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    2222   SA14TG012N13

SAUDI ARABIAN OIL COMPANY

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MEOG: Aramco deal and TAQA interest

06/15/2021 | 10:41am EDT

In this week’s MEOG, Gulf deal making continues to garner attention, with Saudi Aramco completing a $6bn sukuk and Chinese interest in the UAE’s TAQA.

Aramco last week raised $6bn via its first dollar-denominated sukuk in three tranches, attracting orders with a combined value of more than $60bn as it surpassed the reported sukuk target of $5bn. The funds are likely to be used in part to cover a portion of Aramco’s upcoming quarterly $18.75bn payment. Meanwhile, it is reported to have appointed Morgan Stanley as the lead adviser on a deal to monetise its gas pipeline infrastructure in much the same way it did with its oil pipeline business earlier this year.

In April, the company successfully closed a $12.4bn deal for a consortium led by EIG Global Partners to acquire a 49% stake in Aramco Oil Pipelines Co. (AOPC) for a duration of 25 years. Under the deal, the Saudi firm will be liable for all maintenance and to make rate payments for crude transferred through the extensive pipeline network.

Elsewhere, state-owned China Southern Power Grid Co. (CSG) is reported to be in discussions with banks as it seeks to acquire a 10% stake in UAE utility Abu Dhabi National Energy Co. (TAQA).

TAQA announced plans in March to reduce reliance on oil and gas for power generation and “become a champion for low carbon power and water”, pledging to invest over $10bn in the UAE to achieve this.

It intends to focus mainly on solar photovoltaic (PV) to increase the share of power produced from renewable sources from the current 5% to more than 30% by 2030, and will improve desalination efficiency by increasing the role of reverse osmosis to 66% by 2030.

Ahead of the announcement of its transition strategy, the company was reported to be considering the sale of its Canadian and UK North Sea assets and admitted as much in the plans, saying it would “focus on commercially viable opportunities to reduce exposure to the hydrocarbon sector”.

©2021 bne IntelliNews , source Magazine

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Analyst Recommendations on SAUDI ARABIAN OIL COMPANY
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Financials
Sales 2021 1 352 B 360 B 360 B
Net income 2021 367 B 97 905 M 97 905 M
Net Debt 2021 245 B 65 224 M 65 224 M
P/E ratio 2021 19,0x
Yield 2021 4,04%
Capitalization 6 986 B 1 862 B 1 863 B
EV / Sales 2021 5,35x
EV / Sales 2022 4,91x
Nbr of Employees 79 000
Free-Float 1,76%
Chart SAUDI ARABIAN OIL COMPANY
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Saudi Arabian Oil Company Technical Analysis Chart | 2222 | SA14TG012N13 | MarketScreener
Technical analysis trends SAUDI ARABIAN OIL COMPANY
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TrendsNeutralBearishNeutral
Income Statement Evolution
Consensus
Sell
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Mean consensus HOLD
Number of Analysts 17
Last Close Price 34,95 SAR
Average target price 35,21 SAR
Spread / Average Target 0,75%
EPS Revisions
Managers and Directors
Amin bin Hasan Al-Nasser President, CEO & Executive Director
Khalid Hashim Al-Dabbagh Director, SVP-Finance, Strategy & Development
Yasir bin Othman Al-Rumayyan Chairman
Ahmad Abdul Rahman Al-Sa'adi Senior Vice President-Technical Services
Ziad Thamer Al-Murshed Vice President-International Operations
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