Mena News

 

  U.S. crude oil futures rises on supply worries
Dec , 02 , 2012  
  Front-month U.S. crude oil futures rose as the market continued to balance risks to demand from the U.S. budget standoff against Middle East supply concerns.
 

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  Qatar says to start embracing solar energy
Dec , 02 , 2012  
  Qatar aims to raise the share of solar power in electricity generation to 16 percent by 2018, in a rare example of an OPEC nation embracing renewable energy. "We are working on a project to develop 1,800 megawatts of solar power," said Fahad Bin Mohammed Al-Attiya, chairman of the organizers of talks in Doha from Nov. 26-December 7 among almost 200 nations on slowing global warming.
 

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  Abu Dhabi's TAQA buys 53.2 percent stake in Iraqi Kurdish oil block
Dec , 02 , 2012  
  Abu Dhabi National Energy Co (TAQA) has bought a 53.2 percent operating interest in an oil block in Iraqi Kurdistan from General Exploration Partners (GEP), the company said in a statement. GEP is a joint venture between privately-held Aspect Energy, which owns a 66.5 percent interest, and a subsidiary of Canadian group ShaMaran Petroleum. "This entry into a pure exploration play demonstrates how TAQA is leveraging its experience as an operator of complex oil and gas assets," said TAQA CEO Carl Sheldon in the statement.
 

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  Kuwait Boubyan Petchem to buy 20 percent of Saudi Medical Lab co. for USD20.2mn
Dec , 02 , 2012  
  Kuwait's Boubyan Petrochemical Co., or BPC, said it has signed an agreement to acquire a 20 percent stake in Saudi Arabia's Al Borj Medical Lab Co. for about KWD5.7mn (USD20.22mn). Al Borj operates medical, veterinary, and environmental laboratories, BPC said in a statement posted on the Kuwait bourse website. BPC said it needs to complete some legal procedures in Saudi Arabia in order to conclude the acquisition deal.
 

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  Greece deal lifts Europe
Nov , 27 , 2012  
  Europe stocks rise after Greek debt deal Royal Bank of Scotland shares rise after a broker upgrade European stock markets rose on Tuesday, after euro-zone finance ministers early in the morning struck a deal on reducing Greece’s debt, unblocking the way for the country’s next financial-aid disbursement in December.
 

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  Brent climbs above USD111 after Greek debt deal
Nov , 27 , 2012  
  Brent crude rose above USD111 per barrel on early Tuesday, November 27, as optimism coursed through financial markets after Greece's international lenders reached a deal on a new debt target, although worries about a looming U.S. fiscal crisis kept a lid on gains.
 

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  German consumer morale dips heading into December, still robust
Nov , 27 , 2012  
  German consumer morale dipped slightly going into December amid concerns over the Euro-zone crisis and global growth but still-solid domestic demand should help Europe's largest economy avert recession, market research group GfK said. The forward-looking consumer sentiment indicator, based on a survey of around 2,000 Germans, eased to 5.9 heading into December from a downwardly revised 6.1 in November, the same level as in October. December's reading was below expectations in a Reuters poll of 24 economists for a level of 6.2.
 

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  Euro-zone, IMF secure deal on cutting long-term Greek debt
Nov , 27 , 2012  
  Euro-zone finance ministers and the International Monetary Fund clinched agreement on reducing Greece's debt in a breakthrough to release urgently needed loans to keep the near-bankrupt economy afloat. Greece's international lenders agreed on a package of measures to reduce Greek debt by EUR40bn, cutting it to 124 percent of gross domestic product by 2020. In a significant new pledge, ministers committed themselves to take further steps to lower Greece's debt to "significantly below 110 percent" in 2022 -- the most explicit recognition so far that some write-off of loans may be necessary from 2016, the point when Greece is forecast to reach a primary budget surplus. Greece will receive up to EUR43.7bn in stages as it fulfills the conditions. The December installment will comprise EUR23.8bn for banks and EUR10.6bn in budget assistance.
 

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  Bahrain's GIB picks banks for possible Dollar bond
Nov , 27 , 2012  
  Gulf International Bank (GIB), a lender majority owned by the Saudi Arabian government, has picked six banks to arrange investor meetings ahead of a potential benchmark-sized, U.S. Dollar bond, lead arrangers said. Bahrain-based GIB picked itself, as well as JP Morgan Chase Inc, National Bank of Abu Dhabi, Barclays Plc, Standard Chartered Plc and Societe Generale to arrange the deal, it said. Benchmark-sized deals are typically at least USD500mn in size. Roadshows will commence on November 28 and will be held in the Middle East, Asia and Europe, with any bond following them part of the bank's USD4bn Euro medium term notes programme, the arrangers added.
 

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  Oman awards fixed-line Telco license to PCCW consortium
Nov , 27 , 2012  
  Oman has granted a fixed-line telecommunications license for the greater Muscat area to a consortium of Awaser Oman Co and Hong Kong’s PCCW International, the regulator said, a decision that may squeeze earnings at Oman’s existing operators. The license is valid for the Governorate of Muscat – home to about a quarter of Oman’s estimated 2.8 million people – and will enable the consortium to provide fixed-line data and voice services for 25 years. PCCW International is a subsidiary of PCCW Ltd.
 

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