By Reuters Staff
1 Min Read
April 12 (Reuters) - Abu Dhabi National Oil Company (ADNOC) and chemical producer OCI N.V. (OCI), which is backed by Egyptian businessman Nassef Sawiris, are weighing an initial public offering of their fertiliser joint venture Fertiglobe, two sources familiar with the matter said.
Headquartered in Abu Dhabi, Fertiglobe was formed in 2019 after OCI and ADNOC combined their ammonia and urea assets, with the two companies currently holding ownership stakes of 58% and 42% respectively.
ADNOC and OCI invited international and local banks to pitch for potential roles in Fertiglobe’s public share-sale, said the sources, declining to be named because the matter is not public.
Notwithstanding the peak-wheeling performance recorded by the Transmission Company of Nigeria (TCN) a month ago and huge gas reserves of 203 trillion cubic feet (tcf), constraints, including limited gas supply..
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By Joe Wallace U.S. stocks slipped Monday, a muted opening for major indexes that stand near record highs ahead of a busy week of corporate earnings and economic data. The S&P 500 edged down 0.2% after the benchmark stocks gauge posted its 20th all-time closing high of 2021 on Friday. The Dow Jones Industrial Average, which also closed out last week at a record, ticked down 0.3%. The technology-heavy Nasdaq Composite Index slid 0.3%. Shares of technology giants have taken back control of the rally in U.S. stocks over the past month, helping to push major indexes to a series of all-time highs. Investors concerns about owning shares that are sensitive to rising interest rates have been assuaged by a retreat in yields on U.S. government bonds. Some say the shift into economically-sensitive sectors went too far at a time when major economies like the European Union and India are grappling with fresh coronavirus outbreaks.
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SINGAPORE (Reuters) - Top oil exporter Saudi Arabia will meet most Asian customers’ requirements for May-loading crude after some buyers had asked for lower volumes partly because of refinery maintenance and higher prices, several trade sources said on Monday.
FILE PHOTO: General view of Aramco tanks and oil pipe at Saudi Aramco s Ras Tanura oil refinery and oil terminal in Saudi Arabia May 21, 2018. Picture taken May 21, 2018. REUTERS/Ahmed Jadallah
The demand for lower volumes comes just as the kingdom is set to phase out additional voluntary production cuts over the next few months under plans agreed by the Organization of the Petroleum Exporting Countries and their allies including Russia to ease supply cuts.