Nigeria’s elections may be choice between ‘bad and worse’

Early Saturday, Nigeria’s electoral body announced that nationwide elections that were scheduled for Saturday would instead be delayed until February 23. Between 2006 and 2009, a wave of sabotage disrupted global supplies, which deepened Nigeria’s worst recession in nearly 30 years in 2016. Yet depending on how Nigerians cast their ballots, analysts say the presidential and parliamentary elections could produce very different outcomes for the energy sector. Buhari currently leads in the polls, b


Early Saturday, Nigeria’s electoral body announced that nationwide elections that were scheduled for Saturday would instead be delayed until February 23. Between 2006 and 2009, a wave of sabotage disrupted global supplies, which deepened Nigeria’s worst recession in nearly 30 years in 2016. Yet depending on how Nigerians cast their ballots, analysts say the presidential and parliamentary elections could produce very different outcomes for the energy sector. Buhari currently leads in the polls, b
Nigeria’s elections may be choice between ‘bad and worse’ Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2019-02-16  Authors: tom dichristopher, luc gnago, tife owolabi
Keywords: news, cnbc, companies, bad, say, nigerias, elections, worse, atiku, violence, choice, nigerians, sector, economy, oil, nations


Nigeria's elections may be choice between 'bad and worse'

As Nigerians prepare to pick a president and Parliament members, the oil market is bracing for the insecurity and violence that have historically marred elections in Africa’s largest crude producer.

Early Saturday, Nigeria’s electoral body announced that nationwide elections that were scheduled for Saturday would instead be delayed until February 23. Regardless, the election will take place under the shadow of violence: Only days ago, militants issued a new threat to “cripple” the economy with devastating attacks on the nation’s oil infrastructure. Between 2006 and 2009, a wave of sabotage disrupted global supplies, which deepened Nigeria’s worst recession in nearly 30 years in 2016.

Next Saturday’s contest could also determine the fate of reforms to the nation’s lifeblood oil industry. Legislation to overhaul the sector — in development almost since democracy took hold two decades ago — aims to address problems that have fostered the nation’s notorious corruption, and kept many Nigerians trapped in a cycle of poverty despite their nation’s fantastic oil wealth.

Nigeria is home to Africa’s highest population and the continent’s largest economy. But with an estimated 91 million people living on less than $2 a day, Nigeria has overtaken India as the nation with the most people living in extreme poverty.

It makes the country a textbook case of resource curse, an economic phenomenon in which countries blessed with fossil fuel and mineral reserves often fare worse than resource poor nations.

To be sure, no one expects a single election to turn the tide for the nation. Oil production peaked in 2005, and the energy sector continues to be undermined by militant violence, widespread theft and regulatory uncertainty. Meanwhile, other West African nations like Ghana and Mauritania have become more attractive to international oil and gas companies.

“Regardless of who wins, I think you are going to still see a lot of the drivers of insecurity,” said Imad Mesdoua, a Nigeria-born senior consultant at Control Risks. “The reasons for that are structural. There are underlying issues like lack of infrastructure and bad governance at the state level, uneven distribution of resources.”

Yet depending on how Nigerians cast their ballots, analysts say the presidential and parliamentary elections could produce very different outcomes for the energy sector.

The presidential ballot pits incumbent Muhammadu Buhari, who represents the All Progressives Congress, against former Vice-President Atiku Abubakar of the People’s Democratic Party. Buhari currently leads in the polls, but the race remains close, and violence at voting booths makes Nigeria’s elections difficult to forecast.

Analysts say Buhari’s reputation as an anti-corruption crusader is bolstering him in polls, particularly with Nigeria’s vast rural poor. However, the president has struggled to deliver on the three pillars of his 2015 campaign: Fighting graft, delivering security and creating a more inclusive economy.

Meanwhile, Atiku primarily appeals to voters discouraged by Buhari’s handling of the economy, which has seen unemployment more than double. Yet while Atiku primarily identifies as a businessman — he has been involved in oil services firms, property development, farming and education — he has also been tainted by accusations of corruption.


