Source Pravda.Ru

CSFB Loses $3.5 Billion UAE Contract

Credit Suisse First Boston, the fifth most successful bank at raising money for the oil industry this year, lost a contract to help arrange financing for the United Arab Emirates on a $3.5 billion plan to import natural gas.

One of four CSFB bankers on the project was laid off in April, said Michael Powell, head of project finance at CSFB for Eastern Europe, the Middle East and Africa. Powell himself will leave the bank “shortly,” though will stay on as a consultant. A spokesman for the project, Dolphin Energy Ltd., said the departures contributed to the split.

The loss highlights the difficulties investment banks face in keeping clients as they eliminate jobs. Credit Suisse has eliminated about 2,900 investment banking jobs. It's a setback as well for the project, which is a year behind schedule in its bid to fuel growth in energy demand in the United Arab Emirates.

Finding a new adviser ``may delay the project a bit, but not stop it,” said Muhammad-Ali Zainy, a senior energy analyst with the London based Centre for Global Energy Studies. “A financial adviser can be replaced.”

Comments
Putin dislikes the idea of US army bases coming to Kuril Islands
USA plays to pretend a mighty dragon that can no longer breathe fire
Brexit: The UK's misunderstanding of Democracy
Putin dislikes the idea of US army bases coming to Kuril Islands
Madrid, shame on you!
Brexit: The UK's misunderstanding of Democracy
Putin dislikes the idea of US army bases coming to Kuril Islands
Russians lose faith in their future, get ready for worse
Capital outflow from Russia sets new records
Malaysia complains of faulty Russian Sukhoi Su-30 fighter jets
Putin dislikes the idea of US army bases coming to Kuril Islands
Men's presence in maternity wards during childbirth considered shameful in Russia
Macron challenges Trump. French independence and croissants at stake
Russia’s sanctions against Ukraine send message to Washington
Russia sells arms to Asia to maintain peace in the world
The Amazon and the New Conquistadores
Putin's three days in Singapore mark Russia's major geopolitical changes since 2000
Castro sued over alleged torture
Macron challenges Trump. French independence and croissants at stake
Castro sued over alleged torture
Malaysia complains of faulty Russian Sukhoi Su-30 fighter jets