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Premier Oil scraps dividend as it swings to 2014 loss LONDON: Oil producer Premier Oil has scrapped its 2014 dividend payment after slipping into the red on the back of a steep decline in oil prices that forced the firm to book $328 million in impairment charges on some of its oil and gas assets.The London-listed firm, whose operations stretch from the Falkland Islands to Indonesia, reported a worse-than-expected $210.3 million loss on Thursday on $1.6 billion of sales revenue. Its shares fell more than two percent in early trading in London."As we enter 2015 with a significantly lower oil price than in recent years, the Board believes it is not prudent to propose a dividend payment for the full year," said Premier Oil Chairman Mike Welton in the company's full-year results statement. Last year, the firm paid a 5 pence per share dividend to shareholders. Premier Oil, whose share price has halved since oil prices started dropping in June ...

Japan's JX to shut two CDUs from March for maintenance TOKYO: Japan's top oil refiner, JX Nippon Oil & Energy Corp, said on Thursday it would conduct a scheduled maintenance shutdown on the sole 115,000 barrels per day (bpd) crude distillation unit (CDU) at its Osaka refinery from March 4 to April 27.The planned maintenance on the 95,200 bpd No. 2 CDU at the Mizushima-B plant is scheduled from March 19 to May 22, a company spokesman said.Copyright Reuters, 2015

China energy giant Sinopec denies merger plans: report SHANGHAI: Chinese oil giant Sinopec has denied reports the government plans to merge the firm with another domestic energy behemoth, China National Petroleum Corp (CNPC), the official Xinhua news agency said Thursday.The Wall Street Journal reported last week that China is exploring ways to consolidate its oil industry with a merger between the two state-owned companies -- which share some similar business areas -- one option under consideration. It quoted officials with knowledge of the ...

Oil prices down in Asian trade SINGAPORE: Oil prices fell in Asia Thursday but losses were curtailed as dealers focused on positive elements of a mixed US energy stockpiles report, analysts said. West Texas Intermediate for April eased 43 cents to $50.56 while Brent crude for April tumbled 31 cents to $61.32 in afternoon trade.The US government's Department of Energy (DoE) said Wednesday that crude inventories rose 8.4 million barrels in the week ending February 20 to a record 434.1 million ...

Brent crude up 5pc as Saudi sees improved demand for oil NEW YORK: Brent crude oil futures surged 5 percent on Wednesday, after Saudi Arabia's oil minister said oil demand was growing and data showed Chinese factories were producing more than expected.Falling refined products inventories reported by the government helped lift U.S. crude and countered data showing a larger-than-expected U.S. crude inventory build.Brent April crude rose $2.97 to settle at at $61.63 a barrel. U.S. April crude rose $1.71 to settle at $50.99."The report is relatively ...

Oil market rebounds on US energy report LONDON: Global oil prices rallied Wednesday as sliding US gasoline and distillates inventories eclipsed news that soaring crude reserves hit another record high last week.Brent North Sea crude for April delivery jumped $1.04 to stand at $59.70 a barrel in London late afternoon deals.New York's benchmark West Texas Intermediate (WTI) for April rose 65 cents to $49.93 a barrel.The US government's Department of Energy (DoE) said Wednesday that crude inventories rose 8.4 million barrels in ...

Morocco starts negotiations for 7 bcm LNG import deal RABAT: Morocco has started negotiations to import up to 7 billion cubic meters of gas by 2021 as it aims to diversify energy supplies and reduce dependence on oil and coal imports, the energy minister said on Wednesday. Minister Abdelkader Amara said he had made contact with gas- exporting countries and that private companies are also showing interest. Morocco is already burning 1 bcm of gas, including around 70 million produced locally, but that is ...


Index Closing Chg%
Arrow DJIA 18,135.72 0.21
Arrow Nasdaq 4,982.81 0.32
Arrow S&P 2,101.04 0.12
Arrow FTSE 6,961.14 0.6
Arrow DAX 11,504.01 1.00
Arrow CAC-40 4,963.51 0.94
Arrow Nikkei 18,751.84 0.26
Arrow H.Seng 24,193.04 1.11
Arrow Sensex 29,448.95 0.23

ICT 2014

Foreign Debt $61.805bn
Per Cap Income $1,386
GDP Growth 4.14%
Average CPI 8.6%
Trade Balance $-1.703 bln
Exports $2.156 bln
Imports $3.859 bln
WeeklyFebruary 26, 2015
Reserves $16.137 bln