China grants five non-major refiners quotas for imported crude oil

China has granted five non-major refiners nearly 400,000 barrels per day (bpd) in quotas for imported crude oil, part of reforms that allow greater competition in a sector long dominated by state giants Sinopec and PetroChina. 

PHOTO: AFP

SEP 7, 20154:37 PM

[BEIJING] China has granted five non-major refiners nearly 400,000 barrels per day (bpd) in quotas for imported crude oil, part of reforms that allow greater competition in a sector long dominated by state giants Sinopec and PetroChina.

The country's central planner, the National Development and Reform Commission (NDRC), posted the final approvals on its website over the weekend.

The five refiners - four in the coastal province of Shandong and one in Ningxia - had earlier received preliminary approvals. The amount granted to Shandong's Dongying Yatong Petchem was cut to 2.76 million tonnes, from an initial 3.36 million tonnes.

The government has promised to open up the crude import market, and according to rules issued by the planning commission in February, smaller refiners can win quotas for imported crude oil if they meet certain environmental conditions, including the closure of old and polluting refining capacity.

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Refiners can then apply to the commerce ministry for licenses to import crude directly, without having to use one of the state traders as an agent.

Two other refiners - Shandong Dongming Petrochemical Group and Panjin Beifang Asphalt Fuel Co - have already received crude quotas this year and also been granted licenses to handle their own shipments.

REUTERS

    
 

Western sanctions sting Russian oil firms: Lukoil head

Western sanctions imposed on Russia over the Ukraine crisis have hurt domestic oil producers, cut access to foreign financial markets and increased borrowing costs, Lukoil president Vagit Alekperov told the Vedomosti business daily. 

PHOTO: REUTERS

SEP 7, 20153:09 PM

[MOSCOW] Western sanctions imposed on Russia over the Ukraine crisis have hurt domestic oil producers, cut access to foreign financial markets and increased borrowing costs, Lukoil president Vagit Alekperov told the Vedomosti business daily.

Lukoil, Russia's largest independent oil producer, was hit by US sanctions last year, but not by European sanctions, for Moscow's actions in Ukraine. The US measures prohibit providing, exporting, or re-exporting goods, services and technology to the company and other Russian energy firms.

"Access to capital markets has been reduced, to technology," Mr Alekperov said in an interview. "It's increasingly difficult to form consortia with foreign companies for the implementation of geological and technologically complex projects. All of this is happening." President Vladimir Putin and a number of companies turned towards Asia, especially China, seeking commercial ties, after Russia was hit with sanctions.

But Mr Alekperov said his firm has not been in talks with Chinese lenders. "They're willing to provide financing either for the purchase of oil or the supply of equipment," Mr Alekperov said."These are the most expensive loans in the world. We do not go for such borrowing." Mr Alekperov said Lukoil was in talks with Korea EximBank, seeking financing for the firm's projects in Uzbekistan. "The negotiations are also not easy," he said. "We hope that a decision will be made and funding for this project will be provided." Lukoil and a consortium headed by Hyundai Engineering signed a contract earlier this year to build a gas processing plant in Uzbekistan.

Raffles Medical Group to open first medical centre in Japan

By

Kenneth Limkenlim@sph.com.sg@KennethLimBT  

SEP 7, 20157:39 PM

RAFFLES Medical Group (RMG) is opening its first medical centre in Japan, it announced on Monday after the market closed.

The 5,400-square-foot facility to be opened in Osaka will be in the city's prime central business district near the Umeda train station.

The centre will offer family medicine, travel medicine, dermatology and aesthetics, traditional Chinese medicine and health-screening services to local Japanese, expatriates and tourists.

RMG subsidiary Raffles Japanese Clinic will operate the facility in collaboration with joint-venture partner Socion Healthcare Management.

Shares of RMG closed at S$4.37 on Monday, lower by 0.9 per cent or four Singapore cents.

Russia central bank to introduce new liquidity requirement for big banks from Jan 1

Russia's central bank said on Monday it had formally decided to introduce new liquidity rules for systemically important banks related to the Basel III regulatory framework. 

PHOTO: REUTERS

SEP 7, 20157:38 PM

[MOSCOW] Russia's central bank said on Monday it had formally decided to introduce new liquidity rules for systemically important banks related to the Basel III regulatory framework.

From Jan 1 next year, systemically important banks will have to maintain a minimum liquidity coverage ratio (LCR) of 70 per cent.

The minimum LCR will increase by 10 percentage points each year to reach 100 percent from Jan 1, 2019.

The banks listed as being systemically important when the LCR plans were earlier announced in July were UniCredit Bank, Gazprombank, VTB, Sberbank, Alfa Bank, Otkritie, Rosbank, Promsvyazbank, Raiffeisenbank and Rosselkhozbank.

REUTERS

Goldman-led group buys 1.6 bln stg of UK loans from Barclays

British bank Barclays Plc has sold a 1.6 billion pound (US$2.4 billion) portfolio of UK loans to a group of investors led by US investment bank Goldman Sachs Group Inc. 

PHOTO: BLOOMBERG

SEP 7, 20157:06 PM

[LONDON] British bank Barclays Plc has sold a 1.6 billion pound (US$2.4 billion) portfolio of UK loans to a group of investors led by US investment bank Goldman Sachs Group Inc.

The loans are part of 110 billion pounds of assets Barclays has designated as "non-core", which it no longer wants and intends to sell or run down.

Barclays' non-core assets, which also include loans in continental Europe and assets held by its investment banking arm, had been cut to 57 billion pounds by the end of June, and the bank aims to reduce the total to about 20 billion by the end of 2017.

The latest portfolio sold are "second charge" loans, where a second loan is secured against a home, often to raise money instead of remortgaging. Barclays inherited the loans from its purchase of Woolwich in 2003.

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Barclays said the loans, which had a notional value of 1.6 billion pounds, or 1.2 billion on a risk-adjusted basis, will have a positive impact on its core capital ratio.

The group of buyers was led by Goldman and also included Elderbridge, which buys and administers loans and is part of servicing and software firm Target Group, and UK private equity firm Pollen Street Capital.

REUTERS