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  • Aramco, Rongsheng Petrochemical Ink Deal to Progress Saudi Refinery Project

    Saudi Arabian Oil Co. (Aramco) and Rongsheng Petrochemical Co. Ltd. signed an agreement Tuesday that brings them closer to greenlighting a planned expansion project at a refinery in the kingdom’s port city of Jubail. Earlier this year the Saudi oil giant and the Hangzhou, China-based company penned deals toward a potential joint venture within Aramco affiliate Saudi Aramco Jubail Refinery Co. (SASREF), which operates the 305,000-barrel-per-day (bpd) refinery. On Tuesday in Beijing, Aramco, SASREF and Rongsheng Petrochemical inked an agreement that “outlines the cooperation mechanism and planning relating to the design and development of the project, which aims to expand SASREF’s refining and petrochemical capabilities while fostering international collaboration”, Aramco said in a statement online.

  • Saudi Aramco blames lower sales for drop in profit

    The profit decline “was mainly due to the impact of lower crude oil prices and weakening refining margins,” an Aramco statement said. “This was partially offset by a reduction in selling, administrative and general expenses.” Aramco’s third-quarter average realised crude oil price was $79.30, down 11.2 percent from $89.30 in the same period in the previous year. Aramco will pay $31.1 billion in dividends for the third quarter, up 5.8 percent from $29.4 billion in the third quarter of 2023, despite the profit drop.

  • Saudi Aramco Keeps World’s Biggest Dividend as Debt Jumps

    The test for how long the payout can be maintained will likely come early next year, when a special component that amounts to about $10 billion a quarter is scheduled to start shrinking. Aramco is already paying out more than it’s earning as Saudi Arabia’s ambitious economic transformation plans widen the government’s budget deficit. It’s pushed the company into a net debt position for the first time in two years.

  • Opinion: Saudi Aramco Is Burning Cash – It Needs to Stop

    Year-to-date, Aramco has paid dividends of $93.2 billion, financed by taking on debt as its free cashflow amounted to just $63.7 billion during the same period. Put simply, Aramco has burned through more than $100 million a day – a day – to finance its distribution to shareholders. Even the fortress-like balance sheet of the Saudi company cannot sustain that for ever. Year-to-date, Aramco has paid dividends of $93.2 billion, financed by taking on debt as its free cashflow amounted to just $63.7 billion during the same period. Put simply, Aramco has burned through more than $100 million a day – a day – to finance its distribution to shareholders. Even the fortress-like balance sheet of the Saudi company cannot sustain that for ever.

  • Saudi Aramco posts 15% drop in third-quarter profit but maintains dividend

    Saudi state oil giant Aramco reported a 15.4% drop in net profit in the third-quarter on the back of “lower crude oil prices and weakening refining margins,” but maintained a 31.05 billion dividend. The company reported net income of $27.56 billion in the July-September period, topping a company-provided estimate of $26.9 billion. The print is also a 5% drop from the previous quarter, which came in at $29.1 billion, as lower global oil prices, weaker demand and prolonged OPEC+ production cuts led by Saudi Arabia continue to impact crude prices.

  • Saudi Aramco posts third-quarter profits of $27.5 billion, down 15% from a year earlier

    Aramco, formally known as the Saudi Arabian Oil Co., had revenues of $111.1 billion over the quarter, the company said in a filing on Riyadh's Tadawul stock exchange. It had $113 billion in revenues the same quarter last year. Profits for the third quarter last year were $32.5 billion. The profit decrease “was mainly due to the impact of lower crude oil prices and weakening refining margins,” Aramco said. Profit for the first nine months of 2024 was $83.9 billion, down from $94.5 billion the year before.

  • Vietnam says Saudi Aramco wants to invest in oil refining, petrol distribution

    Oil giant Saudi Aramco (2223.SE), opens new tab wants to invest in the oil refinery sector and petroleum distribution in Vietnam, the Southeast Asian country's government said in a statement issued late on Tuesday. The announcement came after a meeting between Prime Minister Pham Minh Chinh and Saudi Aramco's chief executive officer Amin Al-Nasser in Riyadh during Chinh's visit to the Middle East. "Vietnam has great potential in the region, therefore, Aramco wishes to invest in oil refinery and petrol distribution in the country," the Vietnamese government statement said.

  • Women footballers call on FIFA to end partnership with Saudi Aramco

    A group of over 100 professional women's soccer players on Monday sent an open letter to FIFA urging the world governing body to end its partnership with oil and gas conglomerate Saudi Aramco. In April, FIFA signed a four-year deal which will see Aramco become a worldwide partner, including in major tournaments such as the 2026 World Cup and the Women's World Cup the following year. Saudi Arabia has invested heavily in sports like soccer, Formula One and golf in the last few years while critics, including women's rights groups and members of the LGBTQ community, accuse the kingdom of using its Public Investment Fund (PIF) to "sportswash" its human rights record.

  • Fifa urged by women’s soccer players to scrap sponsorship with Saudi oil company Aramco

    More than 100 professional women’s soccer players have signed an open letter to Fifa urging the global governing body to end its sponsorship with Saudi oil giant Aramco. Fifa confirmed a deal with Aramco, which is majority-owned by the Saudi government, in April. The company will sponsor both the 2026 men’s World Cup and 2027 Women’s World Cup in an agreement reportedly worth up to US$100 million a year.

  • Saudi Aramco CEO ‘fairly bullish’ on China oil demand

    Saudi Aramco (2222.SE), opens new tab is "fairly bullish" on China's oil demand especially in light of the government's stimulus package which aims to boost growth, the head of the state-owned oil giant said on Monday. "We see more demand for jet fuel and naphtha especially for liquid-to-chemical projects," Aramco CEO Amin Nasser said on the sidelines of the Singapore International Energy Week conference. "A lot of it is happening in China mainly because of the growth in chemical needs. Especially for the transition, for the electric vehicles, for the solar panels, they need more chemicals. So that's huge growth there," Nasser said.