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DUBAI: Dubai World’s restructuring plan is "very fair" and could be signed by lenders in coming weeks, a senior executive at one of its major bank creditors said on Monday. Simon Cooper, head of HSBC’s Middle East operations, made the remarks on the sidelines of an HSBC trade survey launch. "The proposal is very fair …
TEHRAN: A senior Iranian oil official denied on Monday that the Islamic Republic’s crude sales to China and Japan had declined during the first few months of 2010, the ISNA news agency reported on Monday. "There is no change in our crude sale to these countries," said Deputy Iranian Oil Minister Hossein Noghrehkar-Shirazi. In March, …
TEHRAN: Gas production at Iran’s giant offshore natural gas field South Pars will rise to 175 million cubic meters per day within the next two years, an energy official was quoted as saying on Sunday. Iran has the second biggest gas reserves in the world after Russia, but sanctions over its nuclear energy program and …
KUWAIT: Kuwait Finance House (KFH), the country’s biggest Islamic lender, on Sunday reported a 21.4 percent fall in first-quarter net profit, missing analysts’ expectations. Net profit for the quarter was 30.9 million Kuwaiti dinars ($107 million), down from 39.3 million dinars in the same period a year earlier, KFH said in a statement on the …
TEHRAN: Iran’s natural gas exports have shot up over the past month due to increased trade with Turkey, a senior energy official said on Sunday. "The export of Iranian natural gas has grown by 98 percent in the 40 days of the current (Iranian) year, compared to the corresponding period last year," Mostafa Kashkouli, deputy …
Algeria’s government on Sunday repeated a demand that Egypt’s Orascom Telecom consult it about a plan to sell its Algerian unit to South Africa’s MTN, official media reported. "What we are asking for and demanding is that the owners of OTA (Orascom Telecom Algerie) contact the Algerian authorities," the official APS news agency quoted Telecommunications …
DUBAI: UAE lender National Bank of Ras Al-Khaimah (RAKBank) on Sunday said first-quarter net profit rose 42 percent, boosted by an improvement in lending activity and higher customer deposits. Abu-Dhabi-listed RAKBank said net profit rose to AED 228.1 million ($62.09 million) in the first quarter, compared with AED160.3 million for the year-ago period. "Although economic …
Arafa Holding, Egypt’s biggest garment exporter, reported consolidated net profit for the year to end-January of $10.2 million, the firm said on Sunday. The company changed its financial year to end in January instead of March, and as a result, no direct comparisons could be made. For the ten months to end January 2009, Arafa …
The average yield on Egyptian 182-day Treasury bills rose to 10.306 percent at an auction on Sunday from 10.196 percent at last week’s auction. The central bank accepted bids worth LE 2 billion ($360 million), the same amount it was seeking. It accepted bids at rates between 10.101 and 10.351 percent compared to a range …
Kuwait Energy Company said on Sunday it struck oil in a field in Egypt’s Western Desert. The privately held company said in a statement the find in East Ras Qattara field was its seventh in Egypt and fourth in that field. The new well produced up to 1,600 barrels per day in a short-term production …
Egypt’s Alexandria Cotton Exporters’ Association (Alcotexa) committed to sell 200 tons of Giza 86 cotton in the week that ended on May 1, an Alcotexa official told Reuters on Sunday. The deal brings Alcotexa’s export commitments for the 2009/10 season, which began in September, to 68,553.8 tons of cotton worth $158.76 million, the official said. …
Shareholders in Egypt’s South Valley Cement approved a LE 15 billion ($2.7 billion) capital increase to buy the owner of the Citystars mega-mall in Cairo, the cement firm said on Sunday. "In order to acquire Golden Pyramids and its related companies, we will increase our capital from LE 5 billion to 20 billion," said Tamer …
Egypt’s main index ended 0.7 percent lower as uncertainly continued over Orascom Telecom’s (OT) potential deal with South Africa’s MTN. OT’s shares closed down 5.6 percent after Algeria announced it would block a key part of a potential $9 billion purchase by MTN of some or all of OT’s assets. "Orascom Telecom’s direction is setting …
Egypt’s Alexandria Cement received the go-ahead for a LE 2.45 billion ($442.1 million) rights issue scheduled to begin May 19, the stock exchange said on Wednesday. The transaction will pave the way for Alexandria Cement’s main shareholder, Greek cement maker Titan, to sell a 16 percent stake in Alexandria to the International Finance Corporation (IFC) …
DUBAI: Dubai World, which is in talks to restructure $26 billion in debt, has made a revised offer to lenders but the sweetened deal is unlikely to satisfy banks, analysts said on Thursday. The new offer is for 1 percent cash interest and 1 percent payment-in-kind interest note, a source familiar with the matter said, …
