For full coverage of Middle East business, see MEED Fitch Ratings has downgraded Bahrain’s long-term foreign currency issuer default rating (IDR) to BB+ from BBB- and long-term local currency IDR to BB+ from BBB. The outlooks are stable. The issue…
Month: June 2016
IEA revises up 2016 oil demand forecast
The International Energy Agency (IEA) today announced that it had revised up its forecast of global oil demand growth in 2016 to 1.6m barrels a day (b/d) and forecast a further 1.3m b/d increase in demand in 2017. This would…
Swiss win Iran petchems job
Sadaf Petrochemical Assaluyeh Company has awarded Welding Engineers of Switzerland a contract for construction, installation and operations at its complex in southern Iran, Irna newsagency has reported. Irna said it was the first contract signed in the petchems sector with…
Iran’s output hits 3.8m b/d
\ Iran’s Oil Minister Bijan Zangeneh For full coverage of Middle East business, see MEED Iran’s oil production is 3.8m barrels a day (b/d) and exports are running at 2m b/d, Iran’s Oil Minister Bijan Zangeneh told the Islamic republic’s parliament…
GCC bank profits fall
For full coverage of Middle East business, see MEED The earnings of GCC banks covered by Gulf Investment House fell by 0.7 per cent on a year-on-year basis to $5.6bn in the first quarter of 2016, the Kuwait investment bank…
Societe Generale to advise Tahrir Petchems
For full coverage of Middle East business, see MEED Egypt’s Tahrir Petrochemicals Corporation has mandated Societe General as financial advisor to the $5.9bn Tahrir Petrochemicals project. It will be Egypt’s largest petrochemicals complex once it is completed and will comprise…
Mystery over Japan LPG sale halt
For full coverage of Middle East business, see MEED Iran said on Wednesday it had stopped exports of liquefied petroleum gas (LPG) to Japan, but there were other customers available, the semi-official Mehr news agency reported. The report did not give…
Total gets 6 month Azadegan deadline
For full coverage of Middle East business, see MEED Total has six months to submit its technical bid for the development of the South Azadegan oil field which could still be awarded to other international firms, Iran’s deputy oil minister…
Saudi bond issue could be $20bn
Saudi Arabia’s Finance Minister Ibrahim al-Asaf For full coverage of Middle East business, see MEED Saudi Arabia’s planned international bond issue could be as big as $20bn, making it by far the largest single financial operation in Middle East history,…
GIC affirmed at A-
For full coverage of Middle East business, see MEED Fitch Ratings has affirmed Gulf Investment Corporation’s (GIC’s) long-term issuer default rating (IDR) at A- with a stable outlook and short-term IDR at F1, Fitch Ratings said in a report released…