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Dubai Financial Market
01 марта 2016, 01:37

Gulf Stock Markets Feel The Pain From Low Oil Prices

Amid talk that the oil-rich countries of the Gulf Cooperation Council (GCC) enjoy a certain immunity to low oil prices—at least enough to keep the big boys of OPEC from becoming desperate enough to cut production—Gulf stock markets are not immune, and they’re falling right along with oil—hard and fast. Since crude oil prices started their downward spiral in mid-June 2014, the Saudi Arabian TASI has dropped 39 percent, the Dubai Financial Market General Index (DFMGI) has lost 34 percent and the Kuwaiti exchange is down 28.7…

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17 января 2016, 12:40

Фондовый рынок ОАЭ начал неделю рекордным падением индексов

Фондовый рынок ОАЭ начал новую торговую неделю рекордным падением индексов. Основной индекс биржи Дубая (Dubai Financial Market General Index - DFM) открыл торги падением на пять процентов. Об этом сообщила газета Галф ньюс . Подробнее читайте на нашем сайте www.oilru.com

01 декабря 2014, 02:15

Решение ОПЕК сохранить уровень добычи вызвало обвал на биржах стран Персидского залива

Решение Организации стран-экспортеров нефти (ОПЕК) сохранить уровень производства вызвало не только дальнейшее падение цен на «черное золото», но и серьезное падение индексов на биржах стран Персидского залива, передает ТАСС. По итогам торгов все площадки оказались в серьезном минусе. Больше всего потерял совокупный индекс крупнейшей на Ближнем Востоке Саудовской фондовой биржи «Тадавуль», он снизился на 4,8% до 8624,89 пункта. В процентном соотношении на втором месте оказался Финансовый рынок Дубая (Dubai Financial Market, DFM), индекс которого упал на 4,7%, достигнув 4281,43 пункта. Следом идет Дохийская биржа ценных бумаг (Doha Securities Market, DSM, где главный индекс уменьшился на 4,3, установившись на отметке 12760,46 пункта. Здесь стоит отметить, что в целом за три месяца параллельно с ценами на нефть индекс «Тадавуль» снизился на 21,5%. Как пишет 1 декабря издание «Аш-Шарк аль-Аусат», ранее в текущем году главный индекс достигал уровня 11200 пунктов…

13 октября 2014, 19:51

U.S. and UK Test Big Bank Collapse - Risk Of Bail-ins

U.S. and UK Test Big Bank Collapse - Risk Of Bail-ins Regulators from the U.S. and the UK are in a “war room” today to see if they can cope with any possible fall-out when the next big bank topples over, the two countries said on Friday according to Reuters. Treasury Secretary Jack Lew and the UK's Chancellor of the Exchequer, George Osborne, on Monday will run a joint exercise simulating how they would prop up a large bank with operations in both countries that has landed in trouble. Also taking part are Federal Reserve Chair Janet Yellen and Bank of England Governor Mark Carney, and the heads of a large number of other regulators, in a meeting hosted by the U.S. Federal Deposit Insurance Corporation. "We are going to make sure that we can handle an institution that previously would have been regarded as too big to fail. We're confident that we now have choices that did not exist in the past," Osborne said at the International Monetary Fund's annual meeting. Six years after the financial crisis, politicians and regulators around the globe are keen to prove they have created rules that will allow them to let a large bank go under without spending billions in taxpayer dollars. They have forced banks to ramp up equity and debt capital buffers to protect taxpayers against losses, and have told them to write plans that lay out how they can go through ordinary bankruptcy. The plans are so-called living wills. Yet salvaging a bank with operations in several countries - which is the norm for most of the world's largest banks such as Deutsche Bank, Citigroup Inc and JPMorgan - has proven to be a particularly thorny issue. Because the failure of a big bank is such a rare event, regulators may not be used to talking to each other. There have also been suspicions that supervisors would first look to save the domestic operations of a bank, and would worry less about units abroad. The exercise comes as regulators are about to bring to fruition further initiatives to make banking safer. The first would force banks to have more long-term bonds that investors know can lose their value during a crisis, on top of their equity capital, to double their so-called Total Loss-Absorbing Capacity (TLAC). A second measure, expected to be announced this weekend, will force through a change in derivative contracts, which in their current form protect investors, and complicate the winding down of a bank across borders. Gold in U.S. Dollars (Thomson Reuters) It is now the case that in the event of bank failure, your deposits could be confiscated. Let's be crystal clear: The EU, UK, the U.S., Canada, Australia and New Zealand all have plans for bail-ins in the event of banks and other large financial institutions getting into difficulty. Are your deposits safe? Are you prepared for Bail-Ins? Special Report on Bail-ins Here GOLDCORE MARKET UPDATE Today’s AM fix was USD 1,228.00, EUR 969.14 and GBP 763.82 per ounce. Friday’s AM fix was USD 1,222.25, EUR 964.38 and GBP 761.01 per ounce.          Gold and silver both remained unchanged on Friday at $1,223.70 and $17.35. Last week, gold and silver both climbed 2.7% and 3.2%, respectively.  Silver in U.S. Dollars (Thomson Reuters) Gold jumped sharply in the early Asian trading Monday as a safe haven bid came into the market. Gold in Singapore rose as high as $1,235 an ounce prior to concentrated selling in London pushed prices lower again. At the open in London, gold climbed to $1,237.30 an ounce, near a 4 week high, prior to selling saw gold fall back to $1,225/oz.  Last week gold bullion saw its largest weekly gain in 4 months as safe haven buying was seen due to concerns about the Eurozone and continuing ultra loose monetary policies. Poor economic data from Europe, slow growth in China and concerns about Ebola have prompted investors to sell equities. Asian stocks stumbled to seven-month lows on today while crude oil prices were pinned near a four-year trough. Stocks in Dubai fell 6.5% on Sunday, the biggest drop in four months to bring the Dubai Financial Market General Index to its lowest level since July 20. Gold is a proven hedging instrument and safe haven asset to riskier assets such as equities. Last week the IMF cut its global economic forecast, and the U.S. Fed’s very dovish comments have made investors think that an interest rate hike is coming later than they expected.  Fed officials also expressed concern over the global economy, which could further delay a rise in U.S. interest rates. Most notably, Fed Vice Chairman Stanley Fischer said the effort to normalise radical U.S. monetary policy after years of extraordinary stimulus may be hampered by the global outlook. A delay in raising interest rates is positive for gold, a non-interest-bearing asset, and negative for the dollar and other interest yielding assets. Today, Japanese markets are closed and the U.S. and Canada will be partially, or fully, shut for holidays as well.  Singapore launched physically-settled kilobar gold trading today or contracts for 25kg or 804 ounces each. Singapore has stated its intent to become an Asian gold hub with a goal of setting a regional benchmark price. The contract which expires tomorrow was priced at $39.685/gram at close of trade. The contracts trade at 830-1130 am Singapore time. Receive GoldCore's Award Winning Research Here www.GoldCore.com    

