Aramco Showcases Oil-Attack Recovery Though Damage Remains - Bloomberg:
Saudi Aramco showed it has made significant progress in restoring damaged oil infrastructure to normal operation just a month after a devastating aerial attack halted production. But work remains to be done.
A visit to the Khurais oil field on Saturday revealed gleaming stabilization towers, four of which were hit in the strike by missiles and drones on Sept. 14. While one of the towers shown to reporters remained a charred wreck, Aramco insisted that the site is now able to operate at full capacity for limited periods.
Workers at the state-run oil giant worked 24 hours a day to restore output after the attacks on Khurais and the Abqaiq processing plant disabled 5% of global supply. A trip to Khurais a week after the assault showed equipment scorched and ruptured, with several stabilization units -- 90-meter (300-foot) towers that reduce pressure and remove gas from the crude -- burnt out.
Saturday, 12 October 2019
#Iran Now Says Saudi Arabian Missiles Did Not Hit Oil Tanker - Bloomberg
Iran Now Says Saudi Arabian Missiles Did Not Hit Oil Tanker - Bloomberg:
A statement from National Iranian Tanker Company now says that missiles that struck its tanker didn’t come from Saudi Arabia. Bloomberg's Stuart Wallace reports on "Bloomberg Surveillance." (Source: Bloomberg)
A statement from National Iranian Tanker Company now says that missiles that struck its tanker didn’t come from Saudi Arabia. Bloomberg's Stuart Wallace reports on "Bloomberg Surveillance." (Source: Bloomberg)
It May Take More Than a Tanker Attack to Quell Oil Short-Selling - Bloomberg
It May Take More Than a Tanker Attack to Quell Oil Short-Selling - Bloomberg:
Oil short-selling has more than doubled in three weeks, with attacks on oil facilities and tankers unable to push prices higher for very long.
Hedge fund bets on a West Texas Intermediate crude rout jumped 47% in the week ended Oct. 8, following surges of more than 30% in the previous two, data released Friday show.
Futures in New York erased early gains on Friday following missile strikes on an Iranian tanker in the Red Sea, before climbing once again ahead of a partial trade deal between the U.S. and China. Oil closed 2.2% higher at $54.70 a barrel. Crude has retraced all the gains made since the attack on Saudi Arabia’s giant Abqaiq oil-processing complex in mid-September.
Oil short-selling has more than doubled in three weeks, with attacks on oil facilities and tankers unable to push prices higher for very long.
Hedge fund bets on a West Texas Intermediate crude rout jumped 47% in the week ended Oct. 8, following surges of more than 30% in the previous two, data released Friday show.
Futures in New York erased early gains on Friday following missile strikes on an Iranian tanker in the Red Sea, before climbing once again ahead of a partial trade deal between the U.S. and China. Oil closed 2.2% higher at $54.70 a barrel. Crude has retraced all the gains made since the attack on Saudi Arabia’s giant Abqaiq oil-processing complex in mid-September.
Pearl Petroleum hires banks for debut dollar bond - document - Reuters
Pearl Petroleum hires banks for debut dollar bond - document - Reuters:
Pearl Petroleum, a consortium majority-owned by Abu Dhabi-listed Dana Gas and its affiliate Crescent Petroleum, has mandated three banks for a debut U.S. dollar-denominated bond issue, a document issued by one of the banks showed.
BofA Merrill Lynch and Morgan Stanley have been hired as joint global coordinators and joint bookrunners with SHUAA Capital as “co-manager” for the deal planned after investor meetings in London, U.S., UAE, Singapore and Hong Kong starting on Oct. 14.
Pearl Petroleum is a hydrocarbon producer operating in the Kurdistan Region of Iraq, where it fuels around 75% of power generation.
Pearl Petroleum, a consortium majority-owned by Abu Dhabi-listed Dana Gas and its affiliate Crescent Petroleum, has mandated three banks for a debut U.S. dollar-denominated bond issue, a document issued by one of the banks showed.
BofA Merrill Lynch and Morgan Stanley have been hired as joint global coordinators and joint bookrunners with SHUAA Capital as “co-manager” for the deal planned after investor meetings in London, U.S., UAE, Singapore and Hong Kong starting on Oct. 14.
Pearl Petroleum is a hydrocarbon producer operating in the Kurdistan Region of Iraq, where it fuels around 75% of power generation.
UPDATE 1- #Iran decries 'cowardly attack' on oil tanker - Reuters
UPDATE 1-Iran decries 'cowardly attack' on oil tanker - Reuters:
An Iranian government spokesman on Saturday described as a “cowardly attack” an incident that Iranian media have called the apparent targeting by missiles of an Iranian-owned oil tanker, and said Iran would respond after the facts had been studied.
“Iran is avoiding haste, carefully examining what has happened and probing facts,” spokesman Ali Rabei was quoted as saying by the official news agency IRNA.
“An appropriate response will be given to the designers of this cowardly attack, but we will wait until all aspects of the plot are clarified,” he said.
An Iranian government spokesman on Saturday described as a “cowardly attack” an incident that Iranian media have called the apparent targeting by missiles of an Iranian-owned oil tanker, and said Iran would respond after the facts had been studied.
“Iran is avoiding haste, carefully examining what has happened and probing facts,” spokesman Ali Rabei was quoted as saying by the official news agency IRNA.
“An appropriate response will be given to the designers of this cowardly attack, but we will wait until all aspects of the plot are clarified,” he said.
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