KHARTOUM: South Sudan has resumed pumping 20,000 barrels per day (bpd) of crude from the Toma South oilfield, where production had been suspended since 2013, the Sudanese oil minister Azhari Abdulqader said. Production at five of the previously suspended oilfields was expected to reach 80,000 bpd after maintenance work is completed by the end of the year, Abdulqader told a news conference in Khartoum.
South Sudan’s oil output currently stands at 130,000 bpd and is expected to reach 210,000 bpd by year-end, he added.
South Sudan seceded from Sudan in 2011 when output peaked at 350,000 bpd but two years later plunged into civil war. At the time fighting started, production was at about 245,000 barrels per day.
The conflict has killed tens of thousands, displaced an estimated quarter of South Sudan’s population of 12 million and ruined its economy that heavily relies on crude oil production.
South Sudan’s oil is shipped to international markets via a pipeline through Sudan.
The area in which Toma South oilfields lie saw the most intense fighting between rebels and government troops, damaging oil production facilities.
During a visit on Saturday to Toma South, some 20 miles to the border with Sudan, Ezekiel Lol Gatkuoth, South Sudan’s Oil Minister, said the resumption of production in blocks 1, 2 and 4, will bring an additional output of 45,000 barrels per day.
He said the operator of the fields, Greater Nile Petroleum Operation Company, and staff from his ministry were working to ensure full production.
“They will be here in Toma South working seven days a week, 24 hours a day to make sure that the production is not interrupted and also to make sure the central processing facility is operational,” Gatkuoth said.
The return to production and pumping is part of a cease fire and power-sharing agreement that was reached earlier this month when President Salva Kiir, rebel leader Riek Machar and other rebel groups signed a peace deal meant to end the civil war. “I can tell everyone, the production can be more if peace is there and if we are determined to nourished it,” Abdulqader said.
South Sudan resumes pumping 20,000 bpd from oilfield suspended since 2013
South Sudan resumes pumping 20,000 bpd from oilfield suspended since 2013
- Production at five of the previously suspended oilfields was expected to reach 80,000 bpd after maintenance work is completed
- South Sudan’s oil is shipped to international markets via a pipeline through Sudan
Saudi PIF raises over $1bn with 2% STC stake sale
RIYADH: Saudi Arabia’s Public Investment Fund has raised SR3.86 billion ($1.02 billion) through the sale of a 2 percent stake in Saudi Telecom Co.
The offering, consisting of 100 million shares priced at SR38.6 each, was met with strong demand from both local and international institutional investors, according to a statement.
The transaction represents the largest accelerated bookbuild offering ever conducted in Saudi Arabia and the broader Middle East and North Africa region, underscoring robust investor appetite for exposure to the region’s telecom sector and strategic assets managed by PIF.
Dogecoin soars as Trump announces a government efficiency group nicknamed DOGE
- Dogecoin got a bump after US President-elect Trump named Tesla’s Elon Musk as one of the heads of a new “Department of Government Efficiency,” which is not a government agency but does have the acronym DOGE
NEW YORK: Wow, much bull market.
Dogecoin, the cryptocurrency whose mascot is a super-cute dog that muses things like “much wow,” has been racing higher in value since Donald Trump won the presidential election last week. It got another bump after Trump named Tesla’s Elon Musk as one of the heads of a new “Department of Government Efficiency,” which is not a government agency but does have the acronym DOGE.
All this makes sense and is maybe humorous for anyone who’s chronically online. For others, here’s some explanation about what’s going on:
What is dogecoin?
It’s a cryptocurrency, whose value rises and falls against the US dollar based on however much people will pay for it.
At first, it was seen as a joke. But over time, dogecoin has amassed a group of fans who have periodically sent its price soaring. Like other cryptocurrencies, supporters say it could be used to buy and sell things on the Internet without having to worry about a central bank or government affecting how many are in circulation.
How much has dogecoin climbed?
One dogecoin — which is pronounced dohj-coin — was worth less than 16 cents just before Election Day. It’s since more than doubled to nearly 38 cents, as of Wednesday afternoon, according to CoinDesk. It briefly got above 43 cents earlier Wednesday.
