BUSINESS NEWS | Saudi Aramco’s Profit Plunges 73.4%, Sees Signs Of Oil Market Recovery

MILAN | ITALY – Saudi state oil group Aramco on Sunday reported a 73.4% fall in second-quarter net profit, a steeper drop than analysts had forecast, and said it expected capital expenditure for 2020 to be at the lower end of a $25 billion to $30 billion range.

The world’s biggest oil exporter said the rapid spread of COVID-19 globally had significantly reduced demand for crude oil, natural gas and petroleum products.

‘We are seeing a partial recovery in the energy market as countries around the world take steps to ease restrictions and reboot their economies’, CEO Amin Nasser said in a statement.

Net profit fell to 24.6 billion riyals ($6.57 billion) for the quarter to June 30 from 92.6 billion riyals a year earlier.

Analysts had expected a net profit of 31.3 billion riyals in the second quarter, according to the mean estimate from three analysts, provided by Refinitiv.

All major oil companies have taken a hit in the second quarter as lockdowns to contain the coronavirus limited travel, which hurt oil demand and sent oil prices LCOc1 tumbling levels not seen in nearly two decades.

Brent crude prices at the end of the second quarter were down 38% from a year earlier, despite an agreement by OPEC+ producers to cut oil supply by record 9.7 million barrel per day from May to help to shore up prices and curb oversupply.

Aramco said it would distribute a dividend of 18.75 billion for the second quarter of this year, in line with its plan to pay a base dividend of $75 billion for 2020.

King Salman Issues Royal Order To Promote Members Of Public Prosecution Office

Saudi Arabia’s King Salman issued a royal order to promote a number of members of the Public Prosecution Office, Saudi Press Agency (SPA) reported on Saturday. Attorney General Sheikh Saud bin Abdullah Al – Mujib praised the issuance of the royal order, and said that it came within the framework of the king and crown … More King Salman Issues Royal Order To Promote Members Of Public Prosecution Office

Vlad The Vaccinator: Dracula’s Castle Lures Visitors With COVID – 19 Jabs

Visitors to Dracula’s castle are more likely to find puncture marks in their arms than their necks this month, after medics set up a COVID-19 vaccination centre at the Transylvanian attraction. Doctors and nurses with fang  sticker on their scrubs are offering free Pfizer shots to all – comers at 14th century Bran Castle, which … More Vlad The Vaccinator: Dracula’s Castle Lures Visitors With COVID – 19 Jabs

Saudi Crown Prince, Pakistan’s PM Hold Talks As Bilateral Agreements, MoUs Signed

Saudi Arabia’s Crown Prince Mohammed bin Salman and Pakistan’s Prime Minister Imran Khan held talks and witnessed the signing of two memoranda of understanding (MoU) between the countries, the Saudi Press Agency (SPA) reported on Saturday. The Crown Prince and the Prime Minister discussed bilateral relations between Saudi Arabia and Pakistan and the importance of … More Saudi Crown Prince, Pakistan’s PM Hold Talks As Bilateral Agreements, MoUs Signed

Saudi Arabia Band Poultry From 11 Brazilian Processing Plants

Saudi Arabia has banned imports from 11 Brazilian poultry plants with no warning or explanation, according to a joint statement from Brazil’s agriculture and foreign ministry on Thursday. JBS SA, the world’s largest meat company, confirmed that it was affected by the ban but declined to disclose how many plants have been targets by the … More Saudi Arabia Band Poultry From 11 Brazilian Processing Plants

Saudi Crown Prince Donates SR 100 Million To Charities, Insolvent Prisoners

Saudi Arabia’s Crown Prince Mohammed bin Salman made a donation of SR 100 million ($26 million) to charities and prisoners hailed over financial crimes, the Saudi Press Agency (SPA) reported on Thursday. The sum will be split in two categories, with SR87 million to be disbursed to support 29 charities in all regions of the … More Saudi Crown Prince Donates SR 100 Million To Charities, Insolvent Prisoners

Saudi Crown Prince Mohammed bin Salman Meets Pakistan Army Chief

Pakistani chief or army staff (COAS) General Javed Bajwa on Friday met Saudi Crown Prince Mohammed bin Salman, Crown Prince, Deputy Prime Minister and Minister of Defense of Saudi Arabia, and reviewed bilateral relations, State News Agency, SPA, reported. Bajwa arrived in Saudi Arabia on Wednesday. Pakistani prime minister Imran Khan will also embark on … More Saudi Crown Prince Mohammed bin Salman Meets Pakistan Army Chief

Qatar Finance Minister Arrested Over Alleged Embezzlement – Statement

Qatar Finance Minister Ali Sherif al – Emadi was arrested for questioning over allegations of embezzlement, abuse of power and crimes related to the public sector, a statement carried by state news agency QNA said on Thursday. An investigation is underway, the statement added. Emadi has been minister of finance in the wealthy Gulf Arab … More Qatar Finance Minister Arrested Over Alleged Embezzlement – Statement

COVID Scare At G7 Meeting After Indian Delegates Test Positive

India’s entire delegation to the Group of Seven summit in London is self – isolating after two of its members tested positive for COVID-19, the British government said on Wednesday.  ‘Two  meeting has been enable by a strict set of COVID protocols, including daily testing of all delegates’, the British official said. Indian Forein Minister … More COVID Scare At G7 Meeting After Indian Delegates Test Positive

UAE Announces Eid Al – Fitr Holiday Dates For Private Sector, Federal Employees

Authorities in the United Arab Emirates announced on Tuesday the Eid al – Fitr holiday dates for private sector and federal employees. Employees in both sectors will get a paid three – day holiday starting on May 11, which falls on the 29th day of the Muslim holy month of Ramadan. The first day of … More UAE Announces Eid Al – Fitr Holiday Dates For Private Sector, Federal Employees

Loading…

Something went wrong. Please refresh the page and/or try again.


Leave a Reply

Fill in your details below or click an icon to log in:

WordPress.com Logo

You are commenting using your WordPress.com account. Log Out /  Change )

Google photo

You are commenting using your Google account. Log Out /  Change )

Twitter picture

You are commenting using your Twitter account. Log Out /  Change )

Facebook photo

You are commenting using your Facebook account. Log Out /  Change )

Connecting to %s