Sunday, 24 March, 2019


Saudi Aramco plans to issue global bond

Saudi Aramco plans to issue global bond Saudi Aramco plans to issue global bond
Conrad Doyle | 12 January, 2019, 02:42

"This certification underscores why every barrel we produce is the most profitable in the world, and why we believe Saudi Aramco is the world's most valuable company and indeed the world's most important", Minister of Energy, Industry and Mineral Resources Khalid Al-Falih said.

Saudi Aramco plans to tap the debt market in the second quarter to finance the acquisition of petrochemical giant Sabic, likely issuing its first ever worldwide bond and disclosing its accounts in the process.

Saudi Arabia, world's top oil supplier, announced that it would markedly slash oil supply in the recent two months.

Crude oil prices appeared headed lower Thursday after a USA report showed a lower-than-expected inventory draw, and also as trade talks earlier this week between China and the United States did not show a clear direction.

The plans for the bond, first reported by Bloomberg News previous year, came as the Saudi Arabian government reactivates a plan to sell shares in the company.

Mr Al-Falih reiterated Crown Prince Mohammed bin Salman's comments in 2018 that Riyadh is aiming for Aramco's initial public offering in 2021.

Analysts also distinguished themselves on Wednesday by recognizing the near-schizophrenic behaviour that has characterized crude trading of late: Matt Sallee, a portfolio manager who helps oversee $16 billion in energy assets for Tortoise, told Bloomberg, "Sentiment went from completely negative a couple of weeks ago to very positive right now; everyone's just focused on the Saudis and they seem quite determined".

No details have been released on the size of the potential bond sale yet, however, it is expected that it could rank among the biggest issued by a firm if Aramco finances a signifcant percentage of the Sabic deal with it. Al-Falih, however, dismissed that chatter saying that "It's not going to be anywhere near the number that's been rumored". In turn, the Public Investment Fund would obtain the money it had initially hoped to raise from the Aramco IPO.

Aramco has so far largely avoided bond markets, relying nearly exclusively on its own cash or bank loans. "We are serious about restoring balance to the market", Falih said at a press conference in Riyadh.

While crude oil prices fluctuate depending on news events, global politics, and market conditions, the demand for transportation fuel continues to grow steadily, worldwide, according to the company.

Recommended

loading...
...

Teen driver crashes auto while doing 'Bird Box' blindfold challenge Teen driver crashes auto  while doing 'Bird Box' blindfold challenge A driver in Layton, Utah , crashed her auto while wearing a blindfold - a stunt inspired by the Netflix movie " Bird Box ". " Bird Box Challenge while driving.predictable result", the Layton Police Department tweeted following the accident.

Unai Emery makes major change to Arsenal training after player concerns Unai Emery makes major change to Arsenal training after player concerns Arsenal travel to West Ham on Saturday before hosting Chelsea , the Blues occupying fourth place in the table, in a Premier League London derby next weekend.

Netflix faces trademark suit over Black Mirror: Bandersnatch This idea does make some sense, considering the more than 265 million copies of the books have been sold over the years. Chooseco is demanding at least $25 million in damages or Netflix's profits, whichever figure is higher.

Morata to Atletico? I can't confirm or deny anything - Simeone Morata to Atletico? I can't confirm or deny anything - Simeone This season Alvaro Morata has played in 24 games for Chelsea in all competitions scoring just five nine goals . Morata was signed by Chelsea to replace Diego Costa, who rejoined Atletico .

Donald Trump teases changes for H-1B visa holders Democrats say the wall project, which carries a total price tag of more than $20 billion, is expensive, ineffective and immoral. Trump campaigned for president on a promise to crack down on immigrants, who he said took jobs away from U.S. citizens.

New software can be used to track shared Netflix accounts New software can be used to track shared Netflix accounts Many casual users will be happy to pay an additional fee for a premium, shared service with a greater number of concurrent users. Synamedia says the system has already begun trials, though no official release date has been set as of yet.

FDA Halts Routine Food Inspections Due to Government Shutdown FDA Halts Routine Food Inspections Due to Government Shutdown Department of Agriculture. "We are doing what we can to mitigate any risk to consumers through the shutdown", Gottlieb said. He's now working on a plan to call back 150 inspectors to focus on the high-risk facilities.

Ashley Judd's harassment claims against Harvey Weinstein dismissed Ashley Judd's harassment claims against Harvey Weinstein dismissed Dozens of women have accused Weinstein of rape and sexual misconduct that allegedly took place over decades. ET confirms that Ashley Judd's sexual harassment claim against the 66-year-old producer has been released.

Belgian expert reveals truth to Yannick Carrasco deal claims Belgian expert reveals truth to Yannick Carrasco deal claims Since moving to China , the Belgian winger has provided seven goals and nine assists in 26 games at Dalian Yifang . Manchester United were linked at the weekend with a move for Carrasco and AC Milan are also believed to be keen.

U.S. cancer death rate hits milestone U.S. cancer death rate hits milestone But cancer is the leading cause of death in many states and among Hispanics, Asian Americans and people under 80 years of age. Leukemia accounts for nearly a third (28%) of all childhood cancers, followed by brain and other nervous system tumors (26%).

'Criminal Minds' to end with Season 15 'Criminal Minds' to end with Season 15 The Criminal Minds team will film the final 10 episodes this spring to film straight through after Season 14 is completed. CBS has announced it has renewed the long-running Criminal Minds TV show for a 15th and final season.

Chocolates, caramels sold nationwide may be contaminated with Hepatitis A Chocolates, caramels sold nationwide may be contaminated with Hepatitis A The FDA said it is working with the company on a voluntary recall of the sweets and will release details as they become available. It was discovered that a worker that was employed with the company until November 23, 2018 was tested positive for Hepatitis A.

Apple plans to launch three new iPhone models this year Apple plans to launch three new iPhone models this year Among other features, the LCD display lets Apple sell the XR at a lower price than the OLED-display-toting iPhone XS and XS Max . Apple doesn't do CES , but Apple-related news and rumors usually dominate the biggest consumer electronics show of the year.

Stephen Constantine aiming to lead India to historic qualification in Asian Cup Stephen Constantine aiming to lead India to historic qualification in Asian Cup UAE had their hands full in dealing with India's growing offensive presence and could barely conjure attacks of their own. But India can not sit on its laurels for long as they are up for a much tougher opponent in the form of UAE on Thursday.

B.C. telescope picks up mysterious repeating fast radio burst B.C. telescope picks up mysterious repeating fast radio burst The CHIME telescope in British Columbia will search our universe for phenomena such as fast radio bursts , pulsars and more. The project wasn't yet living up to its full potential, suggesting that there are plenty more bursts to be discovered.