UAE's Masdar to Build $100 Million Solar Farm in Uzbekistan - Bloomberg:
Masdar, a clean energy development company based in Abu Dhabi, agreed to build a 100-megawatt photovoltaic power station in Uzbekistan’s Navoi region.
Under the agreement signed on Friday in Tashkent, Masdar will invest up to $100 million in the project, the Uzbek Ministry of Investments and Foreign trade said in a statement.
Masdar will design, finance and build the plant and operate it for 25 years. Construction will start in the first quarter of 2020 and take a year.
Friday, 8 November 2019
Aramco IPO Will Lean on Saudis and China as Fund Managers Balk - Bloomberg
Aramco IPO Will Lean on Saudis and China as Fund Managers Balk - Bloomberg:
One week into Saudi Aramco’s mammoth initial public offering and the likely shape of the deal is already emerging. Investors with political or strategic reasons to buy the stock are in, while many international money managers seem ready to pass -- at least until Crown Prince Mohammed bin Salman decides to rein in his valuation ambitions still further.
The richest Saudis are being pressed to commit large sums to the IPO. Among those considering sizable purchases are the Olayan family and Prince Alwaleed bin Talal, the billionaire investor who was held for several weeks in Riyadh’s Ritz-Carlton Hotel during the 2017 crackdown on corruption.
China, the world’s largest oil importer, may commit as much as $10 billion through sovereign wealth funds and other state-owned enterprises, according to people familiar with the situation. An investment would be a hedge against rising oil prices and chime with the objectives of Beijing’s ambitious Belt and Road program.
One week into Saudi Aramco’s mammoth initial public offering and the likely shape of the deal is already emerging. Investors with political or strategic reasons to buy the stock are in, while many international money managers seem ready to pass -- at least until Crown Prince Mohammed bin Salman decides to rein in his valuation ambitions still further.
The richest Saudis are being pressed to commit large sums to the IPO. Among those considering sizable purchases are the Olayan family and Prince Alwaleed bin Talal, the billionaire investor who was held for several weeks in Riyadh’s Ritz-Carlton Hotel during the 2017 crackdown on corruption.
China, the world’s largest oil importer, may commit as much as $10 billion through sovereign wealth funds and other state-owned enterprises, according to people familiar with the situation. An investment would be a hedge against rising oil prices and chime with the objectives of Beijing’s ambitious Belt and Road program.
The Permian paradox: Texas shale players go green to drill more - Reuters
The Permian paradox: Texas shale players go green to drill more - Reuters:
As the thirst for electricity to power drilling rigs in West Texas drives the state’s energy needs to new highs, oil and gas companies are increasingly relying on wind and solar power to ensure that the shale boom continues.
Oil and gas firms operating in the Permian shale basin in West Texas, the nation’s biggest, have been largely behind growth in the area’s energy demand, according to Electric Reliability Council of Texas (ERCOT), which oversees most of the state’s electricity grid.
Securing ample, reliable energy supply is critical to sustaining the shale boom that has helped the United States eclipse Saudi Arabia and Russia as the world’s biggest oil producer.
As the thirst for electricity to power drilling rigs in West Texas drives the state’s energy needs to new highs, oil and gas companies are increasingly relying on wind and solar power to ensure that the shale boom continues.
Oil and gas firms operating in the Permian shale basin in West Texas, the nation’s biggest, have been largely behind growth in the area’s energy demand, according to Electric Reliability Council of Texas (ERCOT), which oversees most of the state’s electricity grid.
Securing ample, reliable energy supply is critical to sustaining the shale boom that has helped the United States eclipse Saudi Arabia and Russia as the world’s biggest oil producer.
Oil rises after falling on Trump comments on U.S.-China trade - Reuters
Oil rises after falling on Trump comments on U.S.-China trade - Reuters:
Oil prices edged higher on Friday, after falling more than 1% following comments from U.S. President Donald Trump that he has not agreed to roll back tariffs on China.
Brent crude futures rose 22 cents to settle at $62.51 a barrel. West Texas Intermediate (WTI) crude rose 9 cents to settle at $57.24 a barrel.
