BISMARCK: North Dakota stands to gain more than $110 million annually in tax revenue after oil begins coursing through the Dakota Access pipeline, an analysis by The Associated Press shows.
The calculation shows the potential payoff for a state whose officials have supported the pipeline despite concerns from Native American tribes and other opponents who fear it could harm drinking water and sacred sites. The money the state stands to make in just one year far outstrips the $33 million in costs to police a section of the pipeline that has been the subject of intense and sometimes violent protests over the last year.
“The amount of the windfall to the state doesn’t surprise me at all,” said Payu Harris, an American Indian activist and pipeline opponent. “That’s why the state of North Dakota expended the resources they did.”
Dallas-based Energy Transfer Partners’ $3.8 billion pipeline will carry oil more than 1,000 miles to a shipping point in Illinois and may be moving oil as early as next week. Its completion would be welcome both for drillers seeking a cheaper path to market and for the state government in North Dakota, where declining tax revenue has clouded its budget.
“Every dollar they get extra is good for the state as well,” state tax commissioner Ryan Rauschenberger said.
State budget analysts and an economic consulting firm working on the revenue forecast that lawmakers will use to create a spending plan for the next two years may take the potential tax benefits into account, State Budget Director Pam Sharp said. The new forecast will be released next week.
North Dakota in the past decade has become the second-biggest oil producer in the US, behind Texas. But its location in the northern Plains, far from major oil markets, means less profit on each barrel of oil. North Dakota lowers its tax on each barrel to keep its crude competitive with other states.
Much of North Dakota’s oil is shipped by truck or train. The Dakota Access pipeline would carry the oil through South Dakota and Iowa to a shipping point in Illinois. It could shave shipping costs by more than $3 a barrel, according to Ron Ness, president of the North Dakota Petroleum Council. State tax officials estimate every dollar saved means about $33.6 million in added tax revenue each year.
“Every dollar back is a win for producers, the state and mineral owners,” said Ness, who called the Dakota Access pipeline the most important infrastructure project in North Dakota since the interstate highway system.
It also will link to pipelines serving Gulf Coast refineries, which pay premium prices for high quality sweet crude like that drilled in North Dakota.
In addition to oil tax revenue, the pipeline is estimated to generate $55 million in property taxes annually in the four states it crosses, including more than $10 million a year in North Dakota, said Rauschenberger, the state tax commissioner.
That will provide much-needed revenue to rural counties, he said.
“It’s going to benefit schools and counties and more valuation means lower property tax bills for everybody,” Rauschenberger said.
The pipeline was first announced in 2014, days after then-Gov. Jack Dalrymple, a Republican, urged that more oil and gas pipelines be built to reduce hazardous truck and oil train traffic and to curb the flaring — or burning off — of natural gas at wellheads.
Dakota Access sailed through the state’s approval process, only to run into resistance from the Standing Rock Sioux, whose reservation straddling the North Dakota-South Dakota border is near the pipeline’s route. The Standing Rock Sioux and other tribes urged the US government not to allow the project to move forward and fought the pipeline in court and with protests at a nearby encampment on federal land that at times grew to include thousands of people.
The opponents were dealt a devastating setback in January when President Donald Trump signed an executive order to advance the pipeline’s construction. The Army subsequently gave approval for ETP to put the last final big chunk of pipe under a Missouri River reservoir near the Standing Rock Sioux Reservation. The Army has authority over that stretch because its Corps of Engineers manages the Missouri River.
Authorities last week cleared the last vestiges of the protest camp ahead of spring flooding, although the Standing Rock and Cheyenne River Sioux continue to fight the project in court.
Taxes could flow with Dakota Access pipeline
Taxes could flow with Dakota Access pipeline
Saudi Arabia set to lead $500bn wave of GCC debt maturities: Kamco Invest
RIYADH: The Gulf Cooperation Council region is expected to see elevated levels of fixed-income maturities over the next five years, driven primarily by Saudi Arabia and the UAE, a new analysis showed.
In its latest report, Kamco Invest said fixed-income maturities in Saudi Arabia are projected to total $174.5 billion between 2026 and 2030, closely followed by the UAE at $171.8 billion.
Saudi Arabia’s debt market has recorded robust growth in recent years, attracting strong investor interest in fixed-income instruments amid a global environment of elevated interest rates.
In October, Kuwait Financial Center — also known as Markaz — said Saudi Arabia dominated the GCC’s primary debt market in the third quarter, raising $20.32 billion through 36 issuances, a 62.7 percent year-on-year increase in value.
