Oil gives pause to USD 64 billion Kazakh Wealth Fund on Asset Sales

By Polymers (ScrapMonster Contributor)

August 18, 2016 03:21:59 AM

SEATTLE (polymers.in):  Afghanistan may have mouth-watering oil riches, but opium still rules this economy amid a lack of any real investment.
- Production declined in the decades of fighting that followed, with current natural gas output levels at just 450,000 cubic meters for the domestic market. 

 Oil Gives Pause to $64 Billion Kazakh Wealth Fund on Asset Sales
- Samruk-Kazyna with assets worth over USD 64 billion is in no hurry to kickstart the process, waiting until oil prices recover and Russia exits its recession.

 Oil Stocks Unfazed by Commodity’s Plunge Seen Increasingly Risky
- US crude is down by more than 10% from its highest close this year on 8th June.
- Crude has fluctuated on mixed signals since declining more than 20% into a bear market and closing below USD 40/bbl in the first week of August.
- WTI crude hovers around USD 45. 

 Oil Drillers Parsley, Concho Add to Permian Shale Holdings
- Parsley agreed to pay USD 400 million for drilling rights across 11,672 acres.
- Parsley is paying the equivalent of about USD 34,000 an acre.

Polymers Demand
Colombia's Esenttia sees Q2 PP sales tick up 2%: Ecopetrol
- Essentia’s polypropylene sales in the Q2 totalled 107,651/MT, up 2% from the Q2 of 2015.
- Essentia is Colombia’s sole producer of polypropylene resin, with a capacity of 500,000 MT/year.  

Stocks Slip: Here's what you need to know
- The giant health insurer announced on Monday that it would be pilling out of nearly 70% of the countries in which it offers coverage under the Affordable Care Act.
- Home Depot earnings per share of USD 1.97 on revenue of USD 26.5 billion matched analysts’ forecasts.
- Hain Celestial crashed 27% after disclosing an internal accounting probe.
- Billionaire Paul Tudor Jones is laying off about 15% of his hedge fund’s staff. 

 Japan’s economic growth disappoints
- Gross domestic product grew at an annualised rate of 0.2% in the three months to June, below market forecasts for 0.7% and a marked slowdown from the 2% rate in the Q1.
- Nikkei 225 star index dropped 0.3% on concerns that Asia’s second-largest economy will continue to struggle.

Courtesy: www.polymers.io