MoU for oil refinery: Saudi energy minister will visit Gwadar tomorrow

MoU for oil refinery: Saudi energy minister will visit Gwadar tomorrow

Saudi Energy Minister Khalid al-Falih is due to hold a news conference in Riyadh on Wednesday to make the announcement at around 11.30 local time (0830 GMT).

Saudi Arabia confirmed for the first time that Dallas-based consultants DeGolyer and MacNaughton carried out the audit.

Crude oil prices appeared headed lower Thursday after a US report showed a lower-than-expected inventory draw, and also as trade talks earlier this week between China and the United States did not show a clear direction.

"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.

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.

A public float of the oil major is expected to fetch $100 billion (Dh367bn), making it the world's biggest-ever IPO and valuing the company at $2 trillion.

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"The bond issue is meant to give Aramco multiple sources of capital", he said.

Saudi Arabia Minister of Energy, Industry and Mineral Resources is arriving in Pakistan tomorrow and is likely to sign a Memorandum of Understanding (MoU) for setting up an oil refinery at Gwadar.

Oil has ticked upwards again today for its eighth straight session as Opec cuts in the New Year and hopes US-China trade talks pushed prices up.

Oil prices edged up on Thursday, extending its gains for the ninth consecutive day, as Saudi Arabia announced output reduction volumes in January and February.

The energy ministry said proven oil reserves stood at 263.2 billion barrels at the end of previous year, up from the figure of 261 billion barrels that has been used for nearly three decades. That figure is "more than sufficient to bring balance to the market", said Falih, adding that the production cut would trim excess supply from the market.

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