They further agreed on a number of stipulations, such as a production data report to be presented at the OPEC secretariat in Vienna each month and the issuance of a monthly press release on the progress of the implementation of the production adjustment.
For this project, K-SURE will provide commercial and political risk cover for approximately 80% of the financing. Standard Chartered Bank, Arab Petroleum Investments Corporation (APICORP), and the Korea Development Bank acted as lead arrangers.
The structure of the new company, including its divisions, which span aerospace and defence, information and communications technologies, metals manufacturing, as well as energy, is expected to be detailed by the new company after the board meets
Saudi Energy Minister said that there had been "very strong compliance" by OPEC and non-OPEC oil countries to the production cuts agreed on in December, and that the producers had gone "extra miles", with the majority exceeding their commitments