DIRS.INFO The most relevant business & tech news

☆ Saudi PIF-backed ADES prices IPO at top end, implying over $4 bln valuation
▼ + stars: | 2023-09-20 | by ( ) www.reuters.com time to read: +2 min

DUBAI, Sept 20 (Reuters) - Saudi oil and gas driller ADES Holding said on Wednesday it has set the final price for its initial public offering (IPO), implying a valuation of 15.242 billion riyals ($4.06 billion) for the Saudi sovereign wealth fund-backed firm. ADES confirmed the pricing for the IPO, saying it drew nearly $76.5 billion in orders from institutional investors. Its clients include state oil giant Saudi Aramco, Kuwait Oil Company and North Oil Company in Qatar. The four banks are also bookrunners and underwriters, joined by GIB Capital, HSBC, Al Rajhi Capital and Saudi Fransi Capital. Arab National Bank, Alrajhi Bank and Saudi National Bank are the receiving agents and Lazard is independent adviser to ADES.

Persons: ADES, EFG Hermes, Goldman Sachs, Lazard, Yousef Saba, Sonia Cheema Organizations: Reuters, Saudi Exchange, Kuwait Oil Company, North Oil Company, SNB, JPMorgan, underwriters, GIB Capital, HSBC, Al, Saudi Fransi Capital, Arab National Bank, Alrajhi Bank, Saudi National Bank, Thomson Locations: DUBAI, Saudi, Khobar, ADES, East, North Africa, India, Saudi Aramco, Qatar, Al Rajhi Capital

☆ Asia's refiners face profit crunch as Kuwait cuts crude exports
▼ + stars: | 2023-08-18 | by ( Muyu Xu | ) www.reuters.com time to read: +5 min

Lower Kuwaiti exports follow cuts from OPEC kingpin Saudi Arabia that have pushed Brent prices close to $90 a barrel and left little wriggle room for Asia's refiners, reliant on the Middle East for more than two-thirds of crude imports. Chinese refiners, which have invested heavily in new plants designed to process sour oil, are especially exposed. Discounted oil from Russia has eased some of the pain, replacing some Kuwaiti supply, largely to China and India. Additionally, Kuwait's joint venture 230,000 bpd Duqm refinery in Oman is scheduled to start operation by end-2023, which could reduce Kuwaiti crude exports by a further 100,000 bpd to 200,000 bpd in 2024, the consultancies said. Formosa could replace Kuwaiti supply with grades such as Iraq's Basra Medium, Qatar's al-Shaheen and Oman crude, Lin said, adding it can also process U.S. light sweet crude.

Persons: Brent, Asia's, Janiv Shah, Sun Jianan, Al Zour, consultancies, KPC, Lin, al, James Forbes, Muyu Xu, Florence Tan, Sonali Paul Organizations: Kuwait Oil Tanker, Oil, Companies, Lower, Saudi, United Arab, Rystad Energy, P, Kuwait Petroleum Corp, Shenghong, Taiwan Formosa Petrochemical Corp, FGE, Dubai, Brent, Thomson Locations: Kuwait, Pier, Companies Kuwait, SINGAPORE, OPEC, Lower Kuwaiti, Saudi Arabia, Russia, China, India, Iraq, United Arab Emirates, UAE, Taiwan, Pakistan, Philippines, Thailand, Oman, PetroChina's, Guangdong, Japan, South Korea, Vietnam, Formosa, Basra, Shaheen, Brent, Dubai

☆ Iran will pursue rights over Durra gas field if other parties shun cooperation -report
▼ + stars: | 2023-07-30 | by ( ) www.reuters.com time to read: 1 min

DUBAI, July 30 (Reuters) - Iran will pursue its rights over the Durra/Arash field if other parties shun cooperation, the country's Oil Minister Javad Owji said on Sunday, according to the Oil Ministry's SHANA news agency. "If there is no willingness to cooperate, Iran will pursue its rights and benefits, including the exploitation and exploration of the Arash gas field, and will not tolerate any violation of its rights," Owji said. Kuwait oil minister Saad Al Barrak told SkyNews Arabia on Thursday that his country will start drilling and begin production at the Durra gas field without waiting for border demarcation with Iran. Reporting by Dubai Newsroom Editing by Bernadette BaumOur Standards: The Thomson Reuters Trust Principles.

Persons: Arash, Javad Owji, SHANA, Owji, Saad Al Barrak, SkyNews, Bernadette Baum Organizations: country's Oil, Dubai, Thomson Locations: DUBAI, Iran, Kuwait, SkyNews Arabia

☆ Kuwait, Saudi Arabia have 'exclusive rights' in Durra gas field, Kuwait oil minister says
▼ + stars: | 2023-07-09 | by ( ) www.reuters.com time to read: +1 min

CAIRO, July 9 (Reuters) - Kuwait and Saudi Arabia have "exclusive rights" in the Durra gas field in the Arabian Gulf, Kuwait Oil Minister Saad Al Barrak said on Sunday, and he called on Iran to validate its claim to the field by demarcating its own maritime borders first. "Until this moment, this is an exclusive right of Kuwait and Saudi Arabia in the Durra field, and whoever has a claim must start demarcating the borders. "The other side has claims that are not based on a clear demarcation of the maritime borders," he added, referring to Iran. Al Barrak's comments echo those of Saudi Arabia, which said last week that the kingdom and Kuwait exclusively own natural wealth in the Gulf's maritime "Divided Area". Saudi Arabia also renewed its call to Iran to start negotiations with Riyadh and Kuwait on the demarcation of the eastern border of the area, Saudi state news agency SPA said.

Persons: Saad Al Barrak, Al Barrak, Al, Al Barrak's, Hatem Maher, Muhammad Al Gebaly, Hugh Lawson, Leslie Adler Organizations: Kuwait Oil, Saudi, Thomson Locations: CAIRO, Kuwait, Saudi Arabia, Arabian Gulf, Iran, Saudi, Riyadh

Search resuls for: "Kuwait Oil"

4 mentions found