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Fire at Kerosene Production Unit in Kuwait’s Mina Abdullah Refinery under Control

Kuwait’s Mina Abdullah oil refinery. (KUNA)
Kuwait’s Mina Abdullah oil refinery. (KUNA)
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Fire at Kerosene Production Unit in Kuwait’s Mina Abdullah Refinery under Control

Kuwait’s Mina Abdullah oil refinery. (KUNA)
Kuwait’s Mina Abdullah oil refinery. (KUNA)

The Kuwait National Petroleum Company (KNPC) announced on Wednesday that it had completely put out the fire that broke out in a kerosene production unit in Mina Abdullah's refinery Tuesday, reported the KUNA news agency.

The company's fire department put out the blaze as soon as it occurred at 11:34 pm and no workers were injured in the incident, KNPC's Deputy CEO for Administrative and Commercial Affairs and Spokesman Bassem Al-Essa told the agency.

He added that KNPC is evaluating the damage caused by the fire and has also launched an investigation into the incident.

Meanwhile, Al-Essa noted that the kerosene supplies and the refinery's units were not affected by the fire and are working normally.

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Saudi Aramco Completes $5 Billion Bond Issuance 

Saudi Aramco Completes $5 Billion Bond Issuance 
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Saudi Aramco Completes $5 Billion Bond Issuance 

Saudi Aramco Completes $5 Billion Bond Issuance 

Saudi Aramco announced the completion of a $5 billion issuance of bonds across three tranches under its Global Medium Term Note Program.

According to Aramco, the tranches include $1.5 billion in senior notes maturing in 2030 with a coupon rate of 4.750%, $1.25 billion in senior notes maturing in 2035 with a coupon rate of 5.375%, and $2.25 billion in senior notes maturing in 2055 with a coupon rate of 6.375%.

The transaction was priced on May 27 and the notes were listed on the London Stock Exchange.

Aramco’s Executive Vice President of Finance and CFO Ziad Al-Murshed stated: “The strong demand for our new bond offering, as reflected in the diversified orderbook, is a testament to global investors’ confidence in Aramco’s financial resilience and robust balance sheet.”

“Pricing the offering with no new issuance premium across all tranches clearly reflects Aramco’s unique long-term credit proposition. We remain committed to our disciplined approach towards capital management as we continue to execute our growth strategy,” he added.