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MarketScreener Homepage  >  Equities  >  Saudi Arabian Stock Exchange  >  Saudi Arabian Oil Company    2222   SA14TG012N13

SAUDI ARABIAN OIL COMPANY

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Saudi Aramco and Sumitomo Chemical to lend Petro Rabigh $2 billion

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10/01/2020 | 07:29am EDT
FILE PHOTO: Logos of Sumitomo Corp are seen after the company's initiation ceremony at its headquarters in Tokyo

Japan's Sumitomo Chemical and Saudi Aramco will lend $2 billion to their refinery and petrochemicals joint venture as it faces a shortfall of capital due to the COVID-19 pandemic and periodic maintenance, Sumitomo said on Thursday

Sumitomo Chemical plans to provide $750 million, or 37.5% of the loan, to Rabigh Refining and Petrochemical Company (Petro Rabigh) while Saudi Aramco will lend the rest, a spokesman at the Japanese chemical company said.

Sumitomo Chemical will use funds it raised by issuing hybrid bonds last year for its share and the loan will be provided soon, the spokesman said.

The Japanese company also said the financial completion guarantees it and Saudi Aramco provided for financing the Rabigh Phase 2 refinery and petrochemicals complex project had been terminated as of Sept. 30.

In 2015, Petro Rabigh signed project financing agreements with a syndicate of banks to receive an aggregate loan of $5.2 billion to cover 60% of the cost of the project in Saudi Arabia.

The parent companies each offered financial completion guarantees for 50% of the loan at the time, but they have been lifted as they have fulfilled the requirements for continuous performance and debt-repayment ability, Sumitomo said.

Petro Rabigh started the scheduled repayment of the debt in June 2019 and will continue to repay the balance of the loan out of cash flow generated from its operations, Sumitomo said in a statement.

(Reporting by Yuka Obayashi; Editing by David Clarke)


Stocks mentioned in the article
ChangeLast1st jan.
RABIGH REFINING AND PETROCHEMICAL COMPANY -4.72% 13.32 End-of-day quote.-38.50%
SAUDI ARABIAN OIL COMPANY 1.17% 34.5 End-of-day quote.-2.13%
SUMITOMO CHEMICAL COMPANY, LIMITED -2.48% 354 End-of-day quote.-28.92%
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Financials
Sales 2020 823 B 219 B 219 B
Net income 2020 199 B 53 094 M 53 094 M
Net Debt 2020 322 B 85 764 M 85 764 M
P/E ratio 2020 35,6x
Yield 2020 4,00%
Capitalization 6 896 B 1 839 B 1 839 B
EV / Sales 2020 8,77x
EV / Sales 2021 6,73x
Nbr of Employees 79 000
Free-Float 1,76%
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Income Statement Evolution
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Mean consensus HOLD
Number of Analysts 16
Average target price 32,46 SAR
Last Close Price 34,50 SAR
Spread / Highest target 13,0%
Spread / Average Target -5,91%
Spread / Lowest Target -30,4%
EPS Revisions
Managers
NameTitle
Amin bin Hasan Al-Nasser President, CEO & Executive Director
Yasir bin Othman Al-Rumayyan Chairman
Khalid H. Al-Dabbagh Senior VP-Finance, Strategy & Development
Ahmad Abdul Rahman Al-Sa'adi Senior Vice President-Technical Services
Mark Moody-Stuart Independent Non-Executive Director
Sector and Competitors
1st jan.Capitalization (M$)
SAUDI ARABIAN OIL COMPANY-2.13%1 838 775
PETROCHINA COMPANY LIMITED-42.20%105 414
ROYAL DUTCH SHELL PLC-60.63%94 825
TOTAL SE-46.78%84 046
GAZPROM-37.96%50 280
PETRÓLEO BRASILEIRO S.A. - PETROBRAS-34.13%46 901