Saudi Aramco Q3 profit falls 23% on lower crude oil prices, volumes
Saudi oil giant Aramco on Tuesday reported a 23 per cent fall in third-quarter net profit, marginally beating analyst estimates, on lower crude oil prices and volumes sold. Net profit declined to $32.6bn for the quarter to September 30 from $42.4bn a year earlier. The Saudi oil giant said the decline in oil prices and […]
Arabian Drilling’s Q3 revenue surges by 16% on higher rig activity
Saudi oilfield services firm, Arabian Drilling Company, said its Q3 2023 revenues jumped by more than 16 per cent to SAR920m, driven by the start-up of three additional offshore rigs on five-year contracts. The drilling company’s reported revenues of SAR2.5bn year to date (YTD), more than 27 per cent on higher rig activity and higher […]
Saudi energy minister: need to be proactive on oil market
Saudi Energy Minister Prince Abdulaziz bin Salman said in a Russian TV interview that it was necessary to be “proactive” on the oil market and attempt to bring stability to it. He said in the interview, conducted on Wednesday and aired on Thursday, that the market was unpredictable and “cannot be left on its own”. […]
Russia, Saudi Arabia eye mutual trade boost – ministers
Saudi Energy Minister Prince Abdulaziz bin Salman and Russian Deputy Prime Minister Alexander Novak said on Thursday that both countries seek closer trade ties. Novak also said that Russia and Saudi Arabia have discussed lifting mutual visa restrictions.
Russia, Saudi Arabia to discuss oil market, prices on Wednesday – Novak says
MOSCOW – Russian Deputy Prime Minister Alexander Novak said that Russia and Saudi Arabia will discuss the oil market situation and oil prices later on Wednesday, news agencies reported, as the Israel-Palestinian conflict rages on. Saudi Arabia’s Minister for Energy Prince Abdulaziz bin Salman is due to take part in an energy conference in Moscow later […]
Saudi Arabia’s electricity and gas supply sector sees 21.5% growth: GASTAT
Saudi Arabia’s electricity and gas supply sector grew by 21.5 percent in August compared to the same month last year, according to the General Authority of Statistics. The electricity and gas sector has consistently shown high annual expansion since the start of 2023. Factors contributing to this growth are the Kingdom’s investments in energy infrastructure, including […]
Saudi’s Wahaj picks IFS Cloud to accelerate digitalization
IFS, the global cloud enterprise software company, has announced that Saudi Advanced Technologies Company (Wahaj) has selected IFS Cloud ERP and defense manufacturing solutions. Wahaj is Saudi Arabia’s fastest-growing precision engineering & manufacturing company in the Aerospace and defense as well as Oil and Gas sectors and a fully owned affiliate of Sahara International Petrochemical […]
ADES Holding IPO’s retail tranche oversubscribed nearly 10 times
Saudi Arabia’s oil and gas driller ADES Holding Company’s retail subscription was oversubscribed 9.83 times, the company said in a statement on Wednesday. The order book reached nearly 4.5 billion riyals ($1.2 billion), with subscriber numbers at 1,307,676. Individual subscribers will receive a minimum of 10 shares each. The remaining shares will be allocated pro rata […]
Saudi Aramco to purchase 100% equity stake in Esmax
Saudi Aramco, one of the world’s leading integrated energy and chemicals companies, has agreed to purchase a 100 percent equity stake in Esmax from Southern Cross Group, a Latin America-focused private equity company. Esmax is a leading diversified downstream fuels and lubricants retailer in Chile. Its national presence includes retail fuel stations, airport operations, fuel […]
India’s crude oil imports from Saudi Arabia surges
India’s appetite for cheap Russian oil imports took a breather in August as monsoon rains dampened demand and refiners scheduled routine maintenance works. The world’s third largest crude consumer reduced oil imports from Moscow for the third consecutive month in August to 1.57 million barrels a day, down 24 per cent on the month and […]