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Aramco to do 'heavy lifting' in #Saudi fiscal adjustment - BofA | Reuters

Aramco to do 'heavy lifting' in Saudi fiscal adjustment - BofA | Reuters Saudi oil giant Aramco will likely need to transfer significant amounts of money to the Saudi government and the sovereign fund, Public Investment Fund (PIF), as Saudi Arabia puts its finances in order after the coronavirus slump, Bank of America said.Aramco - which listed in 2019 in a record $29.4 billion share sale - is likely to “do the heavy lifting” to boost state coffers and support mega-projects spearheaded by the PI...
Tags: Travel, Saudi Arabia, Bank Of America, Reuters, Aramco, Saudi Aramco, Mohammed bin Salman, BofA, Rupert Neil Bumfrey, PIF BofA


#Saudi petrochemicals giant SABIC hires NCB for speciality chemicals unit IPO - sources | Reuters

Saudi petrochemicals giant SABIC hires NCB for speciality chemicals unit IPO - sources | Reuters Saudi Basic Industries Corp (SABIC) has hired NCB Capital to advise on a potential listing of its speciality chemicals business, an offering that could raise several hundred million dollars, three sources said.The company is also sounding out foreign banks for advisory roles and HSBC and JPMorgan are among those in the final phase of pitching for the deal, which could be launched later this year or e...
Tags: Travel, Saudi Arabia, Ipo, Hsbc, Middle East, Reuters, Aramco, Jpmorgan, SABIC, NCB, NCB Capital, Rupert Neil Bumfrey, Reuters Saudi Basic Industries Corp SABIC


MIDEAST STOCKS-Most major Gulf markets fall in early trade; #Qatar up | Nasdaq

MIDEAST STOCKS-Most major Gulf markets fall in early trade; Qatar up | Nasdaq Most major Gulf markets were in negative territory on Thursday, mirroring weak oil prices as mounting coronavirus cases globally raised demand concerns, although Qatar bucked the trend to trade higher.Brent crude oil futures LCOc1 fell 18 cents, or 0.3%, to $55.88 a barrel by 0425 GMT. O/RSaudi Arabia's benchmark index .TASI fell 0.4%, with Al Rajhi Bank 1120.SE losing 0.4%, while the kingdom's largest lender, National...
Tags: Travel, Qatar, Britain, Middle East, United Arab Emirates, Dubai, Abu Dhabi, Uae, Gulf, Reuters, Aramco, Qatar Islamic Bank, Tasi, Rupert Neil Bumfrey, National Commercial Bank, Al Rajhi Bank


#Saudi Aramco Seeks $7.5 Billion Loan for Pipeline Investors - Bloomberg

Saudi Aramco Seeks $7.5 Billion Loan for Pipeline Investors - Bloomberg Saudi Aramco is lining up a loan of about $7.5 billion for potential investors in its oil pipelines, according to people familiar with the matter.The world’s biggest oil producer has begun talks with lenders to secure favorable terms for the funding package that would then be offered to investors, the people said, asking not to be identified as the information is private. The discussions are occurring in parallel with the sa...
Tags: Travel, Aramco, Saudi Aramco, JPMorgan Chase Co, Moelis Co, ADNOC, Rupert Neil Bumfrey, Abu Dhabi National Oil Co, Bloomberg Saudi Aramco, Pipeline Investors Bloomberg


Saudis Slash Oil Supply to Some Buyers After Pledged OPEC+ Curbs - Bloomberg

Saudis Slash Oil Supply to Some Buyers After Pledged OPEC+ Curbs - Bloomberg Saudi Arabia slashed crude oil supplies to at least nine refiners in Asia and Europe after the kingdom volunteered to cut its production by 1 million barrels a day for February and March.Aramco will supply less crude as part of long-term contracts next month, giving some Asian processors as much as 20%-30% less than they had sought, according to company officials who received the notices but asked not to be identified a...
Tags: Travel, Asia, Europe, Japan, Saudi Arabia, Opec, Malaysia, Aramco, State, Rupert Neil Bumfrey, Bloomberg Saudi Arabia, OPEC Curbs Bloomberg