Why is it climbing so much?
Cryptocurrencies have generally been shooting higher since Trump’s election. Bitcoin, which is the most famous digital currency, has set an all-time high above $93,000 after starting the year below $43,000.
Excitement is racing because Trump has embraced crypto and said he wants the United States to be the “crypto capital of the planet” and create a bitcoin “strategic reserve.”
What does Elon Musk have to do with any of this?
Musk has become one of Trump’s close allies. He’s also been one of the most famous fans of dogecoin. In 2021, Musk played a character on “Saturday Night Live” who went by the nickname, the “Dogefather.”
In 2022, Musk made more headlines when he suggested Twitter should perhaps accept dogecoin as payment for subscriptions.
It all came to a head Tuesday, when Trump announced the “Department of Government Efficiency,” which will work from outside the government to offer the White House “advice and guidance” and will partner with the Office of Management and Budget to “drive large scale structural reform, and create an entrepreneurial approach to Government never seen before.”
It has the acronym DOGE, which is also the ticker symbol under which dogecoin trades. Musk will lead it, along with former GOP presidential candidate Vivek Ramaswamy.
This all sounds weird.
Dogecoin’s history is interesting.
In 2021, on April 20, dogecoin fans tried but failed to get its value above $1 on what they were calling “Doge Day.”
April 20 has long been an unofficial holiday for marijuana devotees, and Musk himself has referred to 420 several times in his career, including his tweet in 2018 saying he had secured funding to take Tesla private at a price of $420 per share.
Is the Shiba Inu whose picture is in the meme getting special treats because of all this?
Sadly, no. The dog, whose real name was Kabosu, passed away in Japan earlier this year at 18 years old. Much rest, may she have.
Number of active mining licenses in Saudi Arabia reaches 2,295
- The goal is to transform mining into the third pillar of the national industry and leverage the Kingdom’s vast mineral wealth, estimated at around SR9.3 trillion
RIYADH: Saudi Arabia’s Ministry of Industry and Mineral Resources issued 35 new mining licenses in September, the Saudi Press Agency reported on Wednesday citing the National Center for Industrial and Mining Information.
These permits included 24 exploration licenses, seven quarry licenses for building materials, three reconnaissance licenses, and 1 mining exploitation and small mine license.
Official spokesperson for the ministry, Jaraah bin Mohammed Al-Jaraah, explained that by the end of September 2024, the total number of active mining licenses in the sector had reached 2,295. The majority of these licenses are quarry licenses for building materials, with 1,461 issued, followed by 566 exploration licenses, 203 mining exploitation and small mine licenses, 42 prospecting licenses, and 23 surplus mineral resource licenses.
Al-Jaraah emphasized that the Ministry of Industry and Mineral Resources is focused on protecting and enhancing the value of the mining sector in alignment with Saudi Arabia’s Vision 2030. The goal is to transform mining into the third pillar of the national industry and leverage the Kingdom’s vast mineral wealth, estimated at around SR9.3 trillion.
Saudi Arabia’s CMA approves regulatory changes to strengthen debt market
RIYADH: Saudi Arabia’s Capital Market Authority has approved its largest regulatory overhaul to date for the sukuk and debt instruments market, marking a significant step in the country’s financial sector development.
The newly approved changes introduce key amendments to the rules on the offer of securities and continuing obligations, particularly related to the issuance of debt instruments.
These adjustments simplify prospectus requirements for public, private, and exempted offerings, streamlining the process and reducing regulatory burdens.
These changes will take effect as soon as they are published and are designed to attract a wider range of issuers and foster deeper investment in the market.
“By facilitating the listing requirements for debt instrument, we are increasing the attractiveness of the local debt capital market to drive increased participation from issuers and investors,” Mohammed Al-Rumaih, CEO of the Saudi Exchange, said.
The amendments to the listing rules of debt instruments mark a significant milestone in the continued development of Saudi Arabia’s debt capital market, further reinforcing our commitment to building a globally competitive and sophisticated debt capital market.”