Company: cnbc, Activity: cnbc, Date: 2019-02-16  Authors: tom dichristopher, luc gnago, tife owolabi
Keywords: news, cnbc, companies, bad, say, nigerias, elections, worse, atiku, violence, choice, nigerians, sector, economy, oil, nations


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Keystone XL suffers another setback as judge blocks most work on the oil pipeline

A federal judge in Montana dealt the Keystone XL pipeline another setback on Friday, effectively blocking TransCanada’s latest effort to begin work on the project. U.S. District Court Judge Brian Morris ruled that TransCanada cannot do most work to prepare for construction, including setting up camps for workers who would build the pipeline if it is allowed to move forward. The judge said TransCanada can move pipe to storage yards along the pipeline route. The decision threatens to prevent Trans


A federal judge in Montana dealt the Keystone XL pipeline another setback on Friday, effectively blocking TransCanada’s latest effort to begin work on the project. U.S. District Court Judge Brian Morris ruled that TransCanada cannot do most work to prepare for construction, including setting up camps for workers who would build the pipeline if it is allowed to move forward. The judge said TransCanada can move pipe to storage yards along the pipeline route. The decision threatens to prevent Trans
Keystone XL suffers another setback as judge blocks most work on the oil pipeline Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2019-02-16  Authors: tom dichristopher, justin solomon
Keywords: news, cnbc, companies, workers, setback, keystone, latest, transcanada, pipeline, blocks, construction, xl, yards, suffers, oil, transport, work, judge


Keystone XL suffers another setback as judge blocks most work on the oil pipeline

A federal judge in Montana dealt the Keystone XL pipeline another setback on Friday, effectively blocking TransCanada’s latest effort to begin work on the project.

U.S. District Court Judge Brian Morris ruled that TransCanada cannot do most work to prepare for construction, including setting up camps for workers who would build the pipeline if it is allowed to move forward. The judge said TransCanada can move pipe to storage yards along the pipeline route.

The decision threatens to prevent TransCanada from beginning construction on the pipeline this year, and may push its earliest start date into 2020.

The ruling is the latest blow in a series of defeats for the $8 billion project. The line would transport heavy crude from Alberta, Canada to Steel City, Nebraska, where it would link up with existing lines to transport oil supplies to Gulf Coast refineries.


Company: cnbc, Activity: cnbc, Date: 2019-02-16  Authors: tom dichristopher, justin solomon
Keywords: news, cnbc, companies, workers, setback, keystone, latest, transcanada, pipeline, blocks, construction, xl, yards, suffers, oil, transport, work, judge


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BP’s vision of the near future sees renewable power and natural gas dominating energy

In a not-too-distant future, renewable energy becomes the world’s biggest source of power generation. That is the vision laid out by British oil and gas giant BP on Thursday in its latest Annual Energy Outlook. The closely followed report lays out a vision through 2040 for Earth’s energy future, provided government policy, technology and consumer preferences evolve in line with recent trends. BP forecasts that the world’s energy demand will grow by a third through 2040, driven by rising consumpt


In a not-too-distant future, renewable energy becomes the world’s biggest source of power generation. That is the vision laid out by British oil and gas giant BP on Thursday in its latest Annual Energy Outlook. The closely followed report lays out a vision through 2040 for Earth’s energy future, provided government policy, technology and consumer preferences evolve in line with recent trends. BP forecasts that the world’s energy demand will grow by a third through 2040, driven by rising consumpt
BP’s vision of the near future sees renewable power and natural gas dominating energy Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2019-02-14  Authors: tom dichristopher, connie j spinardi, getty images
Keywords: news, cnbc, companies, demand, natural, dominating, power, increase, gas, renewable, future, worlds, oil, need, near, sees, energy, grow, vision


BP's vision of the near future sees renewable power and natural gas dominating energy

In a not-too-distant future, renewable energy becomes the world’s biggest source of power generation. A quarter of the distances that humans travel by vehicle will be in electric cars. U.S. dominance in the oil market begins to wane, and OPEC’s influence is resurgent, as crude demand finally peaks.

