Libya oil, gas exports hit 5-year high of $21.5 bn

Libya oil, gas exports hit 5-year high of $21.5 bn
The Brega oil port in Marsa Brega, 270 km west of Libya’s eastern city of Benghazi. (AFP/File)
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Updated 15 January 2022

Libya oil, gas exports hit 5-year high of $21.5 bn

Libya oil, gas exports hit 5-year high of $21.5 bn
  • Total net revenues for oil and gas exports last year amounted to $21.5 billion
  • Record levels were achieved in November and December, raising a combined $4.3 billion in the two last months of 2021

TRIPOLI: Libya’s lifeline oil and gas exports raised revenues of more than $21.5 billion in 2021, the highest level in five years, the National Oil Corporation announced Saturday.
Total net revenues for oil and gas exports last year amounted to $21.5 billion as well as 30 million euros in non-dollar sales, the state-run NOC said in a statement.
It said record levels were achieved in November and December, raising a combined $4.3 billion in the two last months of 2021.
“The end of the year 2021 recorded a recovery, and oil prices achieved their largest annual gains since 2016, driven by the recovery of the global economy from the state of stagnation” due to the coronavirus epidemic, NOC chief Mustafa Sanalla said.
Since the 1970s, Libya which sits on the largest known oil reserves in Africa has been heavily dependent on revenues from its hydrocarbon exports.
But in a decade of violence since the 2011 revolt that overthrew and killed dictator Muammar Qaddafi, armed groups have frequently blockaded or damaged oil installations.
The shutdowns have forced the NOC to declare force majeure, a legal move allowing it to free itself from contractual obligations in light of factors beyond its control.
Oil production has recovered to 1.2 million barrels per day, as opposed to between 1.5 million and 1.6 million bpd before the NATO-backed uprising of 2011.
But Sanalla warned “the ability of the oil sector in Libya to invest and advance the process of infrastructure modernization will remain weak in the foreseeable future, especially in light of the scarcity of budgets.”
“What we need more than ever is to think outside the box and create initiatives to save the infrastructure,” he stressed.


Commodities Update — Gold flat; Wheat, soybean fall; Copper heads for worst quarter

Commodities Update — Gold flat; Wheat, soybean fall; Copper heads for worst quarter
Updated 12 sec ago

Commodities Update — Gold flat; Wheat, soybean fall; Copper heads for worst quarter

Commodities Update — Gold flat; Wheat, soybean fall; Copper heads for worst quarter

RIYADH: Gold was mostly quiet on Thursday, but faced its worst quarter since early 2021 as the strength of the dollar kept investors away. 

Bullion’s outlook was clouded by top central banks adopting aggressive tactics against stubborn inflation.

Spot gold was flat at $1,817.07 per ounce by 0339 GMT. US gold futures edged up 0.1 percent to $1,819.70.

Gold prices, set to drop for a third straight month, have fallen about 6.2 percent this quarter. 

Silver slightly up

Spot silver was up 0.1 percent at $20.72 per ounce, while platinum was flat at $916.66. 

Palladium gained 1.2 percent to $1,986.21. However, they were all still headed for monthly and quarterly losses.

Grains fall

Chicago corn fell on Thursday, weighed down by increased chances of rain in growing areas in the US.

Wheat and soybeans also fell.

The most-active corn contract on the Chicago Board of Trade fell 0.42 percent to $6.51 a bushel.

Wheat fell 0.59 percent to $9.24-3/4 a bushel and soybeans edged down 0.02 percent to $17.48 a bushel.

Copper heads for worst quarter since March 2020

Copper prices slipped on Thursday and were set for their biggest quarterly percentage drop since March 2020, hit by worries about a potential recession following a series of interest rate hikes and a slowdown in demand due to lockdowns in top consumer China.

Three-month copper on the London Metal Exchange was down 0.4 percent at $8,371.50 a ton, as of 0437 GMT. The contract has fallen more than 19 percent so far this quarter.

The most-traded August copper contract in Shanghai was flat at $9,555.69 a ton by the midday break.

(With input from Reuters) 


Oil Updates — Crude prices fall amid build in US fuel product inventories; Ecuador’s Oriente crude exports suspended

Oil Updates — Crude prices fall amid build in US fuel product inventories; Ecuador’s Oriente crude exports suspended
Updated 39 min 11 sec ago

Oil Updates — Crude prices fall amid build in US fuel product inventories; Ecuador’s Oriente crude exports suspended

Oil Updates — Crude prices fall amid build in US fuel product inventories; Ecuador’s Oriente crude exports suspended

RIYADH: Oil prices edged lower in volatile trading on Thursday as the market weighed concerns of global supply and a build in US fuel product inventories.

