Saudi Aramco
The stock climbed by the daily 10 percent limit to 38.7 riyals at the open in Riyadh before trimming gains.
Brent crude futures gained $1.44 to $65.04 a barrel by 0958 GMT, while U.S. West Texas Intermediate crude was up 89 cents at $59 a barrel.
The purchase, which is part of Aramco’s strategy to expand its downstream operations, will be completed later this year, they said in a joint statement.
Aramco will start meeting international bond investors this week for its debut in the international capital markets, opening its books to investor scrutiny for the first time.
Saudi Aramco signed an agreement in April with a consortium of state-owned Indian refiners to participate in a $44 billion refinery project on the country’s west coast.
Top oil exporter Saudi Arabia is expected to cut February prices for heavier crude grades sold to Asia due to weaker fuel oil margins, respondents to a Reuters survey said on Thursday.
The volume and grades to be supplied were not available. Saudi Aramco and Rongsheng could not be immediately reached for comment.
The planned listing was to be the cornerstone of the kingdom’s promised economic overhaul and, at a targeted $100 billion, the biggest IPO ever.
Saudi Arabia has called off both the domestic and international stock listing of state oil giant Aramco.
“These agreements signal our plans for expansion into petrochemicals,” said Motiva’s Chief Executive Brian Coffman.
A wrap-up of the most prominent business news of the day.
Saudi Aramco’s trading arm will start trading non-Saudi crude oil to mainly feed its international joint ventures.
When oil giant Saudi Aramco discloses its financials for the first time next year.
Saudi Aramco said it has awarded the first major contract in the planned construction of a $5.2 billion shipyard complex designed to reduce Saudi Arabia's dependence on oil exports.
Egypt expects the first crude oil shipment from Iraq under a bilateral agreement to arrive in mid-May, an Egyptian oil ministry official said on Thursday.
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