Saudi Aramco Sets Record $25.6 Bln IPO
State-owned oil giant Saudi Aramco's initial public offering (IPO) will be the biggest in history, but will fall short of the towering $2 trillion valuation long sought by Crown Prince Mohammed bin Salman.Aramco priced its IPO at 32 riyals ($8.53) per share…
Aramco: IPO Will Come Soon
The initial public offering (IPO) for state-owned oil company Saudi Aramco will come soon, and will be a decision taken by Saudi Crown Prince Mohammed bin Salman, the kingdom's energy minister said on Wednesday.Aramco aims to announce the start of its IPO on Nov.
ReNew Power Buys Ostro Energy
ReNew Power, backed by Goldman Sachs and Canada Pension Plan Investment Board (CPPIB), said on Monday it has acquired Ostro Energy Private Ltd, backed by London-based Actis LLP, in one of India's biggest renewable energy deals. ReNew did not disclose financial details…
Indian Renewable Firms Plan $2.5 Bln in Offshore Dollar Bond Issues
Four Indian renewable power producers are planning to raise up to $2.5 billion via dollar bonds offshore because of caution among domestic lenders, banking sources said. In addition to the four solar and wind power firms, a fifth company that invests in renewable projects…
Court: $1.8B Gas Transport Tariff Row
A Norwegian court will hear an appeal next week by four firms seeking to overturn a ruling that upheld a government decision to cut offshore gas transportation tariffs. The firms - owned by Allianz, UBS, the Abu Dhabi Investment Authority and the Canada…
Once Critical, Gulf Executives Want to Do Business with Trump
Gulf executives who were upset by Donald Trump's campaign trail comments about Muslims took a conciliatory tone following his election victory and said they were open for business with the United States. In Dubai, boards displaying the President-elect's…
Can the Saudi Economy Survive Cheap Oil?
In late February, several hundred Saudi officials, company executives and foreign consultants gathered in a luxury Riyadh hotel to discuss how Saudi Arabia's economy could survive an era of cheap oil. One company manager at the event told Reuters that officials…
Santos Reports $1.93 bln Loss, Core Profit Misses Forecasts
Australian oil and gas producer Santos Ltd, which rejected a A$7.1 billion takeover last year, slid to a loss in 2015, hit by hefty writedowns, and its new boss said he was working on a strategy to shore it up against weak oil prices. Chief Executive Kevin Gallagher…
Saudi, Norway Sovereign Funds shedding European Shares
The three biggest sovereign wealth funds of oil-producing countries have been selling European equity holdings since May, a study showed on Monday, another sign of petrodollars being withdrawn from world markets. Asian funds have meanwhile continued to add European equities…
Norway wins $1.8 bln Pipeline Row
Gassled partners have six weeks to decide on appeal. An Oslo court ruled on Friday in favour of Norway in a lawsuit involving a group of international investors who argued that Norway's decision to cut natural gas pipeline tariffs would cost them 15 billion crowns ($1.8 billion) in lost earnings by 2028.
UAE Open to Meeting Indian Oil Demand
The United Arab Emirates is open to meeting any demand for oil from India, the Gulf OPEC member's economy minister Sultan bin Saeed al-Mansouri told Reuters on Monday. Mansouri was speaking after meeting with Indian Prime Minister Narendra Modi, who is in the UAE on a two-day visit.
Global Investors Move Against Norway on Gasline
A group of international investors is suing Norway in an attempt to overturn its decision to cut gas pipeline tariffs, arguing the fee reduction will cost them 15 billion crowns ($1.9 billion) in lost earnings through 2028. Challenging Norway's reputation as a predictable place to do business…
Oilfield Slowdown Seen Sapping US Diesel Demand
A sharp slowdown in oilfield work in the United States will temper demand for diesel as less of the fuel is consumed, the chief economist for a top refiner said on Tuesday. The U.S. onshore industry uses diesel to power drilling rigs, half of which have…
Suitors Queue for Morgan Stanley's Madrilena Red de Gas
Three consortia have entered the second round in the race for Spanish gas distributor Madrilena Red de Gas, majority owned by Morgan Stanley, three sources familiar with the matter said on Wednesday. Canada's CPP is bidding alongside German insurer Allianz…
Lower Oil Price Effect on GCC Economies in 2015
The Brent oil price per barrel lost more than 50% of its value from $114 in June 2014 to the current price of about $50. Coface expects it to average at $75 on average in 2015. This bearish trend is pressurizing the hydrocarbon sector in major oil producing countries and will have an impact on GCC economies.
