Company Insights Saudi Aramco Oil & Gas Saudi Aramco News Economy Saudi Arabia forecasts 2025 fiscal deficit of $27bn Saudi Arabia has approved its 2025 state budget, which estimates total revenues at SAR1.18 trillion ($314 billion) and expenditures at SAR1.28 trillion – resulting in a fiscal deficit of SAR101 billion ($26.9 billion). The finance ministry said this would represent 2.3 percent of gross domestic product, which is lower than the 3 percent of GDP […] November 27, 2024 Analysis Oil & Gas Aramco’s debt push threatens Saudi banks’ liquidity Saudi Aramco’s plans to keep tapping the local debt market could place further liquidity pressures on the country’s banking sector, as the government looks for new ways to raise cash for its economic development plans. The oil giant’s chief financial officer Ziad Al-Murshed told Bloomberg last week that plans were underway to take on more […] November 26, 2024 Telecoms Aramco unit seeks $1bn stake in US telecom software maker Aramco Digital, the wholly owned technology arm of Saudi Aramco, plans to invest $1 billion in Mavenir, a US-based telecom service provider, as part of its strategic push into the telecommunications sector. The Saudi investment is expected to secure a “significant minority” stake in Mavenir, valuing the US company at $3 billion, sources familiar with […] November 25, 2024 Oil & Gas Saudi Arabia’s crude oil exports rise to 3-month high Saudi Arabia burned 36 percent less crude oil for power generation in September – freeing up fuel for exports, which hit a three-month high. The kingdom sold 5.75 million barrels per day in September, 80,000 bpd more than in August, according to data published this week. The figures are from the Joint Organisations Data Initiative, […] November 20, 2024 Oil & Gas Saudi Aramco to begin Sasref refinery expansion Saudi Aramco has signed a development framework agreement to begin the expansion of the Sasref refinery in Jubail, Saudi Arabia. A tripartite pact was signed with Saudi Aramco, Saudi Aramco Jubail Refinery Company (Sasref), and an affiliate of Rongsheng Petrochemical Co. The agreement outlines the design and development of the project and underscores Aramco’s plans to partner […] November 20, 2024 Analysis Oil & Gas Trump’s prospective energy team is a mixed blessing for Gulf The nomination of a fossil fuels veteran and climate sceptic as US energy secretary is likely to chime with Gulf expectations that the second Trump administration will aggressively promote oil and gas as integral parts of the energy mix, according to industry observers. On Saturday President-elect Donald Trump named Chris Wright, the boss of fracking […] November 19, 2024 Energy Aramco starts work on mega petrochem complex in China Saudi Aramco has started constructing a new integrated refining and petrochemical complex in Fujian Province in China as part of its liquids-to-chemicals strategy. The complex is being developed with China Petroleum & Chemical Corporation (Sinopec) and Fujian Petrochemical Company Limited (FPCL). The facility will have a 16 million tonnes-per-year, or 320,000 barrels per day, oil refining […] November 19, 2024 Analysis Artificial Intelligence Oil and gas companies place trust in AI Lower oil prices and the race for higher returns are pushing regional and national oil and gas companies to spend billions of dollars on artificial intelligence. The hope is that the technology will improve margins and reduce operating costs. Saudi Aramco last year invested around $3.5 billion in research and development including in AI, according […] November 18, 2024 Telecoms PIF’s $1bn Saudi Telecom sale could be sign of things to come Saudi Arabia’s Public Investment Fund has offloaded a $1 billion stake in the kingdom’s former telecoms monopoly in a deal that could mark the start of further equity sales as government entities seek to raise money for infrastructure spending. In October, the International Monetary Fund lowered its GDP growth prediction for Saudi Arabia this year […] November 14, 2024 Video length: 06:30 VIDEO Giga-projects Neom replaces CEO in bid to move past negative headlines Saudi megacity Neom has replaced its CEO Nadhmi Al Nasr in an apparent effort to boost the kingdom’s highest-profile giga-project after a string of delays. Aiman Al Mudaifer has been appointed “acting CEO of the company”, Neom said in a statement on Tuesday. “Al Mudaifer assumes the leadership of Neom following Nadhmi Al Nasr’s departure.” […] November 12, 2024 Posts navigation Previous 1 … 10 11 12 … 52 Next
