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  • Aramco Taps Three Banks to Underwrite ‘Largest Ever’ IPO
     

    Saudi Aramco has asked JPMorgan Chase & Co. and Morgan Stanley to assist with its upcoming initial public offering and could call on another bank, HSBC, with access to Chinese investors, according to separate reports in Reuters and the Wall Street Journal, which cited unnamed sources. The major U.S. banks join Moelis & Co., a […]

     
  • Petrochemicals Sector in Saudi Arabia Remains Vital for Vision 2030 Aims
     

    The Petrochemicals sector in Saudi Arabia makes up 60% of the Kingdom’s non-oil exports and remains vital to the Kingdom’s Vision 2030 aims, according to a recent study on the sector released by Jadwa Investment. The sector’s prominence in the non-oil economy means it has been identified by both the National Transformation Program (NTP) 2020 and […]

     
  • Saudi Arabia Approves $24.5b for Water, Agriculture, and Environment Spending to Meet Vision 2030 Goals
     

    Saudi Arabia has approved $24.5b for water, agriculture, and environment spending to allow government leaders to meet 16 goals set as part of its Vision 2030 development plan, Reuters reports. The figure was stated by Abdulrahman Al-Fadhli, Saudi Arabia’s minister for environment, water and agriculture at a speech at an industry conference in Riyadh. Reuters reports that […]

     
  • “Ken of Arabia” Lands Moelis and Co. as Lead Advisor for Saudi Aramco IPO
     

    Saudi Aramco has chosen New York-based boutique investment bank Moelis & Co as an adviser on its plans for what is expected to be the world’s biggest initial public share offer, Reuters reports. Moelis & Co secured the role of lead independent adviser. The selection is set to move the small newcomer, and its CEO, […]

     
  • Saudi Restarts Renewable Energy Investment Plans with up to $50b in Solar, Wind by 2023
     

    Saudi Arabia appears to be re-starting its efforts to expand renewable energy projects to meet growing domestic power needs with up to $50b invested through 2023, according to reports and comments by the Kingdom’s energy and industry minister Khalid al-Falih. The projects, part of the National Renewable Energy Plan (NREP) will be managed under a […]

     
  • Saudi Energy Ministry Announces New Renewable Energy Plan for up to $50b in Investments
     

    Saudi Arabia appears to be re-starting its efforts to expand renewable energy projects to meet growing domestic power needs with up to $50b invested through 2023, according to reports and comments by the Kingdom’s energy and industry minister Khalid al-Falih. The projects, part of the National Renewable Energy Plan (NREP) will be managed under a […]

     
  • Saudi Aramco Selects U.S. Firms to Audit Reserves for 2018 IPO
     

    Saudi Aramco has tasked two U.S. industry leaders in oil reserves auditing to review the content of its deposits as it pushes ahead with a share listing next year, industry sources told Reuters on Thursday. Saudi Aramco has asked a unit of oil services firm Baker Hughes – Gaffney, Cline and Associates – to carry […]

     
  • $800m King Abdulaziz Center for World Culture in Dhahran Opens
     

    Saudi Aramco opened the $800 million King Abdulaziz Center for World Culture in Dhahran on Thursday, a large steel structure that aims to deepen knowledge and creativity among Saudi youth, according to reports. According to Reuters, the center, known as “Ithra” (“to enrich” in Arabic) is located close to Saudi’s “prosperity well” that tapped some of the […]

     
  • Saudi, Russia Energy Ministers to Meet in Doha as Output Cut Deadline Looms
     

    Saudi Arabia and Russia energy ministers will meet in Doha, Qatar this week on the sidelines of Gas Exporting Countries Forum (GECF), industry sources quoted by the Wall Street Journal said. The meeting comes as OPEC and non-OPEC members try to solidify an oil output limiting deal agreed to in September. OPEC is hoping to complete […]

     
  • Halt in Saudi Oil Shipments to Egypt Latest Indication of Worsening Relations
     

    State-owned oil company Saudi Aramco halted shipments of oil products to Egypt indefinitely, the latest indication that Egypt-Saudi relations are worsening since a visit by Saudi Arabia’s King Salman to the country in March. Aramco informed the Egyptian General Petroleum Corp. in early October that it would halt supplies of refined oil products, forcing Egypt to […]

     

MUST-READS

  • Saudi Aramco signs agreements worth $7.2bn at iktva Forum

    The energy giant inked over 100 agreements and memorandums of understanding on the first day of the event, which runs until Feb. 2 and is held under the theme “Accelerating Future Success.” During the event, Aramco signed a strategic partnership agreement with Zoom, as well as struck a deal with Taulia Inc. to implement supplier financing solutions.

