EXCLUSIVE Major gas supplier Qatar Energy plans 'green' bonds -sources | Reuters
Qatar Energy, one of the world's top liquefied natural gas (LNG) suppliers, is working on a plan to reinvent itself as environmentally responsible for investors via a framework that will pave the way for it to sell "green" bonds in a deal likely to be worth several billion dollars, three sources with knowledge of the matter said.
Qatar Energy is working on establishing an Environmental, Social and Governance (ESG) framework that would allow it to issue green bonds - debt earmarked for environmentally friendly uses, the sources said.
If completed, it would be the first sale of green bonds by a national oil company in the hydrocarbon-rich Gulf.
A consultancy is working on the framework and QE sent a request for proposals to banks about two weeks ago, one of the sources said, without naming the consulting firm.
Wednesday, 27 October 2021
Oil drops more than 1% as U.S. stockpiles rise sharply | Reuters
Oil drops more than 1% as U.S. stockpiles rise sharply | Reuters
Oil prices fell on Wednesday after U.S. crude oil stockpiles rose more than expected, even as fuel inventories dropped and tanks at the nation's largest storage hub emptied further.
The bigger-than-expected rise in U.S. crude stocks gave some investors an impetus to unload long positions after strong gains in recent weeks brought both the Brent and U.S. crude benchmarks to multi-year highs.
Brent oil futures ended down $1.82, or 2.1%, to $84.58 a barrel, after closing at a seven-year high on Tuesday. U.S. West Texas Intermediate (WTI) crude settled down $1.99, or 2.4%, to $82.66 a barrel.
"We've had a reasonable pullback on profit-taking more than anything, but still $80 for (WTI) is a strong number," said Gary Cunningham, director of market research at Tradition Energy.
Oil prices fell on Wednesday after U.S. crude oil stockpiles rose more than expected, even as fuel inventories dropped and tanks at the nation's largest storage hub emptied further.
The bigger-than-expected rise in U.S. crude stocks gave some investors an impetus to unload long positions after strong gains in recent weeks brought both the Brent and U.S. crude benchmarks to multi-year highs.
Brent oil futures ended down $1.82, or 2.1%, to $84.58 a barrel, after closing at a seven-year high on Tuesday. U.S. West Texas Intermediate (WTI) crude settled down $1.99, or 2.4%, to $82.66 a barrel.
"We've had a reasonable pullback on profit-taking more than anything, but still $80 for (WTI) is a strong number," said Gary Cunningham, director of market research at Tradition Energy.
#Saudi Deal With Euroclear to Allow Foreigner Access to Debt - Bloomberg
Saudi Deal With Euroclear to Allow Foreigner Access to Debt - Bloomberg
Saudi Arabia reached an agreement with one of the world’s biggest bond clearing systems to settle transactions in its debt market.
The deal between the kingdom’s Securities Depository Center Company, known as Edaa, and Brussels-based Euroclear Bank will give foreign investors access to the sukuk and bond market within the Saudi Exchange.
Under the terms of an agreement signed at the Future Investment Initiative conference in Riyadh, the link is expected to become operational in March 2022, according to a statement on Wednesday.
“By becoming Euroclearable, this G-20 market will gain direct exposure to a wider international investor base, which will result in improved liquidity and cost efficiencies,” said Lieve Mostrey, chief executive officer of Euroclear Group.
Saudi Arabia reached an agreement with one of the world’s biggest bond clearing systems to settle transactions in its debt market.
The deal between the kingdom’s Securities Depository Center Company, known as Edaa, and Brussels-based Euroclear Bank will give foreign investors access to the sukuk and bond market within the Saudi Exchange.
Under the terms of an agreement signed at the Future Investment Initiative conference in Riyadh, the link is expected to become operational in March 2022, according to a statement on Wednesday.
“By becoming Euroclearable, this G-20 market will gain direct exposure to a wider international investor base, which will result in improved liquidity and cost efficiencies,” said Lieve Mostrey, chief executive officer of Euroclear Group.
