Vallourec (VK.PA) signed an agreement to deliver oil country tubular goods to state-owned oil giant Saudi Arabian Oil Co. (SASE:2222), d/b/a Saudi Aramco.
The steel tubes manufacturer said Wednesday that the contract follows previous deals for locally manufactured premium pipes and VAM connections.
The US Treasury Department has sanctioned 27 Iranian airlines and several other entities on Tuesday as part of its ongoing effort to isolate Iran's economy, multiple outlets reported.The action, under "Operation Economic Outcast," targets all Iranian airlines not already under sanctions, the reports said.Treasury Secretary Scott Bessent warned that anyone doing business with Iran's remaining airlines risks being cut off from the global financial system, according to the reports.The move comes as Iran and its proxies continue attacks in and around the Strait of Hormuz, and follows Iran-backed Houthi militants' attack on multiple energy facilities in Saudi Arabia on Tuesday, which forced a temporary halt to some operations, the reports said.Oil prices jumped following the Houthi attack, with Brent crude rising above $99 per barrel and WTI up nearly 2% at session highs, according to the reports.
Bernstein on Monday started its coverage of petrochemical company Sabic Agri-Nutrients (SASE:2020) with an underperform rating and a price target of 86.54 Saudi riyals.(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://finwires.com/en/contact)
Akastor's (AKAST.OL) 66.7%-owned Akofs Offshore signed a $300 million reducing revolving credit facility agreement with DNB Bank (DNB.OL) and SpareBank 1 Sør-Norge (SB1NO.OL).The new four-year facility aims to refinance existing loan agreements for the Akofs Seafarer and Akofs Santos vessels, according to a Tuesday release.The oil-services investment company's affiliate will also use the loan to exercise its $57.7 million option to purchase the Aker Wayfarer from Ocean Yield ASA in the third quarter of 2027. The subsea equipment support vessel is currently chartered by Petróleo Brasileiro (PJXA.F) in Brazil.