SAP says Germany head resigns for personal reasons

(Reuters) - In the interim, Ferri Abolhassan, executive vice president
for SAP large enterprise business in Europe, the Middle East and
Africa, will run the German operations.




Read more at Reuters.com Market News

Asian Oil-Product Tanker Rates May Increase as Charterers Book for August

(Bloomberg) -- Freight rates for shipping jet fuel
and other oil products on medium- and large-range tankers in Asia
may rise this week as charterers increase bookings for August.

The cost of shipping a 55,000 metric-ton cargo to Japan
from the Middle East climbed for a 12th day, gaining 0.6 percent
to Worldscale 194.81 yesterday, according to the London-based
Baltic Exchange. That translates to $33.92 a ton, according to
data compiled by Bloomberg.


Read more at Bloomberg Energy News

Around 30 companies submit bids for Kuwait refinery

(Reuters) - French firm Technip, U.S. firms KBR, Bechtel and Foster Wheeler and Italy's Snamprogetti had submitted pre-qualification bids which were due by July 3, Kuwaiti daily al-Jarida said.




In May Kuwait doubled the planned budget to $12 billion for the plant, which would be the largest single refinery in the Middle East. Rapidly rising costs in the energy industry have delayed the project and threatened its viability.


Read more at Reuters.com Business News

Asian Aframax Shipping Rate May Rise a Second Week on Lower Vessel Supply

(Bloomberg) -- The cost of shipping 80,000 metric
tons of oil on Asian routes may gain after rising the most in 12
weeks as increased cargo from the Middle East reduced the supply
of vessels.

The rate of shipping crude or fuel oil on so-called Aframax
tankers to Singapore from Kuwait climbed for a fourth day,
increasing 1.4 percent to Worldscale 153.65 on June 22,
according to the London-based Baltic Exchange. The rate rose 6
percent in the five days ended June 22, the second straight week
of gains.


Read more at Bloomberg Energy News

Persian Gulf Crude Oil Tanker Rates May Rise as OPEC Increases Production

(Bloomberg) -- The cost of shipping Middle East
crude to Asia, which fell yesterday for the first time in five
days, may rise as OPEC members increase oil production,
bolstering tanker demand.

The expectation of higher output may allow operators to
negotiate higher charter rates, said Nikos Varvaropoulos, a
tanker broker for Optima Shipbrokers in Athens. The
International Energy Agency, an adviser to 26 oil-consuming
nations, said June 12 that the Organization of Petroleum
Exporting Countries' production will climb by 700,000 barrels a
day in the third and fourth quarters.


Read more at Bloomberg Energy News

Oil Jumps on U.S. Refining Slowdown, Iran's Refusal to Defer Nuclear Plans

(Bloomberg) -- Crude oil rose to a nine-month high
in New York on concern that U.S. refineries are failing to keep
up with growing gasoline demand, and after Iran said it isn't
willing to suspend its nuclear program.

Refineries operated at 89.2 percent of capacity last week,
the lowest since May 4 and the lowest utilization rate in 15
years for the second week in June, an Energy Department report
showed yesterday. Iran, the Middle East's second-largest producer
of crude oil, said its nuclear research is advancing. The U.S.
and its allies accuse Iran of developing nuclear weapons.


Read more at Bloomberg Energy News

Moody's raises CMS' debt rating on lower leverage

(Reuters) - CMS has been making asset sales and using proceeds to
reduce its debt. CMS has now successfully completed the sale of
its businesses in the Middle East, Africa, India, Argentina and
Venezuela as well as the sale of certain northern Michigan gas
assets, Moody's said.




Moodys raised CMS' senior unsecured debt two notches to
"Ba1," one step below investment grade, from "Ba3." The outlook
is "stable," indicating an additional rating change is not
anticipated over the next 12 to 18 months.


Read more at Reuters.com Bonds News

U.A.E. May Be Next Arab Nation to End Dollar Peg, Currency Forwards Show

(Bloomberg) -- The United Arab Emirates may be the
next Middle Eastern country to stop pegging its exchange rate to
the U.S. dollar, according to trading in currency forwards.

The second-largest Arab economy may follow Syria and Kuwait,
which both said in the past two weeks that they would dump the
dollar peg to curb rising import costs and inflation. Middle East
currencies have been dragged lower by declines in the dollar,
pushing up the cost of imports from Europe and Asia.


Read more at Bloomberg Currencies News

OPEC Has No Plans to Boost Crude Oil Output, Say Libyan, Qatari Officials

(Bloomberg) -- OPEC, which supplies about two-fifths
of the world's oil, won't heed calls from consumers to increase
output for the summer driving season, officials from Libya and
Qatar said.

``We are convinced that the market is not short of
supply,'' Qatari Energy Minister Abdullah Al-Attiyah told
reporters in the Persian Gulf nation's capital Doha today.
Geopolitical risks in the Middle East and Africa are pushing oil
prices higher, rather than a lack of production, he said.


Read more at Bloomberg Energy News

Middle East, Africa sovereign borrowing to fall - S&P

Middle East and African countries rated by Standard & Poor's are expected to borrow a net $6 billion in 2007, less than half the amount in 2006 as high oil revenues in the regions have contributed to repayments.

"Privatisation receipts, especially in Egypt, also contributed to debt repayments," S&P sovereign credit analyst Farouk Soussa told Reuters on Tuesday.

S&P expects gross medium and long-term commercial borrowing of $60 billion in 2007. Given amortizations of $53.9 billion, net borrowing will be $6 billion for the year versus net borrowing in 2006 of $15 billion, the report said.

Read more at Reuters South Africa