#Saudi investment min says FDI up 60% this year, excluding Aramco pipeline deal | Reuters
Saudi investment min says FDI up 60% this year, excluding Aramco pipeline deal | Reuters
Saudi Arabia's investment minister said on Wednesday foreign direct investment (FDI) had seen a big jump this year, even without Aramco's oil pipeline sale.
Minister Khalid al-Falih told an investment conference: "FDI has been fantastic this year ... 60% jump excluding Aramco oil pipeline."
Saudi oil producer Aramco (2222.SE) has agreed in April a $12.4 billion deal to sell a 49% stake in its pipelines to a consortium led by U.S.-based EIG Global Energy Partners.
Saudi Arabia and Britain also signed a memorandum of understanding to promote bilateral investment flows.
Saudi Arabia's investment minister said on Wednesday foreign direct investment (FDI) had seen a big jump this year, even without Aramco's oil pipeline sale.
Minister Khalid al-Falih told an investment conference: "FDI has been fantastic this year ... 60% jump excluding Aramco oil pipeline."
Saudi oil producer Aramco (2222.SE) has agreed in April a $12.4 billion deal to sell a 49% stake in its pipelines to a consortium led by U.S.-based EIG Global Energy Partners.
Saudi Arabia and Britain also signed a memorandum of understanding to promote bilateral investment flows.
#SaudiArabia Says in Talks With Car Makers for West Coast Hub - Bloomberg
Saudi Arabia Says in Talks With Car Makers for West Coast Hub - Bloomberg
Saudi Arabia is in talks with auto manufacturers to establish a presence in the kingdom on the West Coast of the kingdom, according to Industry and Mineral Resources Minister Bandar Alkhorayef.
There are “a couple of projects” underway for automakers to a establish manufacturing presence in Saudi Arabia, he said in an interview in Riyadh. The King Abdullah Economic City has been chosen as the location for these projects, he said.
The kingdom is also conducting a geological survey to identify potential mineral desposits as it looks to develop its mining industry, he said. “A large number of these minerals and metals are critical to the technologies that will drive a sustainable future and are in high demand.”
Saudi Arabia has been looking to develop a car making industry in the kingdom for over a decade.
Lucid Motors, which is part owned by Saudi Arabia’s sovereign wealth fund, is looking to build a manufacturing plant as part of a strategy to develop an auto-making hub in the country, people familiar with the plan told Bloomberg in January.
Saudi Arabia is in talks with auto manufacturers to establish a presence in the kingdom on the West Coast of the kingdom, according to Industry and Mineral Resources Minister Bandar Alkhorayef.
There are “a couple of projects” underway for automakers to a establish manufacturing presence in Saudi Arabia, he said in an interview in Riyadh. The King Abdullah Economic City has been chosen as the location for these projects, he said.
The kingdom is also conducting a geological survey to identify potential mineral desposits as it looks to develop its mining industry, he said. “A large number of these minerals and metals are critical to the technologies that will drive a sustainable future and are in high demand.”
Saudi Arabia has been looking to develop a car making industry in the kingdom for over a decade.
Lucid Motors, which is part owned by Saudi Arabia’s sovereign wealth fund, is looking to build a manufacturing plant as part of a strategy to develop an auto-making hub in the country, people familiar with the plan told Bloomberg in January.
#Saudi State Miner Will Spend ‘Huge Amount’ on Battery Metals - Bloomberg video
Saudi State Miner Will Spend ‘Huge Amount’ on Battery Metals - Bloomberg
Saudi Arabia’s state miner said it would start to invest heavily in battery metals, as prices soar with the uptake of electric vehicles and the growth of wind and solar power.
“In the next 10 to 20 years we are going to spend huge amount of money looking for those metals in Saudi Arabia,” Abdulaziz Al Harbi, chief executive officer of Maaden, said to Bloomberg Television in Riyadh, when asked about nickel and lithium.
Investors are increasingly focused on what deposits of metals needed to make batteries the vast desert kingdom might contain. EV Metals Group Plc, an Australian company, announced a $3 billion project this month for the exploration and processing of minerals including lithium and nickel in Saudi Arabia. It’s unclear if Maaden will be involved.
