No further US waivers on Iran oil sanctions: official

Oil tankers pass through the Strait of Hormuz. (Reuters)
Updated 12 January 2019
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No further US waivers on Iran oil sanctions: official

  • US Special Representative for Iran Brian Hook made the comments at a news conference in Abu Dhabi
  • Washington has given waivers to eight traditional Iranian oil buyers

ABU DHABI: US Special Representative for Iran Brian Hook said on Saturday Washington was not looking to grant any more waivers for Iranian oil after the reimposition of US sanctions.
Hook told a news conference in the United Arab Emirates capital Abu Dhabi that the reason for the earlier waivers was to prevent a spike in oil prices. He declined to say what the administration in Washington would do when the current waivers end in May.
Washington gave waivers to eight traditional Iranian oil buyers — including China, India, Japan and South Korea — after reimposing sanctions on Iranian oil in November.


Saudi Aramco boss reveals gas and LNG ambitions amid petchems push

Updated 22 January 2019
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Saudi Aramco boss reveals gas and LNG ambitions amid petchems push

  • Saudi Aramco CEO Amin Nasser: We are in discussions in different countries with a lot of partners. We are reviewing these opportunities to make final decisions in terms of investment
  • Amin Nasser: A lot of it is in partnerships with leading companies around the world and it is either in gas investment, LNG investment or both

London: Saudi Aramco is eyeing gas and LNG acquisitions as it also prepares for the potential purchase of the Kingdom’s biggest chemical maker, CEO Amin Nasser revealed on Tuesday.

He made the disclosure in an interview with Bloomberg TV on the sidelines of the World Economic Forum in Davos.

“We are in discussions in different countries currently with a lot of partners. We are reviewing these opportunities to make final decisions in terms of investment,” Nasser said.

“A lot of it is in partnerships with leading companies around the world and it is either in gas investment, LNG investment or both.”

Aramco has also been in discussions with a credit rating agency ahead of a planned bond sale.

It comes ahead of the potential purchase of Saudi Basic Industries Corporation (SABIC), the Kingdom’s biggest chemical maker and a key part of Aramco’s ambitions to grow its global petrochemicals business.

“We will decide soon how much we would like to take from the bond market. Definitely it is going to be an international bond. We are currently in discussion with regard to how much and where,” Nasser said.

He said that the purchase price for SABIC was still under discussion.

“We are in discussion currently with the Public Investment Fund about acquisition of 70 percent of the share of SABIC. We are in discussion with regard to the price at this stage,” he said.

Earlier this month Saudi Energy Minister Khalid Al-Falih said Aramco would issue bonds in the second quarter of 2019.

Aramco’s planned acquisition of SABIC is expected to involve buying all or nearly all of the 70 percent stake in the chemicals company held by the Public Investment Fund (PIF), the Kingdom’s principal sovereign wealth fund.

Nasser said that there was no plan to acquire the 30 percent of the company that is currently publicly traded in Saudi Arabia.