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The Latest Breaking News from Saudi Aramco

SABIC CEO to Asharq Al-Awsat: We Expect Improvement in Demand for Petrochemicals in 2nd Half of 2023

Energy prices caused the profit margins of the Saudi Basic Industries Corporation (SABIC) - the world’s largest petrochemical producer - to decline by 28 percent in 2022. SABIC acting CEO Abdulrahman Al-Fageeh told Asharq Al-Awsat that the company was optimistic about the quality and reliability of the factories, expecting that…

Asharq Al-Awsat

Elon Musk Expects Tesla To Be Worth More Than Saudi Aramco & Apple Combined By 2030

Billionaire investor Ron Baron's bet on Tesla Inc is more of a bet on the man behind the wheel: Elon Musk

Zenger

Saudi-Korean Partnership to Finance Jafurah Gas Field

Saudi Arabia’s Riyad Bank signed a project financing agreement with the Export-Import Bank of Korea to develop the power station project in the al-Jafurah gas field. In 2020, Saudi Aramco that it had obtained approval to develop the Jafurah unconventional gas field in the Eastern Province, the largest non-associated gas…

Asharq Al-Awsat

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Saudi Aramco Acquires Largest Oil Refinery in North America

Saudi Aramco’s global trading arm has bought US firm Motiva Trading as it seeks to expand its footprint across North and South America. As well as acquiring 100 percent of the firm, Aramco Trading Co.

Asharq Al-Awsat

Royal Saudi Navy Concludes 'Tasaddi 5' Drill

The Royal Saudi Naval Forces, represented by the Eastern Fleet, concluded the joint naval exercise “Tasaddi 5.” The Interior Ministry, represented by border guards in the Eastern Province, and the Energy Ministry, represented by Saudi Aramco and Aramco Gulf Operations, participated in the drills. The five-day drill kicked off at…

Asharq Al-Awsat

Saudi Arabia, China to Implement Refining and Petrochemical Projects

Saudi Arabia and China intend to explore cooperation opportunities in refining and petrochemical projects after the significant energy companies signed memorandums of understanding (MoU) to implement several projects. Saudi Aramco, Chinese Petroleum and Chemical Corporation (Sinopec), and SABIC are exploring cooperation opportunities in refining and petrochemical projects in China and…

Asharq Al-Awsat

Saudi Arabia Exports World’s First Commercial Shipment of Blue Ammonia to S. Korea

Saudi Arabia delivered on Wednesday the world’s first commercial shipment of certified clean blue ammonia to South Korea. SABIC Agri-Nutrients and Saudi Aramco sent the shipment to South Korea’s Lotte Fine Chemicals. It is considered a new milestone in the development of carbon neutral solutions since blue ammonia is a…

Asharq Al-Awsat

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Saudi Arabia Plans Exploitation of One of Largest Gas Fields in the World

Saudi Aramco is intending to fund the development of the Jafurah gas field, one of the largest in the world, at a cost of $110 billion. Planned to start production in 2025, the field is expected to have approximately two billion standard cubic feet per day of sales by 2030,…

Asharq Al-Awsat

Saudi Arabia, Kuwait sign MoU to Develop Durra Gas Field

Saudi Aramco’s wholly-owned subsidiary Aramco Gulf Operations Company signed on Saturday a memorandum of understanding (MoU) with state-owned Kuwait Gulf Oil Company (KGOC) to develop the joint Durra gas field. Kuwait’s Deputy Prime Minister and Minister of Oil Badr al-Mulla and Saudi Minister of Energy Prince Abdulaziz bin Salman attended…

Asharq Al-Awsat

Aramco, Shandong Energy Collaborate on Downstream Projects in China

Saudi Aramco and Shandong Energy Group are exploring collaboration on integrated refining and petrochemical opportunities in China, the Saudi Arabian Oil Company said in a statement on Friday. The companies have signed a Memorandum of Understanding (MoU) which includes a potential crude oil supply agreement and chemicals products offtake agreement,…

Asharq Al-Awsat

Factbox-Saudi-China energy, trade and investment ties

Saudi Arabia and China signed a series of agreements during President Xi Jinping's visit to the kingdom, demonstrating deepening ties between the two countries that Riyadh's traditional ally the United States is warily watching.