The company’s earnings have soared this year amid a broad commodities boom, driven by major economies recovering from the coronavirus pandemic. Maaden made a profit of 1.27 billion riyals ($340 million) in the third quarter, up from 6.5 million riyals a year earlier. Revenue rose to a record of 6.7 billion riyals.
“In the next 10 to 20 years we are going to spend huge amount of money looking for those metals in Saudi Arabia,” Abdulaziz Al Harbi, chief executive officer of Maaden, said to Bloomberg Television in Riyadh, when asked about nickel and lithium.
Investors are increasingly focused on what deposits of metals needed to make batteries the vast desert kingdom might contain. EV Metals Group Plc, an Australian company, announced a $3 billion project this month for the exploration and processing of minerals including lithium and nickel in Saudi Arabia. It’s unclear if Maaden will be involved.
The company’s earnings have soared this year amid a broad commodities boom, driven by major economies recovering from the coronavirus pandemic. Maaden made a profit of 1.27 billion riyals ($340 million) in the third quarter, up from 6.5 million riyals a year earlier. Revenue rose to a record of 6.7 billion riyals.
Mideast Stocks: Major Gulf bourses in red; Aramco hit $2trln valuation | ZAWYA MENA Edition
Mideast Stocks: Major Gulf bourses in red; Aramco hit $2trln valuation | ZAWYA MENA Edition
Major Gulf bourses ended lower on Wednesday as oil prices retreated following a more-than-expected rise in stockpiles, while the Egyptian bourse extended gains.
Saudi Arabia's benchmark index fell 0.3%, with petrochemical maker Saudi Basic Industries Corp2010.SE and Al Rajhi Bank losing 1.2% and 0.3%, respectively.
The market was in the red amid decreasing oil prices and as investors continue to take their profits after the main index reached a multi-year high, said Wael Makarem, senior market strategist at Exness.
"The market could resume its move higher as soon as oil prices show strength again."
Bucking the trend, oil behemoth Saudi Aramco gained 0.8% at 37.7 riyals per share, its highest close since Dec. 17, 2019, fetching a little over $2 trillion valuation.
Aramco said on Tuesday it has signed five memorandums of understanding as part of an initiative to tackle greenhouse gas emissions.
Also, the oil giant is expected to report its third-quarter earnings on Sunday.
Elsewhere, Banque Saudi Fransi jumped 4%, following a sharp rise in quarterly net profit.
Outside the Gulf, Egypt's blue-chip index rose 0.8%, with top lender Commercial International Bank climbing 3.1%.
All but one of 18 analysts polled by Reuters believe the Egyptian central bank would keep rates unchanged at a meeting on Thursday as it strives to attract portfolio investment while tamping down inflation.
In Abu Dhabi, the index dropped 0.6%, weighed down by a 1.9% fall in the United Arab Emirates' largest lender First Abu Dhabi Bank, ahead of its earnings.
On the other hand, Fertiglobe, a joint venture between Abu Dhabi National Oil Company and chemicals producer OCI, surged about 18% above its listing price of 2.55 dirhams in its market debut.
Dubai's main share index eased 0.1%, hit by a 4.2% slide in logistic firm Aramex, extending losses for a second consecutive session.
But Dubai Islamic Bank, the country's largest sharia-compliant lender, advanced 1.2%, after it reported a quarterly net profit of 1.21 billion dirhams, up from 1 billion dirhams year ago.
The Qatari benchmark lost 0.4%, with Commercial Bank shedding 1.8%, while telecoms firm Ooredoo declined 2.4%, ahead of its earnings.
Major Gulf bourses ended lower on Wednesday as oil prices retreated following a more-than-expected rise in stockpiles, while the Egyptian bourse extended gains.
Saudi Arabia's benchmark index fell 0.3%, with petrochemical maker Saudi Basic Industries Corp2010.SE and Al Rajhi Bank losing 1.2% and 0.3%, respectively.
The market was in the red amid decreasing oil prices and as investors continue to take their profits after the main index reached a multi-year high, said Wael Makarem, senior market strategist at Exness.
"The market could resume its move higher as soon as oil prices show strength again."
