NEW DELHI: Iranian Oil Minister Bijan Zangeneh said on Wednesday that $60 a barrel is a good price for oil currently as the market should avoid volatility.
“I believe in this situation around 60 (dollars per barrel) is a good price,” said Zangeneh, who was attending the International Energy Forum.
“I think we should look at the market not for short-term, long-term, mid-term is important for us,” he said. “It is very important for producers and consumers not to have volatility in the market.”
When asked if global benchmark Brent oil trading at $70 a barrel was too high, Zangeneh answered, “Yes.”
Zangeneh added that he hopes India and Iran can finalize the main issue on the development of the Farzad B natural gas field in the next two months.
Iran’s oil minister says $60 is a good price for crude oil
Iran’s oil minister says $60 is a good price for crude oil
New Saudi draft project to regulate direct market entry of listed companies’ subsidiaries
RIYADH: The Saudi Capital Market Authority has launched a draft regulation for the direct listing of subsidiaries of companies already listed on the main market, inviting stakeholders to provide feedback over a 30-day period, according to a statement issued today.
The proposed framework aims to allow subsidiaries of main-market companies to list their shares directly on the main market without undergoing an initial public offering, thereby shortening timelines, streamlining procedures, and reducing the costs associated with listing on the Saudi stock market.
It also seeks to create more investment opportunities in the Saudi financial market, contributing to market depth and product diversification, while maintaining high levels of transparency and protecting investors’ rights.
The proposals enable the issuer and its financial advisor to share information about the company and its financial statements with a select group of potential investors before obtaining CMA approval for the share registration request, allowing them to assess their interest in a direct listing on the main market.
They also allow a specific group of licensed financial advisory firms to prepare research and financial reports, provided these are not published before CMA approval.
The proposed framework emphasizes the importance of proper disclosure by setting out requirements for registering shares on the main market, including submitting a registration document to the CMA.
It also specifies the information that must be included in the registration document, such as the method for determining the reference share price and the risks associated with this method.
Under the draft regulation, securities offering rules, ongoing obligations, and the CMA’s glossary of terms and regulations will be updated to allow this type of listing.
This approach is expected to bring multiple benefits, including maximizing the overall value of the main market with lower risk by listing companies that have greater knowledge and experience of market regulations, as well as deepening the market by increasing the number of listed companies across multiple sectors.
