Jefferies on Tuesday started its coverage of petrochemicals manufacturer Saudi Basic Industries (SASE:2010), d/b/a Sabic, with a hold rating and a price target of 54.00 Saudi riyals.
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Petrobras is weighing whether to grant improved payment terms to Braskem on some contracts as the petrochemical producer races to find a solution for its debt woes ahead of an August 24 deadline to avoid bankruptcy protection, Bloomberg News reported Monday, citing people familiar with the matter.Petrobras is mulling extending payment timelines, cutting interest rates, and boosting naphtha supply to Braskem, which could reduce Braskem's need for bank credit and leverage, according to Bloomberg.No decision has been made, the people said, according to the report.Petrobras had tightened naphtha supply conditions as Braskem's finances deteriorated, cutting its share of the company's naphtha supply to about 30% from as much as 70% previously, the report said, adding that with IG4 Capital Group taking shared control of Braskem, Petrobras now has greater visibility into the company's business.Petrobras 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.)
US gas prices this month are the highest ever recorded for August as peace talks between the US and Iran have stalled, The Guardian reported Monday.The national average price of gas was $4.06 per gallon on Monday, up $0.05 from last week and $1 higher than a year ago, according to AAA data cited in the report.California and Hawaii saw averages of about $5.50 a gallon, The Guardian said. Brent crude, the global oil benchmark, reached $112 a barrel in March before easing to around $85, still roughly 30% higher than a year ago, according to the report.The US and Iran missed their 60-day diplomatic deadline to end the war on Monday, failing to reach agreement on Iran's nuclear program, the report said.President Trump threatened to bomb Oman if it "gets in the way," and said he was not pressing for a quick resolution, telling Fox News, "I have no time schedule. I'm not in a hurry," according to the Guardian.
Chevron (CVX) said Monday that its Cabinda Gulf Oil unit has made an oil and gas condensate discovery offshore Angola.The company said the well, which was drilled in the Lower Congo Basin, reached an oil and gas condensate column of more than 600 meters with more than 90 meters of net pay in reservoir quality rock.The well is operated by Cabinda Gulf Oil, which holds a 39.2% working interest, and is co-owned by Sonangol E&P, with a 41% working interest, followed by TotalEnergies (TTE) and Azule Energy with 10% and 9.8% working interests respectively.