Kuwaiti petroleum firm discovers natural gas, condensate in Indonesia

Kuwaiti petroleum firm discovers natural gas, condensate in Indonesia
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Updated 23 January 2022

Kuwaiti petroleum firm discovers natural gas, condensate in Indonesia

Kuwaiti petroleum firm discovers natural gas, condensate in Indonesia
  • The quantities of gas are very promising, CEO of Kufpec Shaikh Nawaf S. Al-Sabah said

RIYADH: Kuwait Foreign Petroleum Exploration Company, or Kufpec, has discovered natural gas and a light form of oil in Indonesia. 

Kufpec, which is a unit of Kuwait’s state energy company, made the discoveries “through the successful drilling of the Anambas-2X well” in 288 feet (88 meters) of water, Bloomberg reported.

The quantities of gas are very promising, CEO of Kufpec Shaikh Nawaf S. Al-Sabah told Annahar on Sunday.

He added all the discoveries are owned by the company as it is the operator of the project, and it was its first discovery at an offshore block that it operates.

Kufpec started its operation in 1981, known as an international upstream company, engaged in exploration, development and production of crude oil and natural gas outside Kuwait.

 


India In-Focus — Shares reverse early gains; Country has no immediate plans to lift wheat export ban; Vedanta to finalize $20bn chip unit site soon

India In-Focus — Shares reverse early gains; Country has no immediate plans to lift wheat export ban; Vedanta to finalize $20bn chip unit site soon
Updated 14 sec ago

India In-Focus — Shares reverse early gains; Country has no immediate plans to lift wheat export ban; Vedanta to finalize $20bn chip unit site soon

India In-Focus — Shares reverse early gains; Country has no immediate plans to lift wheat export ban; Vedanta to finalize $20bn chip unit site soon

MUMBAI: Indian shares gave up early gains to trade lower on Thursday, as losses in metal and energy stocks outweighed gains in financial counters, while persistent concerns over global inflation also weighed on investor sentiment.

The NSE Nifty 50 index was down 0.36 percent at 15,967.80, as of 0502 GMT, while the S&P BSE Sensex fell 0.18 percent to 53,652.27.

India has no immediate plan to lift wheat export ban

India has no immediate plans to lift a ban on wheat exports, but will continue with deals that are done directly with other governments, Commerce Minister Piyush Goyal told Reuters.

The world’s second-biggest producer of wheat banned private overseas sales of the grain on May 14 after a scorching heatwave curtailed output and domestic prices hit a record high. Global wheat prices surged after the decision.

“Currently there’s instability in the world, if we were to do that (lift the ban), it would only help black marketeers, hoarders and speculators. Neither will it help the really vulnerable and needy countries,” Goyal said when asked if New Delhi had any plans to allow private exports to resume.

“The smarter way to do it is through the government to government route, by which we can give affordable wheat grain to the most vulnerable poor,” he said in an interview on Wednesday at the World Economic Forum in Davos.

Vedanta to finalize $20 billion Indian chip, display unit site by mid-June

Vedanta Chairman Anil Agarwal said the first chip product will be ready in two years. (AFP/File)

Vedanta will finalize a location for its $20 billion semiconductor and display plants in India by mid-June and will have the first chip product ready in two years, its Chairman Anil Agarwal said on Wednesday.

Oil-to-metals conglomerate Vedanta said in February it will diversify into chip manufacturing and announced plans to form a joint venture with Taiwan’s Foxconn to support Prime Minister Narendra Modi’s drive to make India a semiconductor manufacturing hub.

Vedanta has a total planned investment outlay of $20 billion for two separate units for chip and display manufacturing.

“Foxconn is our technical partner. We may not take equity partner for the fab,” Agarwal told Reuters in an interview in Davos, adding that the Apple contract manufacturer will have technical responsibility for the operation, from providing the tech to making semiconductors.

Vedanta is seeking incentives from the government and is also in talks with several Indian states on the unit’s location.

(With input from Reuters)


HSBC weighs IPO of Indonesia business: Bloomberg News

HSBC weighs IPO of Indonesia business: Bloomberg News
Updated 11 min 13 sec ago

HSBC weighs IPO of Indonesia business: Bloomberg News

HSBC weighs IPO of Indonesia business: Bloomberg News
  • The IPO news comes a month after HSBC’s largest shareholder, Chinese insurance giant Ping An, called for a spin off of the bank’s Asian operations in a move to boost returns

HSBC Holdings PLC is considering an initial public offering of its Indonesian business, as the bank aims to target the growing investment demand in the country, Bloomberg news reported on Thursday, citing people familiar with the matter.

The London-based bank is yet to file a formal IPO application in Jakarta but the talks for a share sale are at an advanced stage, according to the report.