That is the vision laid out by British oil and gas giant BP on Thursday in its latest Annual Energy Outlook. The closely followed report lays out a vision through 2040 for Earth’s energy future, provided government policy, technology and consumer preferences evolve in line with recent trends.

BP forecasts that the world’s energy demand will grow by a third through 2040, driven by rising consumption in China, India and other parts of Asia. About 75 percent of that increase will come from the need to power industry and buildings. At the same time, energy demand will continue to grow in the transportation sector, but that growth will slow sharply as vehicles become more efficient and more consumers opt for electric cars.

But despite the increase in supply, BP thinks two-thirds of the world’s population will still live in places with relatively low energy consumption per head. The takeaway: The world will need to generate more energy.


Company: cnbc, Activity: cnbc, Date: 2019-02-14  Authors: tom dichristopher, connie j spinardi, getty images
Keywords: news, cnbc, companies, demand, natural, dominating, power, increase, gas, renewable, future, worlds, oil, need, near, sees, energy, grow, vision


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Stocks making the biggest moves midday: MGM Resorts, AIG, Marathon Oil & more

Check out the companies making headlines midday Thursday:Bloomin’ Brands — Shares of the hospitality company jumped 8.95 percent on stronger-than-expected quarterly results. Avon Products — The cosmetics maker’s stock dropped 11 percent after Avon reported mixed results for the fourth quarter. Marathon Oil — Shares of Marathon Oil surged 8.75 percent after the company reported better-than-expected earnings and revenues in the fourth quarter as its total oil production rose 17 percent year-over-y


Check out the companies making headlines midday Thursday:Bloomin’ Brands — Shares of the hospitality company jumped 8.95 percent on stronger-than-expected quarterly results. Avon Products — The cosmetics maker’s stock dropped 11 percent after Avon reported mixed results for the fourth quarter. Marathon Oil — Shares of Marathon Oil surged 8.75 percent after the company reported better-than-expected earnings and revenues in the fourth quarter as its total oil production rose 17 percent year-over-y
Stocks making the biggest moves midday: MGM Resorts, AIG, Marathon Oil & more Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2019-02-14  Authors: fred imbert, spencer platt, getty images news, getty images
Keywords: news, cnbc, companies, earnings, estimates, company, marathon, mgm, stocks, biggest, aig, oil, share, midday, results, reported, quarterly, resorts, quarter, cents, making, moves, shares


Stocks making the biggest moves midday: MGM Resorts, AIG, Marathon Oil & more

Check out the companies making headlines midday Thursday:

Bloomin’ Brands — Shares of the hospitality company jumped 8.95 percent on stronger-than-expected quarterly results. Bloomin’ Brands posted earnings per share of 30 cents and revenue of $1.01 billion. Analysts polled by Refinitiv expected a profit of 26 cents a share on sales of $1.001 billion.

Avon Products — The cosmetics maker’s stock dropped 11 percent after Avon reported mixed results for the fourth quarter. Avon’s profit of 7 cents a share was in line with a Refinitiv estimate. Sales of $1.402 billion missed expectations, however.

MGM Resorts — Shares of MGM fell 6.36 percent after the casino and resort operator reported a diluted loss per share of 6 cents in the current quarter compared to diluted earnings per share of $2.39 in the prior year quarter. MGM’s fourth-quarter earnings came in one cent above estimates. It also announced an eight percent dividend hike to 13 cents per share from 12 cents.

American International Group — AIG’s stock slid 9 percent after the insurance company posted an unexpected loss of 63 cents per share, after consensus forecasts had predicted a profit of 42 cents per share. Its results were hurt by weaker returns in the equity and credit markets.

Marathon Oil — Shares of Marathon Oil surged 8.75 percent after the company reported better-than-expected earnings and revenues in the fourth quarter as its total oil production rose 17 percent year-over-year. The oil producer also sees oil output rising 10 percent in 2019.

Six Flags Entertainment — The theme park operator sunk nearly 13 percent after the company missed Wall Street’s revenue expectations for fourth-quarter. The quarterly results were mixed though — profit was still well-above consensus expectations.