  • Technip Energies wins key Saudi Aramco refinery upgrade contract

    Technip Energies, a leading engineering and technology company for energy transition, said it has been awarded a major contract by Saudi oil giant Aramco for the upgradation of sulphur recovery facilities at its refinery in capital Riyadh. The scope of work includes implementation of three new tail gas treatment (TGT) units as well as help boost the performance of existing three sulphur recovery units (SRU) mainly to comply with more stringent regulations for sulphur dioxide emissions, with recovery efficiency at more than 99.9%, said a statement from Technip Energies.

  • Saudi Aramco Sees Oil Demand Picking Up on China, Aviation Recovery

    “We are very optimistic in terms of demand coming back to the market,” Saudi Aramco’s chief executive officer, Amin Nasser, said in an interview. “We are starting to see good signs coming out of China. Hopefully, in the next couple of months we’ll see more of a pickup in the economy there.” Demand for jet fuel is now around 1 million barrels a day below pre-pandemic levels, according to Nasser, roughly half the figure from a year ago. “It’s picking up,” he said at the World Economic Forum in Davos.

  • Saudi Aramco Sees Oil Demand Picking Up on China, Aviation Recovery

    The world’s biggest oil company is confident demand will grow strongly this year as China reopens its economy and the aviation market recovers. “We are very optimistic in terms of demand coming back to the market,” Saudi Aramco’s chief executive officer, Amin Nasser, said in an interview. “We are starting to see good signs coming out of China. Hopefully, in the next couple of months we’ll see more of a pickup in the economy there.”

  • Saudi Aramco Acquires Trading Arm of US Refiner Motiva

    It also set up a new entity, Houston-based Aramco Trading Americas LLC, which will be the regional hub for the Saudi company’s trading arm, it said in a statement. ATA will be the sole supplier and offtaker for Motiva, which owns the biggest refinery in the US, the 630,000 barrel-a-day Port Arthur plant.

  • Saudi Aramco bets on being the last oil major standing

    The state-owned giant that already produces about 10 per cent of the world’s oil is boosting its maximum production capacity from 12mn barrels a day to 13mn b/d by 2027 and aiming to increase its gas production by more than 50 per cent by 2030. Aramco has also invested in petrochemicals production and hydrogen projects.

  • Saudi Aramco bets on being the last oil major standing

    The state-owned giant that already produces about 10 per cent of the world’s oil is boosting its maximum production capacity from 12mn barrels a day to 13mn b/d by 2027 and aiming to increase its gas production by more than 50 per cent by 2030. Aramco has also invested in petrochemicals production and hydrogen projects.

  • Saudi Aramco awards contract to develop $690m seawater desalination plant

    Saudi Aramco has awarded a contract to Lamar Holding to develop a seawater desalination plant valued at SR2.6 billion ($693 million). The seawater reverse osmosis desalination plant includes a water distribution network, and is a part of the Jafurah gas development scheme. The project has a design capacity of 80,000 cubic meters a day, and includes power and utility facilities, according to a MEED report.

  • Saudi Aramco Refiner Luberef Stock Drops in Debut After $1.3 Billion IPO

    Saudi Aramco Base Oil Co., a refining unit of the state-owned oil producer, slumped in its trading debut following an initial public offering that raised $1.32 billion. Luberef, as the refiner is known, dropped as much as 6.6% in Riyadh to 92.5 riyals ($24.61), bucking the trend for strong debuts in the Gulf region amid the gloomy outlook for the global economy. It trimmed losses to 2.7% by 11:28 a.m. local time, valuing the company at 16.3 billion riyals.

  • Saudi Aramco Downstream Strategy Hits Its Stride

    Having restructured its downstream division and axed a number of international and domestic projects since 2020, Saudi Aramco rebooted its downstream expansion strategy this year. The firm exited 2022 with a flurry of agreements for large-scale projects intended to push it towards its 4mn b/d liquids-to-chemicals target.