PetroChina Profit Soars to Record Despite Fuel Sales Down 11.1% in China

China state-owned oil giant PetroChina posted record first-half profits as higher global oil and gas prices outweighed Crude oil throughput down 1.4% and fuel sales down 11.1% in China.  China’s oil demand fell to near a two-year low in July. The result follows strong first-half results came after fellow state-owned oil giant Cnooc Ltd. profits. Sinopec is state owned by the Chinese Government Big oil rivals also delivered record profits. Saudi Aramco Oil, The UK’s BP, Netherland’s Shell, America’s ExxonMobil, the largest … Continue reading “PetroChina Profit Soars to Record Despite Fuel Sales Down 11.1% in China”

Saudi Aramco Profit Soars 90pc to Record $US48.4 billion

The Kingdom of Saudi Arabia controlled Saudi Aramco Oil reported on Sunday record second quarter earnings of $US48.4 billion. The company estimate was $46.2 billion. Profits were up 90 per cent from $US25.5 billion a year earlier. The result follows big oil rivals record profits. The UK’s BP, Netherland’s Shell, America’s ExxonMobil, the largest U.S. oil company, Chevron, Phillips 66 and Occidental all crushed earnings on surging oil and gas prices. Oil prices have pulled back around 15% since suggesting these record profits … Continue reading “Saudi Aramco Profit Soars 90pc to Record $US48.4 billion”

Saudi Arabia Tadawul Stock Exchange to Launch Single Stock Futures

The Arab world’s biggest bourse, Saudi Arabia’s Tadawul exchange, plans to launch single stock futures on July 4 with the underlying stocks selected from the largest and most liquid publicly listed companies. The move is aimed to enable local and international investors to hedge and manage portfolio risks more effectively. The Kingdom is utilizing its resumed power in financial markets through high oil prices. Saudi authorities have introduced a raft of reforms to attract overseas share buyers and issuers as … Continue reading “Saudi Arabia Tadawul Stock Exchange to Launch Single Stock Futures”

Saudi Aramco Plans to Increase Capital Expenditures to $40-50 billion from $32 billion

The majority of major energy companies have been decreasing or keeping Capital Expenditure flat for a multitude of reasons, including ESG policy, politics, lack of access to credit. However Saudi Arabian Oil Co., aka Aramco, who just overtook Apple as the world’s biggest company, plans to increase this year’s capital expenditures to $40-50 billion from nearly $32 billion in 2021. Aramco also aims to reduce its global footprint as it moves to achieve net-zero greenhouse gas emissions across the portfolio … Continue reading “Saudi Aramco Plans to Increase Capital Expenditures to $40-50 billion from $32 billion”

Nigeria First African Country to Launch Own Digital Currency, eNaira

Central Bank of Nigeria (CBN) Governor Godwin Emefiele says will its launch digital currency eNaira in a couple of days. The move followed Nigeria banning banks and financial institutions from dealing in or facilitating transactions in cryptocurrencies in February this year.

Aluminum Prices Soar to Ten Year Highs After Guinea Coup Strangles Bauxite Supplies

Aluminum futures prices soared to their highest in more than a decade after a coup in Guinea fueled concerns over Bauxite feedstock supplies. China gets half of it’s supplies from Guinea and is already struggling with output. A worker at a production line of Nannan Aluminum Co Ltd in Nanning, China via China Daily In an already volatile commodity space aluminum hit the highest prices in over ten years as a political coup in Guinea put Bauxite exports under threat, … Continue reading “Aluminum Prices Soar to Ten Year Highs After Guinea Coup Strangles Bauxite Supplies”

West African Nations Sever Common Currency to France and Euro

Eight West African countries have agreed to sever a common currency from France. The countries have agreed to change the existing bloc currency to Eco from CFA Franc and sever currency ties to its old colonial master. The announcement was made by France’s President Emmanuel Macron and Ivory Coast President Alassane Ouattara at a joint news conference at the Petit Palais in Abidjan on December 21, 2019. Ivory Coast is the world’s top cocoa producer and France’s former main colony … Continue reading “West African Nations Sever Common Currency to France and Euro”