Middle East

Saudi Aramco’s world biggest IPO delayed, listing until 2019

March 12, 2018 | Energy Trading & Markets, Middle East

Delay reflects difficulties in handling massive stock market flotation and concerns about potential downsides to market exposure London, UK | – Investors waiting for the chance to buy a piece of Aramco, Saudi Arabia’s state-owned oil behemoth, will probably have to wait. Saudi officials are reported to have told their British counterparts last week that a delay to 2019 was likely. Aramco had indicated that it expected to begin trading on a public stock market this year. The delay reflects the difficulties in arranging what would …

UK Government signs off $2 billion loan to Saudi Aramco as listing race heats up

November 10, 2017 | Government & Regulations, Middle East

  London, UK | – Saudi Aramco has been preparing for a Western stock market listing for some time, and the US and UK have both gone to great lengths to court the company – now, Theresa May’s government has signed off on a US$2 billion dollar loan guarantee for the firm. The British government is poised to sign off a US$2 billion loan guarantee for Saudi Aramco, as London scrambles to host the stock market flotation of Saudi Arabia’s state energy giant — an initial public offering analyst believe could be …

Saudi Aramco signs oil, gas deals worth $4.5 billion

November 10, 2017 | Contracts, Government & Regulations, Middle East

Agreements inked with companies from the UAE, Spain, Italy and China London, UK | – Saudi Aramco has signed agreements worth nearly $4.5 billion with multinational oil and gas contractors, in what the company dubbed as an effort to diversify the economy. The deals were signed with companies including Spain’s Tecnicas Reunidas, Italy’s Saipem, China Petroleum Pipeline and Abu Dhabi’s National Petroleum Construction. The investments “reflect our concerted effort… to diversify our economy, promote local manufacturing, support a sustainable environment and strengthen our business and …

Iraq wants control of Kurdish region’s oil exports: state firm

November 02, 2017 | Development / Production, Middle East, OPEC

Baghdad, Iraq | – Iraq wants the Kurdistan region to stop independent crude exports and to hand over sales operations to the Iraqi state-oil marketer SOMO, the company’s director said on Thursday. Iraq is talking to Turkey to allow SOMO to sell the Kurdish crude that arrives by pipeline in Ceyhan, the Turkish terminal on the Mediterranean, acting SOMO director general Alaa al-Yasiri told reporters in Baghdad. About 530,000 barrels per day (bpd) used to arrive in Ceyhan via the pipeline until mid-October, of which …

Saudi Aramco IPO on track for 2018 – Aramco CEO

October 05, 2017 | Budget & Investment, Middle East

Moscow, Russia | –  A plan to list Saudi Aramco in 2018 is on track, senior Saudi officials said in Moscow on Thursday, as Saudi Arabia gears up to sign a string of investment agreements with Russia. The plan to float around 5 percent of Aramco in an initial public offering (IPO) is a centerpiece of Vision 2030, a wide-ranging reform plan to diversify the Saudi economy beyond oil which is being championed by Saudi Crown Prince Mohammad bin Salman. “Work is ongoing to list …

Iraq, Iran, Turkey to decide together on shutting down Kurdistan’s oil

October 05, 2017 | Middle East, Politics & Social Unrest

Erbil, Kurdistan Region, Iraq |  – Iraq, Iran, and Turkey are solidifying their unity against the Kurdistan Region, threatening joint action to shut down the Region’s oil exports in reaction to Kurdistan’s independence referendum, according to the Turkish president. “In the case of northern Iraq, Iran, Iraq and Turkey will form a tripartite mechanism and will decide on shutting down the oil,” President Recep Tayyip Erdogan told reporters on a return flight on Thursday after a visit to Tehran, Hurriyet Daily News reported. Oil-dependent Kurdistan …

Total signs major Iran gas deal, defying US pressure

July 05, 2017 | Contracts, Middle East

Tehran, Iran |  — French energy giant Total defied US pressure on Monday by signing a multibillion-dollar gas deal with Iran, the first by a European firm in more than a decade. Total will invest an initial US$1 billion (880 million euros) in the South Pars offshore gas field as part of a consortium with Chinese and Iranian firms. The 20-year project, which will eventually see the firms inject US$4.9 billion, is by far the biggest vote of confidence in the Islamic republic since sanctions …

Qatar signals LNG price war for market share in Asia

July 05, 2017 | LNG & LPG, Middle East

London, UK | – Qatar, the world’s biggest seller of liquefied natural gas, plan to boost liquefied natural gas (LNG) output by 30 percent is the opening shot in a price war for customers in Asia pitting the Gulf state against competitors from the United States, Russia and Australia. Qatar, facing regional isolation in a diplomatic dispute with its Gulf neighbours, took energy markets by surprise on Tuesday when it said it would raise its LNG production to 100 million tonnes per year – equivalent …