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Two of China's major oil companies said on August 26 that their profits slumped in the first half of 2015, as a sharp decline in international crude prices hit upstream earnings. Sinopec Corp, Asia's largest refiner, posted profits of 25.4 billion yuan ($3.96 billion), down 22 percent from 32.5 billion yuan a year earlier, the company said in a filing with the Hong Kong bourse.

Oman Tank Terminal Company (OTTCO) said it has awarded three companies access to a 2.1 million barrels of crude floating storage facility that would boost trading in crude oil futures on the Dubai Mercantile Exchange (DME). The facility, which will be at Oman's Mina al-Fahal, will help to increase monthly trade volumes on the DME and also help to curb price volatility, trade sources told Reuters in April.
The cost of insuring against a Saudi Arabian sovereign debt default has dropped sharply in the past few days because of the rebound of global oil prices, market data showed on Sunday. Last Monday, five-year Saudi credit default swaps soared as high as 120 basis points, from around 60 bps late last month.
Anglo-Dutch oil giant Shell has shut down two key supply pipelines in NIgeria because of leaks and sabotage and declared a "force majeure" on crude oil exports. Shell's subsidiary in Nigeria SPDC said in a statement the force majeure became effective from Thursday "following the shutdown of both the Trans Niger Pipeline (TNP) and Nembe Creek Trunkline (NCTL)."
Bank of Montreal on Tuesday reported that bad oil-and-gas loans increased sharply in the third quarter as profit topped market expectations on growth in its wealth management unit and personal and commercial banking.
Russia's largest private oil firm Lukoil said Friday its profits had fallen 58 percent year-on-year in the second quarter. The company reported its net income was $1 billion between April and June, compared to $2.4 billion in the same period last year. This figure was lower than experts had predicted, with Interfax news agency quoting analysts forecasting profits of $1.3 billion.
Royal Dutch Shell will repay a $2 billion debt to the National Iranian Oil Company (NIOC) when sanctions on Iran are lifted and will consider investing in the country's vast energy sector, Shell's boss for new business said.


Index Closing Chg%
Arrow DJIA 16,643.01 0.07
Arrow Nasdaq 4,828.32 0.32
Arrow S&P 1,988.87 0.06
Arrow FTSE 6,247.94 0.90
Arrow DAX 10,298.53 0.17
Arrow CAC-40 4,675.13 0.36
Arrow Nikkei 19,136.32 3.03
Arrow H.Seng 21,612.39 1.04
Arrow Sensex 26,392.38 0.61

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Banking Review 2014

Foreign Debt $62.649bn
Per Cap Income $1,512
GDP Growth 4.24%
Average CPI 8.6%
Trade Balance $-2.378 bln
Exports $2.016 bln
Imports $4.394 bln
WeeklyAugust 27, 2015
Reserves $18.509 bln