Aramco announced a record profit of $161.1 billion in 2022. Aided by rising energy prices and higher volumes. Aramco made a profit of $161bn in 2022, but is a significant source of greenhouse gas emissions. Aramco, the largest oil company in Saudi Arabia, has announced a record profit of $161.1 billion (£134 billion) for 2022, … Read more
Sebastian Vettel attended the Canadian Grand Prix focusing his foundation’s focus on the tar sands. The Aston Martin driver said he will likewise wear an exceptional cap for Sunday’s race featuring the issue. Vettel showed up at Circuit Gilles Villeneuve riding bike wearing a white T-shirt donning an image of pipeline with “Quit Mining Tar … Read more
RIYADH: Saudi energy giant Aramco’s shares rose to a record high on Wednesday amid a surge in global oil prices following Russia’s invasion of Ukraine. Aramco’s stock was trading at 42.9 Saudi riyals ($11.4) in Riyadh, according to the Saudi Tadawul market website. The Gulf kingdom, the world’s top crude exporter, has remained the firm’s … Read more
RIYADH: Saudi Aramco has launched a tender for a key engineering, procurement, construction and installation, EPCI contract, to upgrade the world’s largest offshore oilfield Safaniyah. The state-owned company issued the Safaniyah upgrade tender as a part of its long term agreement with offshore contractors, Upstream reported citing two people with direct knowledge of the development … Read more
RIYADH: Saudi Arabia’s planned 2022 budget surplus of SR90 billion ($24 billion) depends on oil prices staying at $70 to $75/barrel, Arab News quoted Jadwa, a Saudi investment bank, as saying. Brent oil was trading at $73.01/barrel at 3:53pm Saudi time on Wednesday. The Saudi Ministry of Finance announced this week it expects revenues valued … Read more
JEDDAH: The consortium for Saudi Aramco’s largest energy infrastructure deal, is looking to obtain a $14.7 billion loan. The source revealed to CNBC Arabia that the consortium sought to take advantage of current low financing rates. The loan will last for seven years. Saudi Aramco signed on December 6 a $15.5 billion leaseback deal involving its gas … Read more
RIYADH: Saudi Aramco signed a $15.5 billion lease and leaseback deal involving its gas pipeline network with a consortium led by BlackRock Real Assets and Hassana Investment Co, Arab News quoted a statement, as saying. Considered to be one of the largest energy infrastructure deals, it represents Aramco’s asset optimization program and is the second such infrastructure … Read more
RIYADH: Saudi Aramco has announced its entry into the kingdom’s domestic lubricants market with the launch of a new line of products, Arab News reported. The oil giant timed the Orizon® launch to coincide with the inaugural Saudi Arabian Formula 1 Grand Prix in Jeddah. The product line has been introduced in more than 20 cities, including … Read more
RIYADH: Riyadh-based fintech startup Lamaa has secured a $5.5m investment from Saudi Aramco’s entrepreneurship arm Wa’ed and Raed Ventures Arab News reported. The deal represents one of the largest seed funding rounds in Saudi Arabia. Lamaa provides financing solutions, such as supply chain finance and Buy Now Pay Later schemes, for small and medium enterprises. Wa’ed and … Read more
DHAHRAN: Aramco’s CEO is optimistic about oil demand growth next year, despite fears over the new Covid-19 variant omicron, Arab News reported. The oil demand will be over 100 million barrels/day in 2022, reaching the pre-Covid-19 levels, Amin Nasser told Arab News during a media briefing at the company’s headquarters. On the Covid-19’s new strain, he said: “The markets … Read more
DUBAI: Saudi Arabia’s oil giant Aramco is marking the start of its development of the Jafurah unconventional gas field on November 29, 2021, Arab News reported. The Saudi-listed firm claims it to be the “largest non-associated gas field” in the kingdom. The move is part of the kingdom’s push to commercialise its unconventional resources and expand Aramco’s … Read more
Saudi Arabia is making the transition to a more diversified economy, after being reliant upon oil for much of the past century, a trend sparked by Vision 2030 as well as commitments made at the COP26 Summit last month, Arab News reported. While corporate giants such as Aramco and Sabic continue to dominate the economy, a culture … Read more
RIYADH: The Saudi oil giant Aramco asked companies to send their technical and financial offers for a water desalination plant project in the Jafurah gas field, with a capacity of around 100,000 cubic metres/day, a banking source told CNBC Arabia. This reflects the company’s latest step to move forward in developing the field and to contribute … Read more
RIYADH: Five North American companies are competing for a deal to sell a share of Saudi Aramco gas pipelines, Bloomberg reported. Aramco is seeking more than $15 million from this deal, which relates to one of its largest operations, a source told Bloomberg. The companies bidding for the first round of the deal are Apollo Global … Read more
RIYADH: Saudi oil giant Aramco shares recorded their highest price since October 2020 on September 28, 2021, at SR36.55, Arab News reported. The stock is currently trading at a 3 per cent increase, with heavy trading exceeding 19 million shares so far. Brent oil rose to its highest level in three years during the trading, … Read more
RIYADH: Saudi Aramco is to split its gas production division into two, as it looks to make greater use of the fuel in the power generation and the production of the so-called blue hydrogen, Arab News reported. Saudi Aramco declined to comment. The two new divisions will be called Southern Area Gas Operations and Northern Area Gas … Read more
RIYADH: Saudi Aramco is considering a bold move to open up one of the world’s largest unconventional gas fields to foreign investors, Arab News reported. The state-owned company is looking to fund a $110 billion project at the site to help it diversify from oil sales. Aramco is working with an adviser as it explores options for … Read more
DUBAI: British industrial software company Aveva is setting up its “largest digital hub” in Saudi Arabia, following its initial agreement with Aramco, Arab News reported. The hub will have research and development capabilities, the company said in a statement, and will support its operations across the Middle East. London-listed Aveva has signed a memorandum of … Read more