“The bulk of the maturities in Saudi Arabia are for bonds and sukuk issued by the government at $106.4 billion, while in the case of the UAE, the lion’s share of maturities are for instruments issued by corporates at $136.2 billion,” said Kamco Invest.
Over the next five years, fixed-income maturities in Qatar are expected to reach $85.6 billion, while Kuwait, Bahrain and Oman are each projected to record maturities of around $25 billion.
Citing Bloomberg data, the report showed that GCC sovereign maturities stand at $244.8 billion over the 2026–2030 period, while corporate maturities are higher at $263.3 billion.
“Both bond and sukuk maturities are expected to remain elevated starting from 2026 until 2030 and then gradually taper for the rest of the tenor. The higher maturities during the next five years reflects deficit financing issuances from GCC governments as well as investment and refinancing related issuances from the corporates,” said Kamco Invest.
The report added that the majority of maturities are denominated in US dollars, accounting for 64.7 percent, followed by local-currency issuances in Saudi riyals and Qatari riyals at 10.6 percent and 6.3 percent, respectively.
Owing to the strong credit profiles of GCC governments, most maturities fall within the high investment-grade category. A-rated instruments account for $208.7 billion, while total investment-grade maturities stand at $239.1 billion.
In terms of instruments, conventional bonds dominate, with maturities of $317.6 billion over the next five years, compared with $190.5 billion for sukuk. Corporate bond maturities, at $173.4 billion, exceed government bond maturities of $144.2 billion.
By sector, banks and other financial services firms account for $210.4 billion in maturities through 2030, representing 79.9 percent of total corporate maturities and 41.4 percent of overall GCC maturities. The energy sector follows with $21.8 billion, or 8.3 percent, of corporate maturities, while utilities and industrials account for $13.6 billion and $5.4 billion, respectively.
Real estate maturities are concentrated mainly in the UAE and Saudi Arabia, at $11.2 billion and $4.3 billion, respectively, through 2030.
Issuances in 2025
Aggregate bond and sukuk issuances in the GCC reached $206.6 billion through the third week of December 2025, broadly unchanged from $206.8 billion in the same period a year earlier.
However, issuance patterns shifted markedly. Government issuances declined sharply to $77.9 billion in 2025, from $98.6 billion in 2024, while corporate issuances rose to a record $128.6 billion, up from $108.2 billion.
In terms of type of issuances, sukuk issuances witnessed a sharp decline during 2025, whereas bond issuances showed a healthy growth.
“Aggregate GCC bond issuances stood at $125.2 billion in 2025, the highest on record, compared to $106.2 billion during 2024, whereas sukuk issuances declined by 19.1 percent to reach $81.4 billion this year as compared to issuances of $100.6 Bn during 2024,” said Kamco Invest.
Despite an 18.3 percent decline, Saudi Arabia remained the region’s largest fixed-income issuer, with total issuance of $82.0 billion in 2025, down from $100.3 billion the previous year.
Issuances from Qatar fell 21.7 percent to $22.1 billion, while the UAE recorded modest growth, with total issuance rising to $64.9 billion from $63.4 billion. Kuwait posted the sharpest increase, with issuance surging to $20.5 billion from $2.6 billion in 2024 following the approval of its debt law.
Green issuances
Green-instrument issuance in the GCC rose sharply in 2025, though it remained below the record levels seen in 2023. Total green issuance reached $12.5 billion, up from $4.6 billion in 2024 but below $17.3 billion recorded in 2023.
The UAE led the region with $5.6 billion in green issuance, compared with $3.8 billion a year earlier. Saudi Arabia followed with $5.1 billion, after recording no green issuances in 2024.
Green sukuk are Shariah-compliant instruments designed to finance environmentally sustainable projects, including renewable energy, clean transportation and climate-resilient infrastructure.
Outlook
Kamco Invest expects higher issuance levels in 2026, particularly among GCC countries facing fiscal deficits. The UAE and Qatar are also projected to see elevated corporate issuance.
A potential decline in interest rates could further support issuance activity, especially early in the year, as borrowers seek to lock in lower funding costs.
“Maturity refinancing is expected to result in approximately $85.4 billion in issuances during the year, while government deficit financing led by lower average oil prices would also contribute to the overall trend during the rest of the year,” the report said.
Based on IMF forecasts, deficit financing could result in issuance of close to $60 billion in 2026, it added.
