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A large portion of Russian oil supply is being sanctioned. This oil will have to be supplied by other countries who have to invest to be able to produce this oil . That means more projects in the oil infrastructure. Eventually oil service companies like PFC will be the beneficiary of that.
The outlook for new awards in E&C is robust, supported by high energy prices and increased focus on energy security. Bidding activity is high, and we expect that the second half of 2022 will mark an inflexion point for a sustained period of growth in the E&C backlog.
For me this is the most important
UAE contracts won't come for a while. There is prequalication stage , tendering , assessment , negotiations , and award . I hope I am wrong , but I do not expect any UAE contracts till Q4 at least of this year.
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Equities: We believe the time is ripe for value-oriented investments, particularly energy. We also like equity markets with a value, commodity-oriented tilt like the UK and Australia.
FROM UBS
PFC used to climb higher in percentage when oil prices used to go higher. Now it is the opposite. No sense at all. We all know oil producing countries will invest in the infrastructure. Why is this not built in the price ?