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…
Tag: MEED
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…
Egypt has $5bn-6bn financing gap
Egypt is seeking $5bn in bilateral financing to complement the $12bn that the IMF plans to lend Cairo to support the fund’s three-year economic stabilisation programme, the IMF’s Middle East & Central Asia department director Masood Ahmed said at a press…
Saudi shale gas to start in 2017
Saudi Aramco chief executive Amin Nasser said yesterday that the company plans to start producing gas from the Waad al-Shamal project in the north-west of the kingdom in late 2017 as part of a programme to double gas output…
Fitch upgrades Jebel Ali Free Zone
Fitch Ratings has upgraded Jebel Ali Free Zone FZEs (JAFZ) long-term issuer default rating (IDR) to BBB from BBB- with a stable outlook. Fitch has also upgraded JAFZ Sukuk (2019) Limited’s senior unsecured rating to BBB from BBB-. The rating…
Saudi officials in New York for bond talks
Senior representatives of Saudi Arabia’s finance industry are due to meet investors in New York today and tomorrow to brief them about plans for Saudi Arabia to issue the Middle East’s largest sovereign bond and sell shares in Saudi Aramco…