Saudi Aramco, the world’s biggest energy company, is selling $6 billion of bonds in its first dollar-denominated Islamic bond sale.
The state-controlled company is offering sukuk due in three, five and 10 years, and the longest portion will yield 120 basis points above Treasuries, according to a person familiar with the matter. That’s down from initial discussions of around 160 basis points.
Order books for the sale are in excess of $60 billion, said people familiar with the transaction, who asked not to be identified as the details are private.
The firm is raising cash to help finance its plans to pay out $75 billion in dividends, a commitment that the oil company made to garner support for its initial public offering. Aramco had to reduce spending, cut jobs and sell non-core assets as the spread of the coronavirus and widespread lockdowns curbed demand for oil last year, the main source of revenue for Saudi Arabia.
New Petrobras CEO in Hot Seat on Fuel Prices With Oil Climbing
May 06 2021, 8:22 AM
May 05 2021, 9:38 PM
May 06 2021, 8:22 AM
(Bloomberg) Surging oil futures are set to test a promise by Petrobrasâ new chief to keep diesel prices at parity with the international market.
(Bloomberg) Surging oil futures are set to test a promise by Petrobrasâ new chief to keep diesel prices at parity with the international market.
Joaquim Silva e Luna, a former army general with no experience in oil, has said heâll keep retail prices competitive after Latin Americaâs largest crude producer lost an estimated $40 billion selling fuel below international levels during the most recent commodities supercycle. But if oil keeps climbing, heâs likely to come under pressure from politically influential truck drivers a critical base of support for President Jair Bolsonaro to start subsidizing diesel once again.
Representative image
RAJKOT: A rape accused who had been on the run for the past two months in Rajkot was arrested by Ahmedabad crime branch from Amreli and handed over to Rajkot police on Saturday.
The accused identified as Jaimin Patel was booked along with four others for raping a woman at Abu, Ahmedabad and Gandhidham under the pretext of helping her get a job. The woman had come in contact with key accused Maldev Bharwad who called her to Ahmedabad and took her to Mount Abu to attend a corporate event. The accused intoxicated her and raped her. Later, they raped her repeatedly at Bopal in Ahmedabad and also in Gandhidham.