February, 2019

• 18 February

  Enoc Group signs deal with Proserv Egypt

  Dubai / WAM Enoc Group signed a joint venture (JV), agreement with Proserv Egypt to set up Enoc Misr, its first on-ground operations in the lubricants sector in Egypt. The agreement marks Enoc Group’s physical presence in Egypt as part of its wider plans to expand internationally into key markets, including Africa. Through this joint venture agreement, Enoc Misr will …

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• 18 February

  Oil hits 3-month high on Opec cuts

  

  Bloomberg Oil traded near a three-month high in New York as Organisation of Petroleum Exporting Countries (Opec’s) output curbs tightened global supply while trade talks between the US and China lifted financial markets. Futures rose as much as 1.3 percent to the highest since November 20, after advancing 5.4 percent last week. President Donald Trump said talks with China were …

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• 18 February

  TransCanada denied request for some Keystone XL works

  

  Bloomberg TransCanada Corp. was partly denied a request to continue some pre-construction work on the Keystone XL oil pipeline while a dispute over the project’s environmental review wends its way through the courts. The company won’t be allowed to prepare sites for construction camps, but it will be allowed to prepare pipeline-storage and container yards and receive pipe at those …

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• 18 February

  EU starts natural gas price war that will help boost demand

  

  Bloomberg The stage has been set for a European natural gas price war that will help boost demand and enable both Russia and the US to increase sales to the region. The battle won’t brutalize earnings too much because gas supply is just so profitable in Europe, where prices are more than double the prevailing level in the US. And …

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• 18 February

  Venezuelan oil finds home in India amid US curbs

  

  Bloomberg India is feasting on Venezuelan oil, after the US imposed a de facto ban on crude imports from the Latin American nation. While flows to the US came to a halt, India became the No. 1 buyer of Venezuelan crude in the first half of February, with imports jumping 66 percent to 620,000 barrels a day. Indian refiners Reliance …

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• 18 February

  Berkshire wades into Canadian oil industry

  Bloomberg Warren Buffett’s Berkshire Hathaway Inc. is wading into the struggling Canadian energy industry, taking a stake in oil-sands producer Suncor Energy Inc. The purchase of 10.8 million shares, disclosed in a filing, was valued at $300.9 million. That marks at least the second time the Omaha-based firm has owned Suncor’s stock; Berkshire previously held a 22.3 million-share stake, which …

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• 18 February

  Europe stocks, commodities rise as trade optimism builds

  

  Bloomberg Stocks in Europe edged higher after a rally in Asia drove the region’s shares to their highest level since October amid optimism over China’s economy and trade talks. Commodities from oil to copper jumped. The Stoxx Europe 600 edged up following a choppy morning as gains by telecommunications companies offset declines in carmakers, after President Donald Trump received a …

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• 18 February

  Global rally skips India stocks as nation retaliates to attacks

  

  Bloomberg Indian equities declined, skipping a global rally, as investors assessed the nation’s retaliation to a deadly attack on its defense forces last week. Four security personnel and two militants were killed in the Indian army’s military encounter in Kashmir. The benchmark S&P BSE Sensex fell 0.9 percent to 35,498.44 at the 3:30 pm close in Mumbai, capping an eighth …

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• 18 February

  Modi gets $4bn cash from India’s RBI before polls

  

  Bloomberg India’s central bank approved an early transfer of a part of its profit to the government, which is desperate for cash to fund populist pledges ahead of a national election. The Reserve Bank of India’s board, approved 280 billion rupees ($4 billion) as interim dividend, according to a statement. This is the second straight year that the RBI has …

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• 18 February

  Yes Bank falls as India central bank censures selective disclosure

  

  Bloomberg Yes Bank Ltd. fell after India’s central bank reprimanded it for selectively revealing a “confidential” report by the regulator that led to a 30 percent surge in the lender’s shares. The regulator called the disclosure a “deliberate attempt” to mislead the public. The risk assessment report on Yes Bank prepared by the Reserve Bank of India identified several lapses …

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