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Exclusive: Saudi Arabia favours New York for Aramco listing despite risks – sources

August 11, 2017 By Rania El Gamal, Katie Paul and Alex Lawler DUBAI/RIYADH/LONDON (Reuters) – Saudi Arabia favours New York for the main foreign listing of state oil giant Aramco, even though some financial and legal advisers have recommended London as a less problematic and risky option, people familiar with the matter told Reuters. A final decision on where to stage what could be the world’s largest initial public offering will be taken by Crown Prince Mohammad bin Salman – or MbS as he is known – who oversees the…

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bank Business Exclusive Goldman Sachs IPO Saudi Arabia 

Exclusive: Goldman Sachs buys into Aramco $10 billion loan as it seeks IPO role – sources

August 3, 2017 By Tom Arnold, Davide Barbuscia and Saeed Azhar DUBAI (Reuters) – Goldman Sachs has bought a slice of Saudi Aramco’s $10 billion credit facility as it seeks a role in the historic listing of the oil company, sources familiar with the matter told Reuters. It is common practice in capital markets to first establish banking relationships through loan transactions which are then followed by other deals. Goldman purchased a portion of the $10 billion revolving credit facility Aramco signed with a number of banks in 2015. Two…

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Business Exclusive Saudis Libya OPEC Saudi Arabia 

Exclusive: Saudis to cut August oil exports to lowest level this year – source

July 12, 2017 By Rania El Gamal DUBAI (Reuters) – Saudi Arabia will cut crude oil shipments to its customers in August by more than 600,000 barrels per day to balance the rise in domestic consumption during the summer, while staying within its OPEC production commitment, a Saudi industry source said. “There is strong demand for our crude but we are sticking to our OPEC commitments,” the source, who is familiar with the kingdom’s oil policy, said on Wednesday. “In order to meet its OPEC quota and meet its domestic…

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ANZ Economy GMT OPEC Saudi Arabia Top News 

Oil edges up, but still set for worst first-half performance in 20 years

June 23, 2017 By Henning Gloystein SINGAPORE (Reuters) – Oil edged up on Friday, recovering some of the steep falls earlier in the week, but crude is still set for the worst first-half decline in two decades despite ongoing production cuts. Brent crude futures were at $45.39 per barrel at 0501 GMT, up 17 cents, or 0.4 percent, from their last close. U.S. West Texas Intermediate (WTI) crude futures were up 17 cents, or 0.4 percent, at $42.91 per barrel. Oil prices have fallen about 20 percent this year despite…

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Argentina Business MSCIEF Nigeria Saudi Arabia 

China ‘A’ shares get MSCI nod, Argentina snubbed

June 21, 2017 By Dion Rabouin NEW YORK (Reuters) – U.S. index provider MSCI said on Tuesday it would add mainland Chinese stocks to one of its key benchmarks, but shocked many emerging market investors by failing to upgrade Argentina from the frontier market category where it has languished in recent years. MSCI also said it would consult investors about adding Saudi Arabia to the benchmark and that Nigeria would remain a frontier market, with the possibility of being downgraded to “standalone” status. The full inclusion of domestic Chinese stocks…

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bank Business Saudi Arabia Saudi Aramco spending 

Morgan Stanley CEO says Saudi Arabia could be ‘major opportunity’

June 14, 2017 By Olivia Oran (Reuters) – Morgan Stanley CEO James Gorman said Saudi Arabia could be a “major opportunity” for the firm as the country unveiled plans for oil giant Saudi Aramco’s $100 billion initial public offering and introduced a series of reforms to attract foreign capital in 2015. Gorman, speaking at the bank’s financials conference in New York, said he has personally been spending a significant amount of time in Saudi Arabia, as has President Colm Kelleher. In May, several U.S.-based bank CEOs including Gorman, JPMorgan Chase…

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ANZ Asia Economy OPEC Saudi Arabia Top News 

Oil edges up on Saudi pledge to make real supply cuts

June 13, 2017 By Henning Gloystein SINGAPORE (Reuters) – Oil prices edged up early on Tuesday, lifted by statements that OPEC-leader Saudi Arabia was making significant supply cuts to customers, although rising U.S. output meant that markets remain well supplied. Brent crude futures were at $48.42 per barrel at 0044 GMT, up 13 cents, or 0.3 percent, from their last close. U.S. West Texas Intermediate (WTI) crude futures were at $46.21 per barrel, also up 13 cents, or 0.3 percent. Saudi Arabia, the world’s top oil exporter, is leading an…

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Port bans choke Qatar’s commodity trade as gas supply worries grow

June 6, 2017 By Roslan Khasawneh and Oleg Vukmanovic SINGAPORE/LONDON (Reuters) – A campaign by leading Arab powers to isolate Qatar is disrupting trade in commodities from crude oil to metals and food, and deepening fears of a possible jolt to the global gas market, where the tiny Gulf state is a major player. Just a day after Saudi Arabia and its Arab allies severed transport links with Qatar over a diplomatic row, bans on Doha’s fleet using regional ports and anchorages threatened to halt some of its exports and…

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Asian stocks stumble, oil creeps up as markets ponder fallout of Mideast tension

June 6, 2017 By Nichola Saminather SINGAPORE (Reuters) – Asian stocks retreated on Tuesday after Wall Street’s stumble overnight, while oil inched up from the previous day losses as lower Libyan oil production assuaged concerns that the severing of ties with Qatar by other Arab states could impede a deal to cut crude output. MSCI’s broadest index of Asia-Pacific shares outside Japan fell 0.2 percent in early trade, pulling back from a two-year high hit on Monday. Japan’s Nikkei dropped 0.4 percent. South Korean markets were closed for a holiday….

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Goldman Sachs applies for Saudi equities trading license: sources

June 2, 2017 By Saeed Azhar DUBAI (Reuters) – Goldman Sachs has applied to Saudi Arabia’s capital markets regulator for a license to trade equities in the kingdom, two sources familiar with the move said, in the latest step by Western banks to expand operations in the country. Goldman has made the application to the Capital Market Authority (CMA) and a successful outcome could lead to a further expansion of its business in the kingdom, one of the sources said. Goldman has been operating in Saudi Arabia since 2009 as…

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