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  • Saudi Aramco profit soars on higher prices and refining margins

    State oil giant Saudi Aramco (2222.SE) on Sunday reported its highest quarterly profit since the company went public in 2019, boosted by higher oil prices and refining margins. Aramco joins oil majors such as Exxon Mobil Corp (XOM.N) and BP (BP.L) that have reported strong or record breaking results in recent weeks after Western sanctions against major exporter Russia squeezed an already under-supplied global market causing a surge in crude and natural gas prices.

  • Aramco expands Namaat industrial investment programs

    Namaat, which has grown from 32 to 55 investments since last year, supports industrial investment partnerships, helping to create jobs for Saudis and contributing to national growth and capacity building. The program aims to enable opportunities for local and international companies and leverage various incentives offered through the government’s Shareek program and other initiatives.

  • Aramco expands Namaat industrial investment programs

    The Saudi Arabian Oil Company (“Aramco” or “the Company”) today announced a major expansion of its Namaat industrial investment programs, with 55 agreements and Memoranda of Understanding (MoUs) across the sustainability, digital, industrial, manufacturing and social innovation sectors.

  • Saudi ambassador to US visits Aramco Research Center in Detroit

    Saudi Arabia’s Ambassador to the US Princess Reema Bandar visited the Aramco Research Center in Detroit, Michigan, US, on Saturday. “It was a pleasure to tour the Aramco Research Center in Detroit, Michigan, and take a look at the advancements in carbon capture technology and new innovations underway to protect the environment and reduce emissions.

  • Saudi Arabia-China relations strengthen with Aramco-Sinopec deal

    Saudi Arabia’s state-owned oil company Aramco signed an agreement yesterday with a Chinese oil giant. The memorandum of understanding between Aramco and China Petroleum & Chemical Corporation (Sinopec) relates to cooperation within Saudi Arabia. They pledged to work together on oil industry matters as well as carbon capture and the development of hydrogen as an energy source. They will also discuss building a manufacturing hub in the King Salman Energy Park in eastern Saudi Arabia, Aramco said in a statement.

  • Saudi Aramco acquires lubricant giant Valvoline

    Aramco agreed to buy the global products division of the American company Valvoline for $2.65 billion. The acquisition is pending until unspecified "customary adjustments” are made, Aramco said in a press release. Valvoline produces oil and lubricants for automobiles. It is based in the southern US state of Kentucky and is traded on the New York Stock Exchange.

  • Valvoline fuels retail drive with $2.65 bln lubricants unit sale to Saudi Aramco

    Valvoline Inc is selling its unit that makes lubricants, coolants and other automotive products to state-owned Saudi Aramco for $2.65 billion in cash to sharpen focus on its retail services business. The deal announced on Monday builds on the company's plan to separate the two units, with the sale proceeds set to fuel an expansion of the vehicle service center business Valvoline operates across the United States.

  • Saudi Aramco CEO tops Forbes ME’s list of top 100 CEOs

    Saudi Aramco’s CEO and President Amin H. Nasser ranked first on the Forbes Middle East’s list of top 100 CEOs in the region this year. The Saudi Aramco CEO has been leading one of the world’s largest providers of crude oil to the global market since 2015. He is also a member of the International Advisory Board of the King Fahd University of Petroleum and Minerals and sits on the Board of Trustees for the King Abdullah University of Science and Technology, the World Economic Forum’s International Business Council, the Massachusetts Institute of Technology Presidential CEO Advisory Board, and the JP Morgan International Council.

  • Can Saudi Aramco Meet Its Oil Production Promises?

    Over the last eight weeks or so, there has been frenetic activity inside Aramco to prepare for an output surge. “MSC,” as maximum sustainable capacity is known at the company’s headquarters in Dhahran, has been the key topic of discussion. Company insiders, speaking in private, say it can reach 12 million barrels a day within 30 days and sustain that level for at least 90 days. What about longer? Aramco is simply confident it will prove skeptics like Macron wrong. Have faith, is the message.

  • Can Saudi Aramco Meet Its Oil Production Promises?

    Aramco, the state-owned Saudi Arabian oil giant, claims it can sustainably pump 12 million barrels a day, well above the kingdom’s OPEC+ August target of 11 million barrels. For the global economy, Saudi spare capacity is the last line of defense against more energy inflation. But apart from a few top company executives and a handful of Saudi royals, no one knows for sure whether Aramco can deliver.