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Kuwait KNPC names NBK finance advisor for $12bn refinery upgrade DUBAI: Kuwait National Petroleum Co (KNPC) has chosen National Bank of Kuwait's investment banking arm to advise it on financing options for its multi-billion-dollar Clean Fuels Project, the bank said on Sunday. Part of the country's 30 billion dinar ($104.7 billion) economic development plan, the Clean Fuels Project will upgrade and expand two of the Gulf Arab state's largest existing refineries with a focus on producing higher-value products such as diesel and kerosene for export.NBK Capital has been chosen to evaluate funding requirements and structures for the state-run refiner and will be in charge of raising finance on the best possible terms for KNPC. This will happen over the next 12 months, the statement added. Contracts worth around $12 billion were awarded in February to international companies including Japan's JGC Corp, Britain's Petrofac Ltd and US-based Fluor Corp for construction work on the project. The Clean Fuels Project is expected ...


Eskom to raise more debt, get state equity injection JOHANNESBURG: South Africa's government has approved a support package for state-run power utility Eskom, which will include the company raising additional debt and receiving an equity injection from the state.Eskom has huge financial problems because its costs are running ahead of its revenues. "Eskom is facing significant challenges that threaten its sustainability," the Treasury said in a statement on Sunday."Eskom will be raising additional debt in the region of 50 billion rand ($4.5 billion), over ...

China Aug crude oil throughput climbs 4.4pc on year SHANGHAI: China's refinery throughput rose 4.4 percent in August from a year earlier to 41.39 million tonnes, or 9.75 million barrels per day (bpd), data from the National Bureau of Statistics showed on Saturday.The daily run rate is up 0.8 percent compared with the 9.67 million bpd recorded in July.Copyright Reuters, 2014

China Aug power output falls 2.2pc on year SHANGHAI: China's power generation fell 2.2 percent in August from a year earlier, data from the country's National Bureau of Statistics showed on Saturday.Power output in the world's top consumer was 495.9 billion kilowatt hours (kWh) in August, down 1.8 percent from 504.8 kWh from the preceeding month, data showed.Copyright Reuters, 2014

China Aug crude oil throughput climbs 4.4pc SHANGHAI: China's refinery throughput rose 4.4 percent in August from a year earlier to 41.39 million tonnes, or 9.75 million barrels per day (bpd), data from the National Bureau of Statistics showed on Saturday.The daily run rate is up 0.8 percent compared with the 9.67 million bpd recorded in July.Copyright Reuters, 2014

China Aug implied oil demand up 3.4pc SHANGHAI: China's implied oil demand in August rose 3.4 percent from a year earlier to 9.70 million barrels per day (bpd), according to Reuters' calculations based on government data.Reuters calculates implied oil demand by combining official figures for refinery throughput and net imports of refined products, excluding any inventory changes, which are rarely disclosed by the government.Copyright Reuters, 2014

Oil prices fall on concerns about oversupply NEW YORK: Oil prices dropped on Friday, resuming a downward tilt due to concerns about a mismatch between lofty petroleum supplies and tepid demand growth. US benchmark West Texas Intermediate for October delivery fell 56 cents to $92.67 a barrel on the New York Mercantile Exchange.European benchmark Brent oil for October delivery shed 97 cents to $97.11 a barrel in London, its lowest closing price since June 2012.Friday's drop resumed a trend in September towards ...


 



 
Index Closing Chg%
Arrow DJIA 17,279.74 0.08
Arrow Nasdaq 4,579.79 0.30
Arrow S&P 2,010.40 0.05
Arrow FTSE 6,837.92 0.27
Arrow DAX 9,799.26 0.01
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Arrow Nikkei 16,321.17 1.58
Arrow H.Seng 24,306.16 0.57
Arrow Sensex 27,090.42 0.08





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Annual2013/14
Foreign Debt $61.805bn
Per Cap Income $1,386
GDP Growth 4.14%
Average CPI 8.6%
MonthlyAugust
Trade Balance $-1.434 bln
Exports $1.930 bln
Imports $3.364 bln
WeeklySeptember 18, 2014
Reserves $13.525 bln