Saudi Aramco plans to release first global bond | Leadership

Share
Saudi Aramco plans to release first global bond | Leadership

The Kingdom previously announced that oil and gas reserves were 264 billion barrels of oil and 307.2 trillion standard cubic feet of gas respectively as of December 31, 2017.

Mr Al-Falih reiterated Crown Prince Mohammed bin Salman's comments in 2018 that Riyadh is aiming for Aramco's initial public offering in 2021.

The government of Saudi Arabia said in a statement Wednesday that United States energy consultancy DeGolyer & MacNaughton had concluded that its oil reserves total 268.5 billion barrels.

The funding program "will be sustained over time as Saudi Aramco grows and undertakes its capital program", al-Falih said.

Reports of how Aramco plans to finance the acquisition of the majority stake in Sabic started to circulate in October a year ago, with some reports saying that Aramco may borrow US$50 billion from worldwide banks to finance that deal.

"We believe that having bonds and commercial paper as one of its sources of capital is prudent and necessary", Mr Al Falih told media on Wednesday evening.

"Bond purchasers require a lot of disclosure, so there will be plenty more information about Aramco's operations in the prospectus".

Saudi energy minister arrival is expected in Gwadar for the development of oil refinery, as revealed by Petroleum Division. "People have been sceptical about reserves".

Crude oil prices were slightly down at the start of trading on Tuesday, despite reports that Saudi Arabia cut its crude exports to help boost prices. "There is a level of investment just to maintain existing capacity and there needs to be larger investment if Saudi Arabia wanted to raise this capacity", said Mr Mallinson.

Both oil price benchmarks had jumped by around 5 per cent the previous day as financial markets around the world surged on the hopes that Washington and Beijing may soon be able to end their trade disputes, soothing fears of an all-out trade war between the two biggest economies and its possible impact on global growth.

Share

Advertisement

Related Posts

Ruth Bader Ginsburg shows 'no evidence of remaining disease,' Supreme Court says
Ginsburg was discharged from a NY hospital on Christmas day after having two cancerous growths removed from her left lung. Ginsburg has said before that she has no plans of retiring anytime soon .

FDA: Candy sold on QVC might be contaminated with Hepatitis A
It was discovered that a worker that was employed with the company until November 23, 2018 was tested positive for Hepatitis A. USA Today reports that the employee that tested positive for the virus worked at the company until November 23.

Ocasio-Cortez’s Attacks on Democrats Have Party Scrambling for Damage Control
Ocasio-Cortez is a self-proclaimed socialist democrat who has claimed higher taxes and wealth distribution are needed. Cortez means well, but there's nearly an outstanding rule: Don't attack your own people", said Rep.

Rep. Tulsi Gabbard Will Run For President In 2020
Elizabeth Warren (D-MA) was the first serious Democrat presidential contender to launch a White House exploratory committee. Rania Batrice, who was a deputy campaign manager for Sanders in 2016, said she will be Gabbard's campaign manager.

New Software Aims To Crack Down On Password Sharing For Streaming Services
Software maker Synamedia said that the artificial intelligence system looks for potentially fraudulent activity. Synamedia aims to crack down on password sharers with a new system that streaming services can pay to access.

Knicks talking possible Kanter trade with Kings
New York Knicks may have found a trade partner for the Turkish starWhat's the rumor? Hence why a third team might be needed. While he's developed into a defensive liability, he's averaging 14.4 points and 11 rebounds per game this season.

After Latest US-China Talks, Where Does the Trade Truce Stand?
He and Chinese President Xi Jinping have agreed to hold off on further tariff increases for 90 days to allow time for negotiations.

Calif. judge dismisses Ashley Judd's sexual harassment lawsuit against Harvey Weinstein
Weinstein's lawyer, Phyllis Kupferstein, said: "We believe that we will ultimately prevail on her remaining claims". She said Weinstein continued to "lord that traumatic event" over her and would mention their "little deal".

In China, Musk sure felt the love missing back home
It also delivered a total 245,240 cars in full-2018, which is more than Tesla's deliveries for all prior years, the company said. Li replied: 'If this is what you truly have in mind, we can issue you a "Chinese green card"'.

Leeds United employee 'seen acting suspiciously' outside Derby County's training ground
Tonight, the FA said: "We are aware of the incident at Derby County's training ground and we will be investigating the matter". Earlier a Derbyshire Police statement had confirmed a man was removed from a position near the club's training ground.

© 2015 ExpressNewsline. All Rights reserved.