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Petroplus says investor appeal may delay delisting

Saturday, 28 April 2012 14:46
Posted by Muhammad Iqbal
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ZURICH: Insolvent oil refiner Petroplus cautioned that the swift delisting of its shares may hit a snag if the appeal of an undisclosed shareholder is backed by the Swiss bourse. "The appeals board of the SIX Swiss Exchange has not yet decided if it will hear the appeal. The last day of trading might be deferred by up to six weeks if the appeal is heard," Petroplus said in a statement late on Friday. Swiss-based Petroplus, which went into administration in January, began its demise after refining margins the value of oil products over the cost of the crude from which they are extracted collapsed. Petroplus is now planning to sell its refineries in several European countries as part of insolvency proceedings triggered by high debt. Copyright Reuters, 2012 ...

Shell Q1 profit rises on higher oil

Thursday, 26 April 2012 11:54
Posted by Shoaib-ur-Rehman Siddiqui
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LONDON: Royal Dutch Shell beat forecasts with an 11 percent rise in fourth-quarter profit, as higher oil prices outweighed the impact of lower US gas prices.  Europe's largest oil company by market capitalization said on Thursday its current cost of supply (CCS) net income was $7.70 billion. Excluding one-offs, the result was $7.27 billion, compared with a forecast for $6.70 billion in a company poll of analysts. Shell lifted its target for assets sales in 2012 to $4 ...

MOL says rejects Nabucco gas pipeline's 2012 budget

Wednesday, 25 April 2012 00:08
Posted by Shoaib-ur-Rehman Siddiqui
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BUDAPEST: Hungarian oil group MOL has not approved the 2012 budget of Nabucco International Company (NIC) which is preparing Europe's planned Nabucco pipeline to ship Caspian natural gas, MOL said in a statement on Tuesday. MOL, a partner in Nabucco, has voiced doubts over the Nabucco project several times in the past 18 months due to the uncertain costs and gas sources and concerns over the structure and management of the project, it said. "MOL Group has ...

Oil prices narrowly mixed after losses

Tuesday, 24 April 2012 23:22
Posted by Shoaib-ur-Rehman Siddiqui
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LONDON: World oil prices traded narrowly mixed on Tuesday after starting the week with losses as traders balanced economic and political worries in the eurozone against tight supply concerns. Brent North Sea crude for delivery in June fell 51 cents to $118.20 a barrel in late morning London deals, a day after briefly dropping under $118. New York's main contract, West Texas Intermediate (WTI) crude for June rose 47 cents to $103.58. Crude futures sank on Monday on ...

Brent dips towards $118 on euro zone concern

Tuesday, 24 April 2012 18:04
Posted by Imaduddin
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LONDON: Brent crude slipped towards $118 on Tuesday due to weak demand amid the delicate state of the euro zone economy. Brent crude futures fell 47 cents to $118.24 a barrel by 1030 GMT. US crude futures were trading 12 cents lower at $102.97. "(There are) worries about growth in China, weak stock markets and especially the continuing difficulties in the euro-zone," said Christopher Bellew, broker at Jefferies Bache. Investor sentiment in Europe has remained fragile as the ...

Oil slides below $118 on euro zone worries

Monday, 23 April 2012 16:43
Posted by Imaduddin
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LONDON: Oil fell below $118 a barrel on Monday, pressured by concern over the euro zone debt crisis, although supply worries due to tightening Western sanctions on Iran checked the slide. The outlook for Europe's economy worsened in April, raising the likelihood that oil consumption will slow. Fresh data for Germany, France and the euro zone showed a much faster rate of economic contraction than had been expected. The wobbly financial state of big euro zone economies ...

Russia open to more oil exploration partnerships

Sunday, 22 April 2012 01:06
Posted by Abdul Ahad
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WASHINGTON: Russia's vice premier is dropping hints he would welcome greater international cooperation to explore for oil in his country. Vice Premier Igor Sechin was referring to a new partnership between Russian oil and gas company Rosneft and its US rival ExxonMobil. The agreement with ExxonMobil is "quite special, but there will be others" Sechin told the Wall Street Journal during a visit to the United States this week. In the interview published Saturday, Sechin described the Exxon-Rosneft ...

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Banking Review 2012

Annual2011/12
Foreign Debt $65.562bn
Per Cap Income $1,372
GDP Growth 3.7%
Average CPI 10.08%
MonthlyMay
Trade Balance $-2.171 bln
Exports $2.175 bln
Imports $4.346 bln
WeeklyJune 17, 2013
Reserves $11.446 bln