The reforms aim to strengthen Saudi Arabia’s regulatory framework for debt instruments, creating a more dynamic and accessible market. Notably, the amendments allow the Kingdom’s development funds, sovereign wealth funds, and development banks to issue debt instruments through exempt offerings, subject to specific conditions.
This flexibility will enable these institutions to better align their financing strategies with Saudi Arabia’s broader development goals.
“As we move forward, the Saudi Exchange remains focused on providing a robust platform for debt financing that supports the Kingdom’s Vision 2030 ambitions, specifically the Financial Sector Development Program aspirations in deepening the debt capital market,” Al-Rumaih said.
The new regulations also simplify the documentation process for public offerings, reducing prospectus requirements by more than 50 percent.
A dedicated section for public offerings will improve regulatory clarity, ensuring that all material information is disclosed to investors while maintaining investor protection.
In addition to easing public offering requirements, the changes introduce more flexibility for private offerings. The CMA has eliminated the prior requirement for advance notification before launching an offering.
Issuers can now notify the CMA and immediately proceed with their offerings, a change that is expected to expedite the financing process and improve efficiency.
These regulatory enhancements are part of Saudi Arabia’s broader efforts to develop its sukuk and debt markets as a crucial funding channel for businesses.
By improving access to financing, the reforms are expected to drive greater economic growth and help position the sukuk and debt markets as central components of the Kingdom’s financial ecosystem.
The reforms align with Saudi Arabia’s Vision 2030 strategy, which seeks to diversify the economy and enhance the capital markets. They also reflect the CMA’s ongoing commitment to improving market transparency, protecting investors, and increasing market participation.
In parallel, the CMA recently invited public feedback on amendments to the investment funds regulations, which are also part of efforts to refine the framework for private and foreign investment funds, particularly in retail markets. These changes aim to better protect retail investors, addressing risks that emerged from a 2021 regulation allowing individual retail investments up to SR200,000 ($53,245).
The consultation period for these proposed changes will run for 30 calendar days.
With these far-reaching regulatory reforms, Saudi Arabia is poised to further strengthen its sukuk and debt markets, positioning them as key drivers of economic growth and investment. The CMA’s efforts to enhance transparency and investor protection are expected to boost both domestic and international confidence in the Kingdom’s financial markets.
Saudi PIF to offer 2% of Saudi Telecom Co. shares to investors
- Goldman Sachs Saudi Arabia and SNB Capital are acting as joint global coordinators and bookrunners for PIF
- Remaining shares held by PIF represent 62% of the firm’s issued share capital
RIYADH: Saudi Arabia’s Public Investment Fund has announced the offering of 2 percent of its Saudi Telecom Co.’s stake, amounting to 100 million shares, to qualified institutional investors locally and globally.
Goldman Sachs Saudi Arabia and SNB Capital, acting as joint global coordinators and bookrunners for PIF, announced that the share price, or offer rate, would be determined through an accelerated book-building process, according to a statement on the Saudi Stock Exchange.
This falls in line with PIF’s vision, which has about $925 billion assets under management, of becoming a global investment powerhouse and the world’s most impactful investor, enabling the creation of new sectors and opportunities that will shape the future global economy, while driving the economic transformation of Saudi Arabia.
The Tadawul statement said that following the completion of the offering, the remaining shares held by PIF in the company, representing 62 percent of the firm’s issued share capital, will be subject to a 90-day contractual lock-up undertaking.
The company will not receive any proceeds from the issuance, and the offering will not dilute the shares of the organization’s additional shareholders.
The statement also said that the final number of offer shares, price, and results will be announced by Nov. 14.
The sale will be executed through off-market negotiated deals on Nov. 14 before market opening, under the Negotiated Deals Framework stipulated under the Trading and Membership Procedures issued by the Saudi Exchange.
The offering will be available to institutional investors within the Kingdom, qualified foreign institutional backers in line with the Rules for Foreign Investment in Securities, and institutional beneficiaries of swap agreements made with a Capital Market Authority-authorized person to trade shares on the Saudi Exchange on their behalf.
It will also be open to Gulf Cooperation Council investors, including companies and funds authorized to trade in Saudi shares.
