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Yanbu Cement Flags Higher Production Cost from Saudi Aramco's Fuel Products Price Adjustment
Yanbu Cement (SASE:3060) expects a 4% rise in production cost due to Saudi Arabian Oil Co. (SASE:2222), d/b/a Saudi Aramco's, adjustment of fuel products prices.The cement maker said that the financial impact was reflected in its first-quarter financial statements, according to a Sunday release. Yanbu Cement added that the impact was mitigated due to its participation in the industrial sector competitiveness program.
SASE:2222SASE:3060
Equities
Market Chatter: Adnoc Reportedly Launches Fourth Crude Oil Tender
Abu Dhabi National Oil Co., d/b/a Adnoc, launched its fourth tender for up to 2 million barrels of Upper Zakum, Umm Lulu, and Das crude for loading between June and August, Reuters reported Friday, citing trade sources.The bidding process will close on June 23, with offers remaining valid until June 25. The sources added that cargoes will be priced against the official selling prices, the Dubai benchmark, or other benchmarks.Adnoc did not immediately respond to a request for comment from.(Market Chatter news is derived from conversations with market professionals globally. This information is believed to be from reliable sources but may include rumor and speculation. Accuracy is not guaranteed.)
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Equities
Bernstein Maintains Arabian Drilling at Outperform, Raises PT
Bernstein on Friday raised the price target for oilfield services company Arabian Drilling Co. (SASE:2381) to 115.44 Saudi riyals from 109.30 riyals, while keeping its outperform rating.(covers equity, commodity and economic research from major banks and research firms in North America, Asia and Europe. Research providers may contact us here: https://www..com/contact-us)
SASE:2381