Energy Trading & Markets

Saudi Arabia calls off Aramco IPO, applies for $12 billion loan

August 23, 2018 | Energy Trading & Markets, Government & Regulations, Middle East

London, UK | –  Saudi Arabia has called off plans for the domestic and international listing of state oil giant Aramco, billed as the biggest stock flotation in history, four senior industry sources said on Wednesday. Financial advisers working on the planned listing have been disbanded as Saudi Arabia shifts its attention to a proposed acquisition of a “strategic stake” in local petrochemicals maker Saudi Basic Industries Corp, two of the sources said. “The decision to call off the IPO was taken some time ago, …

British Gas raises its dual fuel standard tariffs twice in 6 months

August 08, 2018 | Energy Trading & Markets, North Sea & Western Europe

London, UK | — UK utility Centrica, owner of British Gas, will increase its dual fuel Standard Variable Tariff by 3.8% from October for residential customers due to an increase in wholesale NBP contracts, the company said Wednesday morning. “We are increasing our prices because of an approximately 20% rise in the costs of buying wholesale energy since April,” the company said in a statement. Centrica announced in early April a 5.5% rise in the SVT from May 29, citing rising wholesale contracts as a …

ENOC Group expands jet fuel operations in Nigeria

June 27, 2018 | Energy Trading & Markets, Nigeria

London, UK | –  Emirates National Oil Company, ENOC, has signed an aviation technical and marketing services agreement with Raven Energy, to support its jet fuel supply operations in Nigeria. Commenting on the agreement, Saif Humaid Al Falasi, Group CEO of ENOC, said, “Today, we supply in excess of 2.8 million US gallon of jet fuel per day to a diversified portfolio of clients in the UAE and internationally. We’ve successfully forged many collaborations and our partnership with Raven Energy is one that we take …

Chinese oil contract to rival US WTI and UK’s Brent is born

March 26, 2018 | Asia, Commodities & Oilprice, Energy Trading & Markets

China launched its first ever crude-futures contract as the world’s biggest oil buyer seeks to wield greater power over pricing and challenge benchmarks in the U.S. and Europe. London, UK | – The long-awaited yuan-denominated futures on the Shanghai International Energy Exchange traded at 432.3 yuan a barrel ($68.47) for September settlement by 11:30 a.m. local time before a midday break. Trading will resume at 1:30 p.m. The contracts, which are open to foreign investors, end years of delays and setbacks since China’s first attempt …

Saudi Aramco’s world biggest IPO delayed, listing until 2019

March 12, 2018 | Energy Trading & Markets, Middle East

Delay reflects difficulties in handling massive stock market flotation and concerns about potential downsides to market exposure London, UK | – Investors waiting for the chance to buy a piece of Aramco, Saudi Arabia’s state-owned oil behemoth, will probably have to wait. Saudi officials are reported to have told their British counterparts last week that a delay to 2019 was likely. Aramco had indicated that it expected to begin trading on a public stock market this year. The delay reflects the difficulties in arranging what would …

Russia concerns keeps market guessing ahead of OPEC meeting

November 28, 2017 | Commodities & Oilprice, Energy Trading & Markets, OPEC

  OPEC is expected to extend its deal with Russia and other oil producers to keep 1.8 million barrels a day off the market, but what’s not clear is for how long OPEC ministers head to Vienna on Thursday to decide whether to extend output cuts beyond March next year. The prospect, however, of an alliance breakdown between the world’s two largest oil producers threatens to scupper the cartel’s plans. OPEC is expected to extend its deal with Russia and other oil producers to keep 1.8 million barrels …

Africa unites to garner investment at Africa Oil Week in Cape Town

November 02, 2017 | Africa, Energy Trading & Markets, South Africa, Upstream

Cape Town, South Africa | – The African oil industry met this week to discuss the potential, but also the challenges, that the industry faces as the continent moves towards the commercialization of its huge gas and oil reserves. Six of Africa’s oil ministers from Cote d’Ivoire, Namibia, Nigeria, Ghana, Mali, South Africa attended, including US Secretary for Energy Rick Perry. The event drew speakers from the highest echelons of government, operators, service providers, legal, advisory and research firms. The key themes discussed were the …

Saudi Arabia says oil deal with Russia helping market, demand healthy

October 05, 2017 | Commodities & Oilprice, Eastern Europe & Russia, Energy Trading & Markets

Moscow, Russia | – World energy markets can handle supplies of U.S. shale oil next year as demand is rising and deals between Russia and Saudi Arabia have helped stabilize crude prices, Saudi Arabia said on Thursday, suggesting confidence about the outlook. Saudi Arabia and Russia, the world’s biggest producers of crude, helped secure a deal between OPEC and 10 rival suppliers to cut output until the end of March 2018 in an effort to reduce a price-sapping glut. Saudi Energy Minister Khalid al-Falih, whose …