OPEC exports jump to $1.26 trillion

Updated 12 August 2013
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OPEC exports jump to $1.26 trillion

LONDON: OPEC’s petroleum exports jumped in value by almost 10 percent in 2012 year-on-year and the producers’ GDP climbed 12 percent, according to the group’s latest report, an income surge that looks harder to repeat this year.
The gains, announced in OPEC’s Annual Statistical Bulletin 2013, reflect record prices and steadily climbing output last year from many members of the Organization of the Petroleum Exporting Countries.
An increase in cash flow is a big advantage for producer countries.
The value of the group’s petroleum exports rose to $1.26 trillion in 2012 from $1.15 trillion in 2011, the report said, while its collective GDP at current prices amounted to $3.35 trillion, up from $3.0 trillion in 2011.
OPEC said petroleum exports also included refined oil products when applicable, as well as crude.
Libya posted OPEC’s biggest increase in exports as its oil industry recovered after the 2011 civil war, earning petroleum export revenues of $60.2 billion, up from $18.6 billion in 2011.
The largest fall was in Iran, reflecting the drop in its oil exports last year because of tighter US and European sanctions over its nuclear program. Iran’s petroleum exports declined to $101 billion from $115 billion in 2011.
In 2012, Brent crude averaged $111.70 a barrel, a record high. Analysts in a Reuters poll expect it to average around $106 this year, while OPEC’s production overall has declined, suggesting revenue will struggle to beat 2012’s total in 2013.
OPEC’s proven oil reserves, meanwhile, were little changed in 2012, according to the report.
Reserves grew by 0.2 percent to 1.2 trillion barrels and Venezuela remained the biggest reserves holder.
The reserves figures are regarded with skepticism by some analysts, who cite competitive upgrades among members and no change in the reserves figures reported by some countries for a number of years.


Dubai Aerospace signs $480 million loan deal

Updated 21 May 2018
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Dubai Aerospace signs $480 million loan deal

DUBAI: Dubai Aerospace Enterprise (DAE), one of the world’s largest aircraft lessors, said on Monday it had signed a four-year loan deal for $480 million.
DAE, a government-controlled company set up in 2006, has become one of the world’s largest aircraft lessors after acquiring Dublin-based AWAS last year.
The acquisition tripled the Dubai aircraft leasing and maintenance company’s portfolio to about 400 aircraft worth more than $14 billion.
The $480 million loan, which includes both conventional and Islamic finance tranches, has a so-called “accordion facility” allowing it to be increased to up to $800 million.
With the loan, the company’s unsecured revolving credit facilities increase to between $1.125 billion and $1.445 billion, depending on final size of the latest deal, Firoz Tararpore, DAE’s chief executive, said in a statement.
“On a pro forma basis as of December 2017, if this facility is fully drawn and if the proceeds are used to pay down secured indebtedness, DAE’s percentage of unsecured debt would increase from 26 percent to a range of 31-34 percent.”
Last year, the company issued $2.3 billion in senior bonds split across three tranches last year, partly to finance the AWAS acquisition.
Tarapore said in an interview last week that DAE was in talks to buy a near-record total of 400 jetliners from Airbus and Boeing in an order that could be worth more than $40 billion at list prices.
Al Ahli Bank of Kuwait coordinated the latest loan deal and was also the lead arranger and joint bookrunner together with First Abu Dhabi Bank, while Noor Bank joined the deal as lead arranger.