SUSTG.com / Research

Discover stories, topics, and more about Saudi Arebia faster.

Recent stories from sustg

  • Saudi Aramco Aims to Invest $150b to Become Gas Exporter – CEO
     

    Saudi Aramco’s gas expansion strategy needs $150 billion (117.55 billion pounds) worth of investments over the next decade as the company plans to increase output and become an exporter, Reuters reports, citing CEO Amin Nasser’s comments at an industry event in Dubai. Aramco is pushing ahead with its conventional and unconventional gas exploration and production program […]

     
  • Saudi Aramco CEO: ‘We Need a Major Acquisition For Us to Be In Different Markets Quickly’
     

    In an interview with Bloomberg, Saudi Aramco’s CEO Amin Nasser said the company is earmarking $500 billion to invest over the next 10 years, including $160 billion for natural gas developments and $100 billion for chemicals projects. The interview, given in Dhahran, Saudi Arabia, said the planned spending would come on top of the already planned purchase of a […]

     
  • Bloomberg Lands Another Wide-Ranging Sit-Down Interview with Crown Prince Mohammed bin Salman
     

    Bloomberg‘s reporting team in Saudi Arabia landed another wide-ranging sit down interview with Saudi Arabia’s Crown Prince Mohammed bin Salman, revealing the powerful leader’s thinking on many issues from Vision 2030 to the Saudi Aramco IPO and others. Bloomberg’s Senior Executive Editor for Economics, Stephanie Flanders, and five other Bloomberg journalists sat down with the […]

     
  • PIF Selects Goldman Sachs, Bank of America Merrill Lynch and Michael Klein Selected to Advise on SABIC sale
     

    Saudi Arabia’s sovereign wealth fund has chosen Goldman Sachs, Bank of America Merrill Lynch and Michael Klein as advisers on its planned sale of a stake in petrochemicals firm SABIC to Saudi Aramco, sources familiar with the process told Reuters. Citigroup Inc has reportedly won the mandate to advise Saudi Basic Industries Corp (SABIC). Reuters previously […]

     
  • Saudi Energy Minister Khalid Al-Falih in Washington Today to Meet with Secretary Perry
     

    Saudi Arabia’s Energy Minister Khalid Al-Falih is in Washington D.C. on Monday to meet with Secretary of Energy Rick Perry, according to a Reuters report which cited a Trump administration official and the Department of Energy. Saudi Arabia has markedly increased oil exports to America in recent months, according to Bloomberg. This weekend, the energy minister […]

     
  • Aramco Officials Begin Early Talks with Banks for SABIC Stake Financing, Report Says
     

    Saudi Aramco officials began early talks with banks about a potential debt financing of up to $70 billion to back its acquisition of a majority stake in Saudi petrochemical firm Sabic, Reuters reports, citing banking sources. JPMorgan and Morgan Stanley were picked to advise on Saudi Aramco’s plan in July. Aramco is looking at the 70% strategic stake in Sabic which […]

     
  • MSCI, Tadawul Sign Agreement to Launch a Tradeable Index Later This Year
     

    Global index provider MSCI announced the signing of an agreement with the Saudi Stock Exchange Co (Tadawul) to jointly launch a tradeable index later this year, Reuters reports, a “move that could spur the growth of derivatives and exchange-traded funds.” The Tadawul said it would introduce exchange-traded derivatives in the first half of 2019. According to a […]

     
  • IMF Raises Saudi Arabia GDP Forecast, Non-Oil Growth Gains Momentum; Vision 2030 Reforms Cited
     

    Even without a Saudi Aramco IPO, the Kingdom’s Vision 2030 economic and social reform blueprint is having an undeniably positive effect on the Saudi economy and growth, the IMF said. Real GDP growth is expected to increase to 1.9 percent in 2018, with non-oil growth strengthening to 2.3 percent, the IMF forecasted. Growth is expected […]

     
  • Saudi Arabia’s PIF Seeks $11 Billion Loan, FT Reports
     

    Saudi Arabia’s Public Investment Fund (PIF) is set to choose international banks to lend the wealth fund $11 billion, according to a report in the London-based Financial Times. The FT reports that there is strong interest from major international lenders in participating in the loan to the PIF, including “[s]ome of the most senior names in international banking, including JPMorgan’s Jamie Dimon, Morgan […]

     
  • Al-Falih Denies Reuters Report of Cancelled Saudi Aramco IPO
     

    Saudi Arabia is refuting a Reuters report yesterday that said the Kingdom was cancelling its planned IPO for Saudi Aramco, according to comments made by the Kingdom’s minister of energy Khalid Al-Falih. “The Government remains committed to the IPO of Saudi Aramco at a time of its own choosing when conditions are optimum,” Al-Falih said. […]

     

MUST-READS

  • Saudi Aramco and Microsoft join forces on thermal battery start up

    The firms have invested in US-based start up Rondo Energy which has developed a zero-carbon energy storage and delivery system that uses bricks to trap and hold heat for long periods of time. The kiln-like system uses electricity to bring bricks up to 1,500 degrees. When air is passed through this ‘battery’, it is heated to around 1,000 degrees and ready to be channelled as steam or air to power generators. The brick batteries can maintain very high temperatures with a minimal daily energy loss of just 1%, and are claimed to last for up to 50 years.

