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  • Saudi Aramco Q2 profit drops 3.4 percent on lower volumes, refining margins

    Oil giant Saudi Aramco on Tuesday reported a 3.4 percent fall in second-quarter profit on lower crude volumes and softer refining margins. Aramco posted second-quarter net income of 109.01 billion riyals ($29.03 billion) in the three months to June 30, beating a company-provided median estimate from 15 analysts of $27.7 billion.

  • Saudi Arabia’s Aramco reports lower half-year profits as economic worries dampen energy prices

    Saudi oil giant Aramco reported half-year profits Tuesday of $56.3 billion, down from the year before amid worries about a slowing global economy. Aramco, formally known as the Saudi Arabian Oil Co., said its overall revenue for the half-year was $220.7 billion, up from $218.6 billion the year before. Profits in 2023 were $61.9 billion, nearly $5 billion higher.

  • Saudi Aramco Hikes Oil Prices for First Time in Months

    Saudi Aramco raised the official selling prices of its light crude for Asian clients for the first time in three months, with the September price for flagship Arab Light up by $0.20 per barrel for September delivery. Aramco kept Arab Medium and Arab Heavy crude prices unchanged for Asian buyers. With the hike, Arab Light will cost $2 per barrel over the Oman/Dubai average next month for Asian buyers, although the increase was smaller than the amount analysts expected, which was 50%. The September price for the flagship blend will be the highest in two months.

  • Aramco and PIF invest in Saudi-Chinese steel venture

    Saudi Aramco and the Public Investment Fund have doubled their investment in a steel plate joint venture with a Chinese company to $500 million. The two Saudi companies each own 25 percent shares in the new venture in Ras Al Khair industrial city, Bloomberg reported, quoting a statement published on the Chinese stock exchange. Chinese state-backed Baoshan Iron & Steel has doubled its investment in the venture to $1 billion. The Shanghai-listed producer holds the remaining 50 percent stake.

  • Saudi Aramco backs AI startup

    A venture unit of Saudi Arabian oil company Aramco is making its first U.S. AI-related investment, backing a pre-Series A round for San Francisco-based AiXplain, AiXplain is one of a growing number of startups that aim to transform generative AI from chatbots into agents who can take action. The startup also wants to ensure that Arabic languages are better represented.

  • Saudi Arabia Nets $12.35 Billion From Aramco Share Offering

    The final proceeds for Saudi Arabia from the secondary sale of shares in its oil giant Aramco came in at $12.35 billion after the exercising of an over-allotment option, boosting the Kingdom’s total gain from the sale by $1 billion. Saudi Aramco sold last month a 0.64% stake in a secondary offering. Aramco priced 1.545 billion shares on offer in its latest share sale at $7.27 (27.25 Saudi riyals) apiece, based on the results of the book-building process. That was a discount of 6% compared to the closing price of Aramco’s shares on the Saudi stock exchange, Tadawul, on the day before the secondary offering was announced at the end of May. This sale raised $11.2 billion for the Kingdom of Saudi Arabia.

  • Saudi Aramco Sells $6 Billion of Bonds Amid Fierce Demand

    Saudi Aramco pulled in more than $31 billion of orders for its $6 billion bond sale, its first dollar-debt offering in three years. Bids peaked above $11 billion for both the oil giant’s 10- and 30-year notes, according to a person with knowledge of the matter. Aramco also sold 40-year bonds in the deal that priced Wednesday.

  • Saudi Aramco seeks at least US$3 billion from first bond sale in three years

    Saudi Aramco is looking to raise at least US$3 billion from its first bond sale in three years, according to sources familiar with the plan. The world’s biggest oil exporter is offering debt with 10-, 30- and 40-year maturities, according to a source with knowledge of the matter. Meetings with fixed income investors are expected to start on Tuesday (Jul 9), the source said.

  • Saudi Aramco begins issuing US dollar-denominated bonds

    Energy giant Saudi Aramco has started issuing US dollar-denominated international bonds under its Global Medium Term Note Program. In a statement on Tadawul, Aramco disclosed that the bonds have a minimum subscription of $200,000, with the offering price and value determined based on market conditions. The offering began on July 9 and is set to conclude on July 17. This marks the state oil firm’s return to the debt market after a three-year hiatus. The last time it tapped the global debt markets was in 2021, raising $6 billion from a three-tranche sukuk, or Islamic bond. In February, it indicated plans to issue another bond this year.

  • Aramco Digital, World Wide Technology ink partnership to transform Saudi Arabia’s AI infrastructure

    “Last year we announced our ambitious plans to expand into the Middle East region with the goal of establishing a US-centric technology innovation hub. Today’s partnership with Aramco Digital marks a significant chapter in our mission to provide cutting-edge technology solutions in the region,” said Omar Mir, International Board Member at World Wide Technology.