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Recent stories from sustg
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Report: Kingdom Owns a Majority Stake in Tesla Rival Lucid Motors
- June 26,2020
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- SUSTG Team
Saudi Arabia has amassed a more than 50% stake in California EV startup and Tesla rival Lucid Motors, according to a report in The Verge.
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Aerial View of Jeddah Port Stars in NASA Earth Observatory’s Image of the Day
- June 24,2020
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- SUSTG Team
The NASA Earth Observatory made its image of the day a stunning aerial photo of Jeddah, Saudi Arabia’s port from directly above.
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New York-based Wahed Invest, an Online Halal Investment Platform, Secures Funding from Saudi Aramco
- June 8,2020
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- SUSTG Team
New York-based online Islamic investment platform Wahed Invest has secured backing from Saudi Aramco, the world’s biggest company, to expand into the Middle East and make Riyadh its hub for the region, according to Bloomberg.
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Analysis: With Saudi Arabia’s PIF Investment in Two Canadian Energy Companies, Strategic Investment Shift Continues
- June 3,2020
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- SUSTG Team
Saudi Arabia’s Public Investment Fund (PIF) invested in two Canadian energy companies in the first quarter of 2020, expanding its holdings in the sector likely at lower-than-usual valuations as oil prices hit cyclical lows this year.
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WTI, Brent set for biggest monthly gains in years
- May 29,2020
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- SUSTG Team
Despite a fall today, crude oil prices are set for their biggest monthly gain in years after historic production cuts and a rebound in demand. The U.S. crude benchmark (WTI) has jumped almost 80 per cent in May, Bloomberg reports, the biggest gain in exchange data compiled by Bloomberg going back to 1983. That comes after […]
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U.S., Saudi Forces Conduct Joint Military Exercises on Saudi Islands
- May 27,2020
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- SUSTG Team
Forces from the United States and Saudi Arabia are conducting “routine and joint sustainment training” on and around Karan and Kurayn islands, Kingdom of Saudi Arabia this week, according to a statement from the U.S. Naval Forces Central Command.
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Kingdom’s National Development Fund Plans Near-Doubling of Funds to Saudi Businesses in 2020
- May 22,2020
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- SUSTG Team
Saudi Arabia’s National Development Fund (NDF) plans to provide an extra $5.9bn to Saudi businesses on top of the $6.8 it usually disperses annually, according to reports, as the Kingdom looks to weather the economic headwinds created by the global Coronavirus pandemic and lower oil prices.
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Ramadan Kareem from the SUSTG Team
- April 23,2020
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- SUSTG Team
The SUSTG team expresses our warmest wishes on the occasion of the holy month of Ramadan.
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COVID-19-Induced Oil ‘Demand Destruction’: Jadwa Sees Saudi Crude Production at 9.4 mbpd Average in 2020
- April 20,2020
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- SUSTG Team
With a bleak outlook for oil demand growth in 2020 by OPEC, and recent pledged cuts agreed to by the so-called OPEC+ group of producers last week, Saudi Arabia is set to produce about 2 million barrels per day less on average compared to previous forecasts, Jadwa Investment writes in a new quarterly oil market […]
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Oil Continues Steep Decline; U.S. Crude Reaches 17-Year Low
- March 18,2020
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- SUSTG Team
Oil prices fell for a third session on Wednesday on indices around the world, and U.S. crude futures tumbled to a 17-year low “as the outlook for fuel demand darkened with travel and social lockdowns triggered by the coronavirus epidemic,” according to Reuters.
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MUST-READS
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Saudi Aramco hires KPMG to oversee cyber security compliance among suppliers
“Based on our analysis of minute-by-minute technological disruptions and ever-changing cyber security needs, we believe that vital national assets such as Aramco need to be fully protected with state-of-the-art and seamless cybersecurity systems,” said Abdulaziz Alnaim, managing partner of KPMG's Eastern Province office.
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Saudi Aramco to refinance $10 billion revolving loans: sources
It is now planning to refinance the $10 billion revolving loans, two banking sources said, confirming a report by LPC, a fixed income news service that is part of Refinitiv. “Rather than keep rolling it on a year basis, which is where it is right now, they’ll come and do a refinancing,” said one of the sources.
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Saudi Aramco part of $50 million funding round for industrial analytics company
Seeq has a set of applications which allow engineers and scientists in process manufacturing organizations to rapidly analyze, predict, collaborate, and share insight. The company operates across oil and gas, pharmaceutical, chemical, energy, mining, food and beverage, and other process industries.
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Saudi Aramco Explores Supply Chain Financing Initiative
Saudi Aramco has more than 10,000 suppliers in its home country, WSJ reported, citing an unnamed source. The Saudi government, which owns much of the oil company, has pressed for faster payment to those companies to stimulate the domestic economy. The new financing system would be used to cover between $500 million and $2 billion in supplier payments each month, WSJ reported.
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Saudi Aramco presses on with Jazan refinery ramp-up, despite continued Houthi attacks
Activity at Saudi Aramco's Jazan refinery project is ramping up with a total 8.72 million barrels of crude discharged in March, according to commodity data company Kpler.
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Saudi Aramco Announces Newly Formed Aramco Oil Pipelines Company
"Upon closing, Aramco will receive upfront proceeds of around $12.4 billion, further strengthening its balance sheet through one of the largest energy infrastructure deals globally," the company said in a statement late Friday. As part of the transaction, a newly-formed Aramco subsidiary, Aramco Oil Pipelines Company, will lease usage rights in Aramco's stabilised crude oil pipelines network for a 25-year period.
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Yemen’s Houthis say they attacked Saudi Aramco facilities; no Saudi confirmation
Yemen’s Iran-aligned Houthi movement said on Monday it had fired 17 drones and two ballistic missiles at targets in Saudi Arabia, including Saudi Aramco facilities in Jubail and Jeddah.
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Analysis: Saudi Aramco Global IPO Looks Unlikely Under New Shareek Plan
Saudi Aramco has been invited by Crown Prince Mohammed bin Salman to participate in a new initiative whereby it will invest tens of billions of dollars in the future of Saudi Arabia. To which one might respond: Doesn’t Aramco do that already?
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How Saudi Aramco leverages blockchain to boost business
The Aramco Trading Company (ATC) has recently invested in Blockchain platforms VAKT and Gateway. VAKT is expected to help improve post-trade processes with regards to contracts, all aspects of logistics, invoicing data and settlements. The use of Gateway is being explored by ATC to further enhance efficiency and reduce the risk of fraud with Bill of Lading documents.
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Apollo Global Leads Group for $10 Billion Saudi Arabia’s Aramco Pipeline Deal
The buyout firm’s consortium will include U.S. and Chinese investors and has been shortlisted to make a final offer, the people said, asking not to be identified as the matter is private. Aramco, Saudi Arabia’s state energy company, has narrowed the pool of bidders and Canada’s Brookfield Asset Management Inc. and BlackRock Inc. are no longer involved, the people said.
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