Economy Saudi Arabia forecasts 2025 fiscal deficit of $27bn Saudi Arabia has approved its 2025 state budget, which estimates total revenues at SAR1.18 trillion ($314 billion) and expenditures at SAR1.28 trillion – resulting in a fiscal deficit of SAR101 billion ($26.9 billion). The finance ministry said this would represent 2.3 percent of gross domestic product, which is lower than the 3 percent of GDP […] November 27, 2024
Analysis Oil & Gas Aramco’s debt push threatens Saudi banks’ liquidity Saudi Aramco’s plans to keep tapping the local debt market could place further liquidity pressures on the country’s banking sector, as the government looks for new ways to raise cash for its economic development plans. The oil giant’s chief financial officer Ziad Al-Murshed told Bloomberg last week that plans were underway to take on more […] November 26, 2024
Telecoms Aramco unit seeks $1bn stake in US telecom software maker Aramco Digital, the wholly owned technology arm of Saudi Aramco, plans to invest $1 billion in Mavenir, a US-based telecom service provider, as part of its strategic push into the telecommunications sector. The Saudi investment is expected to secure a “significant minority” stake in Mavenir, valuing the US company at $3 billion, sources familiar with […] November 25, 2024
Oil & Gas Saudi Arabia’s crude oil exports rise to 3-month high Saudi Arabia burned 36 percent less crude oil for power generation in September – freeing up fuel for exports, which hit a three-month high. The kingdom sold 5.75 million barrels per day in September, 80,000 bpd more than in August, according to data published this week. The figures are from the Joint Organisations Data Initiative, […] November 20, 2024
Oil & Gas Saudi Aramco to begin Sasref refinery expansion Saudi Aramco has signed a development framework agreement to begin the expansion of the Sasref refinery in Jubail, Saudi Arabia. A tripartite pact was signed with Saudi Aramco, Saudi Aramco Jubail Refinery Company (Sasref), and an affiliate of Rongsheng Petrochemical Co. The agreement outlines the design and development of the project and underscores Aramco’s plans to partner […] November 20, 2024
Analysis Oil & Gas Trump’s prospective energy team is a mixed blessing for Gulf The nomination of a fossil fuels veteran and climate sceptic as US energy secretary is likely to chime with Gulf expectations that the second Trump administration will aggressively promote oil and gas as integral parts of the energy mix, according to industry observers. On Saturday President-elect Donald Trump named Chris Wright, the boss of fracking […] November 19, 2024
Energy Aramco starts work on mega petrochem complex in China Saudi Aramco has started constructing a new integrated refining and petrochemical complex in Fujian Province in China as part of its liquids-to-chemicals strategy. The complex is being developed with China Petroleum & Chemical Corporation (Sinopec) and Fujian Petrochemical Company Limited (FPCL). The facility will have a 16 million tonnes-per-year, or 320,000 barrels per day, oil refining […] November 19, 2024
Analysis Artificial Intelligence Oil and gas companies place trust in AI Lower oil prices and the race for higher returns are pushing regional and national oil and gas companies to spend billions of dollars on artificial intelligence. The hope is that the technology will improve margins and reduce operating costs. Saudi Aramco last year invested around $3.5 billion in research and development including in AI, according […] November 18, 2024
Telecoms PIF’s $1bn Saudi Telecom sale could be sign of things to come Saudi Arabia’s Public Investment Fund has offloaded a $1 billion stake in the kingdom’s former telecoms monopoly in a deal that could mark the start of further equity sales as government entities seek to raise money for infrastructure spending. In October, the International Monetary Fund lowered its GDP growth prediction for Saudi Arabia this year […] November 14, 2024
Video length: 06:30 VIDEO Giga-projects Neom replaces CEO in bid to move past negative headlines Saudi megacity Neom has replaced its CEO Nadhmi Al Nasr in an apparent effort to boost the kingdom’s highest-profile giga-project after a string of delays. Aiman Al Mudaifer has been appointed “acting CEO of the company”, Neom said in a statement on Tuesday. “Al Mudaifer assumes the leadership of Neom following Nadhmi Al Nasr’s departure.” […] November 12, 2024
