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Recent stories from sustg

  • Vision 2030 and Natural Gas
     

    A recently released Jadwa Investment report looks at the role that natural gas will play in Saudi Arabia’s Vision 2030 plan to reform its economy and society. “Saudi Arabia holds the world’s sixth largest proven gas reserves and was the seventh largest producer of gas in 2015. Continued investment in gas has resulted in steadily […]

     
  • Yemen Ceasefire Tested by Missiles, Airstrikes
     

    The 72-hour U.N.-backed truce in Yemen came under duress on Thursday when missiles fired from inside the war-torn country killed two civilians in Saudi Arabia, while a Saudi-led coalition launched air strikes that Iran-allied Houthi fighters said killed three people, according to reports. The U.N.-brokered ceasefire began late on Wednesday, which “brought Sanaa its first night without air strikes in […]

     
  • Saudi Energy and Industry Minister Khalid Al-Falih: Oil Market Wrapping Up ‘Considerable Downturn’
     

    Saudi Minister of Energy, Industry and Mineral Resources Khalid al-Falih said on Wednesday that oil markets were at the end of a “considerable downturn” and that fundamentals were improving. “Market forces are clearly working after a testing period of sub-$30 oil prices… Oil demand is expanding at a healthy rate despite slower global growth,” Al-Falih said. […]

     
  • U.S. Responds to Missile Strikes from Yemen, Destroys 3 Radar Sites
     

    The U.S. military struck three radar sites in Houthi-controlled territory on Yemen’s Red Sea coast, the Pentagon said in a statement.  The strikes were aimed at preventing future missiles from being launched toward U.S. warships. “These limited self-defense strikes were conducted to protect our personnel, our ships, and our freedom of navigation in this important […]

     
  • News Analysis: In Push for Diversified Economy, Saudis Share in Sacrifice
     

    As part of its ongoing drive to reduce government spending Saudi Arabia announced that it will suspend pay increases for public sector employees and slash Minister-level pay and benefits, sending a message that all Saudis will share in the sacrifice as tries to balance its budget and diversify its economy away from oil.  The decision […]

     
  • Saudi Binladin Group Says Government Resumes Payment of Dues
     

    The Saudi finance ministry has resumed payments to Saudi Binladin Group (SBG), the kingdom’s biggest construction firm, for its work on government projects, according to a Reuters report which cited a local newspaper. The positive news for SBG and its employees comes at a critical time for the company. SBG faced its toughest challenges in the […]

     
  • Event Alert: King of Bahrain, Secretary Kissinger, Gen. David Petraeus Headline C3 Business Summit in New York
     

    Scheduled to take place on the heels of the 71st U.N. General Assembly in New York on September 26 and September 27, the 2016 C3 Business and Healthcare Summit has announced the confirmed participation of His Majesty King Hamad Bin Isa Al Khalifa and The Honorable Dr. Henry Kissinger. This edition of the well-established C3 Summit series will examine ISIS, Brexit, the growing concerns […]

     
  • Senate Votes Down Proposal to Block U.S. Arms Sale to Saudi Arabia
     

    The Senate on Wednesday rejected a bipartisan proposal to block a pending $1.15 billion United States arms sale to Saudi Arabia by a vote of 71-27. The Senate action comes as Congress is considering whether to override an expected presidential veto of the so-called JASTA bill, allowing 9/11 victims’ families to sue the Saudi government. The proposed […]

     
  • Washington Post Editorial: Obama Right to Veto JASTA
     

    An editorial in today’s edition of the Washington Post calls for President Obama to veto the Justice Against Sponsors of Terrorism Act (JASTA) which reduces foreign sovereign immunity by allowing U.S. courts to hear cases involving claims against a foreign state for injuries, death, or damages that occur inside the United States as a result of […]

     
  • Asian Banks Said to Have ‘Intense Interest’ in First Saudi Foreign Debt Issuance, Reports Say
     

    Saudi Arabia is seeing “intense interest” in its first international bond sale of $15 billion and is considering further issuances given the current appetite, according to a report today in the Financial Times.  The Kingdom’s first international debt sale has generated so much interest from particularly from Asian investors that “the kingdom is weighing a […]

     

MUST-READS

  • Saudi Energy Policy
    Saudi Aramco spending becoming more sensitive to lower oil prices: analyst

    State-owned Saudi Aramco is becoming more sensitive to movements in international oil prices, with sharp effects on spending, analysts at Jadwa Investment said late Sunday.

  • Saudi Aramco: Refining
    Saudi Aramco plans cleaner fuels for Ras Tanura, Rabigh refineries

    Saudi Aramco has revived plans to add a clean fuels unit in its biggest oil refinery in Ras Tanura and more environmentally-friendly units to its Rabigh refinery, industry sources said. There has been a shift in Middle Eastern refineries to produce cleaner fuel to target export markets with stricter environmental requirements.

  • Saudi Aramco: Corporate Social Responsibility
    Saudi Aramco launches ‘Umrah for the disabled’ program

    The initiative was launched on Tuesday at Abdul Latif Center for Rehabilitation which aims to take people with special needs to perform Umrah during Ramadan in cooperation with Myesra Transportation Company.

  • Saudi Aramco
    Wood Group Clinches Offshore Contract from Saudi Aramco

    The six-year contract, which includes options for two three-year renewals, includes the establishment of an offshore engineering center of excellence in Al Khobar, Saudi Arabia.

  • Drilling Rigs
    Hercules: Saudi Aramco withdraws rig termination

    Hercules said Saudi Aramco withdrew its notice of termination for rig Hercules 261, "declaring that all terms and conditions of the contract remain in full force and effect for the remainder of the five-year term of the contract."

  • Oil
    Hercules Offshore: Saudi Aramco withdraws rig termination

    U.S. rig company Hercules Offshore said Monday its clients in Saudi Arabia withdrew a notice to terminate a contract for its services.

  • Aramco
    McDermott Shares Up on Second Contract from Saudi Aramco

    Shares of offshore oil and gas-focused engineering and construction firm McDermott International Inc. MDR gained over 13% on the NYSE following the announcement that it has received a large brownfield contract from Saudi Aramco.

  • Gas System
    Saudi Aramco pre-qualifies 8 companies to bid on four pipeline packages for phase 2 of US$ 1.5 bn MGSE

    Saudi Aramco has pre-qualified eight local and international companies to bid on four pipeline packages for the second phase of the US$ 1.5 billion Master Gas System Expansion (MGSE) to increase the Saudi Arabia’s gas network and provide the resource to the western regions for industrial and power generation use, according to a source.

  • Saudi Aramco
    What Is The Future For Saudi Aramco?

    One of the biggest reasons for Aramco’s restructuring would be to become a more commercially-driven organization, whose aim is to maximize its financial value and compete directly with big oil firms on a global level. The separation from the Oil Ministry could reduce political meddling and provide more leeway for the company to make commercial decisions. Also, the restructuring of its oil ministry would signify a generational shift and create a new vision for how the government develops its future energy and economic strategies.

  • Aramco
    Saudi Aramco ramps up spending in Asian refineries

    Saudi Aramco is ramping up spending in Asian refineries in what is seen as a move to retain its position as the region’s largest crude oil exporter and win loyal customers for years to come.