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Aramco says all funding options open

DUBAI: Saudi Aramco said that all funding options, including the issuance of bonds, are being considered for its potential acquisition of a stake in petrochemicals firm Sabic, and that it would make related disclosures when it is appropriate to do so.

"The company is actively pursuing a strategy of enhancing its portfolio by investing further into downstream and the petrochemical sector in particular. This includes discussions under way with the Public Investment Fund regarding the potential acquisition of a strategic interest in Sabic," Aramco said in a statement to Reuters.

"All funding options, including the issuance of bonds, are being examined. The company will make any related disclosures as and when it is appropriate to do so."

The statement came after the Wall Street Journal reported this week that Aramco no longer plans to launch what would have been one of the world’s largest-ever corporate-bond sales to fund its acquisition of a stake in Saudi Basic Industries.

Equinor plans more wells

OSLO: Norwegian oil and gas firm Equinor plans to drill more exploration wells internationally and more onshore wells in 2019 compared to this year, the company’s head of exploration said.

"In general, there will be more international activity, and a larger share of onshore activity," Tim Dodson told Reuters on the sidelines of an Equinor conference.

Equinor’s plans include high-impact wells off Canada, the United States, Mexico and Brazil, as well as onshore wells in Turkey, Argentina, Algeria and Russia.

Exploration on the Norwegian continental shelf is expected to remain around 2018 levels, 20-25 wells, he added.

Woodside signs 20-year gas deal

SYDNEY: Woodside Petroleum, Australia’s biggest listed oil and gas explorer, said it had signed a 20-year gas supply deal with Perdaman Chemicals and Fertilisers Pty Ltd. The agreement is to supply about 125 TJ of gas per day for use in Perdaman’s proposed urea plant, and gas will be primarily sourced from Woodside’s proposed Scarborough development, the company said in a statement.

The agreement follows a memorandum of understanding between the companies signed in April.

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