Sleep Number — Shares of mattress firm Sleep Number rose 14.7 percent Thursday after the company reported better-than-expected earnings and forecast a strong outlook for 2019. The Minneapolis-based company also reported a 13 percent increase in sales from a year ago.

Tempur Sealy – Despite issuing an earnings outlook largely below Wall Street estimates, Tempur Sealy has erased its premarket losses, and was up 2.9 percent. The Kentucky-based firm also posted weaker-than-expected earnings, but it did deliver stronger quarterly sales numbers than analysts anticipated.

Coca-Cola —Shares of Coca-Cola fell 8.44 percent after it released a disappointing growth forecast for 2019. The company reported that it has been battling currency headwinds which it claims hurt its fourth quarter earnings by 10 percent. Coke reported fourth-quarter earnings in line with estimates, and revenues that beat estimates by $22 million.

Cisco Systems — Cisco System’s stock rose 2.93 percent after its second-quarter results beat estimates on the top and bottom lines. The hardware company beat analyst estimates by a penny with an adjusted quarterly profit of 73 cents. It’s growth in cyber security and applications software boosted its revenues. Cisco added $15 billion to its company stock buyback program and raised quarterly dividends by 6 percent.

Amazon — Shares of Amazon fell 1 percent following the company’s announcement that it will not build a headquarters in New York in response to a large opposition from state and local politicians.

—CNBC’s Nadine El-Bawab, Yun Li, JR Reed and Kate Rooney contributed to this report.


Company: cnbc, Activity: cnbc, Date: 2019-02-14  Authors: fred imbert, spencer platt, getty images news, getty images
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ABN Amro fourth-quarter net profit drops 42 percent, missing estimates

Dutch bank ABN Amro on Wednesday missed analysts’ expectations with a 42 percent fall in fourth-quarter net profit as loan impairments increased. Net profit was 316 million euros ($358.2 million), compared with 542 million euros profit a year earlier, and an average expectations of 446 million euros in a Reuters poll of analysts. ABN Amro last year said it would limit trade and commodity finance operations in the offshore energy, diamond and shipping sectors, to improve profitability. Net profit


Dutch bank ABN Amro on Wednesday missed analysts’ expectations with a 42 percent fall in fourth-quarter net profit as loan impairments increased. Net profit was 316 million euros ($358.2 million), compared with 542 million euros profit a year earlier, and an average expectations of 446 million euros in a Reuters poll of analysts. ABN Amro last year said it would limit trade and commodity finance operations in the offshore energy, diamond and shipping sectors, to improve profitability. Net profit
ABN Amro fourth-quarter net profit drops 42 percent, missing estimates Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2019-02-13  Authors: reuters with cnbccom, jasper juinen, bloomberg, getty images
Keywords: news, cnbc, companies, fourthquarter, amro, abn, drops, missing, 42, euros, million, shipping, dutch, sectors, estimates, q4, net, oil, bank, profit


ABN Amro fourth-quarter net profit drops 42 percent, missing estimates

Dutch bank ABN Amro on Wednesday missed analysts’ expectations with a 42 percent fall in fourth-quarter net profit as loan impairments increased.

Net profit was 316 million euros ($358.2 million), compared with 542 million euros profit a year earlier, and an average expectations of 446 million euros in a Reuters poll of analysts.

Clifford Abrahams, chief financial officer of ABN Amro told CNBC Wednesday: “Q4 was operationally solid and steady…But we had a couple of specific items in Q4, we had some expenses and elevated impairments.”

“But for the year as a whole, the bank is in good shape and you see we posted an ROE (return on equity) of 11 percent and we are confirming our guidance for 2019,” he added.

Loan impairments soarded to 208 million euros from 34 million a year earlier, as shipping, oil services, jewellery and some other sectors continued to struggle despite a strong recovery in the Dutch economy and rising oil prices.

ABN Amro last year said it would limit trade and commodity finance operations in the offshore energy, diamond and shipping sectors, to improve profitability.

