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  • Saudi Aramco boosts dividends despite profit fall

    Saudi Aramco has reported a steep decline in profits, after the energy giant cut production and oil prices fell sharply in 2023.

    Its profits fell 25% to $121bn (£91bn) profits after a record-smashing year in 2022.

    But the figure is still the second-highest profit ever for the state-backed company.

    The firm said it was boosting its payments to shareholders and looking for opportunities to invest in China.

  • Saudi Aramco launches its first marine fueling station at Jeddah Yacht Club

    Saudi Aramco, a global leader in energy and chemicals, Saturday announced the inauguration of "Aramco Marina," its first marine fueling station in the Kingdom, situated at the Jeddah Yacht Club on the Red Sea coast.

    This initiative aligns with the company's commitment to supporting the Kingdom's tourism sector development and coincides with the commencement of the Formula 1 Saudi Grand Prix. Boasting an annual capacity exceeding 65 million liters, the station will serve both local and international clientele, offering diesel and gasoline.

  • Saudi Arabia Moves $164 Billion Aramco Stake to Wealth Fund

    The 8% stake transfer will cut the government’s direct ownership in the world’s largest oil company to 82%, the Saudi Press Agency said. The move will have no impact on Aramco’s dividend, which the oil giant kept at $29 billion for the third quarter despite a drop in production and weaker oil prices.

  • Saudi Arabia’s crown prince transfers another 8% of Aramco shares to sovereign wealth fund

    Saudi Arabia's crown prince transferred another 8% of shares in the kingdom's oil giant Saudi Aramco to the country's prominent sovereign wealth fund on Thursday. The shares are worth some $160 billion. Crown Prince Mohammed bin Salman's decision comes as the kingdom is trying to build a series of megaprojects and invest in sports and other fields aggressively abroad to wean the country off of relying solely on oil.

  • Saudi Aramco, UAE’s ADNOC in talks to invest in US LNG projects, sources say

    Gulf oil giants Saudi Aramco (2222.SE), opens new tab and Abu Dhabi National Oil Company (ADNOC) (ADNOC.UL) are in talks to invest in U.S. liquefied natural gas projects, as they step up competition with oil majors and regional rival Qatar in the booming super-chilled gas market, sources aware of the matter said. The two energy giants are trying to exploit their fossil fuel resources while they can and with demand for the chilled fuel expected to grow by 50% by 2030, they are tapping opportunities in the United States which has become the world's biggest exporter of LNG as it sends record volumes to Europe.

  • Saudi Aramco, UAE’s ADNOC in talks to invest in US LNG projects, sources say

    The two energy giants are trying to exploit their fossil fuel resources while they can and with demand for the chilled fuel expected to grow by 50% by 2030, they are tapping opportunities in the United States which has become the world's biggest exporter of LNG as it sends record volumes to Europe. Saudi Aramco is in talks to invest in phase 2 of Sempra Infrastructure's Port Arthur LNG project in Texas, which represents a proposed expansion to the already producing first phase, the sources said, declining to be identified due to the sensitivity of the matter.

  • Saudi Aramco signs supply agreements worth $6 billion

    Saudi state oil company Aramco (2222.SE), opens new tab has signed procurement agreements worth $6 billion with local vendors, widening its domestic supply base. "The 40 new agreements signed today are expected to contribute to the domestic value chain, and further enhance the ecosystem that Aramco is helping to build", it said in a statement. The agreements span the supply of a range of products comprising strategic commodities, such as instrumentation, and electrical and drilling equipmen

  • At Saudi Aramco’s Jafurah field, another 15 trln standard cubic feet of gas reserves proven

    An additional 15 trillion standard cubic feet of gas have been proven at Saudi state oil company Aramco's Jafurah field, Energy Minister Prince Abdulaziz bin Salman said on Sunday. Reserves at Jafurah have reached 229 trillion cubic feet of gas and 75 billion barrels of condensates, Prince Abdulaziz said in a statement on state news agency SPA. Saudi Arabia is working on developing its unconventional gas reserves, which require advanced extraction methods such as those used in the shale gas industry.

  • At Saudi Aramco’s Jafurah field, another 15 trln standard cubic feet of gas reserves proven

    An additional 15 trillion standard cubic feet of gas have been proven at Saudi state oil company Aramco's Jafurah field, Energy Minister Prince Abdulaziz bin Salman said on Sunday. Reserves at Jafurah have reached 229 trillion cubic feet of gas and 75 billion barrels of condensates, Prince Abdulaziz said in a statement on state news agency SPA. Saudi Arabia is working on developing its unconventional gas reserves, which require advanced extraction methods such as those used in the shale gas industry. Jafurah is the kingdom's largest unconventional non-oil associated gas field and it is potentially the biggest shale gas development outside of the United States.

  • Saudi Aramco: 6 Million Bpd of Global Oil Production Is Being Lost Every Year

    Global oil supply is sufficient now, but natural declines at oilfields mean that the world would need to find a Saudi Arabia every two years to offset these production drops, Saudi Aramco’s chief financial officer Ziad Al-Murshed has said. Due to the natural decline in operating fields, as many as 6 million barrels per day (bpd) of global oil production is being lost every year and needs to be replaced, Al-Murshed said at the Saudi Capital Market Forum 2024 in Riyadh. The world is down to 3% of spare crude oil production capacity of global demand, Aramco’s executive said.