Bucking the trend, oil behemoth Saudi Aramco gained 0.8% at 37.7 riyals per share, its highest close since Dec. 17, 2019, fetching a little over $2 trillion valuation.
Aramco said on Tuesday it has signed five memorandums of understanding as part of an initiative to tackle greenhouse gas emissions.
Also, the oil giant is expected to report its third-quarter earnings on Sunday.
Elsewhere, Banque Saudi Fransi jumped 4%, following a sharp rise in quarterly net profit.
Outside the Gulf, Egypt's blue-chip index rose 0.8%, with top lender Commercial International Bank climbing 3.1%.
All but one of 18 analysts polled by Reuters believe the Egyptian central bank would keep rates unchanged at a meeting on Thursday as it strives to attract portfolio investment while tamping down inflation.
In Abu Dhabi, the index dropped 0.6%, weighed down by a 1.9% fall in the United Arab Emirates' largest lender First Abu Dhabi Bank, ahead of its earnings.
On the other hand, Fertiglobe, a joint venture between Abu Dhabi National Oil Company and chemicals producer OCI, surged about 18% above its listing price of 2.55 dirhams in its market debut.
Dubai's main share index eased 0.1%, hit by a 4.2% slide in logistic firm Aramex, extending losses for a second consecutive session.
But Dubai Islamic Bank, the country's largest sharia-compliant lender, advanced 1.2%, after it reported a quarterly net profit of 1.21 billion dirhams, up from 1 billion dirhams year ago.
The Qatari benchmark lost 0.4%, with Commercial Bank shedding 1.8%, while telecoms firm Ooredoo declined 2.4%, ahead of its earnings.
Teva Pharm Q3 profit misses estimates, to sell $4 bln in bonds | Reuters
Teva Pharm Q3 profit misses estimates, to sell $4 bln in bonds | Reuters
Israel-based Teva Pharmaceutical Industries (TEVA.TA) reported third-quarter profit that missed estimates, citing lower North American sales while Huntington’s disease treatment Austedo and migraine product Ajovy continue to show revenue gains.
The world's largest generic drugmaker said on Wednesday it earned 59 cents per diluted share excluding one-time items in the July-September period, up from 58 cents a share a year earlier. Revenue fell 2% to $3.89 billion.
Analysts had forecast Teva would earn 65 cents a share ex-items on revenue of $4.03 billion, according to I/B/E/S data from Refinitiv.
Teva reaffirmed its 2021 forecasts of adjusted EPS of $2.50-$2.70 and revenue of $16.0-$16.4 billion, compared with adjusted EPS of $2.57 and revenue of $16.7 billion in 2020.
Israel-based Teva Pharmaceutical Industries (TEVA.TA) reported third-quarter profit that missed estimates, citing lower North American sales while Huntington’s disease treatment Austedo and migraine product Ajovy continue to show revenue gains.
The world's largest generic drugmaker said on Wednesday it earned 59 cents per diluted share excluding one-time items in the July-September period, up from 58 cents a share a year earlier. Revenue fell 2% to $3.89 billion.
Analysts had forecast Teva would earn 65 cents a share ex-items on revenue of $4.03 billion, according to I/B/E/S data from Refinitiv.
Teva reaffirmed its 2021 forecasts of adjusted EPS of $2.50-$2.70 and revenue of $16.0-$16.4 billion, compared with adjusted EPS of $2.57 and revenue of $16.7 billion in 2020.
Oil drops 1% as U.S. stockpiles sap rally | Reuters
Oil drops 1% as U.S. stockpiles sap rally | Reuters
Oil prices fell on Wednesday after industry data showed crude oil stockpiles rose more than expected and fuel inventories increased unexpectedly last week in the United States, the world's largest oil consumer.
Brent oil futures were down 88 cents, or 1%, to $85.52 a barrel at 1400 GMT after closing at the highest level in seven years on Tuesday.
West Texas Intermediate (WTI) futures were down 76 cents, or 0.9%, at $83.89 after gaining 1.1% in the previous session.
Both benchmarks remain near multi-year highs and closed on Friday with a seventh straight weekly gain as major producers hold back supply and demand rebounds after the easing of pandemic restrictions.