SABIC seeks Clariant chairman's ouster in post-Christmas coup | Reuters

SABIC seeks Clariant chairman's ouster in post-Christmas coup | Reuters Clariant’s biggest shareholder, Saudi Basic Industries Corporation, on Monday re-ignited a battle over the Swiss chemicals maker’s future by seeking a 12-year board member term limit that would force Chairman Hariolf Kottmann’s ouster.SABIC, which owns 31.5% of Clariant, asked for the new term limit, including for the chairperson, to be added to the agenda of the annual general meeting of shareholders scheduled for April 7.A...
Tags: Travel, Reuters, Aramco, SABIC, Clariant, Rupert Neil Bumfrey, Saudi Basic Industries Corporation, Hariolf Kottmann, Reuters Clariant, Conrad Keijzer


Israeli Shares Rise Most in Mideast While Egypt Slips: Inside EM - Bloomberg

Israeli equities climbed the most in the Middle East as dual-listed firms caught up with U.S. gains from Thursday.The country’s TA-35 benchmark rose as much as 1.7%. Stocks that are also listed in the U.S., including Azrieli Group Ltd, Bank Leumi Le-Israel BM and ICL Group Ltd, were among the biggest gainers on Sunday.Elsewhere, gauges in Saudi Arabia, Bahrain, Oman and Qatar rose, with Brent crude staying above $50 a barrel in the past two weeks.Egypt’s benchmark was the biggest loser after the...
Tags: Travel, Qatar, Bloomberg, Egypt, Middle East, Dubai, Aramco, SABIC, Eastern Co, Rupert Neil Bumfrey, Commercial International Bank, Saudi Kayan, Al Rajhi Bank, Meraas Holding LLC, DXB Entertainments, Saudi Energy


Google’s Aramco Deal Risks Irking Staff Over Oil, Politics - Bloomberg

Google’s Aramco Deal Risks Irking Staff Over Oil, Politics - Bloomberg Google will start selling its cloud-computing services in Saudi Arabia through a deal with oil producer Aramco, risking a backlash from staff who oppose doing business with the fossil fuel industry or regimes accused of human rights abuses.The partnership gives Alphabet Inc.’s Google regulatory clearance to set up what it calls a “cloud region” in the Kingdom, the companies said on Monday. Employees at Google have called on t...
Tags: Travel, Google, Saudi Arabia, Kingdom, Bloomberg, Aramco, Microsoft Corp, Bloomberg Google, Alphabet Inc, Amazon com Inc, Rupert Neil Bumfrey, Google Cloud, Kurian, Thomas Kurian


MIDEAST STOCKS-Major Gulf markets flat in early trade, #Dubai extends gains | Nasdaq

MIDEAST STOCKS-Major Gulf markets flat in early trade, Dubai extends gains | Nasdaq Most major stock markets in the Gulf were little changed in early trade on Thursday, with the Dubai index on track to extend gains for a second straight session.Saudi Arabia's benchmark index .TASI gained 0.3%, with petrochemical firm Saudi Basic Industries 2010.SE rising 1.6%, while Al Rajhi Bank 1120.SE was up 0.3%.Oil prices, a key catalyst for the Gulf regions' financial markets, climbed to a nine-month high ...
Tags: Travel, Indonesia, Saudi Arabia, United Arab Emirates, Dubai, Abu Dhabi, Gulf, Reuters, Aramco, Jakarta Indonesia, Tasi, Rupert Neil Bumfrey, Saudi Basic Industries, Al Rajhi Bank, First Abu Dhabi Bank, Emirates NBD Bank ENBD


How #Saudi Aramco IPO proved a game changer in a tumultuous year for oil

How Saudi Aramco IPO proved a game changer in a tumultuous year for oil In a masterpiece of understatement, Amin Nasser summed up 2020 at a recent awards ceremony. “This year has been challenging,” the president and chief executive of Saudi Aramco told journalists.Prospects looked very different just over a year ago, when Aramco made its debut on the Tadawul stock exchange in Riyadh in the world’s biggest initial public offering (IPO), becoming the world’s most valuable company in the process.Ha...
Tags: Travel, Ipo, Riyadh, Aramco, Saudi Aramco, Tadawul, Nasser, Rupert Neil Bumfrey, Amin Nasser


