fetching latest news

News tagged in:  

Saudi Aramco NEWS

Reliance, Aramco call off $15-billion deal amid valuation differences, sources say
Nov. 26, 2021

Reliance, Aramco call off $15-billion deal amid valuation differences, sources say

Because of value concerns, an agreement between Dependence Industries and Saudi Aramco to purchase a stake in the Indian aggregate's oil-to-synthetic chemicals business has been scrapped, according to persons with knowledge of the subject. As the world strives to disassociate itself from petroleum derivatives and reduce emissions, they added, disagreements over the amount Reliances oil-to-synthetics (O2C) business should be valued. According to one of the sources, Reliance will now focus on signing different agreements with organisations to generate claim to fame synthetic substances for higher edges, assuming all other factors are equal. Aramco, the world's largest oil exporter, agreed to a non-binding agreement to buy a 20% stake in Reliance's O2C business for $15 billion in 2019. After two years of dealings, the companies said this week that they would review the agreement. The arrangement's disintegration reflects the changing global energy landscape.

ONGC, Saudi Aramco sign strategic pact for feedstock and marketing
Nov. 19, 2021
Source: Energy World

ONGC, Saudi Aramco sign strategic pact for feedstock and marketing

To explore a strategic alliance on a broad of energy, prospects, public sector oil and gas explorer Oil and Natural Gas Corporation Limited (ONGC) has linked a Mamorandum of Understanding (MoU) with world's largest oil company Saudi Aramco.

Saudi oil giant Aramco to scale back spending after 2020 profit slump
March 22, 2021
Source: Reuters

Saudi oil giant Aramco to scale back spending after 2020 profit slump

Saudi Arabian state oil giant Aramco is betting on an Asian-led rebound in energy demand this year after it reported a steep slide in net profit for 2020 on Sunday and scaled back its spending plans.The world’s largest oil exporter said net profit fell 44.4% to 183.76 billion riyals ($49 billion) for the year ended Dec. 31, from 330.69 billion riyals a year earlier.

Missile attack on Saudi Aramco
Nov. 24, 2020
Source: worldoil.com

Missile attack on Saudi Aramco

Saudi Arabia’s energy infrastructure-Saudi Aramco was attacked by a missile on a fuel depot in the Red Sea city of Jeddah. The authorities assured for no human casualties as well no oil products were lost. Houthi rebels in neighboring Yemen claimed responsibility for the attack. The strike was condemned by Saudi Arabia, stating-"terrorist and sabotage acts committed against vital installations target the security and stability of energy supplies to the world."

Aramco discovers two new oil and gas fields in northern Saudi Arabia
Aug. 31, 2020
Source: Reuters

Aramco discovers two new oil and gas fields in northern Saudi Arabia

Saudi Aramco has discovered two new oil and gas fields in the northern regions. The new Abraq al-Toloul oil field in the northern city of Arar, flows with a daily rate of 3,189 bpd, along with 3.5 million cubic feet of natural gas. Hadabat al Hajara gas field in the al-Jof region has a daily production rate of 16 million cubic feet of natural gas, along with 1944 bpd of oil condensate

Aramco suspends US$10B China oil refinery venture
Aug. 22, 2020

Aramco suspends US$10B China oil refinery venture

Saudi Aramco has suspended a deal to build a $10 billion refining and petrochemicals complex in China. Aramco decided to stop investing in the facility in China’s Northeastern province of Liaoning after negotiations with its Chinese partners and Aramco declined to comment on it. The uncertain market scenario could be behind the decision. The joint venture was signed when Prince Mohammed bin Salman was in Beijing in February last year.

Aramco is still working on deal to invest $15 bn in RIL
Aug. 10, 2020

Aramco is still working on deal to invest $15 bn in RIL

Saudi Aramco said it’s still working on a deal to buy a $15 billion stake in Reliance Industries Ltd.’s refining and chemicals business, even as lower oil prices forced it to slash investment spending. The deal with Reliance would help Aramco to join the ranks of the top oil refiners and chemical makers. Aramco is already a major supplier of crude to India.

Saudi Aramco's Q2 profit plunges
Aug. 10, 2020
Source: Reuters

Saudi Aramco's Q2 profit plunges

Aramco reported a 73.4% fall in second-quarter net profit, a steeper drop than analysts had forecast, and it expected capital expenditure for 2020 to be at the lower end of a $25 billion to $30 billion range. But the company is sticking with the plan to pay $75 billion in dividends this year. Net profit fell to 24.6 billion riyals for the quarter to June 30 from 92.6 billion riyals a year earlier.

