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  • Oil Giant Aramco Drills Down on Saudi ICS Security

    "Our work with Dragos serves to accelerate our country's Vision 2030 objectives to foster economic relations with global partners and advance our digital economy," said Ahmad Al-Khowaiter, executive vice president of technology and innovation at Aramco, in signing the deal. The initiative comes a decade after Aramco infamously experienced a devastating malware attack that infected 35,000 of its computers for several hours. The incident led Aramco's IT team to sever the connection of every company computer and data center, making day-to-day operations impossible apart from oil production analog activities.

  • Saudi Aramco and NESR Announce Successful Implementation of Circular Water Technologies

    National Energy Services Reunited Corp. (NESR), an international provider of integrated energy services in the Middle East and North Africa, today recognized its successful, ongoing collaboration with Saudi Aramco in implementing a novel Zero Liquid Discharge (ZLD) technology for water management. This technology, invented and owned by Saudi Aramco, aims to enhance produced water treatment and establish circular water economies across the energy value chain.

  • Saudi Aramco Keeps Dividend Payout at $29 Billion in Boon for Saudi Finances

    Aramco maintained its dividend to the Saudi government despite a drop in production and weaker oil prices as the kingdom tackles a widening budget deficit. The total payout of $29.4 billion to the state and other investors, including a special component, held at the previous quarter’s level even as lower output helped push net income 23% down year-on-year to $32.6 billion in the third quarter. The world’s biggest crude oil exporter provides much of the Saudi government’s income via generous dividends. The distribution is becoming ever more vital as Crown Prince Mohammed bin Salman pursues expensive projects such as the futuristic city Neom, the purchase of high-profile footballers and stakes in sporting leagues, while looking to diversify the economy from oil.

  • Saudi Aramco net profit drops less than expected, shares inch up

    Saudi Aramco (2222.SE) on Tuesday reported a 23% fall in third-quarter net profit on the back of lower oil prices and volumes sold, marginally beating analyst estimates and helping prop up its shares in early trade.

    Net profit fell to $32.6 billion for the quarter to Sept. 30, above the $31.8 billion expected by 12 analysts in a company-provided forecast.

    The Saudi oil producer said lower oil prices and volumes were partially offset by a reduction in production royalties.

  • Saudi Aramco CEO Warns of New Threat of Generative AI

    Amin H. Nasser, CEO of Saudi Aramco, told the Global Cybersecurity Forum that the energy sector is an attractive target to those who want to do harm. "Any large-scale disruption to the steady supply of energy would have an immediate and significant impact around the world," he said. According to local media reports, Nasser said new technologies, such as generative AI, are game changers for many industries but must be assessed to identify how they may pose new threats, and any vulnerabilities must be addressed before being fully deployed.

  • Saudi Aramco VC Fund Backs AI-Powered Cybersecurity Startup

    Saudi Aramco’s venture capital arm has invested in SpiderSilk, a United Arab Emirates-based startup that offers AI-powered cybersecurity services. Aramco’s $500 million venture fund, Wa’ed Ventures, took the lead in a $9 million round that included Riyadh-based Saudi Technology Ventures and Dubai’s Global Ventures. The new capital is intended to support SpiderSilk’s technology offerings in Saudi Arabia, the company said in a statement. SpiderSilk has worked with Lenovo Group Ltd., Panasonic Holdings Corp. and parts of Samsung Group, according to its website.

  • South Korea’s Hyundai, Saudi Aramco clinch $2.4 bln gas plant deal

    South Korea's Hyundai Engineering & Construction and Hyundai Engineering have signed a $2.4 billion contract with oil giant Saudi Aramco to build a gas processing plant, Seoul's presidential office said on Tuesday.

    The deal was signed on Monday in Riyadh at a ceremony to mark 50 years of construction cooperation between the two countries, with South Korean President Yoon Suk Yeol attending as part of his state visit to the kingdom.

  • Saudi Aramco CEO: COP28 focus should be on emissions cuts of hydrocarbons

    Amin Nasser, Chief Executive of oil giant Saudi Aramco 2223.SE, told the Energy Intelligence Forum on Tuesday that the focus of the COP28 UN climate conference this year should be on cutting emissions from hydrocarbons. He added cutting oil and gas production would result in energy shortages.

  • Saudi Aramco oil spare capacity at 3 mln barrels per day – CEO

    Saudi oil giant Aramco's (2223.SE) Chief Executive Amin Nasser said on Tuesday he saw global demand for oil at 103 million barrels a day (bpd) in the second half of this year while the company's spare capacity is now at 3 million bpd. Saudi Aramco (2223.SE) is able to ramp up oil production capacity "in a couple of weeks" if needed as global demand continues to rise, Nasser said at the Energy Intelligence Forum in London.

  • Saudi Aramco Hunts for More LNG Deals to Meet Surging Demand

    The company aims to expand its gas production by at least 50% until 2030 compared to 2021 levels. Its Jafurah field is expected to start production in 2025, with a plan to gradually increase natural gas deliveries to 2 billion standard cubic feet a day by 2030. Producing more gas will also help replace oil burnt for power production, freeing up more crude for export.