Aramco may have to sell assets, borrow more to maintain #Saudi dividend | Reuters

Aramco may have to sell assets, borrow more to maintain Saudi dividend | Reuters Oil giant Aramco, whose dividend remains vital to helping Saudi Arabia contain a huge deficit, may have to sell assets and borrow more to fulfil its fiscal role amid uncertainty in oil prices, market specialists said.While Saudi Arabia has increased non-oil revenues this year, Aramco still accounted for more than half its total income, and will be key to containing a budget shortfall this year forecast at 298 billio...
Tags: Travel, Saudi Arabia, Reuters, Aramco, Reuters Oil, Rupert Neil Bumfrey


Saudis Stop Disclosing Oil Revenue Following Aramco’s Listing - Bloomberg

Saudis Stop Disclosing Oil Revenue Following Aramco’s Listing - Bloomberg Saudi Arabia has stopped disclosing projected revenue from oil following the listing of Aramco, as doing so could give clues about the state energy giant’s dividend plans.The kingdom is relying on payouts from Aramco, the world’s biggest oil company, to help plug its budget deficit and bolster an economy that’s been hammered this year by coronavirus lockdowns and the crash in crude prices. The Dhahran-based firm sold share...
Tags: Travel, Bloomberg, Aramco, Dhahran, Rupert Neil Bumfrey, Mohammed al Jadaan, Listing Bloomberg Saudi Arabia


Aramco Said to Tap Moelis to Raise Billions From Asset Sales - Bloomberg

Aramco Said to Tap Moelis to Raise Billions From Asset Sales - Bloomberg Saudi Arabia is looking to emulate neighboring Abu Dhabi by using its state energy firm to raise billions of dollars from investors, as the kingdom seeks cash to counter a severe recession.Saudi Aramco, the world’s biggest oil company, has hired Moelis & Co. to devise a strategy for selling stakes in some subsidiaries, according to people familiar with the matter. The plan includes raising around $10 billion from a stake sa...
Tags: Travel, Saudi Arabia, Bloomberg, International Monetary Fund, Abu Dhabi, Aramco, Moelis, Moelis Co, Aramco Said, Rupert Neil Bumfrey, Saudi Aramco the world, Tap Moelis, Asset Sales Bloomberg Saudi Arabia


MIDEAST STOCKS-Most markets gain as financials rise; #Qatar eases | Nasdaq

MIDEAST STOCKS-Most markets gain as financials rise; Qatar eases | Nasdaq Most Gulf stock markets rose in early trade on Wednesday, supported by gains in financials, while petrochemical firm Industries Qatar dragged down Qatari stocks.Saudi Arabia's benchmark index .ADI rose 0.4%, with Al Rajhi Bank 1120.SE gaining 0.5% and petrochemical maker Saudi Basic Industries 2010.SE up 0.7%.Oil giant Saudi Aramco 2222.SE and energy services company Baker Hughes BKR.N formed a 50/50 joint venture, Novel, ...
Tags: Travel, Washington, Saudi Arabia, Qatar, United States, Egypt, United Arab Emirates, Dubai, Abu Dhabi, Kuwait, Gulf, Aramco, Adi, Emirati, Emaar, Rupert Neil Bumfrey


Oil News: Saudis Raise Crude Pricing to Asia as Vaccines Buoy Oil Market - Bloomberg

Oil News: Saudis Raise Crude Pricing to Asia as Vaccines Buoy Oil Market - Bloomberg Saudi Arabia raised oil pricing for customers in its main market of Asia after optimism over coronavirus vaccines caused crude prices to rise to an eight-month high last week.The increase, the biggest in five months, indicates the world’s largest oil exporter is confident global energy demand is strong enough to absorb a small boost in output from OPEC+ members next month and that markets will remain tight even ...
Tags: Travel, Asia, Europe, Opec, Bloomberg, Aramco, Saudi Aramco, Rupert Neil Bumfrey, Vaccines Buoy Oil Market Bloomberg, Vaccines Buoy Oil Market Bloomberg Saudi Arabia