Shelf's jackup rig to halt operations for Aramco
June 16, 2020

Shelf's jackup rig to halt operations for Aramco

Shelf Drilling has received a notification from Saudi Aramco that operations of the jackup High Island IV will be suspended for a period of up to 12 months. The suspension, at a zero-day rate, will take effect on completion of work currently in progress: the term of the contract will be extended by a period equal to the suspension period, Shelf Drilling added.

Aramco will supply full contractual volumes in May
April 17, 2020

Aramco will supply full contractual volumes in May

The world's largest oil exporter, Saudi Arabia has assured some of the refiners in Asia to supply full contractual volumes of crude in May. According to the sources, though there is no change in the volume of the supply the ratio among crude grades has been altered by Saudi Aramco. This has been done by increasing the quantity of Arab Light and reducing Arab Heavy.

Aramco to borrow about $10 billion from banks
April 15, 2020
Source: Reuters

Aramco to borrow about $10 billion from banks

Saudi Aramco is planning for a loan of about $10 billion. The world's largest oil producer is in early talks with 3 banks to help finance its acquisition of Saudi Basic Industries Corp. It will acquire 70% stakes in the firm. “The company continues to review its financial options as part of its normal course of business, while prudently preserving its pristine balance sheet and its resilience”, said the company.

Saudi Aramco joins blockchain-based trading platform, VAKT
Jan. 29, 2020

Saudi Aramco joins blockchain-based trading platform, VAKT

Oil supermajor, Saudi Aramco has bought into the blockchain-based trading platform Vakt through Saudi Aramco Energy Ventures, with $5 million in new shares. The platform, which will be used by Aramco Trading Co, specializes in post-trade processing. VAKT focuses on the key North Sea crude oil grades. The blockchain-based platform has a big founder list including oil majors BP, Equinor and Shell, and others.

Aramco’s shares sink to lowest since IPO
Jan. 6, 2020
Source: Reuters

Aramco’s shares sink to lowest since IPO

Oil behemoth, Saudi Aramco’s shares sank to its lowest value since the IPO, on Sunday. Aramco’s share value dipped by 1.7%, to $9.21 per share in the late afternoon trade. The shares retorted to across-the-board selling in the Gulf markets after a U.S. drone attack killed the Iranian military commander Qassem Soleimani and his convoy at Baghdad airport.

Saudi-Kuwait agreement might resume production in the shared zone
Dec. 26, 2019

Saudi-Kuwait agreement might resume production in the shared zone

The energy supermajor, Saudi Aramco informed about a new agreement between Saudi Arabia and Kuwait. After this agreement, oil production in the zone shared between two countries can be resumed. "With the signing of this new accord, both parties have reached the consensus that now is the right time to resume production in this zone", said Aramco's CEO.

Aramco's IPO valued at $1.71 trillion
Nov. 18, 2019

Aramco's IPO valued at $1.71 trillion

On Sunday, Saudi Arabia revealed the value of world's biggest IPO. Aramco's IPO will be of up to $1.71 trillion and it will sell 1.5% of the company through this. But the IPO has missed Crown Prince's initial target of $2 trillion. The energy giant has already started taking bids from the investors in a price range of 30-32 Saudi riyals.

Climate change seen as big risk for Aramco's IPO
Nov. 15, 2019

Climate change seen as big risk for Aramco's IPO

Saudi's energy giant, Saudi Aramco has its IPO next month ahead of which climate change and decline in the demand for fossil fuels are seen as key risks. "Climate change concerns and impacts could reduce global demand for hydrocarbons and hydrocarbon-based products and could cause the company to incur costs or invest additional capital," says Aramco. The largest supplier of hydrocarbons will reveal the price of its shares on Sunday.

China might invest upto $10mn in Aramco's IPO
Nov. 7, 2019

China might invest upto $10mn in Aramco's IPO

According to the sources, China is planning to invest $5 billion to $10 billion in the oil giant Aramco's planned IPO. State-owned oil producer Sinopec and sovereign wealth fund China Investment Corp are among the parties who have been discussing to buy stock in the offering. But the lineup of investors and investment size will finally depend on the Chinese government.

Aramco to go public
Nov. 4, 2019

Aramco to go public

Saudi Aramco has started its Initial Public Offering (IPO). Aramco has also shared a few specifics on the number of shares to be sold, pricing or the date for a launch. The company could offer 1%-2% of its shares on the local bourse. Its Chairman said, "Today is the right opportunity for new investors to reap the benefits of Aramco’s ability to achieve value, and boost it on the long-term”.

Please Login to Save News for Later