Aramco aims to become Asia’s “one-stop source” for energy, chemicals demand – CEO
Saudi Arabia’s Aramco is ramping up its commitment to cater to Asia’s demand for energy and chemicals, according to President & CEO Amin H. Nasser. He has called for Asian countries to take a more prominent role in shaping an inclusive global energy transition. “We are doubling down on Asia’s growing demand for energy; chemicals; […]
Aramco CEO says blue hydrogen cost equivalent of $250 a barrel of oil
Blue hydrogen could cost the equivalent of around $250 a barrel of oil given the existing technology, according to Aramco’s President & CEO Amin Nasser. “It is very difficult to identify any off-take agreement in Europe for blue hydrogen,” Bloomberg reported Amin Nasser as saying on a call with analysts. “Even the customers in Japan […]
Saudi Aramco to supply full oil volumes to some Asian refiners in June – sources
Saudi Aramco has told at least five customers in North Asia they will receive full nominated volumes of crude oil in June, several sources with knowledge of the matter said on Wednesday. Saudi Arabia, the world’s top oil exporter, cut its official selling prices for all crude grades to Asia for June-loading cargoes amid the […]
PROJECT UPDATES: Saudi Aramco shares update on gas, downstream projects
State oil giant Saudi Aramco released an update on its gas and downstream developments in the first quarter 2023 results report. Upstream Hawiyah Gas Plant expansion, part of the Haradh gas increment programme, progressed with its commissioning activities and is expected to be onstream during 2023. The project will provide additional gas processing facilities to […]
Saudi Aramco’s Q1 net profit slips on lower demand and prices
Saudi Aramco posted a year-on-year (YoY) drop in Q1 2023 net profit to $31.9 billion from $39.5 billion as lower demand for oil pressured prices, but said it plans to move ahead with capacity expansion. The profit beat analysts’ mean estimate of $30.84 billion, according to data compiled by Refinitiv’s Eikon. In a regulatory filing […]
Eden brings sustainable reservoir stimulation technology to the Middle East
US-based geotechnical firm Eden GeoPower (Eden) has secured multiple contracts for its innovative Electrical Reservoir Stimulation technology in Saudi Arabia and Oman, company President and Co-founder Ammar Alali told Zawya Projects. “Since January, we have been helping with geothermal resource assessment for a well-known major client in Saudi Arabia (name withheld) who have ambitious plans […]
S&P, Moody’s positive on Saudi Arabia’s non-oil reforms
S&P Global on Friday raised its sovereign rating on Saudi Arabia to “A/A-1”, citing expected reform and diversification plans to boost development of the kingdom’s non-oil sector and shift dependence away from oil. Rival ratings agency Moody’s also said that Saudi Arabia’s plans will support it amid volatile oil price cycles and a global transition […]
Signings worth $7.2bln at 7th iktva Forum as Aramco Digital Company launched
Aramco signed over 100 agreements and MoU’s, valued at around $7.2 billion to help advance a diverse, sustainable and globally competitive industrial ecosystem at the 7th edition of the In-Kingdom Total Value Add (iktva) Forum and Exhibition. The program achieved 63% local content in 2022, up from 35% in 2015, when iktva was originally launched. The forum, […]
Saudi Aramco’s Luberef to start trading this week
Saudi oil giant Aramco’s base oil supplier Luberef will debut on the Saudi Stock Exchange (Tadawul) this week. The company will list and trade its shares on the main market on Wednesday, December 28, with the symbol 2223, Tadawul said. Luberef will have a daily price fluctuation limit of 30% during the first three days […]
Saudi Aramco set to enter Kenya with Valvoline acquisition
Oil giant Saudi Aramco is set to enter the Kenyan market by acquiring US motor oil and lubricants group Valvoline, Business Daily reported. The Competition Authority of Kenya (CAK) has given its approval to Aramco Overseas Company, the investment arm of Saudi Aramco, to acquire the Kenyan operations of VGP Holdings as part of the global […]