Saudi Aramco Adds European Banks to Work on IPO - Bloomberg:
Saudi Aramco has added banks including Barclays Plc, BNP Paribas SA, Deutsche Bank AG and UBS Group AG as bookrunners on its planned initial public offering as it pushes ahead with plans for the blockbuster deal, people with knowledge of the matter said.
The energy giant also picked Credit Agricole SA, Gulf International Bank BSC and Societe Generale SA, the people said, asking not to be identified because the information is private. Aramco is planning to select about 15 bookrunners in total, including two Chinese firms, one of the people said.
Aramco is moving fast to add banks in junior roles on the deal after choosing the top underwriters last week. Bankers from the newly appointed underwriters are flying to the Middle East for meetings with Aramco starting Monday, according to the people.
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Saturday 21 September 2019
#SaudiArabia to wait for investigation before responding to attacks: minister - Reuters
Saudi Arabia to wait for investigation before responding to attacks: minister - Reuters:
Saudi Arabia will wait for the results of an investigation before responding to last weekend’s attack on its oil facilities, for which it believes Iran is responsible, a senior official said on Saturday.
Minister of State for Foreign Affairs Adel al-Jubeir told reporters that the probe, which Riyadh has invited international investigators to join, would prove that the Sept. 14 strikes came from the north.
“It was done with Iranian weapons, therefore we hold Iran accountable for this attack...” Jubeir told a news conference, declining to speculate about specific actions. “The kingdom will take the appropriate measures based on the results of the investigation, to ensure its security and stability.”
Saudi Arabia will wait for the results of an investigation before responding to last weekend’s attack on its oil facilities, for which it believes Iran is responsible, a senior official said on Saturday.
Minister of State for Foreign Affairs Adel al-Jubeir told reporters that the probe, which Riyadh has invited international investigators to join, would prove that the Sept. 14 strikes came from the north.
“It was done with Iranian weapons, therefore we hold Iran accountable for this attack...” Jubeir told a news conference, declining to speculate about specific actions. “The kingdom will take the appropriate measures based on the results of the investigation, to ensure its security and stability.”
Aramco Reiterates Vow to Recover Production by End of September - Bloomberg
Aramco Reiterates Vow to Recover Production by End of September - Bloomberg:
Saudi Aramco reiterated its commitment to bringing production back to its full capacity by the end of the month.
The company will restore 5.7 million barrels per day, said Chief Executive Officer Amin Nasser, the amount that was knocked out by recent attacks on the kingdom’s oil facilities.
“We will continue to fulfill our mission of providing the energy the world needs,” Nasser said in a message to employees commemorating Saudi Arabia’s national day. Aramco hasn’t missed any customer shipments, he said.
Saudi Aramco reiterated its commitment to bringing production back to its full capacity by the end of the month.
The company will restore 5.7 million barrels per day, said Chief Executive Officer Amin Nasser, the amount that was knocked out by recent attacks on the kingdom’s oil facilities.
“We will continue to fulfill our mission of providing the energy the world needs,” Nasser said in a message to employees commemorating Saudi Arabia’s national day. Aramco hasn’t missed any customer shipments, he said.
Why #Saudi attacks changed the calculations on regional security | Financial Times
Why Saudi attacks changed the calculations on regional security | Financial Times:
As Saudi Aramco staff struggled to comprehend the scale of the 3am drone and missile attacks on the state oil company’s crown jewels, some felt it was like doomsday. More than 10 fires raged across the company’s Abqaiq plant, the world’s largest oil processing hub, with huge flames illuminating the night sky as thick black smoke billowed over the desert.
The Khurais oilfield, south-west of Abqaiq, was also hit. The co-ordinated assaults in Saudi Arabia’s oil-rich Eastern Province caused the worst disruption to the kingdom’s oil industry in Aramco’s 86-year history, knocking out half of its daily oil production, equivalent to 5 per cent of global supply.
Riyadh described it as an attack not just on the kingdom, but also on the global energy industry. When energy markets reopened after the strikes, oil prices soared by as much as 20 per cent — the biggest percentage jump since Saddam Hussein’s Iraq invaded Kuwait in 1990.
As Saudi Aramco staff struggled to comprehend the scale of the 3am drone and missile attacks on the state oil company’s crown jewels, some felt it was like doomsday. More than 10 fires raged across the company’s Abqaiq plant, the world’s largest oil processing hub, with huge flames illuminating the night sky as thick black smoke billowed over the desert.
The Khurais oilfield, south-west of Abqaiq, was also hit. The co-ordinated assaults in Saudi Arabia’s oil-rich Eastern Province caused the worst disruption to the kingdom’s oil industry in Aramco’s 86-year history, knocking out half of its daily oil production, equivalent to 5 per cent of global supply.
Riyadh described it as an attack not just on the kingdom, but also on the global energy industry. When energy markets reopened after the strikes, oil prices soared by as much as 20 per cent — the biggest percentage jump since Saddam Hussein’s Iraq invaded Kuwait in 1990.
Pressure on #Saudi families complicates Aramco IPO | Financial Times
Pressure on Saudi families complicates Aramco IPO | Financial Times:
Saudi Arabia’s decision to pressure wealthy families in the kingdom to back the listing of its state oil giant is the latest sign Crown Prince Mohammed bin Salman has one underlying message: show me the money.