Brent crude futures for September, the more actively traded contract, were down 45 cents, or 0.4 percent, to $112.00 per barrel at 0711 GMT.

The August contract, which expires Thursday, was at $115.15, down $1.11 a barrel, or 1.0 percent.

US West Texas Intermediate crude futures fell 57 cents, or 0.5 percent, to $109.21.

Ecuador’s Oriente crude exports suspended

Exports of Ecuador’s flagship Oriente crude remain suspended under a force majeure declaration as the spread of anti-government protests hurts oil output, state-run Petroecuador said on Wednesday.

At least eight people have died and road blockades have led to food and medicine shortages. The crisis has halved oil output, the country’s main source of revenue, to some 234,500 barrels per day while forcing reductions in fuel prices, though protest leaders have called the price cuts insufficient.

On Wednesday, the government imposed a curfew and restricted transit in four provinces to restore public order, control violence, secure basic supplies and protect state property, while marking oilfields and facilities as secured zones.

The energy minister said output could be completely halted in a matter of days over acts of vandalism.

Petroecuador has not yet rescheduled the suspended Oriente cargoes, it said in a release. The firm issued a wide force majeure declaration over oil exploration, production, transport and exports on June 18, and enforced the cargo suspension on June 28.

“Once the force majeure is overcome, the company will timely notify companies about operations to coordinate the cargo rescheduling,” it said.

German oil refiner to halt diesel deliveries after lightning strike

German oil refiner Bayernoil plans to halt deliveries of diesel and heating oil to customers for several days from Thursday after a lightning strike, Bloomberg reported on Wednesday, citing two sources familiar with the matter.

Bayernoil is the largest oil refiner in Germany’s southern state of Bavaria and the incident adds to two other outages in the same region as Europe’s diesel market suffers from the loss of imports from Russia.


TASI begins flat as investors remain uncertain: Opening bell

TASI begins flat as investors remain uncertain: Opening bell
Updated 49 min 27 sec ago

TASI begins flat as investors remain uncertain: Opening bell

TASI begins flat as investors remain uncertain: Opening bell

RIYADH: The main index, TASI, started the last trading session of the week flat at 11,735 on the back of investors’ uncertainty over inflation and the possibility of a recession.

The parallel market, Nomu, began the day 0.96 percent higher to reach 20,927, as of 10:06 a.m. Saudi time.

Aramco, the largest player on the Saudi oil market, started the day in the red, dropping 0.38 percent.

In the financial sector, Saudi Arabia's largest valued bank, Al Rajhi, added 0.12 percent, while one of the Kingdom’s biggest lenders, Saudi National Bank, fell 0.44 percent.

Pharma giants Aldawaa Medical Services Co. and Nahdi Medical Co. both shed 0.44 percent and 0.25 percent, respectively.

Among telecom stocks, stc and Zain declined by 0.30 percent and 1.03 percent, respectively

The market gainers were led by Sinad Holding Co. with a gain of 2.60 percent, followed by Sahara International Petrochemical Co., or SIPCHEM, with a gain of 2.65 percent.

In the decliners' list, Al-Omran Industrial Trading Co. came in first with a 2.11 percent decline, followed by Retal Urban Development Co. with a 1.64 percent decline.

In energy trading, Brent crude settled at $115.19 a barrel and US West Texas Intermediate reached $109.08 a barrel, as of 10:08 a.m. Saudi time.


Saudi Almrakez expects net assets to rise by $2.7bn from property revaluation 

Saudi Almrakez expects net assets to rise by $2.7bn from property revaluation 
Updated 51 min 15 sec ago

Saudi Almrakez expects net assets to rise by $2.7bn from property revaluation 

Saudi Almrakez expects net assets to rise by $2.7bn from property revaluation 

RIYADH: Arabian Centres Co.’s board of directors approved using the fair value model to measure real estate and investment properties — an exercise that the company expects will increase the value of its assets by SR10 billion ($2.7 billion).

Known as Almrakez, the mall operator is seeking an increase from nearly SR16 billion to SR26 billion in net assets by the third quarter of 2023, it said in a bourse filing.

