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Thursday, March 16, 2017

Aramco not investing US$7B Cash, participation will be in crude oil, not cash - Sahathevan Blog

Image result for The Saudi Arabian Oil Company (Saudi Aramco)

Folks, as I suspected earlier, and as I mentioned earlier, it would seem that the Pak Unta will not be putting cash money up front on the table. 

Here is Ganesh Sahathevan latest blog post :

Aramco has not said it is investing USD 7 B in Malaysia

implies participation in JV will be in crude oil, not cash.

by Ganesh Sahathevan

In the excitement . . details in  Aramco announcement missed:

A) Aramco and PETRONAS signed (SPA)

B) Aramco will meet crude requirements of refinery

announcement from Aramco website reproduced below nowhere says anything about US$7b investment in anything
investing in (cash) equity will not pay at all for Aramco

given that it is supplying crude oil ie feedstock. 

in oil business, selling crude is where the money is for refining 

selling refined product is capital intensive, wafer thin margin

Aramco already largest suppliers of crude to Malaysia

up to Aramco to determine how much and at what price.
END

both partners equal ownership in selected ventures and assets

Aramco CEO Nasser said. “ . .today’s agreement further strengthens Aramco’s position as leading supplier of petroleum feedstock to Malaysia . .”

Under partnership, Aramco will meet most of the crude feedstock requirements of the refinery

 

My comments :  "Aramco will meet "most of the crude feedstock requirements of the refinery.."

This already sounds too stupid. The JV can be held at ransom by Aramco.

The more likely scenario is when (not if) the Saudi regime collapses the JV maybe left stranded on a mud bank.

Oil will not be in scarce supply for a long, long time yet.

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