Brent posted a weekly rise of 1.3%, while WTI gained 1.9%.
Prices pared losses in midday trade, after Brent reached a session low of $60.66 a barrel and WTI sank to $55.76 a barrel.
Oil prices edged higher on Friday, after falling more than 1% following comments from U.S. President Donald Trump that he has not agreed to roll back tariffs on China.
Brent crude futures rose 22 cents to settle at $62.51 a barrel. West Texas Intermediate (WTI) crude rose 9 cents to settle at $57.24 a barrel.
Brent posted a weekly rise of 1.3%, while WTI gained 1.9%.
Prices pared losses in midday trade, after Brent reached a session low of $60.66 a barrel and WTI sank to $55.76 a barrel.
#Saudi Aramco bankers dangle prospect of bonus payouts | Financial Times
Saudi Aramco bankers dangle prospect of bonus payouts | Financial Times:
Bankers for Saudi Aramco’s initial public offering have dangled the possibility of bonus payouts that could take the company’s annual dividend past $100bn in an effort to woo investors for a flotation tipped to be the biggest ever.
The banks charged with launching the listing have been told that shareholder payouts could be far greater than the promised minimum annual dividend of $75bn during the next five years.
“Aramco management has stressed the possibility of additional distributions to shareholders above and beyond the minimum dividend pledge,” Bank of America Merrill Lynch said in a report for investors seen by the Financial Times.
Bankers for Saudi Aramco’s initial public offering have dangled the possibility of bonus payouts that could take the company’s annual dividend past $100bn in an effort to woo investors for a flotation tipped to be the biggest ever.
The banks charged with launching the listing have been told that shareholder payouts could be far greater than the promised minimum annual dividend of $75bn during the next five years.
“Aramco management has stressed the possibility of additional distributions to shareholders above and beyond the minimum dividend pledge,” Bank of America Merrill Lynch said in a report for investors seen by the Financial Times.
Aramco Taps Billionaire Olayans, Prince Alwaleed for IPO Orders - Bloomberg
Aramco Taps Billionaire Olayans, Prince Alwaleed for IPO Orders - Bloomberg:
Saudi Arabia is negotiating commitments from its wealthiest citizens to buy stock in the Aramco initial public offering, from the Olayan family and Prince Alwaleed Bin Talal to low-profile tycoons in the oil producer’s backyard, people with knowledge of the matter said.
The billionaire Olayans, who own a major stake in Credit Suisse Group AG, are considering buying several hundred million U.S. dollars worth of Aramco shares, according to the people. Prince Alwaleed has also held talks to commit a significant amount to the IPO, the people said, asking not to be identified because the information is private.
Aramco representatives have been seeking an investment from the Almajdouie family, whose businesses range from distributing Hyundai Motor Co. vehicles in the kingdom to a large logistics operation, the people said. They have also approached members of the Al-Turki clan, who are involved in fields from real estate to general trading, food distribution and ports, the people said.
Saudi Arabia is negotiating commitments from its wealthiest citizens to buy stock in the Aramco initial public offering, from the Olayan family and Prince Alwaleed Bin Talal to low-profile tycoons in the oil producer’s backyard, people with knowledge of the matter said.
The billionaire Olayans, who own a major stake in Credit Suisse Group AG, are considering buying several hundred million U.S. dollars worth of Aramco shares, according to the people. Prince Alwaleed has also held talks to commit a significant amount to the IPO, the people said, asking not to be identified because the information is private.
Aramco representatives have been seeking an investment from the Almajdouie family, whose businesses range from distributing Hyundai Motor Co. vehicles in the kingdom to a large logistics operation, the people said. They have also approached members of the Al-Turki clan, who are involved in fields from real estate to general trading, food distribution and ports, the people said.
#Qatar Taking Some Steps to Resolve Tensions, #Saudi Official Says - Bloomberg
Qatar Taking Some Steps to Resolve Tensions, Saudi Official Says - Bloomberg:
Qatar has taken some steps toward resolving its tensions with its Gulf neighbors but must still do more, a senior Saudi official said in Washington.
