Saudi Aramco plans to release first global bond | Leadership

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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.

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