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12 октября 2014, 23:00

Ripple Effects Begin: Dubai Crashes Over 6.5%, Most In 14 Months

It appears the weakness in US equity markets (the last of the hot money flow darlings to be hit) is now rippling back down the bubble-complex of world equity markets. Dubai, infamous for its huge surge in the last 2 years and 36x over-subscribed IPO of a company with no actual operations - which marked the top before a 30% collapse - was open for business today and crashed 6.5%. This the Dubai Financial Markets General Index biggest daily drop in 14 months... the ripple effect is beginning.   It appears the hot money trades are slowly being unwound... commodities, EM FX, HY credit, and now US equities...   And are now blowing-back to the rest of the world's most bubblicious markets...   Charts: Bloomberg     

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03 июня 2014, 15:15

This is the best performing market in the world right now

The US stock market may be at record highs but, it's nowhere near the best performing market in the world. That's because the Dubai Financial Market General Index has made over 56% since the start of 2014.

11 сентября 2013, 02:02

Money Laundering Exposed As A Key Component Of The Housing Bubble's "All Cash" Bid

In August 2012, when isolating one of the various reasons for the latest housing bubble, we suggested that a primary catalyst for the price surge in the ultra-luxury housing segment and the seemingly endless supply of "all cash" buyers (standing at an unprecedented 60% of all buyers lately as reported by Goldman) is a very simple one: crime. Or rather, the use of US real estate as a means to launder illegal offshore-procured money. We also identified the one key permissive feature which allowed this: the National Association of Realtors' exemption from Anti-Money Laundering provisions. In other words, all a foreign oligarch - who may or may not have used chemical weapons in their past: all depends on how recently they took their picture with the Secretary of State - had to do to buy a $47 million Florida house, was to get the actual cash to the US. Well good thing there are private jets whose cargo is never checked. This is how we framed the problem last August: ... a foreigner who may or may not have engaged in massive criminal activity and/or dealt with Iran, Afghanistan, or any other bogeyman du jour at some point in their past, and is using US real estate merely as a money-laundering front perhaps? Sadly, we will never know. Why? As explained before, it is all thanks to the National Association of Realtors - those wonderful people who bring you the existing home sales update every month (with a documented upward bias every single time) - which just so happens is the only organization that actively lobbied for and received an exemption from AML regulation compliance. In other words, unlike HSBC, the NAR is untouchable, even if it were to sell a triplex to Ahmedinejad on West 57th street. As a reminder, here is where the NAR stands on the issue of its most generous clients possibly being some of the worst criminal known to man, courtesy of Elanus Capital: Many of you reading this will undoubtedly have spent time in an international bank and been forced to sit through countless hours of “know your client” and AML training. Fascinating to note that the National Association of Realtors lobbied for and received a waiver from such regulation. That’s right, realtors actually went to the U.S. government and said: we want to be able to help foreign business oligarchs and other nefarious business people launder money through the real estate markets of the United States – and prevailed. Here's their official position: "NAR supports continued efforts to combat money laundering and the financing of terrorism through the regulation of entities using a risk-based analysis. Any risk-based assessment would likely find very little risk of money laundering involving real estate agents or brokers. Regulations that would require real estate agents and brokers to adopt anti-money laundering programs may prove to be burdensome and unnecessary given the existing ML/TF regulations that already apply to United States financial institutions." Hat’s off to the NAR – that is some serious doublespeak. My translation: We’ll support you as long as we don’t have to support you. If after skimming the above, readers are still confused what the reason is for the luxury segment of the US housing market continuing to rise in price even as all other segments of the quadruplicate US housing market as explained here languish, we suggest rereading it as many times as necessary. It appears that a year later this too hypothesis has been proven. Earlier today the Post reported that "U.S. authorities announced Tuesday that they are seeking forfeiture of pricey Manhattan real estate linked to a fraud they say was uncovered by a whistleblowing Russian lawyer before he died behind bars. A civil forfeiture complaint filed against the assets of a Cyprus-based real estate corporation and other holding companies alleges that some of the proceeds from the $230 million tax fraud in Russia were laundered through the purchase of four luxury condominiums located in a Wall Street doorman building and two commercial spaces in prime locations in midtown and Chelsea." The lately ubiquitous was quick to take credit: “Today’s forfeiture action is a significant step toward uncovering and unwinding a complex money-laundering scheme arising from a notorious foreign fraud,” U.S. Attorney Preet Bharara said in a statement. “While New York is a world financial capital, it is not a safe haven for criminals seeking to hide their loot, no matter how and where their fraud took place.” Oh but it is because quite simply nobody cares where the money comes from, the NAR is exempt from doing even the most cursory background check, and as long as the prevailing average home price rises, everyone is happy. What is curious is where the source of the info came from: The whistleblower, Sergei Magnitsky, was a lawyer for U.S.-born British investor William Browder. He alleged in 2008 that organized criminals colluded with corrupt Russian Interior Ministry officials to claim a fraudulent $230 million tax rebate after illegally seizing subsidiaries of Browder’s Hermitage Capital investment company. He subsequently was arrested on tax evasion charges and died in prison in November 2009 of untreated pancreatitis at age 37. His death prompted widespread criticism from human rights activists, and the Russian presidential human rights council found in 2011 that he had been beaten and deliberately denied medical treatment. Browder, who has campaigned to bring those responsible for Magnitsky’s death to justice, has claimed that one of the corrupt tax officials bought luxury real estate in Moscow, Dubai and Montenegro and wired money through her husband’s bank accounts worth $39 million. That this is the first of many such money laundering schemes to be exposed is obvious to anyone. With the recent witchhunt of Russian, and other billionaires, in Europe following the Cyprus debacle, it is only logical that the vast majority parked their cash in what until now, was the last safe use of illicit funds: US real estate, where the policy don't ask, don't tell is more alive now than ever, and has spawned countless HGTV (and CNBC) shows highlighting the resurgent New York City (and other high end cities') housing market. The bigger question is just how far will Bharara take this, and comparable such future actions. And more importantly, how will the panicked NAR lobby respond if suddenly a key source of "all cash, sight unseen" buyers disappears. Finally, if indeed money laundering is no longer possible into US real estate, kiss yet another of the several key spokes (alongside foreclosure stuffing, the private equity REO-to-Rent investment wave and the Emerging Market capital flow crisis) of the artificial housing recovery goodbye. Why? Apartments in the luxury 35-story Manhattan high-rise can sell for more than $3 million, according to real estate websites. Amenities include a gym, a pool and rooftop deck. Now take this single example and multiple by hundreds and thousands of times.        

