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Crescent Petroleum Wins the Rights to Two Oil Fields in Iraq

An Iraqi oil employee checks pipelines at the Bai Hassan oil field, west of the northern Iraqi city of Kirkuk, Oct. 19, 2017. (AFP file photo)
An Iraqi oil employee checks pipelines at the Bai Hassan oil field, west of the northern Iraqi city of Kirkuk, Oct. 19, 2017. (AFP file photo)
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Crescent Petroleum Wins the Rights to Two Oil Fields in Iraq

An Iraqi oil employee checks pipelines at the Bai Hassan oil field, west of the northern Iraqi city of Kirkuk, Oct. 19, 2017. (AFP file photo)
An Iraqi oil employee checks pipelines at the Bai Hassan oil field, west of the northern Iraqi city of Kirkuk, Oct. 19, 2017. (AFP file photo)

Crescent Petroleum, a United Arab Emirates-based company, has won the rights to two oil fields in Iraq's fifth oil and gas licensing round, according to a statement from the Iraqi oil ministry on Sunday.

Another company won the rights to the Howaiza oil field in the same round, the statement added.

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Saudi PIF Completes $7 bln Inaugural Murabaha Credit Facility

The Public Investment Fund (PIF) logo
The Public Investment Fund (PIF) logo
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Saudi PIF Completes $7 bln Inaugural Murabaha Credit Facility

The Public Investment Fund (PIF) logo
The Public Investment Fund (PIF) logo

Saudi Arabia's Public Investment Fund (PIF) completed on Monday a $7 billion inaugural murabaha credit facility.
In a statement, PIF said the credit facility is supported by a syndicate of 20 international and regional financial institutions.
PIF head of the Global Capital Finance Division and head of Investment Strategy and Economic Insights Division Fahad AlSaif said: “This inaugural murabaha credit facility demonstrates the flexibility and depth of PIF’s financing strategy and use of diversified funding sources, as we continue to drive transformative investments, globally and in Saudi Arabia”, the Saudi Press Agency reported on Monday.
This financing complements PIF’s successful sukuk issuances over the past two years, the statement added. It also underpins PIF’s strong financial position, as well as its best-practice approach to debt financing.
PIF is rated Aa3 by Moody’s with stable outlook and A+ by Fitch with stable outlook. PIF has four main sources of funding: capital injections from government, government asset transfers, retained earnings from investments, and loans and debt instruments.