fetching latest news

News tagged in:  

Saudi Aramco NEWS

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”.

Saudi Aramco registers $68 billion in profits for nine months
Nov. 4, 2019
Source: Reuters

Saudi Aramco registers $68 billion in profits for nine months

Oil behemoth, Saudi Aramco has said that it registered a net income of $68 billion during the last nine-month, which ended on September 30. Aramco recorded $244B in revenues and other income related to sales for the same period. The company recently announced its intention to list shares on the Saudi stock exchange. Aramco also said that Saudi nationals subscribing to the listing will remain eligible to receive bonus shares.

India and Saudi strike a deal
Oct. 30, 2019

India and Saudi strike a deal

Saudi-India strategic partnership has taken a major leap forward on Wednesday. Indian Strategic Petroleum Reserves Limited has signed an agreement with energy supermajor Saudi Aramco to lease part of the 2.5 million-tonne Padur storage in Karnataka. This bilateral deal focuses at building emergency crude reserves against volatility of the market.

Incident at SASREF kills two
Oct. 16, 2019
Source: Reuters

Incident at SASREF kills two

Saudi Aramco-owned SASREF yesterday informed about the death of two contractors in “an incident” during maintenance work on Sunday. A statement released by the refiner said that the incident also left two others injured. Maintenance work will continue as planned at the facility. SASREF existed as a joint venture between Aramco and Royal Dutch Shell until September when Aramco bought it Shell’s stake in the JV.

Saudi Aramco interested in buying stakes in BPCL
Oct. 16, 2019

Saudi Aramco interested in buying stakes in BPCL

If sources were to be believed, oil supermajor Saudi Aramco is interested in acquiring stakes in Indian downstream major, BPCL. In the biggest privatization bid in the Indian history, the Government of India is aiming to farm out its stakes in BPCL to private investors. Sources revealed that the Saudi state-run behemoth is in the process of evaluating its Indian investments and viewing BPCL buy out as a good opportunity.

We look forward to India's continued partnership, says Saudi Arabia
Sept. 23, 2019

We look forward to India's continued partnership, says Saudi Arabia

Following the biggest-ever attack on its oil installations, Saudi Arabia has assured of its commitment towards India's energy security needs. India and Saudi's relations have been flourishing over the last few years because of healthy energy ties. "We look forward to India's continued partnership. Saudi Arabia has valued India as a close friend and a strategic partner", said the Saudi Ambassador.

Oil prices slip over Saudi reassurance of unrestricted supply
Sept. 18, 2019
Source: Reuters

Oil prices slip over Saudi reassurance of unrestricted supply

Oil prices slipped on Wednesday as Saudi Arabia assured full restoration of oil production by month’s end, but were capped by looming cuts in US interest rates. Benchmark Brent crude futures were traded 0.1% lower, at $64.50 a barrel. WTI crude futures, on the other hand, dropped 0.5% to $59.06 per barrel. Saudi Energy Minister yesterday reassured markets about restoring the lost oil production by month-end.

Subsea 7 lands EPCI contracts offshore Saudi Arabia
Sept. 10, 2019

Subsea 7 lands EPCI contracts offshore Saudi Arabia

Subsea 7 has landed three EPCI contracts from state-run Saudi Aramco. Subsea 7 will carry out the contracts with India’s L&T Hydrocarbon Engineering. The contract requires the firms to perform EPCI works for a total of 28 jackets involving eight new jackets to be instated in the Marjan and Zuluf fields, ten jackets in the Safaniya and Zuluf fields and another ten Jackets in the Zuluf and Ribyan fields.

Aramco to acquire 20% stakes in RIL’s refinery, chemical biz
Aug. 13, 2019

Aramco to acquire 20% stakes in RIL’s refinery, chemical biz

Saudi state-run behemoth, Saudi Aramco has agreed to acquire 20% stakes in RIL’s oil refinery and chemical business at an enterprise value of $75 billion. The announcement came directly from RIL Chairman, Mukesh Ambani who was talking at Reliance Industries' 42nd annual general meeting. Saudi Aramco will own a 20% stake in a planned special purpose vehicle (SPV) covering the twin refineries of Reliance apart from RIL's petrochemical complex.

McDermott lands Saudi Aramco’s offshore EPCI contract
Aug. 2, 2019
Source: World Oil

McDermott lands Saudi Aramco’s offshore EPCI contract

Saudi Aramco has awarded an EPCI contract to McDermott International for a production deck module (PDM) in the Hasbah gas field with hook-up and modification works in Karan fields. The contract requires McDermott to carry out EPCI of Wellhead PDM for four wefalls, CRA cladded flowline, subsea umbilical cable, offshore tie-ins to existing facilities and electrical modifications to existing PDMs.

McDermott lands EPCI contract for Marjan Package 1
July 11, 2019
Source: World Oil

McDermott lands EPCI contract for Marjan Package 1

McDermott International has secured an EPCI contract for the Gas-Oil Separation Plant (GOSP) for the Package 1 of Saudi Aramco's Marjan Increment Development Mega-Project. The approximately $3 billion contract will require McDermott to deploy an integrated execution model exploiting its extensive global assets and facilities. The Package 1 GOSP separation platform is situated offshore the Arabian Gulf.

Saudi Aramco to revive the mega IPO
July 3, 2019
Source: Energy Voice

Saudi Aramco to revive the mega IPO

Saudi Aramco is planning to restart its mega IPO. But the plan will still face some hurdle, the major one being achieving the $2 trillion valuations. Meanwhile, Saudi Crown Prince wants Aramco to be listed in New York and insisted that the IPO takes place in 2020 or 2021. It was in 2016 that the IPO project was announced for the first time as a part of the Vision 2030.

Saudi Aramco awards an EPCI contract to McDermott
June 25, 2019
Source: World Oil

Saudi Aramco awards an EPCI contract to McDermott

McDermott has received a contract from energy supermajor Saudi Aramco. The contract is for engineering, procurement, construction and installation (EPCI) services in the Marjan and Zuluf fields in Saudi Arabia. The project will be carried out by McDermott's Al Khobar office and Dammam fabrication facility. The project will start immediately and will be reflected in the second-quarter 2019 backlog of McDermott.

Petronas starts naphtha cracking unit at RAPID
June 20, 2019

Petronas starts naphtha cracking unit at RAPID

Sources have informed that Malaysian state-run Petronas and Saudi Aramco have commenced operations at the new 1.2-million-tons-per-year naphtha cracker. The naphtha cracker is integral to the $2.7 billion joint-venture oil refinery and petrochemical project, Refinery, and Petrochemical Integrated Development (RAPID) is located in Pengerang in the state of Johor, Malaysia.

Maharashtra selects site for Saudi Aramco-ADNOC refinery
June 20, 2019
Source: Reuters

Maharashtra selects site for Saudi Aramco-ADNOC refinery

Maharashtra’s Chief Minister yesterday informed about identifying a new site for the proposed $44 billion oil refinery built by a joint venture between Saudi Aramco, ADNOC and state-run oil firms. Maharashtra has selected Raigad district, about 100 kms from Mumbai for the refinery. The 1.2 million bpd refinery and associated petrochemical complex, which was earlier supposed to be constructed in Ratnagiri, faced vehement protests from the farmers in the region.

Please Login to Save News for Later