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Monday, July 24, 2017

OPEC Is In Deep Doo-Doo: UAE Oil Giant To Seek Loan -- Reuters -- July 24, 2017

We've talked about this at length: the situation OPEC is in. Now more news to validate their sad state of affairs. From Reuters, UAE oil giant in talks to obtain loan of up to $5 billion. Data points:
  • Abu Dhabi oil giant: Adnoc
  • seeking a $5 billion loan
  • "a sign that the region's giant oil companies are increasingly turning to the debt markets to fund expansion" (or to simply survive?)
  • also, in the alternative, considering a $3 billion bond issue
  • would be the first large bank borrowing since Adnoc's first bond deal last year; with Japanese banks, for $3.3 billion
  • reminder: in April --three months ago -- Saudi Aramco raised $3 billion through Islamic bonds
  • Oman: working on a pre-export financing loan of around $1 billion after closing a $2 billion loan package a few weeks ago
  • Adnoc's CEO has been in place less than a year (similar to length of time for Prince Salman)

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