BASRA: Oil exports from Iraq’s southern ports rose to an average of 3.5 million barrels per day (bpd) in November from 3.35 million bpd in October, Basra Oil Company Director General Ihsan Abdul Jabbar told Reuters on Friday.
Southern exports are on the rise as Iraq looks to offset the halting of exports from its Kirkuk oilfields in the north in mid-October after Baghdad government forces dislodged Kurdish Peshmerga fighters from the area.
A southern export figure of 3.9 million bpd released by the oil ministry on Thursday, the highest ever, referred just to output on Nov. 29, Abdul Jabbar said.
“The November average was 3.5 million bpd,” he said.
The Iraqi government’s November revenues from oil exports were over $6 billion, an oil ministry spokesman later said in a statement, with a total of over 105 million barrels sold.
The average price per barrel sold was $57.194, the spokesman said.
Southern exports are shipped by state-owned Basra Oil and sold by state oil marketer SOMO on behalf of the central government.
SOMO is also in charge of selling crude from Kirkuk but there were no exports from there in October or November, the oil ministry said.
The Kurdistan Regional Government in northern Iraq sells crude from its own fields through a pipeline to the Turkish Mediterranean port of Ceyhan.
Iraq is OPEC’s second-largest producer after Saudi Arabia with an output capacity of 4.8 million bpd which Baghdad aims to increase to 5 million bpd.
Actual production is less than 4.5 million bpd in line with an agreement among oil exporting nations to curb output in order to support crude prices and reduce global oil inventories.
Iraq's November oil exports from south increase
Iraq's November oil exports from south increase
Stc Group issues US dollar-denominated sukuk with a total value of $2bn
RIYADH: Stc Group has issued US dollar-denominated sukuk with a total value of $2 billion across two tranches.
The group clarified that the issuance included the offering of $750 million in sukuk with a 5-year maturity at a yield of US Treasury plus 75 basis points, and an issuance of $1.250 billion with a 10-year maturity at a yield of UST plus 90 basis points, according to the Saudi Press Agency.
It noted that the total order book exceeded $8 billion across both tranches, with a coverage rate exceeding 4 times, and participation from over 300 investors in the subscription.
The issuance garnered strong demand from a broad and diverse base of international investors, reflecting solid confidence in the robustness and efficiency of stc Group’s business model and strategy.
This strategy is aimed at strengthening its digital leadership, seizing infrastructure opportunities, enabling massive projects, and contributing to the realization of Vision 2030 objectives, with a focus on achieving sustainable growth based on operational efficiency and maximizing shareholder value.
This issuance enhances stc Group’s access to international capital markets and solidifies investor confidence in the strength of its credit position.
It also supports its strategic role in accelerating the pace of digital transformation in the Kingdom and building a thriving digital economy.
