and how we are investing across global markets.
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nonlinear systems are generally restricted to a finite set of global
BofA Merrill Lynch Global Research. Implied rate of return on SAMA reserve assets
BofA Merrill Lynch Global Research. Data as of 2015.
BofA Merrill Lynch Global Research. Propane
BofA Merrill Lynch Global Research. Data as of 2010.
greater integration into the global value chain
we see global light sweet crude oil averaging US$55 to US$75/bbl
BofA Merrill Lynch Global Research.*Market cap as % of MSCI EM represents and artificially constructed benchmark weight
demand still lags global and regional averages (as indicated by data as a
BofA Merrill Lynch Global Research. US spot refers to natural gas prices of US$2.6/mn BTU. The US$2.5bn feedstock
and one where it is well placed to become a global leader
a c.10% discount to global peers on account of
global utilities staged a sharp catch-up rally over a 1.5-
and later made art with global live-satellite