Indonesia’s Financial Services Authority declined to comment on the report, while HSBC did not immediately respond to Reuters’ request for a comment.

The IPO news comes a month after HSBC’s largest shareholder, Chinese insurance giant Ping An, called for a spin off of the bank’s Asian operations in a move to boost returns.


TASI gains on optimism among investors: Opening bell

TASI gains on optimism among investors: Opening bell
Updated 26 May 2022

TASI gains on optimism among investors: Opening bell

TASI gains on optimism among investors: Opening bell

RIYADH: Saudi stocks extended their gains on Thursday as investor optimism increased following a strong earnings season.

The main index, TASI, gained 0.53 percent to reach 12,656, while the parallel market, Nomu, started flat at 22,020, as of 10:08 a.m. Saudi time.

Buruj Cooperative Insurance Co. gained 2.39 percent, leading the market gainers; Wataniya Insurance Co. fell 4.23 percent, leading the fallers.

Ataa Educational Co. gained 1.98 percent, after it received Capital Market Authority approval to increase capital to $112m for the acquisition of Naba'a.

Among the gainers on the list, the Saudi Industrial Export Co. rose 1 percent, and Elm Co. edged up by 0.41 percent.

In the financial sector, the Kingdom’s largest valued bank Al Rajhi edged up 0.85 percent, while Alinma Bank climbed 0.79 percent.

Among the telecom giants, stc added 0.38 percent and Zain KSA was down 0.15 percent

In the pharmaceutical sector, Aldawaa Medical Services Co. and Nahdi Medical Co. both opened flat.

Saudi Aramco, the largest player on the Saudi oil market, opened today’s trading up 0.37 percent.

The energy market saw Brent crude trading at $114.46 a barrel and US West Texas Intermediate crude reached $110.85 a barrel, as of 10:10 a.m. Saudi time.


Commodities Update — Gold dips; Wheat, corn fall; Copper extends losses on global recession worries

Commodities Update — Gold dips; Wheat, corn fall; Copper extends losses on global recession worries
Updated 26 May 2022

Commodities Update — Gold dips; Wheat, corn fall; Copper extends losses on global recession worries

Commodities Update — Gold dips; Wheat, corn fall; Copper extends losses on global recession worries

RIYADH: Gold prices edged lower on Thursday as Treasury yields gained after the appeal of bullion was somewhat restored by minutes of a US Federal Reserve policy meeting that showed the central bank was unlikely to get more aggressive on interest rate hikes.

Spot gold dipped 0.2 percent to $1,849.75 per ounce, as of 0220 GMT. 

US gold futures gained 0.1 percent to $1,848.20. 

Silver down

Spot silver dipped 0.5 percent to $21.86 per ounce, while platinum eased 0.1 percent to $943.15. 

Palladium was little changed at $2,006.61.

Grains ease

US corn and wheat futures fell on Thursday on hopes that stuck grain supplies from the Black Sea region could start moving, while soybean eased on concerns over demand from top consumer China.

The most-active corn contract on the Chicago Board of Trade fell 1.39 percent to $7.61-half a bushel as of 0445 GMT, after falling to the lowest level in seven weeks on Wednesday.

Wheat was down 2.07 percent at $11.24- half a bushel and soybeans edged 0.28 percent lower to $16.76- quarter a bushel.

Copper falls

Copper extended losses to a third session on Thursday as concerns grew that the global economy might plunge into a recession and dampen demand for industrial metals.

Three-month copper on the London Metal Exchange was down 0.5 percent at $9,328.50 a ton, as of 0536 GMT. The most-traded July contract on the Shanghai Futures Exchange fell 0.2 percent to $10,581.78 a ton.

(With input from Reuters)


Insurance firm Saudi Re gets central bank’s approval to raise capital to $356m through rights issue 

Insurance firm Saudi Re gets central bank’s approval to raise capital to $356m through rights issue 
Updated 26 May 2022

Insurance firm Saudi Re gets central bank’s approval to raise capital to $356m through rights issue 

Insurance firm Saudi Re gets central bank’s approval to raise capital to $356m through rights issue 

RIYADH: Saudi Reinsurance Co. has received the necessary approval from the Kingdom’s central bank to increase its capital to SR1.34 billion ($356 million), it said in a bourse filing.

Saudi Re, as the company is known, is looking to boost its capital, which currently stands at SR891 million, in a bid to support future expansion activities and strengthen its capital base.

The process will be carried out by offering a rights issue valued at nearly SR445 million, which will increase the company’s shares from 89.1 million to 134 million.

Saudi Re is among the first companies in Saudi Arabia to offer both life and non-life reinsurance products.