By Reuters Staff
1 Min Read
April 12 (Reuters) - Abu Dhabi National Oil Company (ADNOC) and chemical producer OCI N.V. (OCI), which is backed by Egyptian businessman Nassef Sawiris, are weighing an initial public offering of their fertiliser joint venture Fertiglobe, two sources familiar with the matter said.
Headquartered in Abu Dhabi, Fertiglobe was formed in 2019 after OCI and ADNOC combined their ammonia and urea assets, with the two companies currently holding ownership stakes of 58% and 42% respectively.
ADNOC and OCI invited international and local banks to pitch for potential roles in Fertiglobe’s public share-sale, said the sources, declining to be named because the matter is not public.
3 Min Read
SINGAPORE (Reuters) - Top oil exporter Saudi Arabia will meet most Asian customers’ requirements for May-loading crude after some buyers had asked for lower volumes partly because of refinery maintenance and higher prices, several trade sources said on Monday.
FILE PHOTO: General view of Aramco tanks and oil pipe at Saudi Aramco s Ras Tanura oil refinery and oil terminal in Saudi Arabia May 21, 2018. Picture taken May 21, 2018. REUTERS/Ahmed Jadallah
The demand for lower volumes comes just as the kingdom is set to phase out additional voluntary production cuts over the next few months under plans agreed by the Organization of the Petroleum Exporting Countries and their allies including Russia to ease supply cuts.
3 Min Read
(Reuters) - Abu Dhabi National Oil Company (ADNOC) and chemical producer OCI N.V. (OCI), which is backed by Egyptian businessman Nassef Sawiris, are weighing an initial public offering of their fertiliser joint venture Fertiglobe, two sources familiar with the matter said.
Headquartered in Abu Dhabi, Fertiglobe was formed in 2019 after OCI and ADNOC combined their ammonia and urea assets, with the two companies currently holding ownership stakes of 58% and 42% respectively.
ADNOC and OCI invited international and local banks to pitch for potential roles in Fertiglobe’s public share-sale, said the sources, declining to be named because the matter is not public.
4 Min Read
NEW DELHI (Reuters) - Indian state refiners will buy 36% less oil from Saudi Arabia in May than normal, three sources said, in a sign of escalating tensions with Riyadh even after the Kingdom supported the idea of boosting output from OPEC and allied producers last week.
FILE PHOTO: A worker rides a bicycle at the Bharat Petroleum Corporation refinery in Mumbai, April 24, 2008. REUTERS/Punit Paranjpe/File Photo
Energy relations between India, the world’s third biggest oil importer and consumer, and Saudi Arabia have soured as global oil prices spiked.
New Delhi blames cuts by the Saudis and other oil producers for driving up crude prices as its economy tries to recover from the pandemic.
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SINGAPORE/NEW DELHI, April 5 (Reuters) - State-run refiner Indian Oil Corporation (IOC) has made its first purchase of Norway’s Johan Sverdrup crude, buying four million barrels via a tender as it speeds up diversification of crude imports, two trade sources told Reuters on Monday.
IOC will take delivery of two million barrels of the North Sea crude in each of May and June, one of the sources said. Further details on the trades were not yet clear.
The move follows the Indian government’s call to cut dependence on crude from the Middle East in an escalating stand-off between India, the world’s third-largest crude importer, and Saudi Arabia, the de-facto leader of the Organization of Petroleum Exporting Countries (OPEC).