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  • Saudi’s SAMA Warns Against Cryptocurrencies
     

    The Saudi government has outlawed using and trading in Bitcoin, citing the high risk and negative consequences in the cryptocurrency. Saudi Arabia’s Monetary Agency (SAMA) warned against trading in digital currencies for “their negative consequences and high risks on traders as they are out of government supervision.” SAMA continued that cyptocurrencies like Bitcoin “are illegal in the kingdom […]

     
  • Saudi Aramco Appoints New Top-Level Positions During Board Meeting
     

    Saudi Aramco has made new appointments during a meeting of its board of directors, naming Khalid al-Dabbagh to become senior vice president for finance. Al-Dabbagh takes over the position from Abdallah al-Saadan, who is now chairman of the Royal Commission for Jubail and Yanbu. The board also appointed Motassim al-Maashouq to the post of president of treasury, […]

     
  • Future Mega-City NEOM in Saudi Arabia Receives First High-Profile Holiday Visitor: King Salman
     

    Saudi Arabia’s King Salman arrived yesterday for a holiday in NEOM, the $500 billion future city in the remote northwest corner of the Kingdom near Egypt. It is not known where or for how long the King will stay in NEOM, but according to Reuters, the first contracts awarded for the new city were for 5 […]

     
  • Saudi Aramco Weighs Global Bond Sale to Finance Purchase of Sabic Stake from PIF
     

    Saudi Aramco is considering tapping the international bond market for the first time, Bloomberg and the WSJ report, in order to finance the acquisition of petrochemical giant Sabic. The move into global capital markets could offer an alternative to an initial public offering, according to Bloomberg, citing people familiar with the talks. ‘The plans for a bond, […]

     
  • Reports: Saudi Aramco Interested in Buying Controlling Stake in Sabic, Possibly Up to 70%; IPO Timeline in Question
     

    Saudi Aramco aims to buy a controlling stake in petrochemical maker SABIC, possibly up to 70% of the company that is currently controlled by the Public Investment Fund (PIF), according to reports. Sabic, as the chemical company is known, carries a market value of over $100 billion. Amin Nasser, Aramco’s chief executive officer, said in an […]

     
  • Report: Saudi Aramco Mulls Stake in SABIC
     

    Saudi Aramco has invited banks to pitch for an advisory role on the potential acquisition of a strategic stake in Saudi Basic Industries Corp (SABIC), two sources with direct knowledge of the matter told Reuters. Riyadh-listed SABIC, the world’s number-four chemical firm, is 70 percent owned by the Public Investment Fund, Saudi Arabia’s top sovereign […]

     
  • Saudi Aramco, US Firm NOV Sign Deal for Onshore Oil Rigs, Equipment
     

    Saudi Aramco signed a deal with Houston-based National Oilwell Varco Inc. (NOV) to form a joint venture to make onshore rigs and equipment in Saudi Arabia, according to a press release by Aramco and reported in several news outlets. The Houston Chronicle reports the joint venture with Saudi Aramco is for “the manufacturing of land […]

     
  • Saudi Arabia Selected for MSCI Inclusion; Analysts Expect Significant Capital Inflows
     

    Following years of effort by Saudi officials to increase transparency in its stock market, the Kingdom won inclusion into MSCI, Inc.’s highly sought-after emerging market index, expanding the asset class by as much as $600 billion for the Kingdom. The news, announced overnight in Saudi Arabia, was welcomed by Saudi officials and executives at the […]

     
  • Saudi Arabia’s Central Bank Sees Reserves Soar on High Oil Prices
     

    Saudi Arabia’s central bank foreign reserves rose last month at their fastest rate for four years, Reuters reports on official data revealed on Monday. The $13.3 billion month-on-month increase in reserves to $498.9 billion in April is the highest level reached in over year and reveals “the extent to which a rebound in oil prices is […]

     
  • Saudi, Russia Say Oil Supply to Increase in ‘Near Future’ as Consumers Eye Increasing Prices
     

    Saudi Minister of Energy Khalid Al-Falih said OPEC and other producers are likely to gradually revive oil output in the second half of the year to ease consumer anxiety as prices trade near $80 a barrel, according to reports. The action would be a reverse of course from previous OPEC and non-OPEC producers’ decision two years […]

     

MUST-READS

  • Aramco, TotalEnergies sign $11 bln contract to build petrochemicals complex in Saudi

    Saudi Arabia’s Aramco and TotalEnergies have signed an $11 billion contract to start building a new petrochemicals complex in the Kingdom, the two companies say in a joint statement. “Aramco and TotalEnergies today awarded Engineering, Procurement and Construction (EPC) contracts for the $11 billion ‘Amiral’ complex, a future world-scale petrochemicals facility expansion at the SATORP refinery in the Kingdom of Saudi Arabia," the statement read.

