Saudi Aramco has received more than $50bn in bids for its debut international bond sale, which had been expected to be in the $10bn region, sources familiar with the matter said. The state-owned oil giant is marketing a US dollar-denominated debt issue split into six tranches with maturities ranging from three to 30 years. One of the sources said demand had gone up to $60bn. That would be the highest order book value since a record issuance by Qatar last year, which attracted around $52bn in orders. Before opening the books earlier on Monday, the Aramco issue - which will be priced on Tuesday - had already attracted over $30bn in demand, Saudi Energy Minister Khalid al-Falih said.
Saudi Aramco was supposed to be the biggest stock market offering of all time. But the Saudi oil giant failed to hit the $2 trillion value set by Crown Prince Mohammed bin Salman. The secretive company has never had to declare its financial reports and it would have been a massive transformation had Aramco gone public. Al Jazeera investigates the reasons behind the failure of the ambitious offering.
DUBAI, UNITED ARAB EMIRATES – Saudi Aramco is producing more than 9.9 million barrels a day of crude as it fully recovers from the worst ever attacks on its energy infrastructure. Output reached that level on Sept. 25 and is a "little bit" higher now, Ibrahim Al-Buainain, chief executive officer of state-owned Aramco's energy trading unit, said at Fujairah in the United Arab Emirates. Saudi Arabia has also restored some spare capacity following the Sept. 14 attacks, he said. "On the 25th, yes, we reached that target of production," he said. "We produce depending on the market and depending on capacity, so actually we are a little bit higher than this."
In the early 1970s, my father was a leftist beatnik finishing his doctoral degree in international relations at the University of Southern California. For a year in 1973–74, he and my mother lived in a tumbledown unheated villa outside Beirut, where he mostly smoked unfiltered cigarettes and tried to keep warm, and occasionally took Arabic classes at the American University of Beirut. My parents would have preferred to stay longer in Beirut, which still possessed its famous louche glamour, but the drumbeat of impending civil war had begun, and so they looked around for another Middle Eastern locale to call home. My mother had grown up in Saudi Arabia, and that country's flagship Western-style university, the University of Petroleum and Minerals, was hiring. My dad began teaching social sciences classes to eager Saudi undergraduates, fulfilling work that suited him.