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22 июля 2013, 22:05

Global Exchanges Are Up YOY, Softening Performance in Q2

Among global financial exchanges Dubai Financial Market provided the strongest performance, quarter against quarter, experiencing an increase in share price of 62.1 per cent in Q2 against 3.6 per cent in Q1.

24 июня 2013, 14:17

Дубай ускоряет распродажу активов

Дубай, который находился на грани дефолта в 2009 г., ускоряет продажу активов, поскольку в следующем году необходимо погасить долг в объеме более чем $30 млрд.Общий объем долга Дубая составляет $113 млрд Dubai Financial Group вчера согласилась продать свою долю в Dubai First. Покупателем выступает First Gulf Bank, сумма сделки составит $163 млн. Кроме этого, Dubai Holding планирует продать 35% акций в Tunisie Telecom.Второй по величине из семи эмиратов, входящих в Объединенные Арабские Эмираты, Дубай стремится воспользоваться восстановлением экономики, чтобы восстановить доверие инвесторов, после того как четыре года назад почти допустил дефолт по долгу в $25 млрд.Государственные компании, такие как Dubai Holding и Dubai World, занимали миллиарды, чтобы сделать город торговым и туристическим центром Ближнего Востока.Менеджер Quantum Investment Bank Мунтасар Кхелифи сказал, что компании стараются воспользоваться хорошими рыночными условиями, и отметил, что на региональном и мировом уровнях заметен всплеск активности M&A.В следующей году Дубай должен погасить $32 млрд, и еще $9,6 млрд необходимо будет погасить в 2015 г. При этом Абу-Даби, скорее всего, не будет оказывать прямую поддержку в следующем году.Как ожидается, экономика Дубая вырастет на 4% в этом году. При этом Dubai Financial Market General Index вырос на 42% в 2013 г., а средняя стоимость дома для среднего класса взлетела в мае в годовом выражении на 47%, стоимость квартир выросла на 32%.По оценкам МВФ, общий объем долга эмирата составляет $113 млрд. Эти средства привлекались для реализации различных проектов, которые включали в себя строительство самого высокого здания в мире, создание острова в форме пальмы.Dubai World, государственная компания, чья неспособность погасить долг могла вызвать кризис, договорилась о продаже EZW Gazeley в начале этого месяца. Компания должна выплатить $4,4 млрд в 2015 г. и $10,3 млрд в 2018 г.Dubai Group, которая владеет Dubai Financial Group, в прошлом месяце договорилась об окончательных условиях по реструктуризации долга на $6 млрд. Эксперты отмечают, что сейчас заметен процесс консолидации активов между Дубаем и Абу-Даби.

31 марта 2013, 20:48

On The Ground in Cyprus, Day 3: The Sword of Damocles Still Hangs Over the Island

