Friday, 20 October 2023
Mubadala, Inpex among suitors for Malaysia's SapuraOMV in $1.2-billion deal, sources say | Reuters
Mubadala, Inpex among suitors for Malaysia's SapuraOMV in $1.2-billion deal, sources say | Reuters
Abu Dhabi state fund Mubadala Investment (MUDEV.UL) and Japanese oil and gas explorer Inpex (1605.T) are among firms competing to acquire SapuraOMV in a deal expected to be worth about $1.2 billion, according to two sources with direct knowledge.
The sale of the Malaysian-headquartered oil and gas upstream company could help boost weak global merger and acquisition (M&A) activity buffeted by headwinds from a slowing world economy, higher interest rates and geopolitical tension.
Indonesian energy company Medco Energi (MEDC.JK) is also vying for SapuraOMV, an equal joint venture of Sapura Energy (SAEN.KL) and Austria's OMV (OMVV.VI), with bids due this week, the sources added.
They declined to be identified as the matter was private.
Sapura Energy declined to comment. OMV and Inpex said they had no comment. Mubadala and Medco did not immediately respond to requests for comment.
Abu Dhabi state fund Mubadala Investment (MUDEV.UL) and Japanese oil and gas explorer Inpex (1605.T) are among firms competing to acquire SapuraOMV in a deal expected to be worth about $1.2 billion, according to two sources with direct knowledge.
The sale of the Malaysian-headquartered oil and gas upstream company could help boost weak global merger and acquisition (M&A) activity buffeted by headwinds from a slowing world economy, higher interest rates and geopolitical tension.
Indonesian energy company Medco Energi (MEDC.JK) is also vying for SapuraOMV, an equal joint venture of Sapura Energy (SAEN.KL) and Austria's OMV (OMVV.VI), with bids due this week, the sources added.
They declined to be identified as the matter was private.
Sapura Energy declined to comment. OMV and Inpex said they had no comment. Mubadala and Medco did not immediately respond to requests for comment.
#Saudi Aramco’s China Deals Point to Future of Oil Demand - Bloomberg
Saudi Aramco’s China Deals Point to Future of Oil Demand - Bloomberg
If you want to know where the long-term future of oil demand lies, take a look at what Saudi Aramco has been doing lately.
Earlier this year, the world’s biggest oil company bought a stake in independent Chinese refiner Rongsheng Petrochemical Co. in exchange for supplying it with 480,000 barrels a day of crude for 20 years.
In recent weeks, it also signed agreements with a pair of smaller processors to embark on similar deals, each time exploring a 10% equity stake and an agreement to provide crude for the plants to process.
Those are long-term shows of faith in Chinese oil consumption, though they also come as the kingdom’s customers in Europe and the US balk at higher prices.
Two weeks ago, Saudi Arabia sent just 67,000 barrels a day of crude to America, the second-lowest volume on record in data going back to 2010. The lowest was this past June. Meanwhile, record prices have some European refiners asking for less crude than usual in their long-term contracts.
If you want to know where the long-term future of oil demand lies, take a look at what Saudi Aramco has been doing lately.
Earlier this year, the world’s biggest oil company bought a stake in independent Chinese refiner Rongsheng Petrochemical Co. in exchange for supplying it with 480,000 barrels a day of crude for 20 years.
In recent weeks, it also signed agreements with a pair of smaller processors to embark on similar deals, each time exploring a 10% equity stake and an agreement to provide crude for the plants to process.
Those are long-term shows of faith in Chinese oil consumption, though they also come as the kingdom’s customers in Europe and the US balk at higher prices.
Two weeks ago, Saudi Arabia sent just 67,000 barrels a day of crude to America, the second-lowest volume on record in data going back to 2010. The lowest was this past June. Meanwhile, record prices have some European refiners asking for less crude than usual in their long-term contracts.
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