Net profit was also dented by 85 million euros in extra costs for the scrutiny of clients, as the bank stepped up its fight against money laundering and other criminal activities.

This followed a record $900 million fine paid by fellow Dutch bank ING Groep NV in September for failing to spot criminal activities financed through its accounts for years.


Company: cnbc, Activity: cnbc, Date: 2019-02-13  Authors: reuters with cnbccom, jasper juinen, bloomberg, getty images
Keywords: news, cnbc, companies, fourthquarter, amro, abn, drops, missing, 42, euros, million, shipping, dutch, sectors, estimates, q4, net, oil, bank, profit


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Goldman sees oil rising toward $70, says demand forecasts are too gloomy

Oil prices have struggled to rally above $64 a barrel since last quarter’s sharp pullback, but Goldman Sachs believes crude futures could break out in the coming months. Goldman’s outlook is based on its view that forecasts for demand growth have grown too gloomy and OPEC has adopted a “shock and awe” approach to pulling back supply. “Our constructive outlook for oil prices in 1H19 is predicated on both large supply cuts as well as resilient oil demand growth,” Goldman analysts said in a researc


Oil prices have struggled to rally above $64 a barrel since last quarter’s sharp pullback, but Goldman Sachs believes crude futures could break out in the coming months. Goldman’s outlook is based on its view that forecasts for demand growth have grown too gloomy and OPEC has adopted a “shock and awe” approach to pulling back supply. “Our constructive outlook for oil prices in 1H19 is predicated on both large supply cuts as well as resilient oil demand growth,” Goldman analysts said in a researc
Goldman sees oil rising toward $70, says demand forecasts are too gloomy Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2019-02-13  Authors: tom dichristopher, nick oxford
Keywords: news, cnbc, companies, sees, million, rising, outlook, forecasts, view, goldman, growth, grow, gloomy, demand, international, prices, oil, 70


Goldman sees oil rising toward $70, says demand forecasts are too gloomy

Oil prices have struggled to rally above $64 a barrel since last quarter’s sharp pullback, but Goldman Sachs believes crude futures could break out in the coming months.

The investment bank forecasts international benchmark Brent crude will peak at $67.50 a barrel in the second quarter. Goldman’s outlook is based on its view that forecasts for demand growth have grown too gloomy and OPEC has adopted a “shock and awe” approach to pulling back supply.

“Our constructive outlook for oil prices in 1H19 is predicated on both large supply cuts as well as resilient oil demand growth,” Goldman analysts said in a research note released on Tuesday evening.

Goldman believes the world’s appetite for oil will grow by 1.4 million barrels per day in 2019. That’s in line with the International Energy Agency’s outlook, but above the consensus on Wall Street and OPEC’s view that demand will grow by just 1.24 million bpd.


Company: cnbc, Activity: cnbc, Date: 2019-02-13  Authors: tom dichristopher, nick oxford
Keywords: news, cnbc, companies, sees, million, rising, outlook, forecasts, view, goldman, growth, grow, gloomy, demand, international, prices, oil, 70


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BP CEO Bob Dudley warns oil market uncertainty could lead to a ‘real crunch’

A flurry of intensifying risks could trigger an energy market “crunch” over the coming months, according to the chief executive of BP. His comments come at a time when energy market participants expect U.S. sanctions on crisis-stricken Venezuela, as well as OPEC-led production cuts, to offset a potential supply glut this year. When asked whether production cuts from the so-called OPEC+ coalition were likely to help stabilize oil prices, Dudley replied: “Well, there’s a lot of variables here and


A flurry of intensifying risks could trigger an energy market “crunch” over the coming months, according to the chief executive of BP. His comments come at a time when energy market participants expect U.S. sanctions on crisis-stricken Venezuela, as well as OPEC-led production cuts, to offset a potential supply glut this year. When asked whether production cuts from the so-called OPEC+ coalition were likely to help stabilize oil prices, Dudley replied: “Well, there’s a lot of variables here and
BP CEO Bob Dudley warns oil market uncertainty could lead to a ‘real crunch’ Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2019-02-12  Authors: sam meredith
Keywords: news, cnbc, companies, oil, production, opec, uncertainty, prices, ceo, lead, venezuela, warns, dudley, real, bp, energy, theres, market, sanctions, crunch


BP CEO Bob Dudley warns oil market uncertainty could lead to a 'real crunch'

A flurry of intensifying risks could trigger an energy market “crunch” over the coming months, according to the chief executive of BP.

