Published: Sat, January 12, 2019
Money | By Ralph Mccoy

Saudi Arabia announces rise in oil reserves

Saudi Arabia announces rise in oil reserves

In addition to this, Saudi Arabia will also be invited to make investments in Balochistan's Reko Diq Mine project that deals in gold and copper.

The minister will receive the Saudi delegation at Gwadar, where he will be joined by the officials of PSO and BOI, said the source. "This audit confirms that the self reported numbers were correct or even under reported".

Saudi Arabian Minister of Energy Khalid al-Falih revealed the plan on Wednesday in Riyadh, saying that the company wanted flexibility in funding the Sabic deal, which could cost about US$70 billion.

The audit is expected to help pave the way for the sale of a 5 per cent stake in Aramco, the world's biggest oil producing company that is seeking local and worldwide listings by 2021.

"The bond issue is meant to give Aramco multiple sources of capital", he said.

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Saudi-led OPEC and Russian Federation agreed on December 7 to curb their total crude oil production by 1.2 mbpd beginning on January 1 for six months, but the plan so far has had little impact on crude prices.

Reports of how Aramco plans to finance the acquisition of the majority stake in Sabic started to circulate in October past year, with some reports saying that Aramco may borrow US$50 billion from global banks to finance that deal. "We believe that having bonds and commercial paper as one of its sources of capital is prudent and necessary".

Issuing a bond would involve opening Aramco's books and the audit of its reserves is an exercise that is essential to that process.

When the oil giant issues the bonds, it will be required to disclose its accounts to investors for the first time since its nationalization 40 years ago, as well as information on oil reserves and operations. "People have been sceptical about reserves".

Crude trading on Wednesday played out contrary to the way cautious analysts earlier in the week warned that it might, with assurances that Saudi Arabia's oil production and exports are falling sharply causing West Texas Intermediate to surge by $2.58 to $52.36 and Brent to climb $2.55 to $61.27 per barrel. "The extra drilling is likely in an effort to regain some of the lost spare production capacity", he said.

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