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  • Saudi Aramco Denies Financial Times Report on Shelving Long-Awaited IPO
     

    Saudi Aramco has denied a report in the London-based Financial Times that the state-controlled company will shelve its plans to list part of the company on international indices in favor of private placements. The Financial Times reports that talks about “a private sale to foreign governments including China and other investors have gathered pace in recent […]

     
  • King Salman Consolidates Development Funds and Promotes New Transportation Minister
     

    Saudi Arabia’s King Salman has created a new organizational body to centralize and consolidate control and management of its economic development funds, called the National Development Fund (NDF), under Crown Prince Mohammed bin Salman. The NDF will “link the Saudi Fund for Development, the Saudi Industrial Development Fund, the Agricultural Development Fund, the Social Development Bank, the Human […]

     
  • Conflicting Reports on Delay of Saudi Aramco IPO ‘By a Few Months’ as Key Decisions Remain
     

    Bloomberg reported Wednesday that Saudi Aramco is “preparing contingency plans for a possible delay” to the initial public offering of its state-owned oil company “by a few months into 2019,” citing people familiar with the matter. The offering of part of Saudi Aramco is the most visible of the key pieces of the Kingdom’s Vision 2030 economic and social reform […]

     
  • Ambassador Prince Khaled bin Salman Phones Tex. Gov Abbott to Express Saudi Support after Harvey as Students Pitch In
     

    Saudi Arabia’s Ambassador to the United States Prince Khaled bin Salman telephoned Texas Governor Greg Abbott to confirm that Saudi Arabia supports the American people following the disaster of Hurricane Harvey. Harvey, which flooded many parts of Texas and Louisiana and caused dozens of deaths and billions in damage, was one of the worst storms to […]

     
  • Dow Chemical to Buy 15% More of Sadara to Boost Stake to 50%
     

    Dow Chemical plans to buy an additional 15 percent stake in its $20 billion joint venture with Saudi Aramco, the companies said on Monday according to reports. The U.S.-Saudi joint venture, named Sadara, aims to transform Saudi Arabia “from a consumer and importer to a global exporter,” according to Saudi Energy Minister Khalid al-Falih. U.S.-based Dow Chemical […]

     
  • New York Reportedly Pulls Ahead of London in Aramco Listing Race for ‘Political Considerations’; Final Decision Rests with Crown Prince Mohammed
     

    Despite a report in July that Saudi Aramco’s advisers have reportedly recommended London for the historic listing of the oil company, a new report now says Saudi Arabia favors New York in part because of the strength of the U.S.-Saudi relationship. Reuters originally reported that US disclosure rules were a concern for Saudi authorities. London’s Financial Conduct Authority (FCA) has […]

     
  • Report: Saudi Oil Minister Khalid Al-Falih Met With Top Commodity Hedge Funds
     

    Saudi Arabia’s Minister of Energy, Industry and Mineral Resources Khalid Al-Falih met in private with some of the world’s top commodity hedge funds in July, a break from tradition in order to gather investor views on the state of the market, Bloomberg reports. In the past Saudi Arabian officials have criticized the role of speculators and hedge funds in […]

     
  • Rumors Abound Regarding Location(s) of Saudi Aramco IPO Listing
     

    Saudi Aramco’s advisers have recommended London for the historic listing of the oil company, sources familiar with the matter told Reuters in an exclusive report. The report said U.S. disclosure rules were a concern for Saudi authorities. London’s Financial Conduct Authority (FCA) has proposed a rule change that would allow state-owned companies, such as Saudi Aramco, to […]

     
  • Saudi Aramco Releases 2016 Annual Review
     

    Last week, Saudi Aramco released its annual review for 2016, a detailed overview of Saudi Arabia’s upstream and downstream energy operations, national strategy, and international activities and investments. The Annual Review for 2016, which is released halfway through the following year, takes on special significance as the Kingdom embarks on its Vision 2030 economic and social […]

     
  • Oversupply in Oil Markets Continues Downward Pressure on Prices
     

    Global oil markets have entered a period of oversupply, putting downward pressure on prices and eliciting calls for the world’s largest producers like Saudi Arabia to act on top of March 2017 OPEC cuts to reduce the glut. Oil prices fell 3 percent on Friday after data showed U.S. production rose last week just as […]

     

MUST-READS

  • Saudi Aramco is ‘doubling down’ on China’s energy supply, chief executive says

    “We want to be an all-inclusive source of energy and chemicals for China’s long-term energy security and … high-quality development,” Amin Nasser said at the China Development Forum on Sunday. “That’s why we are doubling down on China’s energy supply, including new lower carbon products, chemicals, and advanced materials, all supported by emissions reduction technologies,” he said.

