Fitch Ratings has assigned Saudi Arabia’s $5.5bn 2.375 per cent 2021 senior unsecured notes, the$5.5bn 3.25 per cent 2026 senior unsecured notes and $6.5bn 4.5 per cent 2046 notes a final rating of ‘AA-‘. The rating is in line with Saudi…
Month: October 2016
Iran and Saudi Arabia woo foreign investors
Iran and Saudi Arabia, competitors in Middle East politics and global oil markets, have this week stepped up campaigns to win tens of billions of dollars of foreign investment. Riyadh successfully raised $17.5bn in its first sovereign bond issue. The IMF said…
South Korea gets operations contract for UAE nuclear power plant
Emirates Nuclear Energy Corporation (Enec) and Korea Electric Power Corporation (Kepco) yesterday signed a joint-venture agreement for the operation of the UAE’s Barakah nuclear power plant which is due to start producing electricity next year. It will be the first nuclear…
Boosted by bond success, Riyadh starts debt repayments
Saudi Arabian Finance Minister Ibrahim al-Assaf The Saudi Arabian government is acting to pay off hundreds of millions of dollars owed to suppliers for months following the successful sale of $17.5bn worth of the kingdom’s first sovereign bonds to international…
TengizChevrOil to address EIC conference
TengizChevrOil will tell the EIC Connect Oil & Gas conference and exhibition in Manchester on 22-23 November about how UK companies can get involved in itsFuture Growth Project. This is the Sour Gas Injection-Second Generation Project (SGI-SGP) expansion which will…
Iran invites bids for 50 oil and gas projects
The National Iranian Oil Company (NIOC) has given international companies a month to submit prequalification bids for 50 oil and gas contracts. This is the biggest opportunity for foreign firms to bid for Iranian oil projects since sanctions against the…
Iran invites bids for energy projects
Iran will begin taking applications today for an unspecified number of energy projects, the oil ministry’s news agency SHANA reported on Sunday. National Iranian Oil Company (NIOC) said “reputable and eligible companies” should fill the applications for upstream oil and gas…
GCC finance needs to be $560bn
GCC governments will need financing worth $560bn in 2015-19 as a result of lower oil prices, S&P Global Ratings said in a report published today. “We estimate that, in nominal terms, GCC sovereigns’ combined fiscal deficit will reach $150bn…
Saudi bond issue launched
The Saudi Arabian government has circulated the prospectus for its planned bond issue and is due to start a roadshow promoting the offering on 12 October that will encompass London, New York, Boston and Los Angeles, It is reported to…
Saudi fertiliser plant sale advances
Two Saudi petrochemical giants have hired investment banks to advise on the potential sale of a stake in the Ibn Al-Baytar fertiliser company. Saudi Arabia Fertilizers Company (Safco) has hired Samba Capital, while Saudi Basic Industries Corporation (Sabic) has chosen…