Patrick HenningsenActivist Post PAPHOS – While bureaucrats and technocrats in Nicosia have been busy trying agree on an even more horrible haircut than the each of the previous Troika proposals, the EU’s deadly pathogen has begun to spread to the far corners of the country, hitting the southern seaside tourist town of Paphos. Cyprus managed to avoid the initial danger of an all-out bank run and the potential for mass rioting this week, which is probably due to the fact that no Cypriot wants to see their country become a lawless banana republic in the Mediterranean. But that calm will not last for long if banking oligarchs continue to pressurize this economy.Capital controls and frozen bank deposits mean that thousands of businesses are now being strangled of operating funds. It’s a very bad scene. One successful Pathos bar owner, named Nicolas, is being hit particularly hard, and told us that his story is the same as every local trader he knows. He explained, Our credit card merchant account was with Laiki Bank and we cannot access it anymore, so we cannot take cards. People aren’t spending money. All my suppliers are demanding cash for deliveries, and we just haven’t got enough. They’ve got our cheques in the bank but we don’t have the funds to cover them. Staff need to be paid in cash daily now. My emergency funds are frozen in another bank account and cannot be accessed for 45 days. On top of that, tourism is down, and there’s no foreign money coming in anymore. We’ll be lucky if we’re still here in 4 or 6 months time.  The only thing which might remedy the situation is if the government impose austerity cuts on government spending. google_ad_client = "pub-1897954795849722"; /* 468x60, created 6/30/10 */ google_ad_slot = "8230781418"; google_ad_width = 468; google_ad_height = 60; Listen to more of this interview here: Day 3 Audio Highlights: Cyprus_Wipe_Out In other words, things are likely to get much worse, as the Sword of Damocles is now hanging over the head of every Cypriot. PHOTO: Not quite Damocles, but local Nicosian demonstrates the concept to us in front of Bank of Cyprus. The story of Damocles is rather poignant in more ways than one. The story goes like this… Dionysius (II) was a fourth century B.C. tyrant of Syracuse, a city in Magna Graecia, the Greek area of southern Italy. To all appearances Dionysius was very rich and comfortable, with all the luxuries money could buy, tasteful clothing and jewelry, and delectable food. He even had court flatterers (adsentatores) to inflate his ego. One of these ingratiators was the court sycophant, Damocles. Damocles used to make comments to the king about his wealth and luxurious life. One day when Damocles complimented the tyrant on his abundance and power, Dionysius turned to Damocles and said, “If you think I’m so lucky, how would you like to try out my life?” Damocles readily agreed, and so Dionysius ordered everything to be prepared for Damocles to experience what life as Dionysius was like. Damocles was enjoying himself immensely … until he noticed a sharp sword hovering over his head, that was suspended from the ceiling by a horse hair. This, the tyrant explained to Damocles, was what life as ruler was really like. Damocles, alarmed, quickly revised his idea of what made up a good life, and asked to be excused. He then eagerly returned to his poorer, but safer life.The story of Damocles can be applied two angles here. Everyone we spoke to here on Cyprus is aware that this sword is hanging over them, suspended by threads. That is obvious to the thousands of small- to medium-size businesses who are all hanging in there, and barely holding on in the face of capital controls and an acute liquidity shortage. If they didn’t have sufficient cash reserves before this crisis hit, then it’s doubtful that they will be able to weather the storm indefinitely. The deeper aspect of Damocles here, is that before joining the EU and opting into the euro single currency, Cyprus was a closed economy and could more easily manage its domestic and incoming cash. Its currency, the Cypriot Pound, was one of the strongest in the world. It filled a gap in the international market by offering a secure and profitable offshore destination for capital investment. Why worry when everyone seemed to be doing well? Then came the Russian money, and then the housing bubble, and the euro – which turned this small island of 800,000 into a speculative free-for-all, where incoming cheap money corrupted nearly every level of Cypriot society. This period of speculative gambling based in Nicosia was transposed on top of an already existing, pre-euro layer of backhanders and fat brown envelopes. It was a perfect storm for our Damocles. All the while, shrewd shylocks in New York, London, Berlin and their court administrators in Brussels, where watching closely, and simply waiting for someone to spring the trap. Arguably, that someone was a Dubai-backed, high-flying Greek tycoon, Andreas Vgenopoulos, who took control of Cyprus’s Laiki Bank and proceeded to attach the Cyprus banks to a sinking Greek financial system. You can blame Vgenopoulos, or Laiki  management, or you can blame the money laundering, or the Troika. You can even blame the corrupt politicians, but all anyone could do in the end is stand and watch its balance sheet go up in flames. and watch it sink to the bottom. Corruption in Nicosia left the Troika mafia in control of the entire country of Cyprus. Like Damocles, some older Cypriots are now longing for their old farming lives, where living off the land was part-and-parcel of living here. PHOTO: The bank run never happened, partly because of capital controls. As is always the case these days, the elite financial wars and Ponzi schemes end in disaster for the average saver. The people are asked to pay for the collective losses of the elite. A local restaurant owner in Larnaca, Nico Petreu, told us a story which made my heart sink, and one which illustrates the Greek tragedy unfolding before our eyes here. His business is already being ravaged by an EU-funded motorway project which is running along the beach front and will cut off most of his trade as a result. Eurocrats have offered no compensation. Now the banking crisis has hit like a left-hook knockout punch. He explained, “For 29 years, I have always paid my rent on time, but this week I had to call my landlord to tell her to reduce my rent or I cannot afford to pay it. So I gave her that choice – reduce the rent or take me to court because either way, I can no longer afford it.” The next call could be to his daughter at university, saying he cannot afford to help finance her higher education any longer. These are the stories which people like Christine Lagarde and Angela Merkel will never hear, even though they have the power to rectify the situation. If you still think they really care, then you are probably still in denial. Patrick Henningsen's many articles and latest video reports can be found at 21st Century Wire where this article first appeared. var linkwithin_site_id = 557381; linkwithin_text='Related Articles:' Enter Your Email To Receive Our Daily Newsletter Close var fnames = new Array();var ftypes = new Array();fnames[0]='EMAIL';ftypes[0]='email';fnames[1]='FNAME';ftypes[1]='text';fnames[2]='LNAME';ftypes[2]='text';var err_style = ''; try{ err_style = mc_custom_error_style; } catch(e){ err_style = 'margin: 1em 0 0 0; padding: 1em 0.5em 0.5em 0.5em; background: FFEEEE none repeat scroll 0% 0%; font- weight: bold; float: left; z-index: 1; width: 80%; -moz-background-clip: -moz-initial; -moz-background-origin: -moz- initial; -moz-background-inline-policy: -moz-initial; color: FF0000;'; } var mce_jQuery = jQuery.noConflict(); mce_jQuery(document).ready( function($) { var options = { errorClass: 'mce_inline_error', errorElement: 'div', errorStyle: err_style, onkeyup: function(){}, onfocusout:function(){}, onblur:function(){} }; var mce_validator = mce_jQuery("#mc-embedded-subscribe-form").validate(options); options = { url: 'http://activistpost.us1.list-manage.com/subscribe/post-json? u=3ac8bebe085f73ea3503bbda3&id=b0c7fb76bd&c=?', type: 'GET', dataType: 'json', contentType: "application/json; charset=utf-8", beforeSubmit: function(){ mce_jQuery('#mce_tmp_error_msg').remove(); mce_jQuery('.datefield','#mc_embed_signup').each( function(){ var txt = 'filled'; var fields = new Array(); var i = 0; mce_jQuery(':text', this).each( function(){ fields[i] = this; i++; }); mce_jQuery(':hidden', this).each( function(){ if ( fields[0].value=='MM' && fields[1].value=='DD' && fields[2].value=='YYYY' ){ this.value = ''; } else if ( fields[0].value=='' && fields [1].value=='' && fields[2].value=='' ){ this.value = ''; } else { this.value = fields[0].value+'/'+fields[1].value+'/'+fields[2].value; } }); }); return mce_validator.form(); }, success: mce_success_cb }; mce_jQuery('#mc-embedded-subscribe-form').ajaxForm(options); }); function mce_success_cb(resp){ mce_jQuery('#mce-success-response').hide(); mce_jQuery('#mce-error-response').hide(); if (resp.result=="success"){ mce_jQuery('#mce-'+resp.result+'-response').show(); mce_jQuery('#mce-'+resp.result+'-response').html(resp.msg); mce_jQuery('#mc-embedded-subscribe-form').each(function(){ this.reset(); }); } else { var index = -1; var msg; try { var parts = resp.msg.split(' - ',2); if (parts[1]==undefined){ msg = resp.msg; } else { i = parseInt(parts[0]); if (i.toString() == parts[0]){ index = parts[0]; msg = parts[1]; } else { index = -1; msg = resp.msg; } } } catch(e){ index = -1; msg = resp.msg; } try{ if (index== -1){ mce_jQuery('#mce-'+resp.result+'-response').show(); mce_jQuery('#mce-'+resp.result+'-response').html(msg); } else { err_; html = ' '+msg+' '; var input_; var f = mce_jQuery(input_id); if (ftypes[index]=='address'){ input_; f = mce_jQuery(input_id).parent().parent().get(0); } else if (ftypes[index]=='date'){ input_; f = mce_jQuery(input_id).parent().parent().get(0); } else { input_+fnames[index]; f = mce_jQuery().parent(input_id).get(0); } if (f){ mce_jQuery(f).append(html); mce_jQuery(input_id).focus(); } else { mce_jQuery('#mce-'+resp.result+'-response').show(); mce_jQuery('#mce-'+resp.result+'-response').html(msg); } } } catch(e){ mce_jQuery('#mce-'+resp.result+'-response').show(); mce_jQuery('#mce-'+resp.result+'-response').html(msg); } } } BE THE CHANGE! 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27 марта 2013, 20:07

