Page 15 - DMEA Week 20 2022

DMEA NEWS IN BRIEF DMEA

Aramco trades first cargo of company’s website. Aramco, which recently
COMPANIES London and Singapore, according to the
OQ invites banks to pitch W. African crude became the world’s most valuable company,
could sell a 30% stake in the division, people
for gas network IPO Aramco Trading Co. sold its first shipment of with knowledge of the matter said this week.
West African crude, underscoring the Saudi
Other major oil producers have mostly
Oman’s state energy company OQ is Arabian oil giant’s expansion ambitions for its kept their trading units under wraps, wary of
considering an initial public offering of its trading arm. revealing the secrets of a significant source of
gas pipelines network, four sources with The company assigned a million-barrel profit. Energy companies in the Middle East
knowledge of the matter told Reuters. cargo of Equatorial Guinea’s Zafiro crude for have been taking advantage of a surge in oil
The company has invited local and early June loading to Exxon Mobil Corp., prices to list assets as their governments seek
international banks to pitch for roles in a according to traders with knowledge of the to reduce their reliance on oil and draw in
potential offering, according to the sources, matter. The shipment will be processed by foreign investors.
who declined to be named as the matter is not Exxon’s own refining system in Europe, they BLOOMBERG
public. said.
OQ did not immediately respond to a Saudi Aramco -- which is the world’s
request for comment when contacted by biggest oil exporting company -- is breaking REFINING
Reuters on Monday. into the new market just as buyers are
The company is considering local listings clamouring for replacements for Russian Troops destroy 167 illegal
for some of its downstream and upstream barrels. West African crude is just one
assets but has no plan to float the parent alternative to Russian supplies and is proving refineries
company at present, a senior executive told attractive because it is less sulphurous and
Reuters in November. dense than oil from the Middle East. Troops of Operation Dakatar Da Barawo and
Oman follows Abu Dhabi and Saudi Arabia The Saudi giant has made inroads in recent Operation Delta Safe both fighting against
in looking at sales of stakes in energy assets, months into Russia’s backyard with deals to economic sabotage and oil thievery in the
capitalising on a rebound in crude prices to supply Danish and Polish refiners, helping Niger Delta, have discovered a combined 167
attract foreign investors. European countries wean themselves off illegal refineries and destroyed them while 18
Oman aims to list 35 state-owned Russian oil. Aramco Trading, which has been criminal suspects were arrested.
enterprises in the next five years and plans to targeting volumes of 6 million barrels a day, Also discovered were 59 Ovens, 9 Wooden
take one or two oil companies public this year, is trading more third-party crude, barrels not Cotonou boats, 156 Storage tanks, 67 metal
the CEO of the Muscat Stock Exchange told pumped in Saudi Arabia. The company often storage tanks, 12 dug-out pits while troops
CNBC Arabia in March. processes those barrels in non-Saudi refineries also recovered 6 pumping machines, 5 trucks,
Oman, which according to S&P gets 75% and buys back the products for sale elsewhere. 2 outboard engines, 2 weapons, 1 Yamaha
of fiscal receipts from hydrocarbon products, Aramco Trading didn’t immediately engine, 1 generator, and 3 pumping machines.
has introduced some reforms to diversify respond to a request for comment. Troops also recovered a total of 2,82million
revenues, including introducing a 5% value- Aramco is considering an initial public (2, 828, 500.00) litres of stolen crude oil, as
added tax last year. offering of the trading unit, which competes well as a total of 2.42million (2, 425, 300. 00)
The reforms and a shake-up of state entities with similar divisions at the likes of Shell Plc, litres of AGO, and 20, 000 litres of Kerosene.
are being driven by Sultan Haitham bin Tariq BP Plc and TotalEnergies SE, in what could be “Between 1 - 14 May 2022 a total of 1,627
al-Said, who took the throne in early 2020 one of the world’s biggest listings this year. Boko Haram Terrorists and their families
after the death of Sultan Qaboos, who ruled Established in Saudi Arabia in 2011, the surrendered to own troops at different
the small oil producer for nearly five decades. trading arm initially focused on downstream locations. They comprise of 331 Men, 441
REUTERS output like refined products before expanding women and 855 children. As at 16 May 2022 a
into crude and adding offices in Fujairah, total of 53,262 have so far surrendered.

Week 20 19•May•2022 www. NEWSBASE .com P15