‘The worst is behind us’: #Saudi Aramco CEO | ZAWYA MENA Edition

‘The worst is behind us’: Saudi Aramco CEO | ZAWYA MENA Edition The oil industry is recovering from the impact of the coronavirus pandemic and “the worst is behind us,” Saudi Aramco’s President and CEO, Amin Nasser, told an award ceremony in Riyadh on Thursday.“April was by far the worst month for our industry when oil demand fell. Such a massive drop was never seen at any time in the industry. But I believe the worst is behind us. At this moment there is a recovery taking place,” Nasser said...
Tags: Travel, Riyadh, Aramco, Saudi Aramco, Nasser, Rupert Neil Bumfrey, Amin Nasser


#SaudiArabia News: Life After Aramco Includes Plenty More IPOs for Saudi Arabia - Bloomberg

Saudi Arabia News: Aramco IPO Opens Doors for More Listings on Tadawul Exchange - Bloomberg One year on from oil giant Saudi Aramco’s record-busting initial public offering in Riyadh, the exchange has continued to enjoy a steady stream of listings. And deals are already lining up for 2021.For years, the twists and turns leading up to Aramco’s listing dominated Saudi Arabia’s IPO market. The decision to float on Riyadh’s Tadawul exchange and to largely forgo international investors sparked concer...
Tags: Travel, Saudi Arabia, Germany, Dubai, Riyadh, Aramco, Saudi Aramco, Tadawul, Rupert Neil Bumfrey, Saudi Arabia Bloomberg, Tarek Fadlallah, Bloomberg That, Nomura Asset Management 's Middle Eastern


Most Middle East markets end higher as investors cheer Biden transition, vaccine progress | Reuters

Most markets end higher as investors cheer Biden transition, vaccine progress | Reuters Most major Gulf markets closed higher on Tuesday, tracking gains on global bourses, helped by a formal transition nod for U.S. President-elect Joe Biden and new coronavirus vaccine developments.U.S. President Donald Trump on Monday gave the head of the General Services Administration the go-ahead to proceed with a transition to a government led by Biden despite plans to continue with legal challenges.Global f...
Tags: Travel, Saudi Arabia, Opec, Qatar, Joe Biden, Middle East, Dubai, General Services Administration, Biden, Abu Dhabi, Yemen, Donald Trump, Jeddah, Gulf, Reuters, Aramco


World’s Biggest Oil Firm #Saudi Aramco Raises $8 Billion Bond - Bloomberg

World’s Biggest Oil Firm Saudi Aramco Raises $8 Billion Bond - Bloomberg Saudi Aramco returned to the debt markets for the first time since April of last year, selling $8 billion of bonds to help fund the world’s biggest dividend.The state oil and gas firm issued the debt on Tuesday after slumping crude prices caused profit to fall by 45% in the third quarter. That’s left it unable to generate enough cash to fund shareholder payouts it’s promised will reach $75 billion this year. Almost all of t...
Tags: Travel, Bloomberg, Aramco, Rupert Neil Bumfrey, Billion Bond Bloomberg, Bloomberg Saudi Aramco


Aramco Can Do Whatever It Likes With Money Raised From Bond Sale - Bloomberg

Aramco Can Do Whatever It Likes With Money Raised From Bond Sale - Bloomberg Is it wise to lend money to a company that’s simply going to use it to pay its equity holders a fat dividend? If it’s one of the world’s largest and most profitable businesses, the answer is probably yes.Saudi Aramco is making its second big foray into the international bond markets with a bumper slab of five new bonds, ranging from three to 50 years in maturity. Expectations are that the giant oil producer will only ra...
Tags: Travel, Bloomberg, Aramco, Saudi Aramco, Kingdom of Saudi Arabia, Bloomberg Intelligence, Rupert Neil Bumfrey, Bond Sale Bloomberg