His comments come at a time when energy market participants expect U.S. sanctions on crisis-stricken Venezuela, as well as OPEC-led production cuts, to offset a potential supply glut this year.

When asked whether production cuts from the so-called OPEC+ coalition were likely to help stabilize oil prices, Dudley replied: “Well, there’s a lot of variables here and there’s a lot of things that could lead to a real crunch.”

Speaking to CNBC’s Dan Murphy at an energy forum in Cairo, Egypt, Dudley cited “tragic circumstances” in Venezuela, uncertainty in Libya, rising production levels from the Permian Basin and the impact of U.S. sanctions on Iran.

“So, the OPEC+ countries agreed to reduce production in the first quarter, we don’t even really have data from it. We will have to see what the data looks like but the markets feel tight to me.”

“We plan BP on a sort of fairway, which I think is good for the world, between $50 a barrel and $65. That’s good for producers and consumers,” Dudley said.

Brent crude, the international benchmark for oil prices, was trading at $61.90 a barrel Tuesday morning, up 0.6 percent, while West Texas Intermediate (WTI) stood at $52.68, 0.5 percent higher.


Company: cnbc, Activity: cnbc, Date: 2019-02-12  Authors: sam meredith
Keywords: news, cnbc, companies, oil, production, opec, uncertainty, prices, ceo, lead, venezuela, warns, dudley, real, bp, energy, theres, market, sanctions, crunch


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I would not invest in Saudi Arabia, says Egyptian billionaire Naguib Sawiris

Egyptian billionaire Naguib Sawiris will not invest in Saudi Arabia as he says he does not believe there’s rule of law in the country, and has some concerns about human rights there. Asked by CNBC’s Hadley Gamble if he would invest in the kingdom, Sawiris said: “No, I would not.” The Saudi journalist, who also wrote for the Washington Post, was a prominent critic of Crown Prince Mohammed bin Salman. Emerging markets investor Mark Mobius also urged investors not to put their money in Saudi Arabia


Egyptian billionaire Naguib Sawiris will not invest in Saudi Arabia as he says he does not believe there’s rule of law in the country, and has some concerns about human rights there. Asked by CNBC’s Hadley Gamble if he would invest in the kingdom, Sawiris said: “No, I would not.” The Saudi journalist, who also wrote for the Washington Post, was a prominent critic of Crown Prince Mohammed bin Salman. Emerging markets investor Mark Mobius also urged investors not to put their money in Saudi Arabia
I would not invest in Saudi Arabia, says Egyptian billionaire Naguib Sawiris Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2019-02-12  Authors: weizhen tan, andrew harrer, bloomberg, getty images
Keywords: news, cnbc, companies, oil, crown, billionaire, invest, kingdom, egyptian, remain, sawiris, naguib, arabia, including, saudi, milken, investors


I would not invest in Saudi Arabia, says Egyptian billionaire Naguib Sawiris

Egyptian billionaire Naguib Sawiris will not invest in Saudi Arabia as he says he does not believe there’s rule of law in the country, and has some concerns about human rights there.

Asked by CNBC’s Hadley Gamble if he would invest in the kingdom, Sawiris said: “No, I would not.”

“Personally, I can invest anywhere in the world, why would I go somewhere where I am not convinced there is a rule of law and order. And that there is real democracy, and that people are free,” Sawiris said Tuesday at the MENA Summit 2019 in Abu Dhabi organized by the Milken Institute.

Saudi Arabia has been under intense scrutiny in recent months, especially after the high-profile killing of U.S.-based journalist Jamal Khashoggi, who disappeared last October after visiting the Saudi consulate in Istanbul. The Saudi journalist, who also wrote for the Washington Post, was a prominent critic of Crown Prince Mohammed bin Salman.

