Oman Commodity Trading Firm Takes Another Shot at LNG Expansion - Bloomberg
Oman’s state-owned commodities trading firm plans to grow its liquefied natural gas business from a fraction of its portfolio to one of its biggest fuels through domestic and international deals.
“LNG has to become one of our biggest products,” OQ Trading Chief Executive Wail Al Jamali said in an interview. “It’s the fuel of the future.”
Oman has its own LNG production facilities run by the state and international companies, and this is not the first time Dubai-based OQT has looked to expand its trading of the super-chilled fuel. After a previous effort a few years ago that didn’t work out, the firm decided to redefine its trading team, Al Jamali said.
“We’re starting with a new team with new ideas,” he said. “It’s not our first stint in LNG but it’s the one that I’m personally leading.”
The firm traded 2 million tons of LNG last year. OQT has an agreement with Oman LNG to receive 750,000 tons a year for four years starting in 2026 and another for 600,000 tons a year from Mexico’s Amigo LNG, if the project comes to fruition. Oman plans to expand its LNG production with a fourth train by 2029, which may be another source of supply.
“Once we’re active with Oman LNG it makes it easier to start taking a bit more risk and putting some positions on and building a portfolio,” said Al Jamali. “We start local and then go global.”
OQT wants its enlarged LNG business to be on a par with its oil products and crude businesses, which together accounted for 96% of its volumes in 2024.
Aside from LNG, OQT is sizing up downstream oil acquisition targets that use distillate and gasoline, Al Jamali said. The firm took a stake in African fuel retailer Hass Petroleum in 2017, and would like to make a similar-but-larger investment using its own balance sheet and possibly in partnership with parent company OQ.
“We need a short where I can decide if I tender out to the market or I give some of it to my own trading entity,” said Al Jamali. “The size needs to be substantial. We are now trading 55 million tons so it needs to be something that moves the needle for us.”
Tuesday, 7 October 2025
Exclusive: Emirates Global Aluminium explores bid for Brazilian aluminium firm CBA, sources say | Reuters
Exclusive: Emirates Global Aluminium explores bid for Brazilian aluminium firm CBA, sources say | Reuters
United Arab Emirates-based Emirates Global Aluminium (EGA) is exploring an acquisition of Companhia Brasileira de Aluminio, two sources said, as the Brazilian producer’s operations along the entire production chain have made it an attractive target.
EGA, jointly owned by the Abu Dhabi sovereign wealth fund Mubadala and the Dubai sovereign wealth fund Investment Corporation of Dubai, is working with Morgan Stanley as its investment banking adviser on the potential deal, the people with knowledge of the matter said.
CBA (CBAV3.SA), opens new tab had a market capitalisation of $487 million as of Monday's close, according to LSEG data. CBA's shares rose 6% on Tuesday morning after Reuters' report on EGA's interest.
The two sources spoke on condition of anonymity because the matter is private. Reuters could not determine if an offer has been made.
CBA, in which Brazilian conglomerate Votorantim S.A. owns a 69% stake according to LSEG data, produces low-carbon aluminium across seven Brazilian states.
Its operations encompass the entire aluminium production chain, from bauxite mining and refining to smelting and manufacturing diverse primary aluminium products.
EGA said it would invest to develop a $4 billion primary aluminium smelter project in Oklahoma, the first new "primary" aluminium production plant in the U.S. since 1980, according to its press release.
United Arab Emirates-based Emirates Global Aluminium (EGA) is exploring an acquisition of Companhia Brasileira de Aluminio, two sources said, as the Brazilian producer’s operations along the entire production chain have made it an attractive target.
EGA, jointly owned by the Abu Dhabi sovereign wealth fund Mubadala and the Dubai sovereign wealth fund Investment Corporation of Dubai, is working with Morgan Stanley as its investment banking adviser on the potential deal, the people with knowledge of the matter said.
CBA (CBAV3.SA), opens new tab had a market capitalisation of $487 million as of Monday's close, according to LSEG data. CBA's shares rose 6% on Tuesday morning after Reuters' report on EGA's interest.
The two sources spoke on condition of anonymity because the matter is private. Reuters could not determine if an offer has been made.
CBA, in which Brazilian conglomerate Votorantim S.A. owns a 69% stake according to LSEG data, produces low-carbon aluminium across seven Brazilian states.
Its operations encompass the entire aluminium production chain, from bauxite mining and refining to smelting and manufacturing diverse primary aluminium products.
CBA is an "all-inclusive asset" with upstream operations, its own mines and access to bauxite that could strengthen an investor's market positioning, one source said.
EGA said it continually evaluates potential opportunities for growth, but does not comment on market rumours and speculation.
CBA, Morgan Stanley and Votorantim declined to comment.
Earlier this year EGA predicted volatility in aluminium prices would continue this year due to tensions in global trade. President Donald Trump has imposed tariffs on steel and aluminium imports into the United States, which is a key market for United Arab Emirates suppliers.
EGA was among a group of companies agreeing $200 billion worth of deals with the Trump administration after the president's visit to the region in May.
