The Iranian regime is using the Houthi militia as a pressure card against the international community and the US administration to extract concessions on the 2015 nuclear agreement, Yemeni Minister of Information Muammar Al-Eryani said on Thursday. Al-Eryani claimed that Iran is pressuring the Houthis for a military escalation in …
Read More »MBS in talks with US Secretary of Defense over Houthis challenge
Saudi Arabiaâs Crown Prince Mohammed bin Salman discussed bilateral relations in a phone call with US Secretary of Defense Lloyd J. Austin, state news agency SPA reported. They further discussed enhancing the defense cooperation, and developments in the region. The defense secretary also condemned the recent Houthi attacks against Saudi …
Read More »Pentagon committed to defending Saudi against Houthis
The US condemns attacks against Saudi Arabia and remains committed to helping the Kingdom defend itself, the Pentagonâs press secretary said on Wednesday. Speaking at a press briefing, John Kirby said that Houthi attacks against the Kingdom âviolate international law and undermine efforts to grow peace and stability in the …
Read More »In vein effort US tries to persuade Houthis to halt offensive
The United States urged Yemenâs Houthi movement on Tuesday to halt an offensive on the government-held city of Marib and join international efforts to find a political solution to the more than six-year civil war. The advance by the Iran-aligned Houthi movement on the last government-held city in Yemenâs north …
Read More »BREAKING NEWS – Houthis lay claim to drone attack on Saudi airport
Yemenâs Iran-aligned Houthi group said it carried out a drone attack on Saudi Arabiaâs Abha airport on Wednesday which the Saudi-led coalition fighting Houthi forces in Yemen said caused a fire in a civilian aircraft. Houthi military spokesman Yahya Sarea said four Houthi drones were used in an attack that …
Read More »Turkish businessman want Saudis to end boycott call
Turkeyâs leading business groups urged Saudi Arabia on Saturday to take action to improve trade relations as Turkish firms encounter growing problems in doing business with the Gulf Arab state. Saudi Arabia and Turkey have been at odds for some years over foreign policy and attitudes towards Islamist political groups. …
Read More »US doesn’t want more Houthi attacks on Saudi
The US on Tuesday called on Houthi militants in Yemen to stop launching attacks on Saudi Arabia. The State Department said it was âdeeply concernedâ by the Iran-backed groupâs aggression, including attacks on Marib city. The statement comes after the militants have increased drone and missile attacks on Saudi Arabia …
Read More »Saudi intercept Houthis missiles from Yemen
The Saudi-led military coalition in Yemen said on Saturday it had intercepted and destroyed a ballistic missile targeting the Saudi Arabian border city of Najran. In a statement issued via the Saudi Arabian state news agency, the coalition said that the missile was fired from the Yemeni city of Saada, …
Read More »Saudi Aramco defering refining payments during corona crisis
Saudi Aramco has offered oil refineries in Asia and Europe the option to defer payments for crude cargo deliveries by up to 90 days as plants struggle with shrinking demand, four refining industry sources said. The credit terms, which Saudi Arabiaâs national oil company has offered through unidentified Saudi banks, …
Read More »Oil price plundge forces Arab, African petro-pegs
Oilâs $30 price plunge this week has sharply increased strains on a number of pegged currencies in energy-exporting emerging markets, above all in Nigeria and Oman where currencies have come under pressure in forward markets. The coronavirus threat to an already fragile global economy and an oil price war between …
Read More »UAE overproducing oil in solidarity with Saudi
The United Arab Emirates joined Saudi Arabia on Wednesday in promising to raise oil output to a record high in April, as the two Gulf Arab oil producers in OPEC took a united stand in a standoff with Russia that has hammered global crude prices. The extra oil the two …
Read More »Russia and Saudi in oil war
Saudi Arabia said on Tuesday it would increase its crude oil supply to a record high, raising the stakes in its price war with Russia and effectively rejecting Moscowâs overtures for new talks. The clash of the two oil titans sparked a 25% slump in oil prices on Monday, triggering …
