Tag Archives: Aramco

Turkey’s 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. …

The US on Tuesday called on Houthi militants in Yemen to stop launching attacks on Saudi Arabia. The State Department said it was “deeply concerned” by the Iran-backed group’s aggression, including attacks on Marib city. The statement comes after the militants have increased drone and missile attacks on Saudi Arabia …

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, …

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 Arabia’s national oil company has offered through unidentified Saudi banks, …

Oil’s $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 …

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 …

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 Moscow’s overtures for new talks. The clash of the two oil titans sparked a 25% slump in oil prices on Monday, triggering …

The Trump administration on Monday accused “state actors” of touching off an historic slump in global oil prices, and urged Russia’s 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 …

The collapse in oil prices will put pressure on government finances in the Gulf, credit rating agency Fitch said on Monday. Fitch’s 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 …

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 …

Saudi Arabia’s 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 month’s attacks on Saudi oil facilities. Saudi Arabia and the United States blamed common foe Tehran for the Sept. 14 …

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 …

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 world’s leading energy producers from the Arabian Gulf to work together in …

Saudi Aramco Chief Executive Officer Amin Nasser said the initial public offering of the state-oil producer will “certainly” 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 kingdom’s sovereigh wealth fund, …

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 world’s largest-listed oil producer by output, said in a brief statement that they “discussed a wide range of issues related …

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, …

Saudi Arabia’s 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 …

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 …

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 world’s biggest supplier. The refinery at Ratnagiri on the west coast will be able to process up to 1.2 million …

Saudi Arabia signalled its intent to expand chemical production along the US. Gulf Coast and potentially double the size of North America’s biggest oil refinery. The kingdom’s 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, …

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 …

Even Saudi Arabia wants in on the US oil boom. The kingdom’s state oil firm considered the possibility of sending American crude to Asia in February via a US unit before determining it wasn’t economically viable, according to a person with knowledge of the matter. It also asked potential buyers …

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 world’s biggest initial public offering. The regulator raised …

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) …

The world’s 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 globe’s petroleum reserves, pumps more crude than the top four publicly traded oil companies combined. Crown …

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 …

Saudi Arabia’s 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 …

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 world’s largest oil exporter, a royal decree said. The National Authority for Cyber Security will be made up of the head of state security, the …

Saudi Arabia’s state-owned oil giant has “mega investment” plans for the world’s fastest growing oil market, according to Saudi Arabian Oil Company’s 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 …

Saudi Arabia’s 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 …