Encouraging moves include Qatar’s passage of a law against financing terrorism, according to the official who briefed reporters on condition of anonymity. Saudi Arabia, the United Arab Emirates and Bahrain imposed an embargo on Qatar in June 2017 saying it needed to relinquish support for Islamist extremists and end cordial relations with Iran.
Qatar has taken some steps toward resolving its tensions with its Gulf neighbors but must still do more, a senior Saudi official said in Washington.
Encouraging moves include Qatar’s passage of a law against financing terrorism, according to the official who briefed reporters on condition of anonymity. Saudi Arabia, the United Arab Emirates and Bahrain imposed an embargo on Qatar in June 2017 saying it needed to relinquish support for Islamist extremists and end cordial relations with Iran.
Foreign Funds Balk at Crown Prince’s Valuation for Aramco IPO - Bloomberg
Aramco News: What Is Saudi Arabia Oil Giant Worth in IPO? - Bloomberg:
Saudi Arabia’s Crown Prince Mohammed Bin Salman may have lowered his valuation-target for Saudi Aramco as it prepares an initial public offering, but some of the world’s biggest investors say he’s not gone far enough.
Money managers including AllianceBernstein and Frankfurt-based Union Investment Privatfonds believe the energy giant is worth less than the figure of about $1.7 trillion that the prince is now said to be willing to accept, down from $2 trillion initially.
They’re concerned the Saudi government -- which may sell only about 2% of Aramco -- won’t give enough say to minority shareholders. Regional geopolitical risks, which were underscored when the company’s facilities were struck by missiles and drones in September, are also weighing on investors’ calculations.
Saudi Arabia’s Crown Prince Mohammed Bin Salman may have lowered his valuation-target for Saudi Aramco as it prepares an initial public offering, but some of the world’s biggest investors say he’s not gone far enough.
Money managers including AllianceBernstein and Frankfurt-based Union Investment Privatfonds believe the energy giant is worth less than the figure of about $1.7 trillion that the prince is now said to be willing to accept, down from $2 trillion initially.
They’re concerned the Saudi government -- which may sell only about 2% of Aramco -- won’t give enough say to minority shareholders. Regional geopolitical risks, which were underscored when the company’s facilities were struck by missiles and drones in September, are also weighing on investors’ calculations.
Oil falls amid doubts over U.S.-China trade deal, rising stockpiles - Reuters
Oil falls amid doubts over U.S.-China trade deal, rising stockpiles - Reuters:
Crude oil futures fell on Friday amid lingering uncertainty on whether, and when, the United States and China will agree a long-awaited deal to end their bitter trade dispute, the gloom compounded by rising crude inventories in the United States.
Brent crude, the global benchmark, was down 44 cents, or 0.7%, at $61.85 a barrel by 0739 GMT, after gaining 0.9% in the previous session. Brent is set to rise 0.4% for the week.
U.S. West Texas Intermediate (WTI) crude was down 50 cents, or 0.9%, at $56.65 a barrel. The contract rose 1.4% on Thursday and is set to rise 0.8% for the week.
The trade war between the world’s two biggest economies has slowed economic growth around the world and prompted analysts to lower forecasts for oil demand, raising concerns that a supply glut could develop in 2020.
Crude oil futures fell on Friday amid lingering uncertainty on whether, and when, the United States and China will agree a long-awaited deal to end their bitter trade dispute, the gloom compounded by rising crude inventories in the United States.
Brent crude, the global benchmark, was down 44 cents, or 0.7%, at $61.85 a barrel by 0739 GMT, after gaining 0.9% in the previous session. Brent is set to rise 0.4% for the week.
U.S. West Texas Intermediate (WTI) crude was down 50 cents, or 0.9%, at $56.65 a barrel. The contract rose 1.4% on Thursday and is set to rise 0.8% for the week.
The trade war between the world’s two biggest economies has slowed economic growth around the world and prompted analysts to lower forecasts for oil demand, raising concerns that a supply glut could develop in 2020.
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