Read More »Trump blames governments for oil price slump
The Trump administration on Monday accused âstate actorsâ of touching off an historic slump in global oil prices, and urged Russiaâs ambassador to the United States to consider the importance of calming the markets. Oil prices suffered their biggest daily rout since the 1991 Gulf War on Monday as top …
Read More »Fitch warns that oil price collapse will hurt Gulf states
The collapse in oil prices will put pressure on government finances in the Gulf, credit rating agency Fitch said on Monday. Fitchâs top Middle East and Africa sovereign analyst Jan Friedrich said a $10 drop in crude prices lowered fiscal revenues in the Gulf by 2-4% of GDP, depending on …
Read More »Saudi Aramco garners orders worth $38.4 billion
Saudi Aramco has received orders worth 144.1 billion riyals ($38.4 billion) for the institutional tranche of its planned initial public offering (IPO), its financial advisers said in a joint statement on Monday. The institutional bookbuilding began on Nov. 17 and investors have until Dec. 4 to place orders. Aramco plans …
Read More »Saudi Arabia in defence talks with US
Saudi Arabiaâs deputy defense minister said on Thursday he discussed regional security and military cooperation with senior U.S. government officials at a time of heightened tension with Iran following last monthâs attacks on Saudi oil facilities. Saudi Arabia and the United States blamed common foe Tehran for the Sept. 14 …
Read More »Joint oil refinery in offing between Saudi and Indonesia
Indonesian state energy company PT Pertamina on Tuesday said it was extending negotiations with Saudi Aramco on the potential joint development of an oil refinery in the country by another three months. That comes after talks were previously extended by six months from last December, with Pertamina on Tuesday reiterating …
Read More »ADNOC and Saudi Aramco sign framework agreement
The Abu Dhabi National Oil Company, ADNOC, signed, today, a framework agreement with Saudi Aramco, to explore potential opportunities for collaboration in the natural gas and liquefied natural gas, LNG, sectors. The cooperation brings together two of the worldâs leading energy producers from the Arabian Gulf to work together in …
Read More »Saudi Aramco IPO should go according to plan
Saudi Aramco Chief Executive Officer Amin Nasser said the initial public offering of the state-oil producer will âcertainlyâ happen when the conditions are right. Saudi Aramco said it is still in discussions to buy a stake in petrochemicals company Saudi Basic Industries Corp. (Sabic) from the kingdomâs sovereigh wealth fund, …
Read More »Roseneft, Gazprom Nefft in talks with Saudi Aramco
The head of Russian oil giant Rosneft, Igor Sechin, and Saudi Aramco Chief Executive Amin Nasser held talks in Moscow on Friday on areas for cooperation, Rosneft said. Rosneft, the worldâs largest-listed oil producer by output, said in a brief statement that they âdiscussed a wide range of issues related …
Read More »Saudi Crown Prince Mohammad Bin Salman discusses Trump, Aramco and other topics
Bloomberg’s Senior Executive Editor for Economics, Stephanie Flanders, and five other Bloomberg journalists spoke to Saudi Arabia’s Crown Prince Mohammad Bin Salman Al Saud Wednesday night at a royal compound in Riyadh. In the wide-ranging interview, the prince spoke about his relationship with Donald Trump, his commitment to IPO Aramco, …
Read More »Shelved Aramco IPO hits at heart of Saudi prince’s reforms
Saudi Arabiaâs decision to shelve what was billed as the biggest share sale ever is a major blow to the credibility of Crown Prince Mohammed bin Salman but there are other ways to finance reforms to strengthen the economy, bankers and investors say. The initial public offering (IPO) of 5 …
Read More »Adnoc, Saudi Aramco sign deal to invest in Indiaâs refinery plant
Energy giants Abu Dhabi National Oil Company (Adnoc) and Saudi Aramco will jointly invest in the development of $44 billion (Dh161 billion) Ratnagiri refinery and petrochemicals complex that is coming up in the western Indian state of Maharashtra. The two firms signed a framework agreement in this regard in New …
Read More »Saudi Aramco to invest $44b in giant India oil refinery