It will implement the new model according to the IAS 40 accounting standard, as the Capital Market Authority allowed listed companies to use that system from 2022 onwards.

“The adoption of this accounting standard has many advantages to the company, among them that the value of investment properties will be presented at their fair value in the financial statements,” Almrakez stated.

The move will overall enhance the firm’s ability to expand its operations in a faster and more efficient manner by embracing new investment opportunities.


Here’s what you need to know before Tadawul trading on Thursday

Here’s what you need to know before Tadawul trading on Thursday
Updated 30 June 2022

Here’s what you need to know before Tadawul trading on Thursday

Here’s what you need to know before Tadawul trading on Thursday

RIYADH: Saudi Arabian stocks gained on Wednesday, supported by a rise in oil prices despite ongoing concerns over a potential global recession.

The main index TASI advanced 0.5 percent to reach 11,727, while the parallel market, Nomu, added 1.8 percent to 20,728.

TASI was lifted by a 0.9 percent rise in oil giant Aramco and a 2.9 percent surge in the Kingdom’s biggest lender Saudi National Bank.

Elsewhere in the Gulf, Dubai, Abu Dhabi, and Qatar lost 0.2, 0.4 and 0.5 percent, respectively.

Outside the Gulf, the Egyptian blue-chip index EGX30 slightly rebounded by adding 0.5 percent.

Brent crude traded at $115.9 a barrel as of 9:30 a.m. Saudi time on Thursday, and US benchmark West Texas Intermediate reached $109.74 a barrel.

Stock news

Mouwasat Medical Services Co. acquired 51 percent of Jeddah Doctors Co. in a SR102 million ($27 million) deal

Shareholders of Scientific & Medical Equipment House Co. approved the board's recommendation to distribute cash dividends of SR1 per share for 2021

Banque Saudi Fransi will distribute dividends of SR0.75 per share for the first half of 2022

The Saudi Ground Services Co. closed a SR100 million medical insurance deal with Bupa Arabia

Fawaz Abdulaziz Alhokair Co. received shareholders’ approval to reduce its capital from SR2.1 billion to SR1.15 billion

Saudi Fisheries Co. appointed Awwad Aldasouqi as acting CEO following the resignation of Walid Al-Bathi due to “special circumstances”

Al Rajhi Bank announced the resignation of Stefano Paolo Bertamini from his position as board member

Saudi Kayan Petrochemical Co. made an early repayment of SR1.68 billion to settle part of the company’s outstanding loans

Arabian International Healthcare Holding Co.’s shareholders approved the distribution of SR3 per share in dividends for 2021 as well as a buyback of up to 210,000 shares for an employee incentive plan

State-owned Saudi Electricity Co. transferred its entire stake in the Saudi Power Procurement Co. to the government

Riyadh Development Co. appointed Faisal bin Ayyaf as board chairman and Majid Al-Subaie as vice-chairman

Sipchem’s board approved the distribution of SR1.75 per share in dividends for the first half of 2022

Saudi Advanced Industries Co.’s board approved buying back 2.5 million shares to keep them as treasury shares

Tanmiah Food Co.’s unit secured a short-term financing facility worth SR150 million with the Agricultural Development Fund

Arabian Centres Co.'s net profit declined by 11 percent to SR433.8 million in its fiscal year ending March 31, 2022

Nomu-listed Riyadh Cement Co. got its board’s approval to transfer to the main market TASI

Saudi Research and Media Group signed a deal worth SR200 million annually to provide services for visual platforms

Abdulaziz & Mansour Ibrahim Albabtin Co. and Arabian Plastic Industrial Co. got the Capital Market Authority’s approval to list on Saudi Arabia's parallel stock market

Schlumberger-backed Arabian Drilling Co. received CMA’s approval to float 30 percent of its capital in an initial public offering

Batic Investments and Logistics Co.’s real estate arm signed an agreement to develop a land with an area of 229,000 square meters in Madinah

Tawuniya was awarded a SR55 million contract from Elm Co. for health insurance services

Calendar

June 30, 2022

End of the Wafrah for Industry and Development Co.’s subscription to new shares

End of Petro Rabigh’s subscription to new shares

July 4, 2022

Launch of single-stock futures trading on Tadawul

July 7, 2022

Saudi Exchange will close for Eid Al Adha holidays and resume trading on July 13