Dodging sanctions in Iran: Around the block

“IT’S all about the documents,” says Sajad, a manager of an Iranian shipping firm. “Iran is in the printing business now.” He is referring to the lengths to which Iranian companies go to circumvent sanctions. In this case, the documents are faked to make Iranian oil look as if it came from Iraq. Iraq exports a lot of oil through Iran by lorry. Iranians who handle Iraqi documents can easily copy and reuse them.The past 15 months have been grim for Iranian businesses which trade with the outside world. America has tightened sanctions against Iran’s financial system; the European Union has put an embargo on its oil; and international traders are wary of dealing with the country.But Iranian businesses are used to fighting for survival. The Islamic Republic has faced sanctions of one sort or another since its creation in 1979. Parts for Iran’s ageing civilian airliners trickle in from the black market. A host of sanctioned products, from industrial chemicals to anti-aircraft missiles, come from China. Almost any good can be found in Iran, at a price.Amir, a manager in a mining business, says he regularly meets British and German suppliers in Turkey, to obtain the most advanced equipment to tap Iran’s mineral wealth. “Foreign firms are terrified of doing something illegal, but in the end they are businessmen,” he says. “The Europeans send our cargoes to Dubai, documented as the...

13 марта 2013, 00:03

Hugo Chavez — Paul Craig Roberts

On March 5, 2013, Hugo Chavez, President of Venezuela and world leader against imperialism, died. Washington imperialists and their media and think tank whores expressed gleeful sighs of relief as did the brainwashed US population. An “enemy of America” was gone. Chavez was not an enemy of America. He was an enemy of Washington’s hegemony over other countries, an enemy of Washington’s alliance with elite ruling cliques who steal from the people they grind down and deny sustenance. He was an enemy of Washington’s injustice, of Washington’s foreign policy based on lies and military aggression, bombs and invasions. Washington is not America. Washington is Satan’s home town. Chavez was a friend of truth and justice, and this made him unpopular throughout the Western World where every political leader regards truth and justice as dire threats. Chavez was a world leader. Unlike US politicians, Chavez was respected throughout the non-western world. He was awarded honorary doctorates from China, Russia, Brazil, and other countries, but not from Harvard, Yale, Cambridge, and Oxford. Chavez was a miracle. He was a miracle, because he did not sell out to the United States and the Venezuelan elites. Had he sold out, Chavez would have become very rich from oil revenues, like the Saudi Royal Family, and he would have been honored by the United States in the way that Washington honors all its puppets: with visits to the White House. He could have become a dictator for life as long as he served Washington. Each of Washington’s puppets, from Asia to Europe and the Middle East, anxiously awaits the invitation that demonstrates Washington’s appreciation of his or her servitude to the global imperialist power that still occupies Japan and Germany 68 years after World War II and South Korea 60 years after the end of the Korean War and has placed troops and military bases in a large number of other “sovereign” countries. It would have been politically easy for Chavez to sell out. All he had to do was to continue populist rhetoric, promote his allies in the army, throw more benefits to the underclass than its members had ever previously experienced, and divide the rest of the oil revenues with the corrupt Venezuelan elites. But Chavez was a real person, like Rafael Correa, the three-term elected president of Ecuador, who stood up to the United States and granted political asylum to the persecuted Julian Assange, and Evo Morales, the first indigenous president of Bolivia since the Spanish conquest. The majority of Venezuelans understood that Chavez was a real person. They elected him to four terms as president and would have continued electing him as long as he lived. What Washington hates most is a real person who cannot be bought. The more the corrupt western politicians and media whores demonized Chavez, the more Venezuelans loved him. They understood completely that anyone damned by Washington was God’s gift to the world. It is costly to stand up to Washington. All who are bold enough to do so are demonized. They risk assassination and being overthrown in a CIA-organized coup, as Chavez was in 2002. When CIA-instructed Venezuelan elites sprung their coup and kidnapped Chavez, the coup was overthrown by the Venezuelan people who took to the streets and by elements of the military before Chavez could be murdered by the CIA-controlled Venezuelan elites, who escaped with their own venal lives only because, unlike them, Chavez was humanitarian. The Venezuelan people rose in instantaneous and massive public defense of Chavez and put the lie to the Bush White House claim that Chavez was a dictator. Showing its sordid corruption, the New York Times took the side of the undemocratic coup by a handful of elitists against the democratically elected Chavez, and declared that Chavez’s removal by a small group of rich elites and CIA operatives meant that “Venezuelan democracy is no longer threatened by a would-be dictator.” The lies and demonization continue with Chavez’s death. He will never be forgiven for standing up for justice. Neither will Correa and Morales, both of whom are no doubt on assassination lists. CounterPunch, Fairness & Accuracy in Reporting, and other commentators have collected examples of the venom-spewing obituaries that the western presstitutes have written for Chavez, essentially celebrations that death has silenced the bravest voice on earth. http://www.counterpunch.org/2013/03/08/obituaries-for-hugo-chavez/http://fair.org/take-action/media-advisories/in-death-as-in-life-chavez-target-of-media-scorn/ Perhaps the most absurd of all was Associated Press business reporter Pamela Sampson’s judgment that Chavez wasted Venezuela’s oil wealth on “social programs including state-run food markets, cash benefits for poor families, free health clinics and education programs,” a poor use of money that could have been used to build sky scrappers such as “the world’s tallest building in Dubai and branches of the Louvre and Guggenheim museums in Abu Dhabi.”http://www.fair.org/blog/2013/03/06/ap-chavez-wasted-his-money-on-healthcare-when-he-could-have-built-gigantic-skyscrapers/ Among the tens of millions of Washington’s victims in the world–the people of Afghanistan, Iraq, Libya, Sudan, Pakistan, Yemen, Somalia, Syria, Palestine, Lebanon, Mali, with Iran, Russia, China, and South America waiting in the wings for sanctions, destabilization, conquest