Iraq’s Basra Oil, Chevron agree to implement MOU to develop oil fields

Executives from the two companies have signed an agreement which outlines a program to develop the fields. (AFP)
Updated 19 August 2018
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Iraq’s Basra Oil, Chevron agree to implement MOU to develop oil fields

  • Executives from the two companies have signed an agreement which outlines a program to develop the fields
  • The MOU provides for Chevron to conduct surveys and studies on oil sites and installations

DUBAI: Iraq’s state-run Basra Oil Company and Chevron agreed to begin implementing a memorandum of understanding to develop fields in the south of the country, the Iraqi oil ministry said on Sunday.
Executives from the two companies have signed an agreement which outlines a program to develop the fields, which includes studies to survey the reservoirs and extraction operations, said a statement posted on the oil ministry’s website.
Iraqi Oil Minister Jabar Al-Luaibi announced in June that Basra Oil and another state-run company, Dhi Qar Oil, signed an MOU with Chevron.
The MOU provides for Chevron to conduct surveys and studies on oil sites and installations and help the two Iraqi companies to improve their technical, administrative and financial performance.


Saudi Telecom hires banks for debut dollar sukuk

Updated 21 min 40 sec ago
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Saudi Telecom hires banks for debut dollar sukuk

  • Saudi corporates are increasingly expected to tap the international debt markets
  • Saudi Arabia’s biggest telecommunications operator has applied to list the sukuk with the Irish Stock Exchange

DUBAI: State-run Saudi Telecom has hired six banks to arrange its first issue of US dollar-denominated sukuk, or Islamic bonds, the company said on Thursday.
Saudi corporates are increasingly expected to tap the international debt markets following the inclusion of Saudi government and quasi-government debt in key JP Morgan emerging market bond indexes this year.
The recent jumbo inaugural bond by state-owned oil giant Saudi Aramco has also attracted new interest in Saudi borrowers, and has provided a fresh pricing benchmark for future issues by state-backed entities.
HSBC, JPMorgan, Standard Chartered, Samba, First Abu Dhabi Bank, and KFH have been hired as lead banks for the planned deal.
Saudi Arabia’s biggest telecommunications operator said it had applied to list the sukuk with the Irish Stock Exchange.
The sukuk — the size of which will depend on market conditions and demand — are part of the company’s $5 billion sukuk program, established last month to back general corporate purposes.