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.
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.)
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.
Oil and Gas Development (OGDC.L), d/b/a OGDCL, said Friday it completed the process to boost its ownership in the Qadirpur gas field in Pakistan.The state-owned oil and gas company increased its shareholding to 83% from 75% through a farm-in agreement with Kufpec Pakistan that was first announced last January.