Oil prices fell on Wednesday after industry data showed crude oil stockpiles rose more than expected and fuel inventories increased unexpectedly last week in the United States, the world's largest oil consumer.
Brent oil futures were down 88 cents, or 1%, to $85.52 a barrel at 1400 GMT after closing at the highest level in seven years on Tuesday.
West Texas Intermediate (WTI) futures were down 76 cents, or 0.9%, at $83.89 after gaining 1.1% in the previous session.
Both benchmarks remain near multi-year highs and closed on Friday with a seventh straight weekly gain as major producers hold back supply and demand rebounds after the easing of pandemic restrictions.
Pepsico, KPMG Among 40 Firms to Open Regional HQ in #SaudiArabia - Bloomberg
Pepsico, KPMG Among 40 Firms to Open Regional HQ in Saudi Arabia - Bloomberg
More than 40 global companies including Baker Hughes Co., KPMG and Schlumberger received licenses Wednesday to open their regional headquarters in Saudi Arabia, as the oil-exporting kingdom steps up competition with the Middle East’s business hub, Dubai.
The firms will get exemptions from work visa limits, eased regulations, and help with the relocation of staff under a new program to facilitate business, according to a website for the program and Hosam Alqurashi, a senior adviser at the Royal Commission for Riyadh City. The companies that have signed up so far also include Deloitte, Pepsico, Unilever, Siemens and Philips, according to a presentation Alqurashi gave at an investment conference in Riyadh.
Around half of the companies that received their permits this week had already signed agreements in January to relocate their regional headquarters to the kingdom. The rest were new.
Saudi officials are pushing to transform their desert capital into the new hub for business and talent in the Middle East as Crown Prince Mohammed bin Salman overhauls the economy and revamps regulations to attract more investment.
Multinational companies have typically chosen free-wheeling Dubai in the neighboring United Arab Emirates as their regional base, but competition is heating up as Saudi Arabia, with a much bigger land mass and population, opens up by easing social restrictions and welcoming tourists for the first time.
More than 40 global companies including Baker Hughes Co., KPMG and Schlumberger received licenses Wednesday to open their regional headquarters in Saudi Arabia, as the oil-exporting kingdom steps up competition with the Middle East’s business hub, Dubai.
The firms will get exemptions from work visa limits, eased regulations, and help with the relocation of staff under a new program to facilitate business, according to a website for the program and Hosam Alqurashi, a senior adviser at the Royal Commission for Riyadh City. The companies that have signed up so far also include Deloitte, Pepsico, Unilever, Siemens and Philips, according to a presentation Alqurashi gave at an investment conference in Riyadh.
Around half of the companies that received their permits this week had already signed agreements in January to relocate their regional headquarters to the kingdom. The rest were new.
Saudi officials are pushing to transform their desert capital into the new hub for business and talent in the Middle East as Crown Prince Mohammed bin Salman overhauls the economy and revamps regulations to attract more investment.
Multinational companies have typically chosen free-wheeling Dubai in the neighboring United Arab Emirates as their regional base, but competition is heating up as Saudi Arabia, with a much bigger land mass and population, opens up by easing social restrictions and welcoming tourists for the first time.
Oil drops more than 1% as U.S. stockpiles sap rally | Reuters
Oil drops more than 1% as U.S. stockpiles sap rally | Reuters
Oil prices fell on Wednesday after industry data showed crude oil stockpiles rose more than expected and fuel inventories increased unexpectedly last week in the United States, the world's largest oil consumer.
Brent oil futures fell $1.01 cents, or 1.2%, to $85.39 a barrel by 1050 GMT after closing at the highest level in seven years on Tuesday.
West Texas Intermediate (WTI) futures were down $1.19, or 1.4%, at $83.46 after gaining 1.1% in the previous session.
Both benchmarks remain near multi-year highs and closed on Friday with a seventh straight weekly gain as major producers hold back supply and demand rebounds after the easing of pandemic restrictions.
Oil prices fell on Wednesday after industry data showed crude oil stockpiles rose more than expected and fuel inventories increased unexpectedly last week in the United States, the world's largest oil consumer.
