МИНЭНЕРГО РОССИИ - Министр энергетики Российской Федерации Александр Новак принял участие в официальной церемонии запуска газоперерабатывающего завода на месторождении «Бадра».
Министр отметил, что отношения России и Ирака находятся на высоком уровне и имеют исторический характер: многие российские компании десятилетиями работают в Ираке. Глава Минэнерго России особенно отметил двустороннее сотрудничество в нефтегазовой отрасли.
«С 2010 года ПАО «Газпром нефть» в консорциуме с иностранными партнерами осуществляет разработку месторождения «Бадра» в провинции Васит. Построена необходимая инфраструктура, ведется добыча и отгрузка нефти с 2014 года, в проект вложено порядка 4 млрд долларов инвестиций», - отметил Александр Новак.
Министр подчеркнул, что реализация проекта газоперерабатывающего завода на проекте «Бадра» поддержана на уровне Правительства РФ и Минэнерго России. «Высоко ценим, что иракские партнеры привлекли российскую компанию для реализации важного для Ирака проекта», - сказал Александр Новак.
В ходе церемонии открытия глава Минэнерго России также осмотрел объекты газового производственного комплекса компании «Газпром нефть» на месторождении «Бадра».
МИНЭНЕРГО РОССИИ - Александр Новак подчеркнул, что одним из приоритетных направлений сотрудничества России и Ирака является кооперация в нефтегазовом секторе, где у стран много общих интересов и наработанного опыта.
Добыча нефти Группой «ЛУКОЙЛ» за четвертый квартал и двенадцать месяцев 2016 года составила 22,7 и 92,0 млн тонн соответственно. Добыча за четвертый квартал без учета компенсационной нефти по проекту Западная Курна-2 в Ираке выросла на 2,5% по сравнению с третьим кварталом 2016 года.
На встрече в Алжире в сентябре страны ОПЕК, контролирующей порядка 40% мирового производства нефти, договорились о снижении добычи нефти до 32,5-33 млн баррелей в сутки. Окончательные, письменно подтвержденные договоренности должны быть достигнуты на официальной встрече картеля 30 ноября.
В ходе переговоров стороны обменялись мнениями по ключевым аспектам повестки дня двустороннего сотрудничества в области энергетики, уделив особое внимание текущему статусу реализации российскими компаниями крупных проектов в ТЭК Ирака. А. Аль-Файяд высоко оценил уровень двустороннего взаимодействия, отметив, что Багдад заинтересован в дальнейшем привлечении российских инвестиций в экономику Ирака.
«Газпром нефть» начала добычу на месторождении Бадра в Ираке
ОТНОШЕНИЯ ИРАКА И РОССИИ
IMF - On November 10, 2017, the Executive Board of the International Monetary Fund (IMF) discussed the IMF's latest Financial System Stability Assessment (FSSA) of the People's Republic of China.
Since the 2011 Financial Sector Assessment Program (FSAP), China's impressive economic growth has continued, and it is now undertaking a necessary but prolonged economic and financial transformation. While the financial system has facilitated this high growth rate, it has developed rapidly in size and complexity, and it has emerged as one of the world's largest with financial assets at nearly 470 percent of GDP.
Tensions, however, have emerged in various areas of the Chinese financial system. First, monetary and fiscal policies aimed at supporting employment and growth have, in recent years, been expansionary. Pressures to keep non-viable firms open—rather than allowing them to fail—are strong, particularly at the local government level, where these objectives, at times, conflict with financial stability. As a result, the credit needed to generate additional GDP growth has led to a substantial credit expansion resulting in high corporate debt and household indebtedness rising at a fast pace, albeit from a low base.
Second, demand for high-yield investment products coupled with strengthening oversight of the banking sector has led to regulatory arbitrage and the growth of increasingly complex investment vehicles. Risky lending has thus moved away from banks toward the less-well-supervised parts of the financial system. Non-bank financial institutions, including asset managers and insurance companies, which offer a proliferation of investment products, have grown even faster than the banking sector. Banks continue to be positioned at the core of this highly interconnected system of indirect lending, with uncertain linkages among numerous institutions constituting a challenge for supervision.
Third, widespread implicit guarantees have added to these risks. A reluctance among financial institutions to allow retail investors to take losses; the expectation that the government stands behind debt issued by state-owned enterprises and local government financing vehicles; efforts to stabilize stock and bond markets in times of volatility; and protection funds for various financial institutions, have all contributed to moral hazard and excessive risk-taking.
The system's increasing complexity has sown financial stability risks. Given the centrality of banks to the financial system, the FSAP team recommended a gradual and targeted increase in bank capital. The authorities have recognized these risks, including at the highest level, and are proactively taking important measures to address them. These include the strengthening of systemic risk oversight, further improving regulation, and moving toward functional supervision.