or reconquest, Chavez’s September 20, 2006 speech at the UN General Assembly during the George W. Bush regime will stand forever as the greatest speech of the early 21st century. Chavez beards the lion, or rather Satan, in his own den: “Yesterday, the devil himself stood right here, at this podium, speaking as if he owned the world. You can still smell the sulfur.” “We should call a psychiatrist to analyze yesterday’s statement made by the president of the United States. As the spokesman of imperialism, he came to share his nostrums, to try to preserve the current pattern of domination, exploitation and pillage of the peoples of the world. An Alfred Hitchcock movie could use it as a scenario. I would even propose a title: ‘the Devil’s Recipe.’” The UN General Assembly had never heard such words, not even in the days when the militarily powerful Soviet Union was present. Faces broke out in smiles of approval, but no one dared to clap. Too much US money for the home country was at stake. [A reader pointed out that although Chavez's speech was not interrupted with clapping, he received a healthy round of applause at the end.] The US and UK delegations fled the scene, like vampires confronted with garlic and the Cross or werewolves confronted with silver bullets. Chavez spoke about the false democracy of elites that is imposed by force and on others by “weapons and bombs.” Chavez asked, “What type of democracy do you impose with Marines and bombs?” Wherever George W. Bush looks, Chavez said, “he sees extremists. And you, my brother–he looks at your color, and he says, oh, there’s an extremist. Evo Morales, the worthy president of Bolivia, looks like an extremist to him. The imperialists see extremists everywhere. It is not that we are extremists. It is that the world is waking up. It is waking up all over and people are standing up.” In two short sentences totaling 20 words, Chavez defined for all times early 21st century Washington: “The imperium is afraid of truth, is afraid of independent voices. It calls us extremists, but they are the extremists.” Throughout South America and the non-western world, Chavez’s death is being blamed on Washington. South Americans are aware of the US congressional hearings in the 1970s when the Church Committee brought to light the various CIA schemes to poison Fidel Castro. The official document presented to President John F. Kennedy by the US Joint Chiefs of Staff, known as the Northwoods Project, is known to the world and is available online. The Northwoods project consisted of a false flag attack on American citizens in order to blame Cuba and create public and world acceptance for US-imposed regime change in Cuba. President Kennedy rejected the proposal as inconsistent with morality and accountable government. http://en.wikipedia.org/wiki/Operation_Northwoods The belief has already hardened in South America that Washington with its hideous technologies of death infected Chavez with cancer in order to remove him as an obstacle to Washington’s hegemony over South America. This belief will never die: Chavez, the greatest South American since Simon Bolivar, was murdered by Washington. True or false, the belief is set in stone. As Washington and globalism destroy more countries, the lives of elites become more precarious. President Franklin Delano Roosevelt understood that security for the rich required economic security for the underclasses. Roosevelt established in the US a weak form of social democracy that European politicians had already understood was necessary for social cohesion and political and economic stability. The Clinton, Bush, and Obama regimes set about undermining the stability that Roosevelt provided, as Thatcher, Major, Blair, and the current prime minister of the UK undermined the social agreement between classes in the UK. Politicians in Canada, Australia, and New Zealand also made the mistake of handing power over to private elites at the expense of social and economic stability. Gerald Celente predicts that the elites will not survive the hatred and anger that they are bringing upon themselves. I suspect that he is correct. The American middle class is being destroyed. The working class has become a proletariat, and the social welfare system is being destroyed in order to reduce the budget deficit caused by the loss of tax revenues to jobs offshoring and the expense of wars, overseas military bases, and financial bailouts. The American people are being compelled to suffer in order that elites can continue with their agendas. The US elites know what is coming. That is why they created a Nazi-style Ministry of the Interior known as Homeland Security, armed with enough ammunition to kill every American five times and with tanks to neutralize the Second Amendment rights of Americans. http://www.informationclearinghouse.info/article34259.htmhttp://www.forbes.com/sites/ralphbenko/2013/03/11/1-6-billion-rounds-of-ammo-for-homeland-security-its-time-for-a-national-conversation/ Pistols and rifles are useless against tanks, as the Branch Davidians found out in Waco, Texas. The protection of a small handful of elites from the Americans they are oppressing is also the reason the police are being militarized, brought under Washington’s control and armed with drones that can assassinate the real leaders of the American people who will be, not in the legislative, executive, or judicial chambers, but in the streets. http://www.globalresearch.ca/the-militarization-of-law-enforcement-in-america-use-of-military-technology-and-tactics-by-local-level-police/5326303 Internment camps in the US appear to be real and not a conspiracy theory. http://www.youtube.com/watch?v=FfkZ1yri26shttp://info.publicintelligence.net/USArmy-InternmentResettlement.pdf The threat that the US government poses to its own citizens was recognized on March 7, 2013, by two US Senators, Ted Cruz (R-TX) and Rand Paul (R-KY), who introduced a bill to prevent the US government from murdering its own citizens: “The Federal Government may not use a drone to kill a citizen of the United States who is located in the United States” unless the person “poses an imminent threat of death or serious bodily injury to another individual. Nothing in this section shall be construed to suggest that the Constitution would otherwise allow the killing of a citizen of the United States in the United States without due process of law.” http://www.cruz.senate.gov/record.cfm?id=339952 The “indispensable people” with their presidents Bush and Obama have begun the 21st century with death and violence. That is their only legacy. The death and violence that Washington has unleashed will come back to Washington and to the corrupt political elites everywhere. As Gerald Celente says, the first great war of the 21st century has begun. The post Hugo Chavez — Paul Craig Roberts appeared first on PaulCraigRoberts.org.