Brent oil futures fell $1.01 cents, or 1.2%, to $85.39 a barrel by 1050 GMT after closing at the highest level in seven years on Tuesday.
West Texas Intermediate (WTI) futures were down $1.19, or 1.4%, at $83.46 after gaining 1.1% in the previous session.
Both benchmarks remain near multi-year highs and closed on Friday with a seventh straight weekly gain as major producers hold back supply and demand rebounds after the easing of pandemic restrictions.
#UAE, #Qatar, #Saudi lead MENA debt market activity totalling $90bln | ZAWYA MENA Edition
UAE, Qatar, Saudi lead MENA debt market activity totalling $90bln | ZAWYA MENA Edition
Debt Capital Markets (DCM) in the MENA region totaled $90.9 billion during the first nine months of 2021, down 8 percent compared to the same period last year, according to Refinitiv.
The UAE was the top nation in DCM activity, with $25.8 billion in related proceeds. Qatar came in second, with $20.1 billion in related proceeds followed, by Saudi Arabia, Egypt and Oman.
Investment-grade corporate debt recorded a total of $62.3 billion, equivalent to 68 percent of total DCM proceeds and the highest year-to-date total since records began in 1980, the global data provider said.
The financials industry remained the top-performing industry from last quarter with $37.9 billion in proceeds so far in 2021.
The largest deal of the year so far is the $12.4 billion bond sale from state energy company Qatar Petroleum Corp back in June this year. This was followed by Saudi Aramco's $6 billion sukuk for funding its dividend.
The oil giant's debut $12 billion bond deal in 2019 was followed by an $8 billion, five-part transaction in November last year, both used to fund its dividend.
Debt Capital Markets (DCM) in the MENA region totaled $90.9 billion during the first nine months of 2021, down 8 percent compared to the same period last year, according to Refinitiv.
The UAE was the top nation in DCM activity, with $25.8 billion in related proceeds. Qatar came in second, with $20.1 billion in related proceeds followed, by Saudi Arabia, Egypt and Oman.
Investment-grade corporate debt recorded a total of $62.3 billion, equivalent to 68 percent of total DCM proceeds and the highest year-to-date total since records began in 1980, the global data provider said.
The financials industry remained the top-performing industry from last quarter with $37.9 billion in proceeds so far in 2021.
The largest deal of the year so far is the $12.4 billion bond sale from state energy company Qatar Petroleum Corp back in June this year. This was followed by Saudi Aramco's $6 billion sukuk for funding its dividend.
The oil giant's debut $12 billion bond deal in 2019 was followed by an $8 billion, five-part transaction in November last year, both used to fund its dividend.
Fertiglobe Surges 20% in #AbuDhabi Debut After $795 Million IPO - Bloomberg
Fertiglobe Surges 20% in Abu Dhabi Debut After $795 Million IPO - Bloomberg
Fertiglobe Holdings, the fertilizer maker backed by U.S. hedge fund investor Jeff Ubben and a Singapore wealth fund, jumped 20% on its trading debut following a $795 million initial public offering.
The shares opened at 3.06 dirhams on Wednesday in Abu Dhabi. State-controlled Abu Dhabi National Oil Co. and OCI NV had sold just under 14% of Fertiglobe at 2.55 dirhams per share, valuing the company at $5.8 billion.
Fertiglobe’s listing is the emirate’s third largest. Singapore sovereign wealth fund GIC Pte and Ubben’s Inclusive Capital Partners committed $150 million between them to the deal.
The IPO is the latest in a series of heavily-oversubscribed listings in the United Arab Emirates and neighboring Saudi Arabia. A surge in oil prices has boosted both economies and liquidity on their equity markets.
Fertiglobe Holdings, the fertilizer maker backed by U.S. hedge fund investor Jeff Ubben and a Singapore wealth fund, jumped 20% on its trading debut following a $795 million initial public offering.
The shares opened at 3.06 dirhams on Wednesday in Abu Dhabi. State-controlled Abu Dhabi National Oil Co. and OCI NV had sold just under 14% of Fertiglobe at 2.55 dirhams per share, valuing the company at $5.8 billion.