Turkish officials said he was killed by Saudi agents, but Riyadh denies those allegations. After more than two weeks of denying that he was kidnapped and murdered, Saudi authorities finally admitted he was killed inside the consulate.

Khashoggi’s death prompted the U.S. Treasury to impose economic sanctions on 17 Saudi officials, including the crown prince’s former top aide Saud al-Qahtani, who was fired as a result of the investigations.

“I think it goes together — political stability and economic stability, they go together. And also, you need to be somewhere you are comfortable,” Sawiris said, adding that Riyadh needs to “come straight on human rights.”

The kingdom of 33 million has seen steady drops in foreign direct investment flows over the last decade, something it needs for its ambitious Vision 2030 initiative to diversify the country’s economy and grow private sector jobs. Obstacles remain in the form of skills shortages, lower oil prices and rising unemployment in the kingdom.

There’s also been growing international concern over the unpredictability and repressive tactics of the kingdom’s powerful young crown prince.

In 2017, Crown Prince Mohammed ordered an anti-corruption drive, detaining hundreds of Saudi royals and businessmen in the Ritz Carlton hotel and confiscating large portions of their finances.

Emerging markets investor Mark Mobius also urged investors not to put their money in Saudi Arabia.

“The Khashoggi murder is a very bad situation, and as far as I’m concerned I don’t think we should be investing in Saudi Arabia for that reason unless there is some real big change,” Mobius told CNBC last week.

He also pointed to how the plummeting oil prices are “disastrous” for the country, a top oil exporter.

However, some investors, including Michael Milken, the founder of Milken Institute, remain bullish about Saudi Arabia.

Asked if the negative headlines in the kingdom would stop him from investing there, Milken said: “Not at all.”

The billionaire philanthropist pointed to “profound changes” in the kingdom in recent years, such as women being allowed to drive and the opportunity for young Saudi men and women to interact at concerts and social events today.

With Saudi Arabia’s booming youth population and its access to a massive regional market, numerous international investors — including BlackRock CEO Larry Fink and the Blackstone Group’s Stephen Schwarzman — remain committed to the kingdom and say they see significant long-term potential.

— CNBC’s Natasha Turak contributed to this report.


Company: cnbc, Activity: cnbc, Date: 2019-02-12  Authors: weizhen tan, andrew harrer, bloomberg, getty images
Keywords: news, cnbc, companies, oil, crown, billionaire, invest, kingdom, egyptian, remain, sawiris, naguib, arabia, including, saudi, milken, investors


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BP has invested more money in Egypt than anywhere else in the last two years, CEO says

BP has invested more money in Egypt in the last two years than anywhere else, the oil giant’s Chief Executive Bob Dudley told CNBC. “We produce oil in the Gulf of Suez but really our focus in the last five years has been this big push for natural gas. “In the last two years we’ve invested more money in Egypt, in both of those years, than in any other country in the world for BP, so it’s a really important place for us,” he told CNBC’s Dan Murphy. In December, El Molla said Egypt had signed over


BP has invested more money in Egypt in the last two years than anywhere else, the oil giant’s Chief Executive Bob Dudley told CNBC. “We produce oil in the Gulf of Suez but really our focus in the last five years has been this big push for natural gas. “In the last two years we’ve invested more money in Egypt, in both of those years, than in any other country in the world for BP, so it’s a really important place for us,” he told CNBC’s Dan Murphy. In December, El Molla said Egypt had signed over
BP has invested more money in Egypt than anywhere else in the last two years, CEO says Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2019-02-12  Authors: holly ellyatt
Keywords: news, cnbc, companies, oil, gas, egypt, natural, ceo, sector, egypts, country, bp, told, really, invested, money, west


BP has invested more money in Egypt than anywhere else in the last two years, CEO says

BP has invested more money in Egypt in the last two years than anywhere else, the oil giant’s Chief Executive Bob Dudley told CNBC.