Egyptian dairy and juice maker Juhayna Food Industries said on Wednesday it was still deciding whether to go ahead with its initial public offering (IPO) after a fire in one of its factories caused major losses. The fire that broke out last Thursday at Juhayna’s "Egyfood" factory on the outskirts of Cairo damaged buildings and …
Swiss-based Orascom Development Holding has bought a 4.5-percent stake in Egyptian Resorts Co. under a plan to jointly develop resort property on the Red Sea, Orascom said on Thursday. Orascom Development’s subsidiary Orascom Development and Management (ODM) signed a nine-year agreement with Egyptian Resorts (ERC) to develop 2.5 million square meters (618 acres) of ERC …
MUMBAI: India’s UltraTech Cement said on Thursday it would acquire Dubai-based ETA Star Cement Co for an enterprise value of $380 million, giving it direct access to markets in the Middle East and Bangladesh. UltraTech, which is set to become India’s biggest cement producer with 49 million tons when it gets regulatory approval to absorb …
MILAN: Italy’s oil and gas major Eni is handing over operator ship of Darkhovin oilfield in Iran to local partners to avoid US sanctions for doing business with Iran, Eni said in a document for US authorities. The United States and its allies suspect Iran wants to develop nuclear weapons, while Tehran says it needs …
KUWAIT: Saudi Arabia and Kuwait have boosted output capacity from their shared Neutral Zone to 610,000 barrels per day from around 550,000 bpd, a Kuwait oil official said on Tuesday. But the two OPEC producers have drawn back from long-term plans plans to further boost capacity to 700,000 to 900,000 barrels per day (bpd) by …
DUBAI: Asian workers in a Dubai port load an Iran-bound ship with sacks of sugar. US and UN sanctions over Tehran’s nuclear work do not bar such goods, but Iranian traders based here are feeling the heat all the same. Morteza Masoumzadeh, shipping agent for the 3,300-ton cargo, says punitive international measures against Tehran are …
Orascom Development Holding said on Tuesday it has called off a planned capital increase after detecting irregular trading activity in its shares listed on the Swiss stock exchange. The Swiss-based company, whose main presence is in Egypt, said it had planned to sell shares on Tuesday representing 9.9 percent of its capital via an accelerated …
Egyptian mobile phone company Mobinil made first-quarter net profit of LE 357 million ($64 million), down 2 percent from a restated figure from a year earlier and far below analysts’ forecasts. The firm said on Monday it added 767,000 subscribers in the quarter for a total of 26.12 million by end-March, and that average revenue …
Egypt’s Orascom Telecom is in talks to sell its Algerian unit Djezzy to MTN Group and the Algerian government takes a positive view of the sale, a senior government source said on Monday. Two other people familiar with the matter have told Reuters the firms are discussing MTN’s purchase of Djezzy plus Orascom’s four sub-Saharan …
KUALA LUMPUR: When Kuwait Finance House Malaysia helped develop a $1.3 billion real estate project in the country in 2005 as a partner in the deal, Islamic equity property ventures were a rarity. Five years on, the bank is embarking on its fourth building project using a similar equity concept but few others in the …
SINGAPORE: Oil fell for a second day on Tuesday to trade below $84 as forecasts for repeated increases in US inventories rekindled concerns of oversupply, while Greek debt woes also weighed. US crude, gasoline and distillate stockpiles probably rose for a second straight week last week, a Reuters survey showed on Monday. Investors sought refuge …
KUWAIT: Production at Iraq’s West Qurna phase two oilfield will hit 120,000 barrels per day (bpd) in 2012, a senior executive from Norway’s Statoil said on Tuesday. Statoil along with its consortium partner Russian energy company Lukoil have already started issuing tenders for work at the field, said Kjetil Tonstad, vice-president for International Exploration and …
KUWAIT: Production at Iraq’s West Qurna phase two oilfield will hit 120,000 barrels per day (bpd) in 2012, a senior executive from Norway’s Statoil said on Tuesday. Statoil along with its consortium partner Russian energy company Lukoil have already started issuing tenders for work at the field, said Kjetil Tonstad, vice-president for International Exploration and …
TEHRAN: Iran has given Royal Dutch Shell and Repsol one week to decide on their involvement in the South Pars gas field, the semi-official Mehr news agency reported on Monday. Iran says both the Anglo-Dutch Shell and Spain’s Repsol have procrastinated on finalizing their involvement in the field. It has set similar deadlines in the …
ANKARA: Iran may export gas to Switzerland via Turkey in exchange for a transit fee to Ankara if it does so, Turkish Energy Minister Taner Yildiz told Reuters on Monday. Iran’s oil minister said on Saturday his country was ready to make such exports providing transit country Turkey gave its consent and Switzerland signs the …