Fertiglobe’s listing is the emirate’s third largest. Singapore sovereign wealth fund GIC Pte and Ubben’s Inclusive Capital Partners committed $150 million between them to the deal.
The IPO is the latest in a series of heavily-oversubscribed listings in the United Arab Emirates and neighboring Saudi Arabia. A surge in oil prices has boosted both economies and liquidity on their equity markets.
GIP says will not bid for #Saudi Aramco's gas pipelines | Reuters
GIP says will not bid for Saudi Aramco's gas pipelines | Reuters
Private equity firm Global Infrastructure Partners (GIP) will not bid for Saudi Aramco's gas pipeline assets but is looking at other assets in the region, GIP founding partner Matthew Harris said on Wednesday.
There are other candidates for such opportunities in the region, including Qatar, Kuwait and Oman, Harris told Reuters on the sidelines of the Future Investment Initiative conference in Riyadh.
Investment opportunities exist in oil infrastructure, gas and LNG assets, he said.
Saudi Aramco (2222.SE) is looking to raise at least $17 billion from the sale of a significant minority stake in its gas pipelines, sources previously told Reuters.
Reuters reported in August that companies that have been in talks for Aramco's gas pipeline assets include Global Infrastructure Partners (GIP), Brookfield and Singapore sovereign wealth fund GIC. read more
Aramco and other Gulf oil producers are following Abu Dhabi and its plans to raise tens of billions of dollars through sales of stakes in energy assets, capitalising on a rebound in crude prices to attract foreign investors.
Private equity firm Global Infrastructure Partners (GIP) will not bid for Saudi Aramco's gas pipeline assets but is looking at other assets in the region, GIP founding partner Matthew Harris said on Wednesday.
There are other candidates for such opportunities in the region, including Qatar, Kuwait and Oman, Harris told Reuters on the sidelines of the Future Investment Initiative conference in Riyadh.
Investment opportunities exist in oil infrastructure, gas and LNG assets, he said.
Saudi Aramco (2222.SE) is looking to raise at least $17 billion from the sale of a significant minority stake in its gas pipelines, sources previously told Reuters.
Reuters reported in August that companies that have been in talks for Aramco's gas pipeline assets include Global Infrastructure Partners (GIP), Brookfield and Singapore sovereign wealth fund GIC. read more
Aramco and other Gulf oil producers are following Abu Dhabi and its plans to raise tens of billions of dollars through sales of stakes in energy assets, capitalising on a rebound in crude prices to attract foreign investors.
Major Gulf bourses move in narrow range as oil prices fall | Reuters
Major Gulf bourses move in narrow range as oil prices fall | Reuters
Major stock markets in the Gulf traded in a narrow range in early trade on Wednesday as oil prices fell, with the Saudi index on course to extend losses from the previous session.
Brent oil futures fell 94 cents, or 1.1%, to $85.46 a barrel by 0654 GMT, after industry data showed crude oil stockpiles rose more than expected and fuel inventories unexpectedly increased last week in the United States, the world's largest oil consumer.
Saudi Arabia's benchmark index (.TASI) fell 0.4%, weighed down by 9.9% slide in Rabigh Refining and Petrochemical Company (2380.SE), after the petrochemical firm on Tuesday posted a sharp decrease sequentially in earnings.
Among other losers, SABIC Agri-Nutrients Co (2020.SE) fell 2.5%, while Saudi Arabian Mining Co (Ma'aden) (1211.SE) declined 0.5%, after the chief executive officer of the Gulf's largest miner said on Tuesday that a Board meeting in December will weigh whether it will pay out its first ever dividend.
Bucking the trend, oil behemoth Saudi Aramco (2222.SE) traded 1.1% higher on signing of five memorandum of understandings as part of an initiative to tackle greenhouse gas emissions.
The Abu Dhabi index (.ADI) eased 0.1%, hit by a 0.9% fall in the United Arab Emirates' largest lender First Abu Dhabi Bank (FAB.AD), ahead of its earnings.
On the other hand, Fertiglobe (FERTIGLOBE.AD), a joint venture between Abu Dhabi National Oil Company and chemicals producer OCI (OCI.AS), rose 21% above its listing price of 2.55 dirhams in its market debut. read more
Fertiglobe shareholders sold a 13.8% stake in the initial public offering raising around $795 million.
