Thank you for reading the news about Saudi Arabia’s hospitality market needs $110bn to complete planned hotel room supply and now with the details
Jeddah - Yasmine El Tohamy - Oil Updates — Crude gains; Borouge sets IPO price; Iraq plans to launch new oil company in Kurdistan region
RIYADH: Oil prices gained on Monday with US fuel demand, tight supply and a slightly weaker US dollar supporting the market, as Shanghai prepares to reopen after a two-month lockdown fueled worries about a sharp slowdown in growth.
Brent crude futures rose 72 cents to $113.27 a barrel at 0408 GMT, while US West Texas Intermediate crude futures climbed 53 cents, or 0.48 percent, to $110.81 a barrel, adding to last week’s small gains for both contracts.
Abu Dhabi-based Borouge sets IPO price
Abu Dhabi-headquartered petrochemicals firm Borouge said on Monday it has set the offer price for its initial public offering, which shows it could raise about $2 billion in the deal, and secured seven cornerstone investors.
The Abu Dhabi National Oil Company and Borealis’ joint venture set the IPO price at 2.45 dirhams ($0.67) a share, which implies an equity value of $20 billion.
Borouge said it secured a total commitment of about $570 million from Abu Dhabi state holding firm ADQ, the Abu Dhabi Pension Fund, the Emirates Investment Authority, India’s Adani family and entities controlled by International Holding Company, Multiply Group and Alpha Dhabi.
Iraq aims to establish new oil company in Kurdistan region
Iraq’s federal government aims to establish a new oil company in the Kurdistan region, the oil ministry said on Saturday.
The aim of the new company will be to enter into new service contracts with oil firms currently operating there under the Kurdistan Regional Government, according to a statement.
Oil minister Ihsan Ismael said on May 7 that the ministry would start implementing a February federal court ruling that declared the legal foundations of the Kurdistan region’s oil and gas sector unconstitutional.
Iraq then wrote to international oil firms operating in the semi-autonomous region requesting they sign new contracts with state-owned marketer SOMO rather than the Kurdistan Regional Government.
The letters marked the first direct contact between the ministry and oil firms operating in the Kurdistan region. The move follows years of attempts by the federal government to bring KRG revenues under its control, including local court rulings and threats of international arbitration.
(With input from Reuters)
These were the details of the news Saudi Arabia’s hospitality market needs $110bn to complete planned hotel room supply for this day. We hope that we have succeeded by giving you the full details and information. To follow all our news, you can subscribe to the alerts system or to one of our different systems to provide you with all that is new.
It is also worth noting that the original news has been published and is available at Arab News and the editorial team at AlKhaleej Today has confirmed it and it has been modified, and it may have been completely transferred or quoted from it and you can read and follow this news from its main source.
