Aramco Warns Employees Against Taking Pictures of Sites

A metal part of a damaged tank is seen at the damaged site of Saudi Aramco oil facility in Abqaiq, Saudi Arabia, September 20, 2019. (Reuters)
A metal part of a damaged tank is seen at the damaged site of Saudi Aramco oil facility in Abqaiq, Saudi Arabia, September 20, 2019. (Reuters)
TT

Aramco Warns Employees Against Taking Pictures of Sites

A metal part of a damaged tank is seen at the damaged site of Saudi Aramco oil facility in Abqaiq, Saudi Arabia, September 20, 2019. (Reuters)
A metal part of a damaged tank is seen at the damaged site of Saudi Aramco oil facility in Abqaiq, Saudi Arabia, September 20, 2019. (Reuters)

Saudi Aramco has renewed its work on banned facilities and operating sites, as well as sites under construction in the company.

The company issued a statement warning its employees against uploading, sending, or exchanging any photographs or videos of the restricted and under construction areas on social media.

The statement indicated that this action is strictly prohibited unless the required approval is taken.

Aramco cautioned its employees that in the event of non-compliance, the company will take firm disciplinary action.

The company’s reminder comes just days after Saudi Aramco's Abqaiq plant was hit by a terrorist attack that caused a major fire at the plant, the world's largest oil refinery, as well as another attack on an oil facility in Khurais located on the road between al-Ihsa and Riyadh.

Although Saudi Aramco has been able to control the attacks, the company's industrial security department preferred to be careful by reminding its employees of the ban and tightening security in this regard.

Meanwhile, Aramco hired UBS Group and Deutsche Bank as book-runners for its initial public offering, two sources familiar with the matter said.

This is an indication that the deal is moving ahead despite the recent attack on Aramco’s oil facilities.

The company started informing banks about the bookrunners’ roles, one of the sources said.

Reuters revealed that Aramco finalized nine banks for top roles as global coordinators in recent weeks, and more banks are expected to be named in junior roles, the sources said.

Aramco has also added Barclays and BNP Paribas as bookrunners, Bloomberg cited people familiar with the matter.

Doubts had emerged about the timeline of the potentially $20 billion domestic leg of the IPO among investors after last Saturday’s attacks on two sites that usually process and clean up about 5.7 million barrels per day (bpd).

Aramco said that by the end of September it will resume full crude output at Abqaiq and Khurais.

The company’s meeting with analysts, ahead of the expected IPO in late November, is also scheduled for early next week, two other sources said.

Aramco’s listing is the first step toward an eventual sale of up to 5 percent, with another 1 percent expected to be sold domestically next year, followed by an international listing.

Initial hopes for an international listing dissipated when the share sale was halted last year amid a debate over an overseas venue and valuation.

Aramco had said the delay was due to its deal to acquire a 70 percent stake in petrochemicals maker Saudi Basic Industries Corp. Crown Prince Mohammed put a $2 trillion valuation on the company in early 2016.



Bahrain and Oman Deepen Ties During King Hamad’s Visit to Muscat

Oman’s Sultan Haitham bin Tariq and Bahrain’s King Hamad bin Isa Al Khalifa hold talks in Muscat on Tuesday. (BNA)
Oman’s Sultan Haitham bin Tariq and Bahrain’s King Hamad bin Isa Al Khalifa hold talks in Muscat on Tuesday. (BNA)
TT

Bahrain and Oman Deepen Ties During King Hamad’s Visit to Muscat

Oman’s Sultan Haitham bin Tariq and Bahrain’s King Hamad bin Isa Al Khalifa hold talks in Muscat on Tuesday. (BNA)
Oman’s Sultan Haitham bin Tariq and Bahrain’s King Hamad bin Isa Al Khalifa hold talks in Muscat on Tuesday. (BNA)

Oman and Bahrain held expanded talks this week aimed at bolstering their strong bilateral relations and widening their partnership.

Oman’s Sultan Haitham bin Tariq received Bahrain’s King Hamad bin Isa Al Khalifa in Muscat on Tuesday to discuss opportunities to develop their economic and investment partnership.

They stressed the importance of encouraging the public and private sectors to diversify their fields to meet the aspirations of their people and countries. They also welcomed the establishment of the Omani-Bahraini Investment Company.

King Hamad was in Oman at the head of a senior delegation on January 14 and 15.

The leaders praised the growth of the historic relations between their countries.

They hailed the success of the Omani-Bahraini business council and its role in boosting bilateral cooperation and execution of joint projects that meet their countries’ aspirations.

King Hamad and Sultan Haitham discussed the work of the Gulf Cooperation Council and its success in boosting collective work. They hoped to deepen cooperation and integration between its countries.

They reviewed regional and international developments, underscoring the importance of resolving crises and disputes through peaceful means and bolstering dialogue and international cooperation.

Oman and Bahrain signed 25 agreements and memoranda of understanding during King Hamad’s visit. They covered double taxation, endowments, zakat, meteorology, the stock market, health, media, scientific and educational cooperation, investment opportunities, food security, agricultural production and development and other issues.