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Saudi Arabia, Russia Ink 3 Huge Energy Deals

Saudi Arabia, Russia Ink 3 Huge Energy Deals

Saudi Arabia

Saudi Arabia hits bullseye, IPO and LNG deals cements geopolitical cooperation Russia

Hidden by the fog of the ongoing oil market volatility and the Turkish adventures in Syria, OPEC leader Saudi Arabia has been cementing its geopolitical position for years. In Riyadh meetings this week between Saudi and Russian officials, major energy deals were sealed, changing the regional constellation dramatically. At the same time, the geopolitical shift of the century now starts to bear fruit.

Russia has directly offered to invest in the upcoming Aramco IPO, supporting the efforts of Saudi Crown Prince Mohammed bin Salman (MBS) to diversify the economy of the kingdom. During the meetings, not only new Saudi investment deals in Russia were sealed, but also the commitment of several Russian investment parties in the Aramco IPO.

After weeks of receiving a hell of a beating in the press (analysts started to doubt that it would ever happen), not only positive news has come from the NYSE and LSE, but also — as expected — from Russian institutions.

Kirill Dmitriev, CEO of the main Russian sovereign wealth fund, Russian Direct Investment Fund (RDIF), stated in Riyadh that he expects that a Russian and Chinese joint investment fund, working in conjunction with several major Russian banks, will be part of the Aramco IPO. He also indicated that other Russian financial institutions and investors are very interested to take a part of the 5 percent of Aramco being offered in the IPO.

These statements are a significant boost for MBS and his IPO advisors, as the participation of a Russia-China investment fund also shows the interest of Chinese parties in the stakes. While Chinese parties are expected to be willing to hand over tens of billions, Dmitriev’s statements have widened the scope.

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Blowout Week 196

Blowout Week 196

The big news in the Energy Patch this week is the Kurdish independence vote, which threatens to disrupt the global oil market and could lead to civil war in Iraq. We follow up with the usual dose of stories from around the world: surging global demand for diesel; the Aramco IPO; US loans billions to two nuclear plants; Australian coal plants running out of coal; Tesla sends storage batteries to Puerto Rico; Denmark wants more solar; California mulls ban on fossil-fuel vehicles; Canada’s expanding farmland; the utility death spiral; no more wood-burning in London; batteries at Burbo Bank; the Barrier Reef stages an unexpected recovery; evaporation engines replace nuclear power and how global warming could damage your car’s suspension.

Vox: Iraq’s Kurds just voted to secede. Here’s why that could cause a new civil war

The Kurds have just taken a large — and very dangerous — step by overwhelmingly approving a referendum on formally declaring independence from the Iraqi central government in Baghdad.

The mere act of holding the vote risks a new rupture between the Kurds and the Iraqi government — one with a real risk of actual fighting between the two sides. Kirkuk is the flashpoint largely because of its massive oil wealth. Nine billion barrels of oil reserves lie just outside the city — 6 percent of the world’s total and 40 percent of Iraq’s. Until recently, Baghdad produced and sold all of Kirkuk’s oil. But after ISIS sabotaged Baghdad’s pipeline and peshmerga forces streamed in, Baghdad lost control. Kurds now control three of the five oil fields. A deal reached in August 2016 ensured that both Kurdish and Iraqi governments get a share of the oil proceeds, but Baghdad wants its oil fields back. Yet Kurdistan needs oil revenue from Kirkuk to pay even a fraction of the costs of running a quasi-independent Kurdish state. Baghdad’s only way to regain control of Kirkuk is through negotiations or fighting.

…click on the above link to read the rest of the article…

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