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Iraqi Minister Calls for New Oil Company in Kurdistan

General view of al-Zubair oil field near Basra, Iraq April 21, 2020. (Reuters)
General view of al-Zubair oil field near Basra, Iraq April 21, 2020. (Reuters)
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Iraqi Minister Calls for New Oil Company in Kurdistan

General view of al-Zubair oil field near Basra, Iraq April 21, 2020. (Reuters)
General view of al-Zubair oil field near Basra, Iraq April 21, 2020. (Reuters)

Iraq's oil minister called on Monday for the establishment of a new oil company in its northern Kurdish region to manage the energy contracts signed by the regional government, the oil ministry said in a statement.

Minister Ihsan Abdul-Jabbar, speaking at the conclusion of a round of talks with Kurdish officials, also stressed the importance of reviewing Kurdistan's current oil contracts.

The talks come after a federal court ruling that gives the oil ministry in Baghdad the authority to manage oil and gas fields in northern Iraq.

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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.