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London Stock Exchange Boss Defends Push To Win Aramco IPO

October 19, 2017 Irina Slav 0

Xavier Rolet, the chief executive of the London Stock Exchange (LSE) Group has defended the bourse’s campaign for winning the secondary listing of Saudi Aramco that has drawn a lot of criticism in recent months. Rolet, who joined PM Theresa May on a trip to Riyadh several months ago to try and convince Aramco to pick London for its international listing, told Bloomberg that there is no rule that requires companies applying for a premium segment listing to float at least 25 percent of their shares. “There is not a 25 percent governance…

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Norway’s Energy Minister Sees Strong Long-Term Demand For Oil

October 19, 2017 Irina Slav 0

Norway is at the forefront of Europe’s green energy shift, but it is also its biggest crude oil producer. The country has so far juggled successfully with the two opposing concepts of emission-reduction and oil production, and according to its energy minister, it will continue to do so in the decades to come, despite forecasts about impending peak oil demand. In an interview with Bloomberg, Terje Soviknes said that despite the renewables revolution, it still made sense—financially and morally—to explore for more oil. “I’m…

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Kinder Morgan Warns About Trans Mountain Delays

October 19, 2017 Irina Slav 0

Kinder Morgan has warned that its Trans Mountain oil pipeline expansion project is facing possibly months of delays because of the timing of permit issuance and other regulatory approvals. The delay could be as long as nine months, Kinder Morgan’s chief executive Steven Kean said in a recent conference call, adding, however, that the company was taking steps to mitigate the effects of the lengthy approval process. Kinder Morgan still believes there is a chance for the expanded Trans Mountain pipeline to start carrying crude from December…

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Major Crude Oil Draw Sends Oil Prices Higher

October 18, 2017 Irina Slav 0

A day after API’s estimate of a 7.13-million-barrel draw in U.S. oil inventories led benchmark prices higher, the EIA added to bullishness by reporting inventory figures largely in line with API’s: it calculated an inventory decline of 5.7 million barrels for the week to October 13. At 456.5 million barrels, the authority said, crude oil inventories were within the upper limit of the seasonal average, and they have been within these limits for more than a month now, which should serve to quench—to some extent—worries about…

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Aramco Says No Plans To Shelve IPO

October 16, 2017 Irina Slav 0

Following an FT report from Friday, Saudi Aramco tweeted on Saturday that it had no intention of shelving its plan for an initial public offering in 2018. The company called the FT report “entirely speculative”. The FT on Friday quoted sources as saying the Saudi state energy company was considering foregoing a foreign listing, and instead opting for a private share sale in addition to the home-bourse listing. Talks with private investors and sovereign wealth funds have picked up in recent weeks, according to Financial Times sources.…

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Clashes In Kurdistan Send Oil Prices Higher

October 16, 2017 Irina Slav 0

Reports of clashes between Iraqi troops and Kurdish armed forces near Kirkuk yesterday sent WTI and Brent higher in Asian trade today. The latest reports coming in say the Iraqi army has seized a refinery in Kirkuk as well as a gas plant in the area. Exports from Kirkuk, however, are flowing normally for the time being. At 9:10AM, WTI was trading at US$52.31 and Brent was at US$58.44, on supply worries as the Iraqi-Kurdish conflict intensifies. After last week Kurdistan accused Baghdad of planning a takeover of the oil fields around Kirkuk and…

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UK’s FCA Met With Aramco Prior To Proposing Listing Rule Change

October 13, 2017 Irina Slav 0

The UK’s Financial Conduct Authority’s chief admitted that the watchdog met with executives from Saudi Aramco several months prior to its proposal to change the listing rules for the London Stock Exchange to accommodate the oil giant. In a letter to legislators, Andrew Bailey said that representatives of the regulator “held conversations with Saudi Aramco and their advisors in light of their interest in a possible UK listing in the early part of this year”. The FCA head also said in the letter that “We emphasised during…

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UK’s FCA Met With Aramco Prior To Proposing Listing Rule Change

October 13, 2017 Irina Slav 0

The UK’s Financial Conduct Authority’s chief admitted that the watchdog met with executives from Saudi Aramco several months prior to its proposal to change the listing rules for the London Stock Exchange to accommodate the oil giant. In a letter to legislators, Andrew Bailey said that representatives of the regulator “held conversations with Saudi Aramco and their advisors in light of their interest in a possible UK listing in the early part of this year”. The FCA head also said in the letter that “We emphasised during…

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The New Challenger To Lithium Batteries

October 12, 2017 Irina Slav 0

With the EV market about to explode and the European Union planning a battery-making consortium to bring the continent onto the global EV battery scene, Stanford researchers released a paper claiming their sodium battery could compete with the lithium-ion market leader. New battery development has been fairly slow against the backdrop of the projected electric car market size, and so far no innovation has proved to be as economical as lithium-ion. The Stanford battery uses sodium—a cheaper, more abundant material than lithium—and is…

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