Saudi Arabian Oil Company and Malaysia’s state-owned oil firm are close to raising an $8 billion loan to partly finance the construction of a planned refinery and a petrochemical complex in the Southeast Asian nation, people familiar with the matter said.
The Middle Eastern oil giant, known as Aramco, and Petroliam Nasional Bhd. could sign the loan agreement as early as next month, said the people, who asked not to be identified because the information is private, Bloomberg reported. BNP Paribas SA, HSBC Holdings Plc and Bank of Tokyo-Mitsubishi UFJ Ltd. are among lenders that have agreed to provide financing, the people said. The complex is part of a $27 billion project known as Refinery and Petrochemicals Integrated Development, or RAPID, in Malaysia’s southern state of Johor that’s due to come on stream in 2019. Aramco agreed to invest $7 billion for half of the oil refinery and petrochemical plant last February, as it seeks to defend its status as the world’s biggest crude exporter in Asia.
Malaysia's state-run oil and gas company Petronas has completed the acquisition of a 10% stake in a gas field in onshore Oman from Oman Oil Co Exploration & Production.
Saudi Aramco is largely expected to raise OSPs for its crude oil grades heading to Asia in November, prices that the kingdom will issue in the coming days, traders said Monday.
Saudi Arabia is starting to panic, and is growing concerned that the growing number of supply disruptions around the world could cause oil prices to spike.
Indecision over where to list the shares of the world's largest energy company is reportedly playing a major role in holding up what is expected to be the biggest-ever initial public offering.
More than 200 institutional investors with $26 trillion in assets under management said on Tuesday they would step up pressure on the world’s biggest corporate greenhouse gas emitters to combat climate change.
Oil prices rose on Friday, nearing their highest levels in more than two years, with buyers attracted by expectations of an extension to a global pact to cut output that has reduced oversupply.