Aramco tightens guidance by 15-20 bps for five-tranche bonds: document | Reuters

Aramco tightens guidance by 15-20 bps for five-tranche bonds: document | Reuters Saudi Aramco 2222.SE has tightened the price guidance for its five-part U.S. dollar-denominated bond sale and received over $30 billion in orders for the debt sale, a document from one of the banks on the deal showed on Tuesday.Aramco tightened the guidance by 15-20 basis points (bps) to around 125 bps over U.S. Treasuries (UST) for a three-year tranche, around 140 bps over UST for five-year bonds, around 160 bps ov...
Tags: Travel, Reuters, Aramco, UST, Rupert Neil Bumfrey, Reuters Saudi Aramco, U S Treasuries UST


Aramco markets five-tranche bonds, seeking cash amid cheap oil | Reuters

Aramco markets five-tranche bonds, seeking cash amid cheap oil | Reuters Saudi Aramco 2222.SE began marketing a five-tranche U.S. dollar-denominated bond sale on Tuesday, as the world's largest oil producer seeks cash after low oil prices dented its finances.The move is part of an onslaught on international debt markets by Gulf issuers seeking to plug finances hit by the pandemic and weak oil prices, which has pushed regional issuance past last year’s record to surpass $100 billion again.Aramco ...
Tags: Travel, Gulf, Reuters, Aramco, UST, Rupert Neil Bumfrey, U S Treasuries UST


Aramco risk seen as higher than #Saudi sovereign ahead of new bonds | Reuters

Aramco risk seen as higher than Saudi sovereign ahead of new bonds | Reuters Saudi Aramco’s planned bond issuance will likely price around 10 basis points wider than the government of Saudi Arabia’s debt curve, financial sources said, the small difference suggesting that investors see its risk profile as slightly higher after oil prices dropped this year.The oil giant said on Monday it was considering issuing multi-tranche U.S. dollar-denominated bonds in what would be its second foray into the...
Tags: Travel, Saudi Arabia, Exxon Mobil, Shell, Reuters, Aramco, Rupert Neil Bumfrey, Reuters Saudi Aramco


#Saudi Aramco plans debt market comeback with multi-tranche bond deal | Reuters

Saudi Aramco plans debt market comeback with multi-tranche bond deal | Reuters Saudi Aramco 2222.SE said on Monday it had hired banks for a multi-tranche U.S. dollar-denominated bond issuance, as the world's largest oil company seeks cash amid lower oil prices.Gulf issuers have show no sign of slowing this year’s blitz of issues on international debt markets as they work to plug finances hit by weaker oil prices and the coronavirus crisis.Issuances from the region so far this year have already s...
Tags: Travel, Reuters, Aramco, Saudi Aramco, NCB, Rupert Neil Bumfrey, Morgan Stanley MS N, Reuters Saudi Aramco, BNP Paribas BNPP, Goldman Sachs GS N Citi C N HSBC, SMBC Nikko 8316 T, Societe Generale SOGN


Mideast Stocks: Major Gulf markets mixed; Aramco's Q3 profit slides | ZAWYA MENA Edition

Mideast Stocks: Major Gulf markets mixed; Aramco's Q3 profit slides | ZAWYA MENA Edition Saudi Arabia's stock market closed lower on Tuesday hurt by a string of disappointing corporate earnings, while the Qatari index ended a three-session losing streak.The kingdom's benchmark index slipped 0.3%, with Saudi British Bank dropping 2.1% after it announced a 10.5% fall in third-quarter profit.National Industrialization Company (Tasnee) was down 2.3%, after it posted net loss in the quarter ending Se...
Tags: Travel, Saudi Arabia, Qatar, United Arab Emirates, Dubai, Aramco, Saudi Aramco, Rupert Neil Bumfrey, Industries Qatar, Dubai Islamic Bank, Commercial International Bank, IHS Markit, Saudi British Bank, Gulf Egypt, National Industrialization Company Tasnee, First Abu Dhabi Bank


