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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 ...

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 ...
Oil rises to $59 as Saudis say demand growing LONDON: Brent crude oil rose to around $59 a barrel on Wednesday after data showed Chinese factories were producing more than expected and Saudi Arabia's oil minister said oil demand was growing. China's factory sector has expanded slightly this month, according to the flash HSBC/Markit Purchasing Managers' Index. The index reached a four-month high of 50.1 in February, just above the 50 level that separates growth in activity from contraction. A Reuters poll had forecast ...
Oil gains ground before US energy report LONDON: World oil prices rose Wednesday, but gains were limited before a key report expected to show further build-up in US crude inventories, dealers said.US benchmark West Texas Intermediate (WTI) for April delivery rose 10 cents to $49.38 a barrel.Brent North Sea crude for April climbed 25 cents to stand at $58.91 a barrel in London midday deals.Crude futures had also fallen on Tuesday as traders estimated a key report will show another increase in ...
Norway's consumer confidence fall to six-year low in Q1 OSLO: Norwegian consumer confidence fell to its lowest level since the spring of 2009 in the first quarter as weak oil prices eroded household confidence in the economy, a survey by financial lobby group Finance Norway (FNO) showed on Wednesday.The seasonally adjusted confidence index dropped to 7.4 points in the first quarter from a revised 13.6 in the fourth quarter, the FNO said in a statement. The fourth quarter reading was originally reported at 15.4 ...
Russia gas oil exports up 9.9pc in January on-month MOSCOW: Russian gas oil and fuel oil exports rose 9.9 percent and 1.5 percent, respectively, in January from the month before, while shipments of gasoline fell slightly by 0.2 percent, Energy Ministry data and Reuters calculations showed.Russian domestic supplies of gasoline and gas oil were down in January by 2.4 percent and 19.7 percent respectively, while local supplies of fuel oil fell 8.2 percent due to low demand.Kirishi refinery in northwest Russia, owned by Surgutneftegaz, ...
Russia's refinery runs in January down 1.8pc on month MOSCOW: Russian oil refinery runs in January fell by 1.8 percent month-on-month or 104,583 barrels per day (bpd), data from the Energy Ministry and Reuters calculations showed.Refineries processed 5.757 million barrels of crude oil per day in January versus 5.862 million in December.In January, a significant part of Russian refineries decreased their capacity by 5-6 percent pressuring by falling crude oil prices and lower refinery margin.Bad weather in the Black Sea ports in January put ...


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