23 февраля 2013, 00:09

Guest Post: World's Biggest Gold Storage Company Dumps US Citizens

Submitted by Simon Black of Sovereign Man blog, ViaMat, a Swiss logistics company that has been safeguarding precious metals since 1945, is literally the gold standard in secure storage. They have vaults from Switzerland to Hong Kong to Dubai, and they count among their clients some of the largest mining companies in the world. They know what they’re doing. And now they’re dumping US citizens. ViaMat does a great deal of business within the United States. As such, the company is heavily exposed to the insane US regulatory environment. As an example, the 2010 Foreign Account Tax Compliance Act turned into more than 500 pages of regulation! The costs and risks associated with compliance simply became too much for ViaMat to bear. This matter-of-fact letter from ViaMat management explains their decision: “We are currently experiencing rapid and substantial changes in the general regulations within this business. The changes mainly relate to the tax structures and taxation systems of various countries. As a consequence of these changes VIA MAT INTERNATIONAL has taken the decision to stop offering this service at its vault [sic] outside of the US to private customers with potential US-tax liability.”     This is huge. I can’t possibly overstate the potential ramifications. For one, the big gold depositories like Gold Money and Bullion Vault ALL use ViaMat as a primary secure storage provider. So it’s only a matter of time before ViaMat’s decision cascades across these other firms. I have written extensively about this to subscribers of our premium service, Sovereign Man: Confidential; most gold storage firms are all essentially different varieties of the exact same product. They are retail marketing channels that ultimately use ViaMat to store their gold bars. If ViaMat has US exposure, THEY have US exposure. It’s the same risk. Now, if you’re in the United States in particular, one of the most important (and cost effective) steps you can take in international diversification is to store precious metals overseas. Gold remains the most effective ‘anti-currency’ out there, a bet against a corrupt financial system and debt-laden sovereign governments. But remember– governments have an unblemished track record of plundering their citizens’ wealth. So if you store your gold in the US, you might as well ask Barack Obama to keep it under his mattress. If history is any guide, storing gold abroad is critical. And it’s one of those things that you won’t be worse off for doing. The thing is, it’s equally critical to work with a service provider that has no US exposure. There are very few options out there. Again, most of the big boys use ViaMat, which has heavy US exposure. Or Brinks, which is a US company. For nearly a year, I’ve been encouraging our premium subscribers to store their gold with a Singapore-based company that has the most advanced, transparent operation on the planet. They are 100% Singaporean, and their US regulatory exposure is effectively zero. They’re also one of the only firms on the planet that actually tests the gold it sells (and stores) through three different methods, including X-ray and ultrasound. This way you know that your gold is, in fact, gold… and not tungsten. Best of all, they’re launching a new service to receive your existing gold at their facilities in Singapore. So if you’ve just been shut out of ViaMat, or you want to transfer your gold from another facility that has heavy US exposure, these guys will be able to do it. They are, without a doubt, the best solution out there. And Sovereign Man: Confidential members have received unprecedented discounts and exclusive access to new services offered by this firm. Storing gold overseas makes sense no matter what happens. And it’s critical to choose a reputable partner with no US exposure. If you agree with this premise and are serious about taking action, I’d encourage you to get started right away with a premium membership. Get the actionable intelligence you need, all backed by our risk-free guarantee.

15 ноября 2012, 21:06

What Really Happened When Lehman Failed... and Why a Spanish Default Will Be Exponentially Worse

  Countless pages have been written about why Lehman caused the system to almost implode. However, the reality is that Lehman nearly took down the entire financial system for two reasons:   Lehman’s $155 billion worth of bonds were used as collateral in hundreds of billions of Dollars’ worth of trades. Lehman’s 8,000 clients who were all using Lehman to make trades saw the collateral that they had placed with the firm (to backstop their portfolios) frozen.   Lehman’s client list included some of the biggest names in the financial world. Remember that before the 2008 collapse, the big broker-dealers (Lehman, Merrill, etc) were all standalone entities (the Merrill/ BofA merger and the others had yet to happen). So all of the big banks, with few exceptions, had their collateral parked with broker dealers like Lehman.   The below story reveals that both Bank of America and Dubai’s sovereign wealth fund both saw collateral frozen when Lehman went bust. I can assure you many other big names were caught in a similar situation.               Lehman: One Big Derivatives Mess   It turns out that Lehman, like other big dealers, was running a perfectly legal but highly risky game moving money from firm to firm. It used the collateral from one trading partner to fund more deals with other firms. The same $100 million collected in one deal can be used for many other transactions. "Firms basically can use [the money] as their own collateral for anything they want," says Kenneth Kettering, a former derivatives lawyer and currently a professor at New York Law School. But when the contracts terminate as the result of bankruptcy, the extra collateral is supposed to be returned.   As part of those transactions, buyers had put up collateral in the event of losses. But weeks after Lehman's demise, large sums of leftover collateral have yet to be returned to the trading partners. Bank of America (BAC) executives tried several times to persuade Lehman officials via e-mail and phone calls to fork over funds, according to a suit. But BofA was rebuffed. In one e-mail exchange, a Lehman employee wrote to BofA: "All activity has been suspended until further notice."   Nasreen Bulos, a lawyer for one of Dubai's sovereign wealth funds, got the same chilly response. The Global Strategic Equities Fund of Dubai, part of the gulf state's $12 billion investment portfolio, gave Lehman $40 million in June as part of a deal pegged to energy giant BP's (BP) stock. According to an affidavit, Bulos started contacting Lehman on Sept. 15 to get back $27 million in collateral. Four days later, Lehman told Bulos it would not honor the request or say anything further on the matter.   http://www.businessweek.com/stories/2008-10-07/lehman-one-big-derivatives-mess   Normally, a client’s collateral would be unfrozen soon after the bankruptcy of a broker dealer. In Lehman’s case it wasn’t. And that, combined with Lehman’s $155 billion worth of bonds becoming worthless, created a severe collateral shortfall in the system.   This is why the market held together for a little over a week after Lehman went bust: the players who had collateral with Lehman thought they’d get the money freed. When they didn’t, the system imploded as collateral calls were issued. What followed was widespread liquidation as banks did everything they could to free up capital to meet funding needs or to buy new higher grade collateral (hence the skyrocketing rally in Treasuries at the time).     This is the reality of what happened in 2008, though few know it. And this is why a default in Spain or Italy (whose €1.78 and €1.87 trillion in sovereign bonds are collateral for likely more than €100 trillion in trades) would bring about a collapse that would make Lehman appear minor in comparison.   Remember, if Spain goes bust, they over €1 trillion in collateral would vanish triggering a chain reaction in at least €50 trillion if not €100+ trillion in trades at the large banks/ financial institutions.   Again, and I cannot stress this enough: when Spain defaults (and it will) the system will experience a collateral crunch that will be exponentially higher than that which occurred following the Lehman bankruptcy.   This is why I’ve been warning that the 2008 was just a warm-up. It’s why the Powers That Be in Europe are absolutely terrified of what’s happening there. And it’s why those investors who do not prepare in advance for what’s coming will lose everything.   If you do not want to be one of them, you need to get moving.   We have produced a FREE Special Report available to all investors titled What Europe’s Collapse Means For You and Your Savings.   This report features ten pages of material outlining our independent analysis real debt situation in Europe (numbers far worse than is publicly admitted), the true nature of the EU banking system, and the systemic risks Europe poses to investors around the world.   It also outlines a number of investments to profit from this; investments that anyone can use to take advantage of the European Debt Crisis.   Best of all, this report is 100% FREE. You can pick up a copy today at: http://gainspainscapital.com/eu-report/   Best Regards,   Graham Summers   PS. We also offer a FREE Special Report detailing the threat of inflation as well as two investments that will explode higher as it seeps throughout the financial system. You can pick up a copy of this report at:   http://gainspainscapital.com/gpc-inflation/  

