Iraq names oil minister as head of new National Oil Company

Iraq’s government has named Oil Minister Jabar Al-Luaibi as head of a new National Oil Company. (File/ Reuters)
Updated 11 October 2018
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Iraq names oil minister as head of new National Oil Company

IRBIL: Iraq’s government has named Oil Minister Jabar Al-Luaibi as head of a new National Oil Company which will serve as an umbrella organization for state oil firms, an oil ministry spokesman told Reuters on Thursday.
Parliament voted in March to establish the company, which is meant to manage Iraq’s upstream operations, freeing up the ministry to set plans and strategies for developing the sector.
The decision was voted on unanimously in cabinet last week, spokesman Asim Jihad said. The positions of oil minister and National Oil Company chief are not related, he added.
“The appointment decision was made for many reasons, including the experience Luaibi has,” Jihad said. Luaibi will also remain as oil minister in Prime Minister Haider Al-Abadi’s outgoing government, he said.
Iraqi President Barham Salih named former oil minister Adel Abdul Mahdi as prime minister-designate earlier this month and tasked him with forming a new government. It is unclear if Luaibi will remain after that.
“The issue of selection of a new minister is the responsibility of the prime minister-designate. Anything is possible, we will wait and see,” said Jihad.
Luaibi remains a minister until a new government is formed and approved by parliament, he said.


UAE’s Network International shrugs off Brexit to list shares in London

Updated 16 min 52 sec ago
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UAE’s Network International shrugs off Brexit to list shares in London

SEAN CRONIN DUBAI: Network International, the UAE payments processor, has committed to a London IPO next month in what would be the UK’s first big share sale of the year.
The company intends to have a free float of at least 25 percent and admission to the London Stock Exchange is expected to take place in April, Network International said in a regulatory filing on Thursday.
The planned share sale comes at an uncertain time in the UK where there is still no clarity around whether Britain will leave the EU or not at the end of the month.
VPS Healthcare, the Abu Dhabi-based hospital operator, is reconsidering plans to list in London due to uncertainty surrounding Brexit, Bloomberg reported on Thursday citing a person familiar with the matter.
The company, which operates hospitals in the Middle East, was said to be also considering listing in the US or Singapore.
Emirates NBD, Dubai’s biggest bank, owns 51 percent of Network International while Warburg Pincus and General Atlantic jointly own the rest.
The share sale will be a key test of investor demand for new listings in London after a subdued 2018 across most European markets.
“Volatility has continued in recent months, driven by the uncertainty around trade between the US and China, the wider geopolitical climate and the potential end of the current bull run,” said Peter Whelan, partner and UK IPO Lead at PwC in a recent report.
“We are seeing a healthy number of companies preparing for an IPO in 2019 despite the ongoing Brexit negotiations which have clearly impacted IPO activity on the London market.”
The payment processor reported earnings of $298 million last year according to its website, up from $262 million a year earlier. It does not disclose net income figures.
The company handles digital payments across the Middle East, which generate three quarters of its total earnings.
Last year it processed some $40 billion in payments for more than 65,000 merchants.
Its key markets in the region include the UAE and Jordan it says that Saudi Arabia offers “significant opportunities.” It also offers services in 40 African countries with Egypt, Nigeria and South Africa being its most important segments on the continent.