Turkmenistan is considering turning to Qatar for financial and technical help with the development of the Turkmenistan-Afghanistan-Pakistan-India (TAPI) gas pipeline project, President Gurbanguly Berdimuhamedov announced after a meeting with Sheikh Tamim Bin Hamad Al-Thani in Doha this week. (more…)TREND Read More»
The Iranian parliament has given the country’s oil ministry permission to sell more than $1.5bn in bonds to raise funds for the development of some of the oil and gas fields that it shares with its neighbours in the Gulf. In an open session of the parliament on Saturday, the Iranian lawmakers approved the relevant clause in next year’s budget that begins on March 21.
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Following its acquisition of a 19.5% stake in Rosneft via its shareholding in the Anglo–Swiss multinational commodity trading and mining company Glencore last month, the Qatar Investment Authority (QIA) is thought to be on the verge investing a further $2bn in the Russian energy sector. After Russian President VladimirPutin and Rosneft CEO Igor Sechin met with QIA chief Abdullah Bin Mohammed Bin Saud Al Thani in Moscow yesterday, speculation was rife that the Qatari sovereign wealth fund could be about to buy Fund Energy’s 49% share in the Yargeo joint venture that it set up with Novatek to develop the Yarudeyskoe oil field on the Yamal peninsula in Northern Siberia.
The QIA had made “another deal that will mean additional investment of $2bn”, Al-Thani said before the meeting, although neither side would give further details. However, industry insiders are claiming that Fund Energy, the investment fund set up and run by former Russian energy Minister and Gazprom board director Igor Yusufov, was looking to sell its stake in Yargeo, the JV in charge of the largest oil asset in Novatek’s portfolio.
Launched in December 2015, the field has an annual production capacity of 3.5m tonnes or 9,700 tons of crude oil a day, while the JV also runs a central oil treatment facility, oil and gas gathering systems, a pumping station and gas and crude oil pipelines. After treatment, the oil is transported 350km south to Purpe where it is injected into Transneft’s trunk pipeline system.
In December, Russia’s President Vladimir Putin took to the TV airways to celebrate the news that the commodity trader Glencore and Qatar’s QIA sovereign wealth fund had agreed to buy Moscow’s 19.5% stake in the state-run Rosneft oil giant for a figure Putin put at $11bn, boosted by what he described as “the rising trend in oil prices.”
Financial regulators in Rome are examining whether Intesa Sanpaolo’s financing of Glencore‘s recent investment in Russian oil group Rosneft complies with sanctions imposed on Western companies conducting business with Russian concerns after the annexation of Crimea in 2014, it emerged yesterday.
Two weeks ago, (more…)
Just weeks after snapping up the Russian government’s stake in Bashneft for around $5bn and days after the Qatar Investment Authority and Glencore announced that they were to buy a 19.5% stake in the energy giant from the Russian government for $11bn, Rosneft was in the news again today as it announced that it had agreed to pay Italian oil and gas group Eni $1.125bn for a 30% stake in the offshore Shorouk concession.
Russian President Vladimir Putin took to the TV airways yesterday to celebrate the news that the commodity trader Glencore and Qatar’s QIA sovereign wealth fund – Glencore’s largest shareholders – had agreed to buy Moscow’s 19.5% stake in the state-run Rosneft oil giant for a figure Putin put at $11bn, boosted by what he described as “the rising trend in oil prices.”
The transaction was so big that Putin specifically asked Sechin to work with the Finance Ministry and central bank to ensure that it did not destabilize the currency market when the proceeds were converted into roubles. The rouble gained against the dollar in late trading after the deal was announced. and shares in Rosneft jumped by 6.4% on the news.
Putin haled the surprise deal as the “largest acquisitions in the oil and gas sector in the world in 2016.” It is certainly the biggest foreign investment in Russia since the crisis in Ukraine and comes little more than a year after Glencore Chief Executive Officer Ivan Glasenberg had to go cap in hand to his shareholders for a cash injection. Qatar’s involvement also marks a rare venture of an OPEC member into the Russian energy sector.
Putin was joined on air by his long-term ally and Rosneft CEO Igor Sechin who thanked the President for his part in brokering the deal which, he said, only “became possible thanks to your personal contribution,…..the negotiated price is in our view the maximum possible with the minimum discount of 5% to market prices.” Financing will be provided by “one of the largest European banks,” he added, without specifying which one.
The deal comes at the end of an eventful few weeks for Russia’s privatisation programme which has seen Economy Minister Alexey Ulyukaev dismissed and put under house arrest, accused of taking a bribe to end his objections to Rosneft taking part in the privatisation of Bashneft; and Deputy Finance Minister Alexei Moiseev announcing that hundreds of SMEs were likely to put up for sale next year as Moscow scrambles to raise cash to fill its $21bn budget deficit.
The new deal will go a long way to reducing that debt, but with Rosneft and Sechin himself subject to the sanctions imposed by the West after the annexation of Ukraine, Glencore announced that it would be “fully ring-fenced” from exposure to the Russian state company, apart from a 0.54% “indirect equity interest.”
Russia will retain a controlling stake in Rosneft after the deal, while BP owns a further 19.75% stake in the company.
Silk China looking to Qatar as a key partner in its efforts to establish a new Silk Road stretching between Asia and Europe, Foreign Minister Wang Yi told the Xinhua News Agency last month after a meeting wth Qatari head of state Emir H Sheikh Tamim Bin Hamad Bin Khalifa Al Thani in Doha. He also confirmed (more…)yibada Read More»
Doha talks: The price of crude oil fell by as much as 7% in early trading in Asia this morning after attempts by some of the world’s biggest producers to freeze output ended without a deal on Sunday night with Saudi Arabia insisting Iran should be part of any agreement.
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Doha oil talks: Iran has boycotted today’s meeting between OPEC and non-OPEC member countries in Qatar as more than a dozen countries – including Saudi Arabia, Russia, Venezuela and Iraq – stand poised to agree to freeze output at January levels, according to a draft agreement seen by the Financial Times.
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Australian LNG exports are set to triple by the end of the decade and overtake Qatar’s, a bullish Prime Minister Malcolm Turnbull told delegates at the LNG18 conference in Perth this week, although its export markets are likely to be confined to the Asia Pacific. By 2020, he predicted (more…)
Zarif tours Middle East: Iran’s Foreign Minister Mohammad Javad Zarif has undertaken a three-nation tour of the Gulf and Iraq aimed at boosting ties with its oil-producing neighbours following the landmark conclusion of Tehran’s nuclear deal with world powers. The tour began on Sunday and has taken in (more…)ameinfo Read More»
Russia to export halal meat: Russia’s food watchdog Rosselkhoznadzor and the Council of Muftis in Russia have joined forces to open up the export of halal meat to states on the Arabian Gulf, with chicken exports to Qatar and the UAE likely to pave the way. “As with other Arab countries, Qatar (more…)Izvestia Read More»
The KazPV Qatar solar power project, which will see a group of Kazakhs companies providing the gas-rich Gulf state with solar-grade silicon and plates for solar panels for the next three years, was signed off this week. The companies – Astana Solar, Kazakhstan Solar Silicon and KazSilicon and the American Clean Power Innovation – have signed a memorandum with Qatar Solar Energy to supply silicon and plates for solar panels. AKIPressRead More»