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Aramco, Lebanon, Persian Gulf oil: A guide to Middle East risks in 2020

Aramco, Lebanon, Persian Gulf oil: A guide to Middle East risks in 2020

If 2019 was the year when a clutch of Middle East markets burst into the mainstream, then 2020 will test whether the foreign money keeps flooding in. Saudi Aramco welcomes the new agreement signed between the Kingdom of Saudi Arabia and the State of Kuwait. The year opened with five Gulf Arab economies joining JPMorgan...

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OPEC+ agrees to redistribute oil cuts under Saudi pressure

OPEC+ agrees to redistribute oil cuts under Saudi pressure

OPEC+ will adjust its output target and redistribute production cuts between its members under pressure from Saudi Arabia. China’s record imports of crude oil in November underscore both the challenges and risks facing OPEC. Brent rises 3% in wk;WTI up 7% in biggest weekly gain since June. It has long carried an outsized share of...

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Saudi Aramco pitches itself as the low-carbon investors’ choice

Saudi Aramco pitches itself as the low-carbon investors’ choice

The world’s largest oil producer has pumped about 116 Bbbl of crude oil. The proposed joint venture with Air Products and ACWA Power will own and operate the Jazan Integrated Gasification Combined Cycle. The event runs through Thursday, is expected to draw more than 600 attendees. The giant fields below the kingdom’s desert and the...

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Aramco IPO retail offering fully covered with one day to go

Aramco IPO retail offering fully covered with one day to go

The retail tranche of Saudi Aramco’s initial public offering is fully covered with one day to go after 3.7 million investors applied. Saudi Aramco recently honored a number of local manufacturers distinguished for offering high-quality products. Saudi Aramco is participating in the 2019 Abu Dhabi International Petroleum Exhibition & Conference (ADIPEC). Company issued a prospectus...

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Aramco valuation falls short of crown prince’s $2 trillion target

Aramco valuation falls short of crown prince’s $2 trillion target

Saudi Arabia put a valuation on state-owned oil giant Aramco of between $1.6 trillion and $1.71 trillion. Saudi Aramco recently honored a number of local manufacturers distinguished for offering high-quality products. $2 trillion target sought by Crown Prince Mohammed bin Salman since he first mooted an initial public offering in 2016. Saudi Aramco is participating...

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OPEC predicts U.S. shale will steal market share for years to come

OPEC predicts U.S. shale will steal market share for years to come

OPEC slashed estimates for the amount of oil it will need to pump in coming years. OPEC will supply a diminishing amount of oil in the next five years. Brent crude futures fell 39 cents, or 0.6%, to $60.78 a barrel by 0111 GMT. It projecting that its share of world markets will shrink until...

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McDermott financing lifeline faces possible bondholder hurdle

McDermott financing lifeline faces possible bondholder hurdle

McDermott’s bondholders could make it difficult for the embattled energy-industry contractor. McDermott’s Lummus Technology is the master licensor of multiple licensed units. New facility underscores strong lender support for McDermott. The company said last week that it received an initial $550 million term loan. It awarded for FEED design competition by POSCO INTERNATIONAL Corporation. $100...

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Targeting a $2 trillion valuation, Aramco readies IPO plan for October

Targeting a $2 trillion valuation, Aramco readies IPO plan for October

Saudi Aramco will kick off its much-anticipated initial public offering next month. Aramco’s Exploration admin area introduces an additional innovative approach. More than 600 upcoming Saudi Arabia construction projects worth $130 billion (SR500 billion) were presented. The oil giant recovers faster than expected from the biggest terror attacks in its history. A new collaboration between...

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Aramco lining up banks as IPO is coming “very soon”, per the CEO

Aramco lining up banks as IPO is coming “very soon”, per the CEO

State oil giant Saudi Aramco said it’s lining up banks for its long-awaited initial public offering as the sale is now imminent. The launch of NIC will play an important role in advancing nonmetallic solutions across industries. Banks will be chosen “soon,” Chief Executive Officer Amin Nasser said at an industry conference in Abu Dhabi....

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Sparrows Group secures approved supplier status from Saudi Aramco

Sparrows Group secures approved supplier status from Saudi Aramco

Sparrows Group, has bolstered its position in Saudi Arabia after securing vendor approval status. Sparrows Group has been awarded their first contract for the provision of rigging loft maintenance services. Sparrows Group has appointed Deladi Petroleum Services Sdn Bhd. Sparrows Group has selected Thai service and supply company J. S. Technical Services Co., Ltd. Sparrows...