Even before last weekend’s devastating attack at the heart of the Saudi energy industry, the kingdom was trying to raise cash to fund the transformation of its economy.
A stock market listing for Saudi Aramco has long been seen as the centrepiece of Prince Mohammed’s vision, with proceeds to be funnelled into sectors beyond oil that will propel the kingdom’s economy into the future.
Saudi Arabia’s decision to pressure wealthy families in the kingdom to back the listing of its state oil giant is the latest sign Crown Prince Mohammed bin Salman has one underlying message: show me the money.
Even before last weekend’s devastating attack at the heart of the Saudi energy industry, the kingdom was trying to raise cash to fund the transformation of its economy.
A stock market listing for Saudi Aramco has long been seen as the centrepiece of Prince Mohammed’s vision, with proceeds to be funnelled into sectors beyond oil that will propel the kingdom’s economy into the future.
Hedge Funds Shrug Off #Saudi Attacks as Demand Concerns Linger - Bloomberg
Hedge Funds Shrug Off Saudi Attacks as Demand Concerns Linger - Bloomberg:
The devastating attack on Saudi Arabian oil facilities fueled a record rise in crude futures, but hedge funds didn’t take the bait.
Money managers cut bullish bets on Brent oil by 3%, the first decline in three weeks, according to data released Friday.
Following the attack that briefly halted 5% of the world’s oil production, the global benchmark surged by the most ever. But supply concerns eased quickly as state-owned oil company Saudi Aramco reassured the market that it would still meet its commitments. Brent ended the week 6.7% higher, even as demand concerns re-emerged.
The devastating attack on Saudi Arabian oil facilities fueled a record rise in crude futures, but hedge funds didn’t take the bait.
Money managers cut bullish bets on Brent oil by 3%, the first decline in three weeks, according to data released Friday.
Following the attack that briefly halted 5% of the world’s oil production, the global benchmark surged by the most ever. But supply concerns eased quickly as state-owned oil company Saudi Aramco reassured the market that it would still meet its commitments. Brent ended the week 6.7% higher, even as demand concerns re-emerged.
#SaudiArabia's foreign assets rise $13.33bln in Q2 2019 | ZAWYA MENA Edition
Saudi Arabia's foreign assets rise $13.33bln in Q2 2019 | ZAWYA MENA Edition:
Saudi Arabia’s foreign reserve assets increased by 2.7%, or SAR 49.6 billion, quarter-on-quarter, to reach SAR 1.913 trillion in the second quarter of 2019. The kingdom’s foreign assets rose by 1.5% year-on-year.
Total reserve assets went up by 2.7% quarter-on-quarter, 1.2% year-on-year, to SAR 1.923.3 trillion, during the three-month period ended 30 June 2019, the Saudi Arabian Monetary Agency’s (SAMA) data showed.
Reserves status in the International Monetary Fund (IMF) grew by 6.3% to SAR 8.1 billion in Q2-19, while investments in overseas securities fell 3.8% year-on-year to SAR 1.180 trillion in the same period.
Saudi Arabia’s foreign reserve assets increased by 2.7%, or SAR 49.6 billion, quarter-on-quarter, to reach SAR 1.913 trillion in the second quarter of 2019. The kingdom’s foreign assets rose by 1.5% year-on-year.
Total reserve assets went up by 2.7% quarter-on-quarter, 1.2% year-on-year, to SAR 1.923.3 trillion, during the three-month period ended 30 June 2019, the Saudi Arabian Monetary Agency’s (SAMA) data showed.
Reserves status in the International Monetary Fund (IMF) grew by 6.3% to SAR 8.1 billion in Q2-19, while investments in overseas securities fell 3.8% year-on-year to SAR 1.180 trillion in the same period.
#Saudi Aramco has emerged from attacks 'stronger than ever': CEO - Reuters
Saudi Aramco has emerged from attacks 'stronger than ever': CEO - Reuters:
Saudi Aramco has emerged from attacks on its oil facilities “stronger than ever”, Chief Executive Amin Nasser told employees in a message, adding that full oil production would resume by the end of this month.
The Sept. 14 attacks on the Abqaiq and Khurais plants, some of the kingdom’s biggest, caused raging fires and significant damage that halved the crude output of the world’s top oil exporter, by shutting down 5.7 million barrels per day of production.
“The fires that were intended to destroy Saudi Aramco had an unintended consequence: they galvanized 70,000 of us around a mission to rebound quickly and confidently, and Saudi Aramco has come out of this incident stronger than ever,” Nasser said in the internal message, on the occasion of the Saudi national day, to be celebrated on Sept. 23.
Saudi Aramco has emerged from attacks on its oil facilities “stronger than ever”, Chief Executive Amin Nasser told employees in a message, adding that full oil production would resume by the end of this month.
The Sept. 14 attacks on the Abqaiq and Khurais plants, some of the kingdom’s biggest, caused raging fires and significant damage that halved the crude output of the world’s top oil exporter, by shutting down 5.7 million barrels per day of production.
“The fires that were intended to destroy Saudi Aramco had an unintended consequence: they galvanized 70,000 of us around a mission to rebound quickly and confidently, and Saudi Aramco has come out of this incident stronger than ever,” Nasser said in the internal message, on the occasion of the Saudi national day, to be celebrated on Sept. 23.