Saudi ‘always reacts to oil supply’

RIYADH: Saudi Arabia’s energy minister said the kingdom always reacts to oil market supply and demand and it would continue to monitor crude markets for any developments.

Khalid Al Falih also said that final agreements with foreign investors taking part in state oil giant Saudi Aramco’s huge ship repair and shipbuilding complex that it is developing at Ras Al Khair would be signed 'over the next few weeks and months'.

Mubadala sells stake in SR Technics

ZURICH: Abu Dhabi investment and development company Mubadala has agreed to sell an 80 per cent stake in SR Technics, a maintenance, repair and overhaul service provider, to HNA Aviation based in Haikou, China.

SR Technics will remain a standalone business within HNA Aviation’s portfolio.

Mubadala will retain a 20 per cent stake in the company.

Saudi crude exports fall in May

DUBAI: Saudi Arabia’s crude oil exports in May fell to 7.295 million barrels per day (mbpd) from 7.444 mbpd in April, official data showed.

Monthly export figures are provided by Riyadh and other members of the Organization of the Petroleum Exporting Countries (Opec) to the Joint Organizations Data Initiative (Jodi), which published them on its website.

Iran petchem firm to boost exports

TEHRAN: Iran-based Shiraz Petrochemical Company aims to export petrochemical products to the major markets of Europe, South America and South Africa from its newly-started units, said a report.

The ammonia and urea units of Marvdasht Martyrs Facility will become operational soon, reported the Iran Daily citing Abdolreza Zare director of commercial affairs department at Shiraz Petrochemical Company.

Gulf Keystone to be taken over

LONDON: Kurdish oil producer Gulf Keystone will be taken over by its bondholders, including distressed-debt funds, after the firm proposed to swap $500 million of debt for shares, effectively wiping out its equity shareholders.

The London-listed firm said current shareholders, which include Capital Group, Prudential, Barclays and BlackRock, would be diluted to 5 per cent ownership after debt conversion into equity.