06 ноября 2012, 08:00

eia.gov: United Arab Emirates

A member of the Organization of the Petroleum Exporting Countries (OPEC) since 1967, the UAE is one of the most significant oil producers in the world. According to Oil & Gas Journal 2012 estimates, the UAE holds the seventh-largest proved reserves of oil at 97.8 billion barrels, with the majority of reserves located in Abu Dhabi (approximately 94 percent). The other six emirates combined account for just 6 percent of the UAE's crude oil reserves, led by Dubai with approximately 4 billion barrels. Production of these resources is dominated by the state-owned Abu Dhabi National Oil Company (ADNOC) in partnership with a few large international oil companies under long-term concessionsThe likelihood of further major discoveries in the UAE is low, but enhanced oil recovery (EOR) techniques are being successfully utilized to increase the extraction rates of the UAE's mature oil fields, and the recovery of oil prices following the global financial crisis will help maintain the commercial viability of such endeavors. Leaders in the UAE hope to increase crude oil production to 3.5 million bbl/d over the next few years, and levels are expected to approach 3 million bbl/d by the end of 2012.In Abu Dhabi, contract structures are based on long-term, production-sharing agreements between the state-run ADNOC and private actors (primarily large international oil companies), with the state required to hold a majority share in all projects. With the exceptions of Dubai and Sharjah—which both have service contracts to manage their declining reserves—the smaller Emirates all utilize some form of production-sharing agreements similar to those found in Abu Dhabi. Major international oil companies involved in the oil and gas sector in the UAE include British Petroleum, Shell, Total, ExxonMobil, and Occidental Petroleum—which in 2008 secured the first new concession offered by the UAE in more than 20 years.Nevertheless, recent exploration has not yielded any significant discoveries of crude oil. What it lacks in new discoveries, however, it makes up for with an emphasis on EOR techniques designed to extend the lifespan of the Emirates' existing oil fields. By improving the recovery rates at those fields, such techniques helped the UAE to nearly double the proved reserves in Abu Dhabi over the last decade-plusThe Zakum system—the third-largest oil system in the Middle East and the fourth-largest in the world—is the center of the UAE's oil industry, accounting for nearly 30 percent of the country's total production in 2010. The Upper Zakum field is run by the ZADCO—which is owned by ADNOC (72 percent share) and ExxonMobil (28 percent)—and currently produces 520,000 bbl/d. In July 2012 ZADCO awarded an $800-million engineering, procurement, and construction contract to Abu Dhabi's National Petroleum Construction Company—along with French firm Technip—with the goal of expanding production to 750,000 bbl/d by 2016. The Lower Zakum field—operated by the Abu Dhabi Marine Operating Company (ADMA-OPCO)—is also being expanded, with production expected to reach 425,000 bbl/d; up from the 300,000 bbl/d it currently produces.Other significant fields include the Bu Hasa (600,000 bbl/d), Ghasha-Butini (up to 300,000 bbl/d by year-end 2012), Murban Bab (320,000 bbl/d), and the Sahil, Asab, and Shah (SAS) fields (385,000 bbl/d), all located in Abu Dhabi. Dubai and Sharjah also have producing basins, but nothing approaching the scale of those found in Abu Dhabi. The largest fields in those Emirates are the Fateh-Southwest Fateh-Falah fields (80,000 bbl/d) operated by the Dubai Petroleum Establishment and the Mubarak field (8,000 bbl/d) operated by Crescent Petroleum in Sharjah.With limited prospects for major discoveries, production increases in the UAE will come almost exclusively from EOR techniques in Abu Dhabi's existing oil fields. Nevertheless, the government is pursuing production capacity of 3.5 million bbl/d in 2018 through the investment of $60 billion in Abu Dhabi's oil sector. ADCO—which oversees onshore operations in the emirate—plans to increase production in the Bu Hasa, Bab, and SAS fields over the coming years, with increases expected to approach 200,000 bbl/d as soon as 2014. Some newer fields will also contribute to production gains: Qusahwira is targeted to provide an additional 30,000 bbl/d by the end of 2012 and another 20,000 bbl/d by 2016 (to 90,000 bbl/d), while the Bida al-Qemzan field could add 75,000 bbl/d by 2016 bringing it to 300,000 bbl/d overall.Smaller offshore fields like the Nasr, Umm Lulu, and Umm Shaif are also the target of increased investment, with ADMA-OPCO seeking to maintain production levels at the Umm Shaif field at 280,000 bbl/d and attempting to bring the combined production of the Nasr and Umm Lulu fields up to 170,000 bbl/d as soon as 2018. Exploration and production in the other Emirates is limited, with reserves nearly exhausted and the cost of recovery continuing to climb. The newest export pipeline, The Abu Dhabi Crude Oil Pipeline (ADCOP), runs 230 miles from Habshan to Fujairah and began operations in June 2012. This pipeline gives the UAE a direct link from the rich fields of its western desert to the Gulf of Oman, and from there to global markets. This provides the UAE—and global markets—a strategic alternative to the problematic Strait of Hormuz, which is the world's most important energy chokepoint (see EIA’s World Oil Transit Chokepoints analysis brief). In 2011 17 million bbl/d of crude oil passed through the Strait of Hormuz, which was almost 20 percent of the world's traded oil and 35 percent of all seaborne-traded oil.The inauguration of the ADCOP is the most significant development in the UAE's midstream profile to date. With a capacity of 1.5 million bbl/d—and expectations of that figure reaching 1.8 million bbl/d in the near future—this pipeline provides the UAE with the ability to export close to 75 percent of its daily production without passing through the Strait of Hormuz. The International Petroleum Investment Company (IPIC)—owned by the government of Abu Dhabi—led the pipeline project, and it will be operated by ADCO.Abu Dhabi Crude Oil Pipeline (ADCOP)http://www.eia.gov/countries/cab.cfm?fips=TC