EGA was among a group of companies agreeing $200 billion worth of deals with the Trump administration after the president's visit to the region in May.
EGA said it would invest to develop a $4 billion primary aluminium smelter project in Oklahoma, the first new "primary" aluminium production plant in the U.S. since 1980, according to its press release.
The plans are subject to securing a competitive long-term power supply for the plant, state and local investment incentives and tax credit arrangements, the company said, which added it was in advanced negotiations with the Public Service Company of Oklahoma (PSO) and the Oklahoma government.
EGA said in March that annual net profit for 2024 declined by 23.5% due to an impairment charge following the suspension of exports from its operations in Guinea and the introduction of a corporate tax in the United Arab Emirates.
#SaudiArabia's PIF raises 1.65 billion euros from green bond sale, IFR reports | Reuters
Saudi Arabia's PIF raises 1.65 billion euros from green bond sale, IFR reports | Reuters
Saudi Arabia's Public Investment Fund has sold 1.65 billion euros ($1.9 billion) of a dual-tranche green bond, fixed-income news service IFR reported on Tuesday.
The fund raised 800 million euros in three-year notes at 58 basis points over mid-swaps and 850 million euros for seven-year notes at 90 bps over the same benchmark after combined orders topped 8.7 billion euros, IFR said.
The indicative price for the three-year note was earlier revised to around 65 bps over mid-swaps from an initial 90-95 bps, while guidance for the seven-year tranche had been lowered to around 95 bps over mid-swaps from 125 bps.
PIF entered the green-debt market in 2022 and has since issued several U.S. dollar-denominated bonds under its Green Finance Framework, published on its website that same year.
According to the framework, proceeds can be allocated to renewable energy, clean transport and sustainable infrastructure projects, including those undertaken by PIF subsidiaries that align with Saudi Arabia’s Vision 2030 program.
Saudi Arabia's Public Investment Fund has sold 1.65 billion euros ($1.9 billion) of a dual-tranche green bond, fixed-income news service IFR reported on Tuesday.
The fund raised 800 million euros in three-year notes at 58 basis points over mid-swaps and 850 million euros for seven-year notes at 90 bps over the same benchmark after combined orders topped 8.7 billion euros, IFR said.
The indicative price for the three-year note was earlier revised to around 65 bps over mid-swaps from an initial 90-95 bps, while guidance for the seven-year tranche had been lowered to around 95 bps over mid-swaps from 125 bps.
PIF entered the green-debt market in 2022 and has since issued several U.S. dollar-denominated bonds under its Green Finance Framework, published on its website that same year.
According to the framework, proceeds can be allocated to renewable energy, clean transport and sustainable infrastructure projects, including those undertaken by PIF subsidiaries that align with Saudi Arabia’s Vision 2030 program.
Mideast Stocks: Most Gulf bourses gain on US rate cut hopes, oil
Mideast Stocks: Most Gulf bourses gain on US rate cut hopes, oil
Most Gulf stock markets closed higher on Tuesday as investor optimism over potential U.S. interest rate cuts and steady oil prices eclipsed concerns over the U.S. government shutdown.
Most Gulf stock markets closed higher on Tuesday as investor optimism over potential U.S. interest rate cuts and steady oil prices eclipsed concerns over the U.S. government shutdown.
As the shutdown extends into its second week, investors are turning to private and alternative economic data to gauge the U.S. interest rate trajectory, with a 25 basis point rate cut at this month's policy meeting appearing nearly fully priced in.
The Fed's stance carries heavy clout in the Gulf, where most currencies are pegged to the U.S. dollar, anchoring regional monetary policy.
The Fed's stance carries heavy clout in the Gulf, where most currencies are pegged to the U.S. dollar, anchoring regional monetary policy.
Dubai's main share index rose 0.5%, with top lender Emirates NBD advancing 2.6%.
In Abu Dhabi, the index finished 0.2% higher.
Oil prices - a catalyst for the Gulf's financial markets - were steady as investors weighed a smaller than expected increase to OPEC+ output in November against a backdrop of possible oversupply.
Oil prices - a catalyst for the Gulf's financial markets - were steady as investors weighed a smaller than expected increase to OPEC+ output in November against a backdrop of possible oversupply.
The Qatari index added 0.2%, supported by a 0.8% gain in Qatar Islamic Bank.
Market participants also assessed U.S. President Donald Trump's plan to end the two-year Gaza conflict, seeking relief from persistent geopolitical strains.
Market participants also assessed U.S. President Donald Trump's plan to end the two-year Gaza conflict, seeking relief from persistent geopolitical strains.
Saudi Arabia's benchmark index, however, fell 0.2%, snapping two sessions of gains, hit by a 1.8% fall in Saudi Arabian Mining Company.
Outside the Gulf, Egypt's blue-chip index finished flat.
Outside the Gulf, Egypt's blue-chip index finished flat.
Egypt's annual headline inflation rate is expected to have decreased for a fourth month running in September to 11.0%, extending a two-year downward trend, a Reuters poll found.
Subscribe to:
Comments (Atom)