of promoting settlement in local currencies with countries with which India has a trade […] August 22, 2023
Oil & Gas Iraq begins talks with Turkey to resume oil exports Iraq’s oil minister Hayan Abdel-Ghani will visit Turkey to discuss issues including the resumption of oil exports through the Ceyhan oil terminal. Iraqi oil minister will meet his Turkish counterpart to discuss energy issues, on top of which is the resumption of Iraq’s northern oil exports via Turkey’s Ceyhan port, said an oil official. Turkey […] August 22, 2023
Finance Turkey’s central bank likely to hike policy rate to 20% Turkey’s central bank is expected to raise its policy rate to 20 percent this week, a Reuters poll showed on Monday, though some economists expect a smaller increase after hikes in previous months remained below expectations. The central bank embarked on a tightening cycle in June, after President Tayyip Erdoğan appointed former Wall Street banker […] August 22, 2023
Banking and Finance Turkey begins rolling back costly FX-protected deposits Turkey’s central bank has begun rolling back a costly scheme that protects lira deposits from FX depreciation, marking another move toward more orthodox policies following a shift toward interest rate hikes. The central bank said on Sunday that it lifted targets applied to banks for certain levels of conversions of foreign exchange deposits to the […] August 21, 2023
Energy Russia remains China’s top crude supplier in July Russia remained China’s largest crude supplier in July, Chinese government data showed on Sunday, even as Russian shipments fall from all-time highs on narrower discounts and rising domestic demand crimps Russian exports. Arrivals from Russia were up 13 percent from the same month last year to 8.06 million metric tonnes in July, or 1.9 million […] August 20, 2023
Oil & Gas Hungary to receive LNG from Qatar in 2027 Hungary can begin to receive shipments of liquefied natural gas (LNG) from Qatar in 2027, Hungarian foreign minister Peter Szijjarto told a news conference. Demand for LNG has skyrocketed following Russia’s invasion of Ukraine, giving Qatar and the United States significantly larger roles in supplying gas to Europe and forcing landlocked countries, such as Hungary, […] August 20, 2023
