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

BUSINESS NEWS | Saudi Aramco Profit Falls 25% But Dividend In Line With Planned Payout For Year

RIYADH|SAUDI ARABIA -  Saudi Aramco, the world’s top oil exporting company, on Tuesday reported a 25% fall in first-quarter net profit, missing analyst estimates, but its quarterly dividend was in line with a plan for a $75 billion payout for the year. Analysts has expected Aramco, which went public last year, to maintain payouts to … Continue reading BUSINESS NEWS | Saudi Aramco Profit Falls 25% But Dividend In Line With Planned Payout For Year

BUSINESS NEWS | Under Virus Pressure, Saudi Aramco May Cut Government Payout

RIYADH|SAUDI ARABIA – Saudi oil giant Aramco may cut its dividend to the Saudi government, but is likely to maintain payouts to minority shareholders as a plunge in crude prices shrinks first-quarter profits, analysts said. Saudi Arabian Oil Co., as the company is formally known, pledged an annual dividend of $75 billion for the first … Continue reading BUSINESS NEWS | Under Virus Pressure, Saudi Aramco May Cut Government Payout

BUSINESS NEWS | Saudi’s Aramco Lowers Domestic Gasoline Princes

RIYADH | SAUDI ARABIA – Saudi Arabia’s Aramco said on Sunday it was lowering its domestic gasoline prices for May, with 91 grade and 95 grade falling to 0.67 riyals and 0.82 riyals per liter, respectively. The prices will effective from Monday, May 11, a company statement said.

BUSINESS NEWS | Saudi Arabia May Re-Route Tankers If U.S. Imposes Crude Import Ban: Sources

RIYADH | SAUDI ARABIA – Saudi Arabia is looking into re-routing millions of barrels of oil onboard tankers sailing to the United States if President Donald Trump decides to block imports of crude from the Kingdom, shipping and trade sources say. Some 40 million barrels of Saudi oil are on their way to the U.S. … Continue reading BUSINESS NEWS | Saudi Arabia May Re-Route Tankers If U.S. Imposes Crude Import Ban: Sources

BUSINESS NEWS | Saudi Aramco To Supply Full May Crude Volumes To Asian Refiners: Sources

RIYADH | SAUDI ARABIA – Saudi Arabia, the world’s largest oil exporter, has notified some refiners in Asia that it will supply full contractual volumes of crude in May three sources with direct knowledge of the matter said on Friday. This comes after the Organization of the Petroleum Exporting Countries and allies including Russia agreed … Continue reading BUSINESS NEWS | Saudi Aramco To Supply Full May Crude Volumes To Asian Refiners: Sources

BUSINESS NEWS | Saudi Arabia Russia, U.S. Welcome Outcome Of OPEC+ Meeting: SPA

RIYADH | SAUDI ARABIA – Saudi Arabia’s King Salman, Russia’s president Vladimir Putin and his U.S. counterpart Donald Trump welcomed the outcome of OPEC+ meeting during a joint phone, Saudi state news agency SPA said on late Sunday. The three leaders expressed their comfort with the results of the efforts exerted to stabilize global oil … Continue reading BUSINESS NEWS | Saudi Arabia Russia, U.S. Welcome Outcome Of OPEC+ Meeting: SPA