Saudi Aramco on Wednesday announced a $44-billion (Dh161.6-billion) deal to build a giant refinery complex in India with three Indian firms that will become a crucial new outlet for the worldâs biggest supplier. The refinery at Ratnagiri on the west coast will be able to process up to 1.2 million …
Read More »Saudis see chemical, oil-refining bonanza along US Gulf coast
Saudi Arabia signalled its intent to expand chemical production along the US. Gulf Coast and potentially double the size of North Americaâs biggest oil refinery. The kingdomâs state-owned crude producer is joining with UK oilfield-services firm TechnipFMC Plc to assess the potential for producing ethylene, a key component in plastics, …
Read More »âGlobal oil sector needs $20tr investments over 25 yearsâ
The global oil and gas industry needs to invest more than $20 trillion (Dh73.4 trillion) over the next 25 years to meet expected growth in demand and compensate for the natural decline in developed fields, Saudi Aramco Chief Executive Officer Ameen Nasser said on Tuesday. Speaking at the CERAWeek conference …
Read More »US oil boom tempts Saudis to consider exporting American crude
Even Saudi Arabia wants in on the US oil boom. The kingdomâs state oil firm considered the possibility of sending American crude to Asia in February via a US unit before determining it wasnât economically viable, according to a person with knowledge of the matter. It also asked potential buyers …
Read More »Foreigners to be allowed to own up to 49% of listed securities
Saudi Arabia will lower minimum assets under management for qualified foreign institutions (QFIs) starting this month and will allow foreigners to own up to 49 percent of listed securities as it opens up its stock market and plans what could be the worldâs biggest initial public offering. The regulator raised …
Read More »Adnoc Distribution IPO to spur more listings in energy sector
The successful listing of Adnoc Distribution on Abu Dhabi bourse is likely to encourage more energy companies from the region to go public to raise capital as low oil prices hurt their revenues, according to analysts. Adnoc Distribution, the fuel and retail arm of Abu Dhabi National Oil Company (Adnoc) …
Read More »Why Saudis Are Pinning Their Future on Giant Oil IPO: QuickTake
The worldâs most valuable company may not be Apple Inc. That crown could instead belong to Aramco, as Saudi Arabian Oil Co. is better known. The sprawling state-owned producer, sitting atop one-fifth of the globeâs petroleum reserves, pumps more crude than the top four publicly traded oil companies combined. Crown …
Read More »Saudi Aramco shuts Jeddah refinery indefinitely, sources say
State oil giant Saudi Aramco has shut down its 90,000 barrel per day crude oil refinery in Jeddah indefinitely, industry sources familiar with the matter said on Sunday. Aramco had for years been considering whether to shut the refinery because of age and environmental concerns. The facility, which started operating …
Read More »Shifting sands: What is changing in Saudi Arabia?
Saudi Arabiaâs Crown Prince Mohammed bin Salman has ordered a crackdown on corruption, the latest in a wave of frenetic changes in the kingdom over the past 2-1/2 years. Prince Mohammed says he is determined to remodel his conservative country into a modern state no longer dependent on oil. As …
Read More »Saudi Arabia sets up new authority for cyber security
Saudi Arabia has set up a new authority for cyber security and named its minister of state Musaed al-Aiban its chairman, strengthening security in the worldâs largest oil exporter, a royal decree said. The National Authority for Cyber Security will be made up of the head of state security, the …
Read More »Saudi Aramco plans âmega investmentâ India, the worldâs top oil consumer
Saudi Arabiaâs state-owned oil giant has âmega investmentâ plans for the worldâs fastest growing oil market, according to Saudi Arabian Oil Companyâs chief executive officer. The company, popularly known as Saudi Aramco, plans to create a fully integrated business in India and is interested in partnering with Indian companies, including …
Read More »Aramco listing reshapes Saudi Arabia’s OPEC oil policy
Saudi Arabiaâs plans to float state oil titan Aramco are prompting the country to think the unthinkable. Late last year, Saudi Arabia tried to get fellow oil producers around the world to agree to reduce production. Before an OPEC meeting in Vienna in November, Saudi officials were armed with an …
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