#SaudiArabia’s Gas Push Pays Off as Production Hits Record - Bloomberg

Saudi Arabia’s Gas Push Pays Off as Production Hits Record - Bloomberg Saudi Aramco’s greater focus on developing natural gas resources paid off with record daily output of the fuel -- but it still wasn’t enough to keep the kingdom’s power plants supplied when they needed it most.Saudi Arabia consumes all the gas it produces, much of it to generate electricity. Because gas pollutes less than crude, power plants prefer it as fuel.Aramco pumped a record 10.7 billion cubic feet of gas on Aug. 6, th...
Tags: Travel, Saudi Arabia, Bloomberg, Aramco, BP Plc, Joint Organisations Data Initiative, Rupert Neil Bumfrey, Bloomberg Saudi Aramco


Major Gulf markets rise as Aramco lifts #Saudi index | Reuters

Major Gulf markets rise as Aramco lifts Saudi index | Reuters Saudi Arabia’s stock market rose in early trade on Tuesday, supported by gains in Saudi Aramco after the oil giant posted a quarterly profit slump in line with analysts’ estimate, while the Qatari index was on track to end three sessions of losses.The kingdom's benchmark index .TASI edged up 0.2%, with the world's top oil producing company Saudi Aramco 2222.SE rising 0.6% after Chief Executive Officer Amin Nasser pointed to early sign...
Tags: Travel, Qatar, Dubai, Abu Dhabi, Reuters, Aramco, Reuters Saudi Arabia, Noor Bank, Tasi, Rupert Neil Bumfrey, QSI, Amin Nasser, First Abu Dhabi Bank, Major Gulf, Etisalat ETISALAT, Industries Qatar IQCD


#Saudi Aramco third-quarter profit slumps 44.6% as pandemic chokes demand | Reuters

Saudi Aramco third-quarter profit slumps 44.6% as pandemic chokes demand | Reuters Saudi Arabian state oil giant Aramco 2222.SE on Tuesday reported a 44.6% drop in third-quarter net profit as the coronavirus crisis continued to choke demand and weigh on crude prices.Share prices of global oil companies have been hammered this year as investors fret over the impact of the pandemic on energy demand and the long-term shift away from fossil fuels.Oil prices have recovered only slightly since tumblin...
Tags: Travel, Shell, Chevron, Exxon, Reuters, Aramco, Saudi Aramco, BP Plc, Rupert Neil Bumfrey, Amin Nasser, Refinitiv


Aramco, Sabic to Reassess $20 Billion Crude-to-Chemicals Project - Bloomberg

Aramco, Sabic to Reassess $20 Billion Crude-to-Chemicals Project - Bloomberg:  Saudi Aramco and Saudi Basic Industries Corp. will re-evaluate the scope of a planned crude-to-chemicals project in the kingdom as they seek to reduce spending amid a slump in prices for their products.  The two companies have decided to reassess the Yanbu project on the Red Sea coast -- which was expected to cost as much as $20 billion -- to incorporate existing facilities instead of building an entirely new one, Sa...
Tags: Travel, Saudi Arabia, Bloomberg, Aramco, Saudi Aramco, Red Sea, SABIC, Saudi Basic Industries Corp, Yanbu, Rupert Neil Bumfrey, Aramco Sabic, Chemicals Project Bloomberg


#SaudiArabia May Face Budget Squeeze After 2021, Moody’s Says - Bloomberg

Saudi Arabia May Face Budget Squeeze After 2021, Moody’s Says - Bloomberg:Saudi Arabia may not be able to rely on annual dividends of almost $75 billion from state oil company Saudi Aramco beyond next year unless crude prices increase, according to Moody’s Investors Service.The government, which owns 98% of Aramco, has depended on the dividend to help plug its budget deficit.“The government is unlikely to be able to repeat the maneuver beyond 2021,” Moody’s said in a report. This is the case “pa...
Tags: Travel, Saudi Arabia, Aramco, Saudi Aramco, Moody, Rupert Neil Bumfrey, Moody 's Investors Service, Public Investment Fund, Saudi Basic Industries Corp Aramco, Moody 's Says Bloomberg



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