Reuters

Saudi Aramco’s Luberef Expects to Raise up to $1.32 Bln from IPO

Saudi oil giant Aramco's base oil subsidiary Luberef expects to raise up to 4.95 billion riyals ($1.32 billion) from its initial public offering, it said, if it prices at the top of a range announced on Sunday. Luberef will sell nearly 30% of the company's issued share capital, or 50.045…

Asharq Al-Awsat

Saudi's SABIC Signs Agreement to Study Feasibility of Investing in Polish Petrochemical Sector

Saudi petrochemical company SABIC has signed a joint development agreement with Saudi Aramco and PKN ORLEN, the largest energy group in Poland, to jointly assess the technical and economic feasibility of establishing a petrochemical production project in Gdańsk, Poland. Acting CEO of SABIC Eng.

Asharq Al-Awsat

Saudi Arabia Announces Discovery of Two New Unconventional Gas Fields

Saudi Energy Minister Prince Abdulaziz bin Salman bin Abdulaziz announced on Wednesday that Saudi Aramco has discovered two new unconventional natural gas fields in the eastern region, reported the Saudi Press Agency. Awtad unconventional gas field has been discovered southwest of Ghawar field, 142 km southwest of Al-Hofuf.

Asharq Al-Awsat

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Asharq Al-Awsat

Aramco Completes Three Transactions with PKN ORLEN in Poland

Saudi Aramco, one of the world’s leading integrated energy and chemicals companies, successfully closed three landmark transactions with Polish refiner and fuel retailer PKN ORLEN, through its subsidiary Aramco Overseas Company BV, based in the Netherlands.

Asharq Al-Awsat

Saudi Aramco's Luberef Set for IPO

Saudi Al-Ahli Tadawul announced a potential initial public offering (IPO) for one of Saudi Aramco's subsidiaries. Ahli Capital announced its capacity as the underwriting manager, financial advisor, institutional underwriting book manager, international coordinator, and underwriter of Citigroup Saudi Arabia, HSBC Saudi Arabia, and Morgan Stanley Saudi Arabia as the financial…

Salon

Saudi Arabia's new "green" agenda

The petrostate pitched a plan to cut carbon at COP27. And it’s covered in oil.

Asharq Al-Awsat

Aramco Signs 59 New Agreements under the Iktva Program

Saudi Aramco signed on Tuesday 59 corporate procurement agreements (CPAs) with 51 local and global manufacturers, with potential to create 5,000 new jobs in Saudi Arabia over the next decade.

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Asharq Al-Awsat

Aramco to Pump $7 Bn to Develop World's Largest Petrochemical Crackers in S. Korea

Saudi Aramco announced it was planning to invest $7 billion in South Korea to develop one of the world's largest refinery-integrated petrochemical steam crackers, which will be established in Ulsan city. The "Shaheen" project is Aramco's most significant investment in South Korea to develop one of the largest steam crackers…

The Independent UK

Saudi Arabia has 'green vision' at COP27, critics unmoved

Saudi Arabia’s vision of an environmentally friendly future is on display just a short drive from the venue of the U.N. climate summit being held in Egypt

Asharq Al-Awsat

The Kingdom Declares Saudi Green Initiative an Annual Event

Saudi Energy Minister Prince Abulaziz bin Salman announced on Friday that the Green Saudi Initiative forum would be an annual event in order to review the implementation of the Kingdom’s climate goals. “Crown Prince Mohammed bin Salman decided to hold the initiative annually; because we are confident in our steps,…

The Guardian - UK

Oil and gas firms planning ‘frightening’ fossil fuels growth, report finds

Analysis released at Cop27 climate summit shows plans would thwart chances of keeping global heating to 1.5C

Asharq Al-Awsat

Saudi Arabia Registers Jump in Foreign Direct Investment Inflows

Foreign direct investment flows recorded a growth of 46.5% during the second quarter of this year, compared to the same period of 2021, after excluding the Saudi Aramco deal amounting to 46.5 billion riyals ($12.4 billion). Last year, Aramco forged a pipeline infrastructure deal worth 46.5 billion riyals ($12.4 billion)…

Financial Times

Bumper profits raise pressure on oil majors

Saudi Aramco makes $42.5bn quarterly profits as BP steps up share buybacks

Asharq Al-Awsat

Saudi Aramco Posts 39% Jump in Third-quarter Profits

Saudi Aramco on Tuesday posted a 39-percent jump in third-quarter profits year on year, the latest financial results boosted by higher oil prices and volumes sold. The energy giant's net income totaled $42.4 billion -- up from $30.4 billion during the same period last year -- and was "primarily driven…

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