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  • Saudi news: Aramco’s new VC money, a new Saudi doc on Netflix, Nadal + Saudi tennis, and more

    6 top storylines on Saudi Arabia: •The 54th Annual Meeting of the World Economic Forum (WEF) is taking place in Davos-Klosters, Switzerland, from January 15–19. •Aramco, one of the world’s leading integrated energy and chemicals companies, has allocated an additional $4 billion to its global venture capital arm, Aramco Ventures. •Analysts at real estate firm Savills KSA told Arabian Business that apartment rents in Riyadh surged by as much as 23 percent in northern neighborhoods last year. •Aramco Digital and Intel plans to establish Saudi Arabia’s first Open RAN (radio access network) development center •Konoz, an initiative of the Saudi Ministry of Media’s Center for Government Communication, launched "Horizon", a new documentary documenting the Kingdom’s rich biodiversity and natural resources. •Rafael Nadal's role in helping to grow tennis in the Gulf is set to increase significantly after the Spanish great was appointed ambassador of the Saudi Tennis Federation (STF).

  • Aramco Digital and Intel to create Saudi Arabia’s first Open RAN development centre

    Once built, the facility is expected to drive innovation, foster technological advancements and contribute to the digital transformation landscape in the country. Specifically, the partnership aims to accelerate the development and deployment of Open RAN technologies, helping to enable Saudi Arabia to build reliable and agile telecoms infrastructure that will accelerate digitisation across various industries.

  • Saudi Chemicals Giant Sabic Hires Aramco IPO Banker Mirza

    Sabic hired Sulaiman Mirza as a senior adviser, according to his LinkedIn profile, an indication the Saudi chemicals producer may be eyeing more deals.

    Saudi Basic Industries Corp., as the company is formally known, is a key part of the country’s strategy to funnel more oil into chemicals as it prepares for a future beyond crude sales. Sabic took part in one of the Middle East’s largest deals last year, divesting its Hadeed metals unit to focus on its core business.

  • Saudi Arabia’s Aramco Allocates $4 Billion More to Venture Capital Unit

    Saudi Aramco will allocate an additional $4 billion to its venture capital unit as the kingdom expands its global ambitions in an effort to diversify its oil-dependent economy. The extra funds will be injected over four years and will more than double Aramco Ventures’s capital from $3 billion to $7 billion, according to a statement. The bigger size will help with investments in new energies, chemicals and energy transition materials, and digital technologies, it said.

  • Saudi Arabian companies warn Aramco fuel price hike may curb earnings

    Scores of Saudi Arabian companies said their earnings could be dampened this year as production costs will increase after state energy group Saudi Aramco (2222.SE) notified them it would sharply raise feedstock and fuel prices.

    Companies including Nama Chemicals (2210.SE) and Saudi Ceramic (2040.SE) said in regulatory filings that they were notified by Saudi Aramco on Wednesday that, effective from Jan. 1, the energy giant would increase retail diesel prices for 2024 by 53% to 1.15 riyals ($0.3067) per litre, its third increase since 2016.

  • Saudi Aramco raises diesel prices for local consumers by 53 percent

    The global oil producer has raised prices for local consumers three times since 2016. However, the recent jump of 53 percent is unprecedented. According to EFG Hermes Research, diesel prices have been reset at the end of each year since 2021. However, they witnessed increases in the last two years of SAR 0.11-0.12 per liter.

  • Saudi Aramco to Finalize Multibillion-Dollar Contracts for Largest Offshore Oilfield

    At the heart of this expansion initiative is the Safaniyah oilfield, recognized as the world's largest offshore oilfield. With multiple tenders both offshore and onshore currently in the bidding stage, Aramco is poised to conclude the awards within the coming weeks for two onshore EPC packages. These packages are estimated to collectively range between $4 billion and $5 billion, as revealed by sources with direct insights into the matter.

  • Norway’s KLP divests from Saudi Aramco, 11 other Middle East companies

    Kommunal Landspensjonskasse, Oslo, divested from 11 firms in the Middle East due to human rights concerns, and from Saudi Aramco for energy transition worries and the firm's "close ties to a dominant state owner." KLP's divestments equated to about 250 million Norwegian kronor ($23 million) if the pension fund's index strategies were to track the MSCI Emerging Markets Index precisely, a spokesperson said.

  • Saudi Aramco Enters Pakistan in Downstream Expansion Drive

    Saudi Aramco is entering Pakistan’s downstream market by acquiring a 40% stake in Gas & Oil Pakistan Ltd, one of the country’s largest retail and storage companies, as the oil giant seeks international downstream expansion and Saudi Arabia looks to invest more in its ally Pakistan. Saudi Aramco said on Tuesday it had signed definitive agreements to acquire a 40% equity stake in Gas & Oil Pakistan Ltd (GO), a diversified downstream fuels, lubricants, and convenience stores operator. The transaction is subject to certain customary conditions, including regulatory approvals, the Saudi oil giant said.

  • Saudi Aramco Starts Tight Gas Production At South Ghawar Field

    Saudi Aramco has produced the first unconventional tight gas from its South Ghawar field, the world’s largest oil firm said this week as it seeks to boost its natural gas output by more than half by 2030. The facilities at South Ghawar have a raw gas processing capacity of 300 million standard cubic feet per day (scfd) and a condensate processing capacity of 38,000 barrels per day (bpd), the Saudi state oil giant said. To meet rising natural gas demand, Aramco plans to more than double the overall processing capacity and achieve South Ghawar’s goal of delivering 750 million scfd of raw gas in the near future.