10 things you need to know on Tadawul today

Here are a few things you need to know as Saudi stocks start trading on Thursday.

1) Saudi Arabia has raised oil production to a near-record level, Saudi Energy Minister Khalid Al-Falih said at the Russian Energy Week conference in Moscow

2) Saudi International Petrochemical Co. (Sipchem) and Sahara Petrochemical Co. signed a non-binding memorandum of understanding to carry out a merger.

3) Saudi Electricity Company’s chief executive officer, Ziad Al-Shiha, resigned, citing personal reasons.

4) Saudi Basic Industries Corporation’s (SABIC) wholly-owned subsidiary, SABIC Capital II B.V., closed a $2 billion bond issue.

5) Saudi Telecom Co. (STC) was shortlisted among other prequalified bidders to run the Citizen’s Account program, the Ministry of Labor and Social Development said. Separately, it launched STC Pay, its new investment arm of digital payments and financial technology services.

6) Saudi Marketing Co. (Farm Superstores)  renewed its SAR 124.67 million  bank facilities agreement with National Bank of Kuwait.

7) Bawan Co. appointed Riyad Capital as financial advisor for its potential acquisition of Arnon Plastic Industries Co Ltd.

8) The Saudi Stock Exchange (Tadawul) suspended trading on shares of Saudi British Bank (SABB) and Alawwal Bank pending disclosures on their preliminary plans to merge.

9) Saudi Arabia’s General Authority for Civil Aviation plans to launch 12 new projects within a few weeks to develop airports in the Kingdom.

10) Oil prices fell early Thursday from four-year highs reached in the previous session, pressured by rising US inventories. Benchmark Brent slipped 09 cents to $86.20/bbl, while WTI crude fell 11 cents to $76.30/bbl.