Executive Board Assessment
Executive Directors broadly agreed with the findings and recommendations of the FSSA. They welcomed the significant steps taken by the People's Bank of China and regulatory agencies to strengthen financial sector supervision against a background of rapid financial sector growth and deepening. Directors commended the authorities for major reforms undertaken since the 2011 FSAP, notably in introducing Basel III standards, a risk‑oriented solvency standard for insurers and improving oversight of securities market products. They encouraged the authorities to implement the recommendations of the FSSA to further strengthen systemic risk analysis and oversight, data quality and collection, and information sharing.
Directors noted the tension between sound microprudential oversight and significant risks posed by credit overhang and "shadow banking". They noted that unresolved tensions between policies promoting the economic and financial transition and concerns to smooth the effects of adjustment—notably by maintaining GDP growth and protecting employment—could give rise to financial stability risks. In this context, they encouraged the authorities to align incentives at the national and regional levels to ensure that due priority is given to financial stability. For this, enhancing supervision of financial conglomerates and carefully sequenced reforms to tackle implicit guarantees, including for financial institutions and state‑owned enterprises, will be important. Directors also recommended further efforts to ensure credible loan classification and uniform treatment of similar financial market products.
Directors stressed the importance of adequate legal protection, clear institutional mandates and accountability to ensure sufficient independence and resources for oversight agencies to act effectively and foster interagency cooperation. Clear prioritization of financial stability over development objectives at the agency and cross‑sectoral levels—including in the proposed Financial Stability Sub‑Committee—will be crucial to ensure that risks outside the regulatory perimeter are monitored. There is also a need for increased emphasis on functional supervision in addition to the current institution‑based approach. Strengthening the financial safety net and the legal framework for bank resolution would improve incentives and reduce the potential risks to public resources that could arise from the failure of financial institutions.
Directors noted the significant expansion of fintech in the Chinese market and its benefits for financial inclusion and urged the authorities to further develop the oversight framework for digital finance, balancing innovation with safety and soundness.
Directors welcomed the progress in enhancing the AML/CFT framework. They called on the authorities to overcome remaining deficiencies and continue with efforts to align the framework with the revised Financial Action Task Force standard.
REUTERS - Indeed, mining and heavy industry contributed the biggest gains in October, propelling overall industrial profits by 25.1 percent year-on-year to 745.4 billion yuan ($112.94 billion), compared with a 27.7 percent jump in September, the National Bureau of Statistics (NBS) said on Monday.
IMF - When we think about Asia’s economic future, we know that this future is being built on strong foundations—on the richness and diversity of its cultures, on the incredible energy and ingenuity of the people who have changed the world by transforming their own economies. China and India have been driving the greatest poverty reduction in human history by creating the world’s largest middle classes.
Global energy needs rise more slowly than in the past but still expand by 30% between today and 2040. This is the equivalent of adding another China and India to today’s global demand.
We reiterate our commitment to a strong, quota-based, and adequately resourced IMF to preserve its role at the center of the Global Financial Safety Net.
Vietnam’s state television said Chinese President Xi Jinping had told Vietnam’s General Secretary Nguyen Phu Trong he wanted to work with Southeast Asian nations on a code of conduct in the sea. China’s Xinhua news agency said China and Vietnam had agreed to properly handle maritime issues and strive to maintain peace and stability.
The European Union could do more to convince countries to put EU reform recommendations into practice. For example, targeted support from the EU budget could be provided to incentivize reforms. The EU should also continue pushing for greater integration of the energy, transport, and digital markets.
Within the grouping of Developing countries, India and China are the two nations with the largest additional energy demand over the forecast period, both in the range of 22–23 mboe/d.
Directors underscored that accelerated structural reforms and broader trade relations can help promote a diversified export mix. They also urged the authorities to strengthen property rights, advance privatization, improve governance, and invest in innovation and infrastructure to build the foundations for higher potential growth.
World oil demand growth in 2017 is now expected to increase by 1.5 mb/d, representing an upward revision of around 30 tb/d from last previous report, mainly reflecting recent data showing an improvement in economic activities. Positive revisions were primarily a result of higher-than-expected oil demand from the OECD region and China.
“The current period of growth should be used as an opportunity: to further safeguard the financial sector--by building up capital buffers and strengthening corporate and bank balance sheets; to address the issue of stagnant real wages--which can undermine the recovery and fuel discontent; and to confront the problem of excessive current account imbalances--with both surplus and deficit countries playing their part."
China accounts for the lion’s share of the upsurge. But Middle East and north African countries are scheduled to have installed 14GW in solar plants by the end of 2018 — a seven-fold increase from 2015. Central and South America are also expected to reach 14GW, nearly five times more than in 2015, while India is set to hit 28GW, a jump of nearly six times.
The U.S. Energy Information Administration projects that world energy consumption will grow by 28% between 2015 and 2040. Most of this growth is expected to come from countries that are not in the Organization for Economic Cooperation and Development (OECD), and especially in countries where demand is driven by strong economic growth, particularly in Asia. Non-OECD Asia (which includes China and India) accounts for more than 60% of the world's total increase in energy consumption from 2015 through 2040.