Aramco projects set to create huge job opportunities

Updated 27 January 2013
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Aramco projects set to create huge job opportunities

The upcoming Saudi Aramco projects which are estimated at more than SR 308 billion are expected to open up huge employment opportunities for Saudis.
The oil giant is engaged in the implementation of large-scale energy projects that are expected to be launched over the course of the next four years will enhance national development, promote localization and maximize the role of the oil industry role in sustainable development.
Recent reports from Saudi Aramco have revealed that the company is focusing mainly on natural gas projects with a view to increasing sources of energy as well as creating feedstock for the petrochemical industry.
Saudi Aramco is gearing up to meet the growing demand for fuel, especially after the launch of new mining projects. By the end of this year, Saudi Aramco is preparing to start two refineries: Jubail refinery located on the Gulf Coast which is a joint venture with France's Total, and Yanbu refinery on the Red Sea coast. Both the projects are worth more than $ 20 billion.
The Manifa project, which is designed to produce 900,000 barrels per day of Arabian heavy crude oil, is worth $ 16 billion.
The Wasit gas program that will be run in the next year, will enhance the supply of natural gas and the development of the blue fuel industry, which is considered as the largest natural gas plants Saudi Aramco has ever built at a cost of up to $ 8.4 billion.
The Shaybah natural gas liquids (NGL) recovery facilities are undergoing a major development as well. New facilities are being installed at various salt flats in the Shaybah field.
Shaybah NGL Program Director Abdullah A. Al-Sughaiyer said the Shaybah field is still a work in progress and has a vast potential.
“The NGL facilities at Shaybah are expected to help us meet increasing demand for petrochemical feedstock by recovering valuable NGL from processed gas,” he said.
Among other projects is Saudi Aramco’s Jazan refinery which is expected to begin operations in 2016. It is worth $ 7 billion and will process 400,000 barrels per day of Arabian heavy and Arabian medium crude oil to produce gasoline, ultra-low sulfur diesel, benzene and paraxylene.


Dubai Aerospace signs $480 million loan deal

Updated 6 min 15 sec ago
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Dubai Aerospace signs $480 million loan deal

DUBAI: Dubai Aerospace Enterprise (DAE), one of the world’s largest aircraft lessors, said on Monday it had signed a four-year loan deal for $480 million.
DAE, a government-controlled company set up in 2006, has become one of the world’s largest aircraft lessors after acquiring Dublin-based AWAS last year.
The acquisition tripled the Dubai aircraft leasing and maintenance company’s portfolio to about 400 aircraft worth more than $14 billion.
The $480 million loan, which includes both conventional and Islamic finance tranches, has a so-called “accordion facility” allowing it to be increased to up to $800 million.
With the loan, the company’s unsecured revolving credit facilities increase to between $1.125 billion and $1.445 billion, depending on final size of the latest deal, Firoz Tararpore, DAE’s chief executive, said in a statement.
“On a pro forma basis as of December 2017, if this facility is fully drawn and if the proceeds are used to pay down secured indebtedness, DAE’s percentage of unsecured debt would increase from 26 percent to a range of 31-34 percent.”
Last year, the company issued $2.3 billion in senior bonds split across three tranches last year, partly to finance the AWAS acquisition.
Tarapore said in an interview last week that DAE was in talks to buy a near-record total of 400 jetliners from Airbus and Boeing in an order that could be worth more than $40 billion at list prices.
Al Ahli Bank of Kuwait coordinated the latest loan deal and was also the lead arranger and joint bookrunner together with First Abu Dhabi Bank, while Noor Bank joined the deal as lead arranger.