Dubai's main share index (.DFMGI) added 0.2%, with Dubai Islamic Bank (DISB.DU) advancing 1.2%, as the Sharia-compliant lender reported a rise in its quarterly net profit.
The Qatari benchmark (.QSI) rose 0.4%, driven by a 0.9% gain in Qatar National Bank (QNBK.QA) and a 0.4% increase in petrochemical maker Industries Qatar (IQCD.QA).
Major stock markets in the Gulf traded in a narrow range in early trade on Wednesday as oil prices fell, with the Saudi index on course to extend losses from the previous session.
Brent oil futures fell 94 cents, or 1.1%, to $85.46 a barrel by 0654 GMT, after industry data showed crude oil stockpiles rose more than expected and fuel inventories unexpectedly increased last week in the United States, the world's largest oil consumer.
Saudi Arabia's benchmark index (.TASI) fell 0.4%, weighed down by 9.9% slide in Rabigh Refining and Petrochemical Company (2380.SE), after the petrochemical firm on Tuesday posted a sharp decrease sequentially in earnings.
Among other losers, SABIC Agri-Nutrients Co (2020.SE) fell 2.5%, while Saudi Arabian Mining Co (Ma'aden) (1211.SE) declined 0.5%, after the chief executive officer of the Gulf's largest miner said on Tuesday that a Board meeting in December will weigh whether it will pay out its first ever dividend.
Bucking the trend, oil behemoth Saudi Aramco (2222.SE) traded 1.1% higher on signing of five memorandum of understandings as part of an initiative to tackle greenhouse gas emissions.
The Abu Dhabi index (.ADI) eased 0.1%, hit by a 0.9% fall in the United Arab Emirates' largest lender First Abu Dhabi Bank (FAB.AD), ahead of its earnings.
On the other hand, Fertiglobe (FERTIGLOBE.AD), a joint venture between Abu Dhabi National Oil Company and chemicals producer OCI (OCI.AS), rose 21% above its listing price of 2.55 dirhams in its market debut. read more
Fertiglobe shareholders sold a 13.8% stake in the initial public offering raising around $795 million.
Dubai's main share index (.DFMGI) added 0.2%, with Dubai Islamic Bank (DISB.DU) advancing 1.2%, as the Sharia-compliant lender reported a rise in its quarterly net profit.
The Qatari benchmark (.QSI) rose 0.4%, driven by a 0.9% gain in Qatar National Bank (QNBK.QA) and a 0.4% increase in petrochemical maker Industries Qatar (IQCD.QA).
Oil drops 1% as U.S. stockpile rise saps rally | Reuters
Oil drops 1% as U.S. stockpile rise saps rally | Reuters
Oil prices fell on Wednesday after industry data showed crude oil stockpiles rose more than expected and fuel inventories unexpectedly increased last week in the United States, the world's largest oil consumer.
Brent oil futures fell 94 cents, or 1.1%, to $85.46 a barrel by 0654 GMT after closing at the highest in seven years on Tuesday.
West Texas Intermediate (WTI) futures declined $1.02, or 1.2%, to $83.63 a barrel after gaining 1.1% in the previous session.
Crude oil inventories rose 2.3 million barrels in the week ending Oct. 22, market sources citing American Petroleum Institute figures said late on Tuesday. That was more than the expectations for a 1.9 million barrel gain.
Oil prices fell on Wednesday after industry data showed crude oil stockpiles rose more than expected and fuel inventories unexpectedly increased last week in the United States, the world's largest oil consumer.
Brent oil futures fell 94 cents, or 1.1%, to $85.46 a barrel by 0654 GMT after closing at the highest in seven years on Tuesday.
West Texas Intermediate (WTI) futures declined $1.02, or 1.2%, to $83.63 a barrel after gaining 1.1% in the previous session.
Crude oil inventories rose 2.3 million barrels in the week ending Oct. 22, market sources citing American Petroleum Institute figures said late on Tuesday. That was more than the expectations for a 1.9 million barrel gain.