Page 12 - MEOG Week 13 2022

MEOG NEWS IN BRIEF MEOG

COMPANIES on Wednesday that the exposure to Russia million, including a 2020 annual dividend of
of its clients is less than 0.01% following a $25 million.
BlackRock on hunt for Gulf markdown in the value of those assets. read gross production of 44,000 to 50,000 barrels of
For 2022, the company expects an average
more
infrastructure deals quickly to suspend the purchase of any oil per day, up from 43,440 in 2021. So far, on
“Following the invasion, BlackRock moved
average the gross production stood at 45,500,
BlackRock Inc, the world’s biggest money Russian securities. BlackRock is monitoring the company explained.
manager, is seeking more infrastructure deals the direct and indirect impacts of the crisis “With a 19% increase in gross average
in Saudi Arabia and the Gulf region and is and working with our clients to support them production to 43,440 barrels of oil per day,
also looking to invest in private companies in as they take appropriate investment action,” our leverage to the recovery in oil prices and
the region, an executive said. Cohen said. continued cost and capital discipline, we
The U.S. group, which manages more than He said the company is also looking at generated substantial revenue and free cash
$10 trillion in assets, recently led a consortium expanding its team in Saudi Arabia and the flow,” said Chief Executive Officer Jon Harris.
purchase of a $15.5 billion stake in Saudi United Arab Emirates. It currently has 44 The firm is targeting a gross operating
Aramco’s gas pipelines company, having employees in the UAE and 15 in Saudi Arabia, expenses guidance of $2.9 to $3.3 per barrel,
taken a stake in Abu Dhabi energy company BlackRock says. up from $2.7 in 2021.
ADNOC’s pipeline assets a couple of years BlackRock has launched two Saudi Arabia- Gulf Keystone Petroleum shares were 7.7%
earlier. focused exchange-traded funds and recently higher at 247.10 pence each in London on
“We’re looking at many of those types advised the kingdom to launch a national Wednesday morning.
of opportunities,” Stephen Cohen, head of infrastructure fund. ALLIANCE NEWS
BlackRock’s Europe, Middle East and Africa REUTERS
division, told Reuters.
“We’re looking at a number of things on GKP swings to annual profit OIL
the private market side across the country,”
he said, citing unlisted growth companies in as oil prices recover Saudi may raise May crude
Saudi Arabia and elsewhere in the region.
Cohen said BlackRock is also looking Gulf Keystone Petroleum Ltd on Wednesday prices to Asia
across the region for infrastructure said it swung to profit in 2021, profiting from
investments and what he called “transition an increase in production and a recovery in Top oil exporter Saudi Arabia is expected
finance” to fund long-term sustainable energy oil prices. to raise crude prices to Asia in May to new
projects that help to reduce carbon emissions. For 2021, it reported a pretax profit of highs, tracking strong gains in Middle East
Gulf oil producers are considering sales $163.7 million, swinging from a loss of $47.0 benchmarks after Western sanctions on Russia
of stakes in energy assets and raising cash million the year before. Revenue almost disrupted global supplies, traders said.
through long-term leases, capitalising on a tripled to $301.4 million from $108.4 million The official selling price (OSP) for flagship
rebound in crude oil prices to attract foreign in 2020, the Bermuda-based oil and gas Arab Light crude in May could rise by $5 a
investors company operating in Iraq said. barrel on average to reach nearly $10 a barrel
When asked about the impact of the The company said average realised oil above Oman/Dubai quotes, the grade’s highest
Russia-Ukraine conflict, he said Europe’s prices surged to $49.7 a barrel in 2021 from premium ever, a Reuters survey of seven
move to diversify its energy sources “naturally $20.9 a barrel in 2020. refining sources showed.
plays” to the strength of the Gulf region. For 2022, the company is so far proposing Middle East spot crude premiums for
Prior to the Russian invasion of Ukraine, $90 million in dividends. This includes an May-loading cargoes hit records this month
the exposure to Russia in its clients’ portfolios interim dividend of $65 million on May 13 after buyers shunned oil from Russia, the
was less than 0.2% of BlackRock’s assets under and an ordinary annual dividend of $25 world’s top exporter of crude and oil products
management, Cohen said. million to be paid on June 24. combined, for fear of European and U.S.
A BlackRock spokesman said in an email In total, 2021 dividends paid stood at $100 sanctions over the Ukraine conflict. read more

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