OPEC Secretary-General Barkindo Dies

OPEC Secretary-General Mohammad Barkindo listens during a news conference in Vienna, Austria, November 7, 2017. REUTERS/Heinz-Peter Bader
OPEC Secretary-General Mohammad Barkindo listens during a news conference in Vienna, Austria, November 7, 2017. REUTERS/Heinz-Peter Bader
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OPEC Secretary-General Barkindo Dies

OPEC Secretary-General Mohammad Barkindo listens during a news conference in Vienna, Austria, November 7, 2017. REUTERS/Heinz-Peter Bader
OPEC Secretary-General Mohammad Barkindo listens during a news conference in Vienna, Austria, November 7, 2017. REUTERS/Heinz-Peter Bader

OPEC's Secretary-General Mohammad Barkindo has died, Mele Kyari, the chief executive of Nigerian National Petroleum Corp said on Wednesday.

Barkindo, who was 63 years old, was due to step down at the end of this month after six years as OPEC's secretary-general, Reuters reported.

"We lost our esteemed Dr. Muhammad Sanusi Barkindo," Kyari said on Twitter, adding that he died late on Tuesday.

The death was a "great loss to his immediate family, the NNPC, our country Nigeria, the OPEC and the global energy community," he added.

Kyari said Barkindo died hours after meeting Nigerian President Muhammadu Buhari and giving the main speech at an energy summit in Abuja.

Barkindo said the oil and gas industry is "under siege" due to years of under-investment, adding that the resulting supply shortage could be eased if extra production from Iran and Venezuela was allowed to flow.

He began his career with the Nigerian Mining Corporation in 1982 before holding multiple roles over more than two decades at the Nigerian National Petroleum Corporation. Before leading OPEC, Barkindo served as the Deputy Managing Director of Nigerian Liquefied Natural Gas, a joint venture between NNPC and multinational oil giants Shell, Total and Eni.

Born in Yola, Nigeria, he attended undergraduate university in Nigeria before earning a post-graduate degree in petroleum economics from Oxford University in the UK and an MBA from Washington University in the US.

In March, Barkindo was named a distinguished fellow of the Atlantic Council, which holds an annual global energy forum that he frequently headlined and spoke at.



Saudi Arabia’s Flynas Seeks to Raise up to $1.1 Bln in IPO 

The price range for the offering had been set at between 76 and 80 riyals per share. (SPA)
The price range for the offering had been set at between 76 and 80 riyals per share. (SPA)
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Saudi Arabia’s Flynas Seeks to Raise up to $1.1 Bln in IPO 

The price range for the offering had been set at between 76 and 80 riyals per share. (SPA)
The price range for the offering had been set at between 76 and 80 riyals per share. (SPA)

Saudi Arabian budget airline flynas is seeking to raise up to 4.1 billion riyals ($1.1 billion) from an initial public offering in Riyadh, it said on Monday. 

The airline, which is selling a 30% stake to investors in the first IPO by a Gulf airline in almost 20 years, said the price range had been set at between 76 and 80 riyals per share, implying a market capitalization of up to $3.6 billion. 

Saudi Arabia has targeted tourism as a key pillar of its domestic economic agenda to reduce reliance on oil revenue. 

The listing would be only the third by a Gulf airline after the United Arab Emirates' Air Arabia and Kuwait's Jazeera Airways. 

The institutional book-building subscription period, which started on Monday, will close on May 18, flynas said, adding that 34% of net the IPO's net proceeds will be used to finance the airline's growth strategy and for general corporate purposes. 

Part of the remaining proceeds will be distributed to selling shareholders, which include Kingdom Holding Company.