  • Saudi Aramco signs MoU with Samsung on localizing 5G tech

    “The proposed collaboration aims to contribute to the digital transformation of various industrial sectors in the Kingdom, such as energy, petrochemical, and manufacturing, by leveraging advanced 4G and 5G technologies capable of providing secure, fast and reliable communication, to satisfy critical business requirements of industries,” the report said. The agreement comes after the recent launch of Aramco Digital Company. The entity was established at the seventh edition of the In-Kingdom Total Value Add (iktva) Forum and Exhibition in January.

  • Saudi Aramco posts record ’22 profit on strong oil; sets higher ’23 capex at $45bn-55bn

    Saudi Aramco expects its 2023 capex “to be approximately $45.0 billion to $55.0 billion including external investments, with capex increasing until around the middle of the decade.” In 2022, the company’s actual capex increased by 18% to $37.6bn.

  • Saudi oil giant Aramco posts record $161 billion profit for 2022

    Saudi Arabia’s state-controlled oil giant Aramco on Sunday reported a record net income of $161.1 billion for 2022 — the largest annual profit ever achieved by an oil and gas company. Aramco said net income increased 46.5 percent over the year, from $110 billion in 2021. Free cash flow also reached a record $148.5 billion in 2022, compared with $107.5 billion in 2021.

  • Saudi oil giant Aramco posts record $161 billion profit for 2022

    Saudi Arabia’s state-controlled oil giant Aramco on Sunday reported a record net income of $161.1 billion for 2022 — the largest annual profit ever achieved by an oil and gas company. Aramco said net income increased 46.5 percent over the year, from $110 billion in 2021. Free cash flow also reached a record $148.5 billion in 2022, compared with $107.5 billion in 2021.

  • Saudi Aramco lays foundation stone for $7bn project in South Korea

    Saudi Aramco, through its affiliate S-Oil, broke ground on Thursday for the $7 billion Shaheen petrochemical project, the Gulf company’s biggest investment in Korea. The petrochemical steam cracker, located in S-Oil’s existing site in South Korea’s industrial city of Ulsan, is one of the biggest international downstream investments of Saudi Aramco. South Korean President Yoon and Aramco President and CEO Amin H. Nasser attended the groundbreaking ceremony.

  • Saudi Aramco Eyes Stake in Foreign LNG Plant as Demand for Fuel Surges

    LNG consumption is set to surge in the coming years as Europe rushes to replace piped gas from Russia and with nations such as China and India expected to increase imports. The value of global LNG trade doubled last year to more than $450 billion, according to the International Energy Agency.

  • Saudi Aramco Near Deal to Join Renault-Geely Car Venture

    Saudi Aramco is nearing a deal to acquire a stake in Renault SA and Zhejiang Geely Holding Group Co.’s planned combustion-engine venture to grow its footprint in transport, according to people familiar with the situation. The world’s biggest oil company will take a minority stake, with Renault and China’s Geely planning to remain at parity, said the people, who asked not to be named as the negotiations are private. While a non-binding agreement could be announced as soon as this week, there’s no certainty it will be finalized, the people said.

  • Saudi Aramco’s acquisition of VGP Holdings gets CCI nod

    VGP Holdings LLC, a subsidiary of US motor oil and lubricants group Valvoline Inc, sells Valvoline and other branded and private label engine and automotive preventive maintenance products.

  • Saudi Aramco’s Luberef proposes cash dividend as profit climbs 32% to $530m in 2022

    As the profit of the company surged, its board of directors has recommended a 50 percent cash dividend, or SR5 per share, for the second half of 2022, the company said in the statement. It should be also noted that this is the first cash distribution for Luberef since its listing in December 2022. The Tadawul statement further added that the dividend distribution date will be announced later. In December 2022, during an exclusive interview with Arab News, Mohammed Y. Al-Qahtani, senior vice president of downstream, Saudi Aramco said that Luberef’s listing on the Saudi Stock Exchange was an important milestone.