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2016-12-22 16:00:00

RUSSIA SANCTIONS EVERMORE

RUSSIA SANCTIONS EVERMORE

REUTERS - Russia and China have not set a timetable for the issuance of a benchmark Russian treasury bond denominated in yuan, as both sides continue to discuss technical and regulatory issues, a Russian finance ministry official said on Thursday.

"It's a priority project now," Artem Sharibzhanov, an official in the Ministry of Finance's Department of Public Debt and Sovereign Financial Assets, told Reuters.

Sharibzhanov was in Shanghai attending a cross-border investment forum hosted by the Shanghai Stock Exchange and Moscow Exchange to promote closer ties between Chinese and Russian capital markets.

CITIC Securities and Galaxy Securities signed memorandums of understanding with the Moscow Exchange on the sidelines of that event, in deals that will see Chinese brokerages providing access for their clients to Russian securities traded in Moscow.

The deal also could provide assistance for Chinese companies that want to list their securities on the Moscow bourse.

Wang Yuan, a Moscow Exchange supervisory board member, said the cooperation agreements are part of an effort to build financial infrastructure.

Russia has sought to deepen ties with China since relations with the West soured over the Ukraine conflict in 2014.

U.S. and European Union sanctions and a collapse in global oil prices have hurt the Russian economy and starved it of much-needed foreign investment.

As part of those efforts, Russia has said it wants to raise the equivalent of $1 billion by issuing OFZ government bonds in Russia denominated in Chinese yuan.

It initially hoped to issue the yuan bonds this year, but the issue is now more likely early next year.

In September Chinese bank ICBC was appointed a clearing bank for settling yuan transactions in Russia, and in March the Russian central bank said it had successfully tested currency swaps with the People's Bank of China and that they were ready for use to support bilateral trade and direct investment.

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Tags: RUSSIA, SANCTIONS, CHINA

Chronicle:

RUSSIA SANCTIONS EVERMORE
2018, January, 19, 12:15:00

S.KOREA'S DIVERSIFICATION

PLATTS - For full-year 2017, South Korea's crude imports from its biggest supplier Saudi Arabia fell 1.7% to 319.02 million barrels, compared with 324.45 million barrels in the previous year, customs data showed. On the contrary, South Korea has imported 1.77 million mt, or around 13 million barrels, of crude from the US in 2017, about four times higher than in 2016. Shipments from Russia grew to 140,000 b/d last year from 112,000 b/d in 2016.

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2018, January, 19, 12:10:00

ADNOC'S 2030 STRATEGY

AOG - ADNOC’s 2030 strategy, he said, aims to capitalise on predicted global economic growth and demand for oil and petrochemical products, particularly in non-OECD countries. As its business responds to changing market dynamics, the company will continue to broaden its partnership base, strengthen its profitability, adapt to new realities and expand market access.

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2018, January, 19, 12:05:00

TOSHIBA SELLS WESTINGHOUSE

WNN - Under the terms of the assignment and purchase agreement it has signed with Nucleus and Brookfield, Toshiba will sell its rights to assert claims against Westinghouse related to the parent guarantees in the amount of $5.788 billion, and on account of other claims Toshiba holds against Westinghouse in the amount of $2.284 billion to Nucleus, for the sale price of $2.160 billion.

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2018, January, 17, 23:50:00

OIL PRICES: NOT ABOVE $70 YET

REUTERS - Brent crude futures LCOc1 were at $69.23 a barrel at 0808 GMT, up 8 cents from their last close, but down from a high of $69.37 earlier in the day. Brent on Monday rose to $70.37 a barrel, its highest since December 2014, the start of a three-year oil price slump. U.S. West Texas Intermediate (WTI) crude futures CLc1 were at $63.84 a barrel, down from a high of $63.89 earlier, but up 11 cents from their last settlement. WTI hit $64.89 on Tuesday, also the highest since December 2014.

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