“Today (the scale of our operations) is very big,” Dudley told CNBC Monday. “We produce oil in the Gulf of Suez but really our focus in the last five years has been this big push for natural gas. All across from the Nile Delta, to the east, to the west of the Nile Delta, it’s helping power the country and other companies are here as well.”

“In the last two years we’ve invested more money in Egypt, in both of those years, than in any other country in the world for BP, so it’s a really important place for us,” he told CNBC’s Dan Murphy.

Egypt might lack the oil producing clout of its OPEC neighbors to the west (Libya and Algeria) and east (Saudi Arabia) but it’s pushing to become a Mediterranean energy hub, particularly in the natural gas sector. Cairo is expected to become a net gas exporter by the end of 2019 and the country has seen widespread interest in its natural gas potential — particularly after the success of Egypt’s Zohr gas field, an offshore natural gas field in the Mediterranean Sea operated by Italian energy firm Eni.

Foreign direct investment (FDI) in Egypt’s oil and gas sector reached $10 billion in the full fiscal year of 2017/18, the country’s Petroleum Minister Tarek El-Molla told an Egyptian newspaper last August, and expects at least the same in 2018/2019. In December, El Molla said Egypt had signed over 12 exploration and production agreements with international oil companies (IOCs) during 2018. The petroleum minister told CNBC in January that Egypt’s gas reserves could even be a catalyst for peace in the region.


Company: cnbc, Activity: cnbc, Date: 2019-02-12  Authors: holly ellyatt
Keywords: news, cnbc, companies, oil, gas, egypt, natural, ceo, sector, egypts, country, bp, told, really, invested, money, west


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OPEC cut production by nearly 800,000 barrels a day in January, pumping just above its oil target

The slight miss comes as the group once again cut its outlook for global oil demand in 2019. OPEC is partnering with 10 nonmember nations, including Russia, to keep 1.2 million bpd off the market. In January, OPEC managed to remove 797,000 barrels per day from the market by holding back supply. The group aimed to cut a combined 812,000 bpd in a bid to drain oversupply from the oil market. Total OPEC production stood at just over 30.8 million bpd in January, down from 31.6 million bpd in December


The slight miss comes as the group once again cut its outlook for global oil demand in 2019. OPEC is partnering with 10 nonmember nations, including Russia, to keep 1.2 million bpd off the market. In January, OPEC managed to remove 797,000 barrels per day from the market by holding back supply. The group aimed to cut a combined 812,000 bpd in a bid to drain oversupply from the oil market. Total OPEC production stood at just over 30.8 million bpd in January, down from 31.6 million bpd in December
OPEC cut production by nearly 800,000 barrels a day in January, pumping just above its oil target Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2019-02-12  Authors: tom dichristopher, yasser al-zayyat afp getty images
Keywords: news, cnbc, companies, million, market, bpd, barrels, waythe, nearly, supply, oil, cut, pumping, day, opec, 800000, target, production, group


OPEC cut production by nearly 800,000 barrels a day in January, pumping just above its oil target

OPEC fell just short of its production goal in January, as a fresh round of output cuts from the 14-nation producer group got under way.

The slight miss comes as the group once again cut its outlook for global oil demand in 2019. OPEC also slightly increased its forecast for supply from the United States and other non-OPEC nations.

OPEC is partnering with 10 nonmember nations, including Russia, to keep 1.2 million bpd off the market. The so-called OPEC+ alliance aims to prevent another price-crushing oil glut like the one that gripped the market between 2014 and 2016.

In January, OPEC managed to remove 797,000 barrels per day from the market by holding back supply. The group aimed to cut a combined 812,000 bpd in a bid to drain oversupply from the oil market.

Total OPEC production stood at just over 30.8 million bpd in January, down from 31.6 million bpd in December, according to independent sources cited by the group in its monthly report.


Company: cnbc, Activity: cnbc, Date: 2019-02-12  Authors: tom dichristopher, yasser al-zayyat afp getty images
Keywords: news, cnbc, companies, million, market, bpd, barrels, waythe, nearly, supply, oil, cut, pumping, day, opec, 800000, target, production, group


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