  • Saudi Aramco to supply full oil volumes to Asia in Sept – sources

    Saudi Aramco has informed customers in North Asia that they will receive the full volumes of crude oil they requested for September, multiple sources said on Friday, even as the unilateral voluntary output cut by the kingdom has been extended. The world's top oil exporter announced last week that it would prolong the 1 million barrels-per-day (bpd) production reduction by another month to September, and said the cut could be extended beyond that or even deepened.

  • Aramco awards $80.4m contract to Saudi Steel Pipe Co. 

    Energy behemoth Saudi Arabian Oil Co. will procure oil and gas tubing worth SR301.9 million ($80.4 million) from Saudi Steel Pipe Co. over the next 12 months, according to a bourse filing on Tuesday. The financial impact of this order is expected to materialize in the first and second quarter results of 2024, the pipe manufacturing company said in the statement. Saudi Steel Pipe Co. has signed four contracts with Saudi Aramco so far this year. The value of its previous contracts amounted to about SR222.7 million.

  • Saudi Aramco to cancel McDermott’s multi-billion dollar Zuluf contracts

    Saudi Aramco is set to cancel three offshore contracts previously awarded to offshore engineering contractor McDermott, for its ambitious Zuluf oilfield expansion project, valued at over $1.8 billion. The decision to terminate the contracts stems from McDermott’s inability to provide the required performance bank guarantees to the Saudi state-owned oil and gas giant, Upstream reported.

  • Saudi Aramco Subsidiary Sees Profits Climb In Q2

    Luberef, a subsidiary of Saudi Aramco, reported a 3.9% higher profit for the second quarter of the year despite a sizeable decline in revenues. The company, which reported the figures in a statement for the Saudi stock exchange, attributed the increase in profit to tax adjustments that reduced its expenses and higher crack margins, Forbes reported.

  • Saudi Aramco CEO Amin Nasser – BlackRock’s newest board member

    Amin Nasser has been at the helm of Aramco since 2015 and managed the public listing of the oil giant in 2019. Nasser joined the state-run oil giant Saudi Aramco in 1982 as a petroleum engineer, rising the ranks to become CEO in 2015. Four years later, the Saudi national led the company’s blockbuster public listing, raising $25.6 billion in the world’s biggest-ever IPO. His appointment to BlackRock’s board represents a substantial convergence of leadership in the financial and energy sectors.

  • BlackRock draws scrutiny by tapping Saudi Aramco CEO for board

    Saudi Aramco CEO Amin Nasser is replacing Bader Alsaad, chair of the Arab Fund for Economic & Social Development, who will depart when his term expires in 2024. Why it matters: With more than $9 trillion in assets under its management, BlackRock has emphasized its commitment to responsible environment, social and governance (ESG)-based investing.

  • Saudi Aramco VC Fund Joins Thiel to Back AI-Powered Emissions Monitor Tenderd

    Saudi Aramco’s venture capital arm has invested in Tenderd, a United Arab Emirates-based firm backed by Peter Thiel, which uses AI-generated insights to monitor and help reduce emissions. Aramco’s $500 million venture fund, Wa’ed Ventures, didn’t disclose how much it invested in the startup.

  • Saudi Aramco Getting Cash Meant for Sustainable Investment Reveals ESG Loophole

    Maria Lozovik, a London-based Bank of America investment banking veteran who founded Marsham Investment Management in 2016, says part of the problem is that ESG rating calculation methodologies are “often not transparent and face data gaps, which have to be filled by estimates.” Investors in ESG-labeled exchange-traded funds need to “conduct thorough due diligence into what they’re actually investing in,” she said.

  • Saudi Aramco exploring investment opportunities in India, CEO says

    Saudi Aramco, the world’s largest oil-exporting company, is looking for investment opportunities in India amid a surge in crude demand in the South Asian country, its president and chief executive has said. In terms of crude imports, both China and India – two large oil-consuming countries – have surpassed pre-pandemic levels, Amin Nasser said during the Opec International Seminar in Vienna on Wednesday.