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2016-08-23 18:40:00

SAUDI NEED COOPERATION

SAUDI NEED COOPERATION

REUTERS wrote, Saudi Arabia, the world's top oil exporter, plans to discuss energy cooperation agreements with China and Japan, the Saudi cabinet said on Monday.

"The cabinet has approved to delegate a number of ministers to discuss with the Chinese side the following projects: a memorandum of understanding (MOU) to cooperate in the energy sector; an initial cooperation memorandum in the field of crude storage," a cabinet statement on state news agency SPA said.

Discussions with Japan for an MOU for cooperating in the energy sector were also approved by the cabinet, SPA said.

Saudi Arabia has traditionally accounted for most of the crude imports by Asia, the world's biggest oil-consuming region.

But recently OPEC's top producer has lost ground in a number of major markets including Russia and China, and faces a further threat from Iran, which is ramping up exports after the removal of Western sanctions.

The kingdom, however, has responded by pumping and shipping more oil, and with knockdown prices in Asia from state oil giant Saudi Aramco.

In 2015, Asia accounted for 65 percent of Saudi Aramco's oil exports; an increase from 62.3 percent a year earlier.

Aramco has been in talks with China's CNPC and Sinopec for investment opportunities in refining, marketing and petrochemicals, Saudi Energy Minister Khalid al-Falih said earlier this year.

Saudi and Japanese officials had discussed in June possible Japanese investments into the planned initial public offering (IPO) of Aramco.

Saudi Arabia's deputy crown prince, Mohammed bin Salman, unveiled ambitious plans earlier this year aimed at ending the country's "addiction" to oil and transforming it into a global investment power. An IPO of less than 5 percent of state-run Aramco is a centerpiece of that effort.

So big is Aramco given its rights to the crude reserves of Saudi Arabia, that selling even 1 percent of it would create the world's biggest IPO, Prince Mohammed has said. He expects the IPO will value Aramco at least at $2 trillion.

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Earlier:

SAUDI: 

SHAKY MARKET BALANCE 

OPEC REVENUE DOWN 46% 

RUSSIA - SAUDI TALKS 

SAUDI RAISES PRICES 

SAUDI - IRAN COMPETITION 

SAUDI'S OIL PRODUCTION: 10.67 MBD

 

CHINA: 

CHINA'S FUEL EXPORTS UP  

CHINA & VENEZUELA COOPERATION 

CHINA'S FUEL EXPORTS UP 52.3% 

AZERBAIJAN & CHINA OPPORTUNITIES 

SAUDI FIND CHINA

 

JAPAN: 

ASIAN LNG IMPORTS UP 

VIETNAM & JAPAN LNG 

JAPAN RESHAPES MARKET 

JAPAN'S INVESTMENT DOWN BY 40% 

JAPAN PAY LESS

 

 

 

Tags: SAUDI, CHINA, JAPAN, OIL, PRICES, PRODUCTION

Chronicle:

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TRANSCANADA NET INCOME $3.0 BLN

TRANSCANADA - TransCanada Corporation (TSX:TRP) (NYSE:TRP) (TransCanada or the Company) announced net income attributable to common shares for fourth quarter 2017 of $861 million or $0.98 per share compared to a net loss of $358 million or $0.43 per share for the same period in 2016. For the year ended December 31, 2017, net income attributable to common shares was $3.0 billion or $3.44 per share compared to net income of $124 million or $0.16 per share in 2016.

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RUSSIAN NUCLEAR FOR CONGO

ROSATOM - February 13, 2018, Moscow. – ROSATOM and the Ministry of Scientific Research and Technological Innovations of the Republic of Congo today signed a Memorandum of Understanding on cooperation in the field of peaceful uses of atomic energy.

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U.S. INDUSTRIAL PRODUCTION DOWN 0.1%

FRB - Industrial production edged down 0.1 percent in January following four consecutive monthly increases. Manufacturing production was unchanged in January. Mining output fell 1.0 percent, with all of its major component industries recording declines, while the index for utilities moved up 0.6 percent. At 107.2 percent of its 2012 average, total industrial production was 3.7 percent higher in January than it was a year earlier. Capacity utilization for the industrial sector fell 0.2 percentage point in January to 77.5 percent, a rate that is 2.3 percentage points below its long-run (1972–2017) average.

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