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SAUDI ARABIAN OIL COMPANY

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Oil for oxygen: Covid-hit India welcomes Saudi medical aid, boosts oil imports

05/07/2021 | 10:19pm EDT
FILE PHOTO: India's Oil Minister Pradhan speaks during an interview with Reuters in New Delhi

NEW DELHI (Reuters) - Indian oil minister Dharmendra Pradhan on Friday thanked Saudi Arabia and other Middle Eastern oil producers for supplying liquid medical oxygen (LMO) to help the country in its battle with the COVID-19 crisis.

In a series of tweets, Pradhan also welcomed offers by Saudi Arabia, UAE and Qatar to supply containers for the next six months and for an assurance of a steady commercial supply of LMO to India.

"Deeply appreciate the initial gesture of goodwill with complimentary LMO supplies particularly from UAE, Kuwait, Bahrain and Saudi Arabia," Pradhan said.

Pradhan's tweets came a day after Indian state refiners reversed steep cuts in Saudi oil imports for May at the directions from oil ministry, and placed orders for regular purchases in June.

Indian state refiners buy about 15 million barrels of Saudi oil in a months from Saudi Aramco. India, the world's third-biggest oil importer and consumer, imports more than 80% of its oil needs and relies heavily on the Middle East.

Relations between Riyadh and New Delhi were under strain earlier this year after Pradhan blamed cuts by Saudi Arabia and other oil producers for driving up crude prices.

India urged refiners to diversify crude sources to cut reliance on the Middle East and directed them to reduce intake of Saudi oil. The refiners cut purchases by more than a third in May.

An Indian oil industry source said the federal oil ministry has not asked refiners to cut Saudi oil imports after Riyadh supplied liquid medical oxygen and cryogenic tanks as India's healthcare system struggles to cope with a huge surge in cases of COVID-19.

"Saudi extended the help immediately to make amends ... so they tried for rapprochement," this source added.

India's oil minister Friday also said he held talks with Saudi Arabia and other Gulf counties about supplies of liquid medical oxygen and thanked them for receiving emergency supplies.

"Had close consultations during the last week with my counterparts from Saudi Arabia, UAE and Qatar on ways to increase import of LMO into India," Pradhan tweeted on Friday.

(Reporting by Nidhi Verma, editing by Louise Heavens and Jane Merriman)

By Nidhi Verma


© Reuters 2021
Stocks mentioned in the article
ChangeLast1st jan.
EURO / DIRHAM (EUR/AED) -0.38% 4.3558 Delayed Quote.-2.53%
LONDON BRENT OIL 0.44% 73.22 Delayed Quote.41.20%
SAUDI ARABIAN OIL COMPANY -0.14% 35.25 End-of-day quote.0.71%
US DOLLAR / DIRHAM (USD/AED) 0.00% 3.6728 Delayed Quote.0.00%
WTI 0.78% 71.41 Delayed Quote.47.13%
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Financials
Sales 2021 1 293 B 345 B 345 B
Net income 2021 347 B 92 434 M 92 434 M
Net Debt 2021 303 B 80 888 M 80 888 M
P/E ratio 2021 19,9x
Yield 2021 4,00%
Capitalization 7 046 B 1 879 B 1 879 B
EV / Sales 2021 5,69x
EV / Sales 2022 5,33x
Nbr of Employees 79 000
Free-Float 1,76%
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Technical analysis trends SAUDI ARABIAN OIL COMPANY
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Income Statement Evolution
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Mean consensus HOLD
Number of Analysts 17
Average target price 34,53 SAR
Last Close Price 35,25 SAR
Spread / Highest target 13,5%
Spread / Average Target -2,04%
Spread / Lowest Target -31,9%
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Managers and Directors
NameTitle
Amin bin Hasan Al-Nasser President, CEO & Executive Director
Khalid Hashim Al-Dabbagh Senior VP-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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