  • Saudi Aramco sees ‘sound’ oil outlook for H2 on China, India demand

    Saudi Aramco (2222.SE) believes market fundamentals remain "sound" for the second half as demand from emerging markets led by China and India will offset recession risk in developed markets, CEO Amin Nasser told an industry gathering on Monday. But other executives at the Energy Asia conference in Kuala Lumpur were divided, with Malaysia state oil firm Petronas reporting a slowdown in demand for petroleum and petrochemicals in the second quarter and growing refinery capacity putting pressure on the market.

  • Saudi Aramco, TotalEnergies award EPC deals for $11bn petchem unit

    Saudi oil giant Aramco and TotalEnergies awarded engineering, procurement, and construction (EPC) contracts for the $11 billion Amiral complex, a future world-scale petrochemicals facility expansion at the Satorp refinery in the kingdom.

  • Saudi Aramco Buys Carbon Credits At Largest-Ever Auction

    The basket of credits in the auction included 18 projects representing a mix of carbon dioxide (CO2) avoidance and removal, including projects such as improved clean cookstoves and renewable energy projects. Three-quarters of the carbon credits originated from countries across the Middle East, North Africa, and Sub-Saharan Africa, including Kenya, Uganda, Burundi, Rwanda, Morocco, Egypt, and South Africa.

  • Perspective: Why does Saudi Arabia want a ‘nuclear Aramco’?

    As part of this proposed nuclear project, the Saudis invited the Americans to jointly manufacture and monitor uranium enrichment capabilities – a must for the production of nuclear fuel used in power generating reactors.

  • Saudi Aramco Tops Forbes’ List Of 100 Largest Companies In The Middle East

    Aramco is the biggest company in the Middle East in terms of sales, revenues, and market value, according to the latest Forbes list for the top 100 companies in the region. With a market value of $2.1 trillion and sales of $604.4 billion, Aramco was an unsurprising winner of the top spot, with another 32 Saudi companies also on the top 100 list. This made Saudi Arabia the most represented country on the Forbes list. Those also include SABIC, the industrial conglomerate, and Ma’aden, the Saudi state mining company. SABIC ranked at number two and Ma’aden was number 13 on the list. Aramco reported a first-quarter net income of $31.9 billion, down by 19% from the first quarter of 2022 as macroeconomic concerns dragged down oil prices between January and March 2023.

  • The Saudis want the US to help build a ‘nuclear Aramco’

    The Biden administration has been holding discussions with Riyadh in recent months about defense and economic cooperation, as well as potentially normalizing diplomatic relations between the Saudis and Israel — a longstanding goal of U.S. foreign policy. Crown Prince Mohammed bin Salman has said he would consider forging diplomatic ties with Israel if, in return, the U.S. offers to help Saudi Arabia develop a civilian nuclear energy industry, provides stepped-up security commitments, and greenlights new arms sales to Riyadh’s military, according to those briefed on discussions.

  • The Saudis want the US to help build a ‘nuclear Aramco’

    The Biden administration has been holding discussions with Riyadh in recent months about defense and economic cooperation, as well as potentially normalizing diplomatic relations between the Saudis and Israel — a longstanding goal of U.S. foreign policy. Crown Prince Mohammed bin Salman has said he would consider forging diplomatic ties with Israel if, in return, the U.S. offers to help Saudi Arabia develop a civilian nuclear energy industry, provides stepped-up security commitments, and greenlights new arms sales to Riyadh’s military, according to those briefed on discussions.

  • Saudi Aramco to develop 400 million cubic feet per day Iraqi gas field, Iraq oil minister says

    Saudi oil giant Aramco will develop a gas field in Iraq that could produce more than 400 million cubic feet of gas per day, Iraqi Oil Minister Hayan Abdel-Ghani said on Thursday. Aramco (2222.SE) will invest and develop Akkas gas field in the western Iraqi Anbar province, the Iraqi oil ministry said in a statement citing Abdel-Ghani. The statement added that there was also an initial agreement with Saudi Arabia to invest in the Nebras project, "one of the most promising strategic projects in the petrochemical industries in Iraq and the region".

  • Saudi Arabia’s Aramco names presidents for upstream and downstream businesses

    Saudi Arabian oil giant (2222.SE) Aramco on Thursday named Nasir al-Naimi and Mohammed Al Qahtani as presidents of its upstream and downstream businesses, respectively, in a move designed to support the company's growth plans. The newly created positions and appointments, which have been approved by the board, will be effective from July 1, the state oil company said. "We expect this decision to help drive operational and financial performance, supporting our upstream capacity growth and our downstream expansion," Aramco President and Chief Executive Officer Amin Nasser said in a statement.