BUSINESS | Aramco Chief Wins Energy Executive Of The Year Award

RIYADH | SAUDI ARABIA – Saudi Aramco’s president and CEO, Amin Nasser, had been named energy executive of the year by a panel of international industry leaders. The 60-year-old business chief was selected for the Energy Intelligence 2020 Award by a committee of top executives. Nasser will be officially presented with the prestigious award during … Continue reading BUSINESS | Aramco Chief Wins Energy Executive Of The Year Award

BUSINESS | Saudi Aramco Establishes Corporate Development Organisation

RIYADH | SAUDI ARABIA – Saudi Arabia said on Sunday it established a corporate development organization to optimize the company’s portfolio. ‘Corporate Development is mandated to create value, assess existing assets and secure greater access to growth markets and technologies through portfolio optimization and strategic alignment’, the Saudi oil giant company said in a statement. … Continue reading BUSINESS | Saudi Aramco Establishes Corporate Development Organisation

BREAKING NEWS | Saudi Aramco To Press Ahead With Plan To Boost Output Capacity, CEO says

RIYADH | SAUDI ARABIA – Saudi Aramco is moving ahead with plans to boost crude output capacity by 1 million barrels per day (bpd) to 13 million bpd despite cuts in capital expenditure this year and next year, the state oil group’s CEO said on Monday. Aramco’s capital spending plan for 2021 will be ‘significantly … Continue reading BREAKING NEWS | Saudi Aramco To Press Ahead With Plan To Boost Output Capacity, CEO says

BREAKING NEWS | Aramco’s Dividend Defence Are Triple-Locked

RIYADH | SAUDI ARABIA – Saudi Arabia has deployed its triple-bottomed dividend defence sooner than expected. The Saudi state energy giant is handing $18.75 billion to investors this quarter even though earnings plunged to little more than a third of the amount. It’s a contrast with rivals BP and Royal Dutch Shell, which both trimmed … Continue reading BREAKING NEWS | Aramco’s Dividend Defence Are Triple-Locked

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

BUSINESS NEWS | Saudi Aramco Says Reorganizing Downstream Business To Support Growth

RIYADH | SAUDI ARABIA – State energy giant Saudi Aramco said on Tuesday that it will be reorganizing its downstream business to support its global growth strategy, aiming to complete it by the end of this year. The downstream model will be divided into four units: fuels including refining, trading, retail and lubes; chemicals; power; … Continue reading BUSINESS NEWS | Saudi Aramco Says Reorganizing Downstream Business To Support Growth

BUSINESS | Saudi Aramco Completes $69 Billion SABIC Stake Deal, Extends Schedule

RIYADH | SAUDI ARABIA – Saudi Aramco has completed its purchase of  a 70% stake in petrochemicals company Saudi Basic Industries for $69.1 billion and extended the payment period by three years to 2028, providing a cushion against weak oil prices. The deal values Saudi Basic Industries Corp (SABIC) at 123.39 riyals ($32.90) per share, … Continue reading BUSINESS | Saudi Aramco Completes $69 Billion SABIC Stake Deal, Extends Schedule

BUSINESS | Saudi Aramco Cuts July Crude Supplies To At Least Five Buyers In Asia: Sources

RIYADH | SAUDI ARABIA – World’s largest oil exporter Saudi Aramco has reduced the volume of July-loading crude that it will supply to at least five buyers in Asia, seven sources said on Monday. The cuts were mainly for medium and heavy grades and were seen at refineries in countries such as China, the sources … Continue reading BUSINESS | Saudi Aramco Cuts July Crude Supplies To At Least Five Buyers In Asia: Sources

BUSINESS | Saudi Aramco Buys SABIC Shares On Market As It Completes Acquisition

RIYADH | SAUDI ARABIA – State –owned Saudi Aramco bought 2.1 billion shares of Saudi Basic Industries (SABIC) on the stock market on Sunday as it completed its deal agreed last year to buy 70% of the petrochemical giant, according to sources and market data. Four transactions were executed on the Saudi exchange, known as … Continue reading BUSINESS | Saudi Aramco Buys SABIC Shares On Market As It Completes Acquisition

BUSINESS NEWS | Saudi Aramco Says Acquisition of SABIC Stake On Track To Close In Second Quarter

RIYADH|SAUDI ARABIA – Saudi Aramco said on Tuesday its planned acquisition of a 70% equity stake in petrochemical marker SABIC from the Public Investment Fund (PIF), the kingdom’s wealth fund, is on track to close in the second quarter. The statement by the state oil giant was made in response to a Reuters story published … Continue reading BUSINESS NEWS | Saudi Aramco Says Acquisition of SABIC Stake On Track To Close In Second Quarter