JEDDAH: In its mid-year financial report for 1429 (2008), the International Islamic Trade Finance Corporation (ITFC), an autonomous entity within the Islamic Development Bank (IDB) Group, has announced the execution of trade finance operation activities amounting to a total of $1.6 billion. The report showcased positive results, represented by exceeding the trade finance operations executed during the first half of 1429 compared to what was achieved during the same period last year, 1428. The $1.6 billion was divided equally, with 50 percent allocated to financing private sector trade and 50 percent allocated to the public sector.
Dana Gas wins achievement award
SHARJAH: Dana Gas, the Middle East’s first and largest regional private-sector natural gas company, has been designated “UAE Company of the Year” as part of ACQ Magazine’s first annual country awards for achievement. The award comes in recognition of Dana Gas’ aggressive growth strategy, which came to light following its acquisition of Centurion Energy at the beginning of 2007, and the company’s subsequent expansion into the upstream gas sector with its projects in the Kurdistan region of Iraq.
AUB gets $800m loan facility
MANAMA: Ahli United Bank has secured an $800 million syndicated loan facility. The bank in a statement said that the facility, signed in London earlier this month was very successful, with syndication closing substantially oversubscribed on an initial launch amount of $500 million. The deal received strong response from the market despite difficult conditions for funding due to the global credit crunch and market volatility. Twenty-eight banks from across the Middle East, Europe, North America and Asia participated in the facility.
Reliance to boost oil, gas output
MUMBAI: Indian fuel giant Reliance said yesterday it would boost domestic oil and gas output by 40 percent over the next 18 months, calling the move a “quantum leap” toward national energy self-sufficiency. Fuel-hungry India, which imports 70 percent of its oil needs, has been racing to discover new sources of energy to power its fast growing economy. Reliance Chairman Mukesh Ambani announced the first flow of crude from the company’s deep-sea oil and gas field in the Bay of Bengal, calling it a “major victory in the battle for energy security.”
Taiwan’s CPC buys stake in Rasgas
DUBAI: Taiwan’s state-run CPC Corp. has bought a five percent stake in a liquefied natural gas (LNG) processing facility in Qatar, Qatari newspapers reported yesterday. Qatar, the world’s largest exporter of gas chilled to its liquid form, and CPC have also signed an agreement to invest together in other joint energy projects, Qatar’s Gulf News reported yesterday. CPC Corp. bought the five percent stake in Qatar’s Rasgas train 5, The Peninsula newspaper reported.
Bahrain inflation rises to 3.3 percent
DUBAI: Annual inflation in Bahrain rose slightly to 3.3 percent in August and consumer prices advanced more than 1 percent from the month earlier on higher food costs, government data showed yesterday. The consumer price index of the smallest Gulf Arab economy rose to 107.5 points on Aug. 31 compared with 104.04 points a year earlier, the Central Informatics Organization said in a statement.