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    2222   SA14TG012N13

SAUDI ARABIAN OIL COMPANY

(2222)
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Saudi Arabian Oil : Yemen rebels' missile strikes Saudi oil facility in Jiddah

11/23/2020 | 01:14am EDT

DUBAI, United Arab EmiratesYemen'sHouthi rebels said they struck a Saudi oil facility in the port city of Jiddah early Monday with a new cruise missile, just hours after the kingdom finished hosting its virtual Group of 20 leaders summit.

The kingdom acknowledged the attack hours later. Videos of a small explosion at a Saudi Arabian Oil Co. facility in Jiddah had circulated on social media all day and a satellite photo confirmed damage at the site.

A projectile struck a fuel tank at the Jiddah distribution station and ignited a fire around 3:50 a.m., an unnamed Energy Ministry official said in a statement carried by the state-run Saudi Press Agency.

Col. Turki al-Maliki, a spokesman for the Saudi-led coalition fighting the Iran-backed Houthis in Yemen, blamed the rebels for what he called “a cowardly attack which not only targets the kingdom, but also targets the nerve centre of the world's energy supply and the security of the global economy."

Brig. Gen. Yehia Sarie, a Houthi military spokesman, tweeted early Monday that the rebels fired a new Quds-2 cruise missile at the facility. He posted a satellite image online that matched Aramco's North Jiddah Bulk Plant, where oil products are stored in tanks.

That facility is just southeast of Jiddah'sKing Abdulaziz International Airport, a major airfield that handles incoming Muslim pilgrims en route to nearby Mecca.

Online videos appeared to show a tank farm similar to the bulk plant on fire, with wailing sirens heard and police cars alongside a highway by the facility. Details of the videos posted predawn Monday matched the general layout of the bulk plant.

A satellite photo from Planet Labs Inc. later published by TankerTrackers.com appeared to show damage to one of the tanks at the bulk plant and what appeared to be fire-suppression foam on the ground near it.

Earlier, the U.S. Consulate in Jiddah said it wasn't aware of any casualties from the attack. It urged Americans to “review immediate precautions to take in the event of an attack and stay alert in case of additional future attacks.”

Saudi Aramco, the kingdom's oil giant that now has a sliver of its worth traded publicly on the stock market, did not respond to a request for comment. Its stock traded slightly up Monday on Riyadh'sTadawul stock exchange as crude oil prices remained steady above $40 a barrel.

The claimed attack comes just after a visit by outgoing U.S. Secretary of State Mike Pompeo to the kingdom to see Crown PrinceMohammed bin Salman , a meeting that reportedly included Israeli Prime Minister Benjamin Netanyahu. The kingdom also just hosted the annual G-20 summit, which concluded Sunday.

A Saudi-led coalition has been battling the Houthis since March 2015, months after the rebels seized Yemen's capital, Sanaa. The war has ground into a stalemate since, with Saudi Arabia facing international criticism for its airstrikes killing civilians.

The Houthis have used Quds, or “Jerusalem," cruise missiles to target Saudi Arabia in the past. The Quds-1 has a copy of a small, Czech-made TJ-100 jet engine, with a range of 700 kilometres (435 miles). United Nations experts have said they don't believe the missiles are built in Yemen and instead have been sold or traded to them in violation of an arms embargo.

Iran uses a copy of TJ-100 engines in its drone program. U.N. experts, Arab countries and the West say Iran supplies arms to the rebels, allegations denied by Tehran.

The Quds-1 was used in a missile-and-drone strike on the heart of the kingdom’s oil industry in 2019 that shook global energy markets. The U.S. believes Iran carried out that attack amid a series of escalating incidents last year between Tehran and Washington, something the Islamic Republic denies.

___

Associated Press writer Isabel DeBre in Dubai, United Arab Emirates, contributed to this report.

© 2020 The Canadian Press. All rights reserved., source Canadian Press DataFile

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Analyst Recommendations on SAUDI ARABIAN OIL COMPANY
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Financials
Sales 2021 1 352 B 361 B 361 B
Net income 2021 367 B 97 943 M 97 943 M
Net Debt 2021 245 B 65 250 M 65 250 M
P/E ratio 2021 19,2x
Yield 2021 4,02%
Capitalization 7 026 B 1 874 B 1 874 B
EV / Sales 2021 5,38x
EV / Sales 2022 4,94x
Nbr of Employees 79 000
Free-Float 1,76%
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Saudi Arabian Oil Company Technical Analysis Chart | 2222 | SA14TG012N13 | MarketScreener
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Income Statement Evolution
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Mean consensus HOLD
Number of Analysts 17
Last Close Price 35,15 SAR
Average target price 35,21 SAR
Spread / Average Target 0,17%
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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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