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Saudi Aramco

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Saudi Aramco News

Although China has its own oil industry it remains Saudi Arabia's top importer

China’s plans affect the future of oil

Aramco is betting on China to boost a well-supplied crude market and – here’s hoping in Riyadh – enable Saudi Arabia to unwind production cuts. Amin Nasser, the Saudi state oil giant’s CEO, said last week that he expects demand from China to drive global oil market growth of a healthy 1.5 percent next year. Nasser also […]

Saudi Arabia's EV ambitions take shape as Lucid's Jeddah plant moves towards full production

Lucid’s Jeddah factory targets new Middle East territories

Lucid, the Saudi-owned electric vehicle manufacturer based in the US, is moving to full production at its Jeddah factory, with a target capacity of 150,000 cars a year within three years, its robotics provider, Rockwell Automation, said this week.  “Currently it’s for domestic use but when the expanded plant is done, they will cover all […]

Helmet, Adult, Male Third-quarter earnings before interest and taxes from Aramco’s hydrocarbon extraction business fell 12.9 percent year on year to $52.8 billion

Saudi Aramco blames lower sales for drop in profit

Saudi Aramco, the world’s largest listed oil company, reported a 21 percent drop in third-quarter net profit on Tuesday that it blamed on lower crude prices and sales volumes and shrinking refining margins. The state-controlled conglomerate made a net profit attributable to shareholders of $26 billion in the three months to September 30, down from […]

Employees at Sabic's Jubail manufacturing site; increased prices for products helped raise profits

Sabic announces SAR1bn profit in dramatic turnaround

Saudi Arabian petrochemical giant Sabic (Saudi Basic Industries Corp) has announced profit in Q3 2024 of SAR1 billion ($266.2 million) in a marked turnaround from the same period last year. In 2023, the company reported a Q3 loss of SAR2.88 billion. Revenues in Q3 2024 were up 3 percent year on year, and the company […]

The expansion of the Trans Mountain pipeline: the US is importing more oil from Canada and less from Saudi Arabia

Saudi Arabia loses out as US oil refiners turn to Canada

US crude oil imports from Saudi Arabia have dropped to one of the lowest points since the start of the decade, as American refiners increasingly turn to supplies from Canada. Imports fell to only 13,000 barrels per day (bpd) in the week ending October 25, according to the US Energy Information Administration – the lowest […]

A Saudi man walks at the Tadawul Saudi Stock Exchange, in Riyadh, Saudi Arabia

Kuwaiti companies looking at Saudi exchange listings

Kuwaiti companies are eyeing up opportunities to list on Saudi Arabia’s Tadawul exchange, according to reports. It comes almost two years since deals were signed between market regulators in both Gulf states to explore collaboration around cross-listings on the Tadawul and Kuwait’s bourse. Firas Al-Salem, chairman of the Kuwaiti Business Council, said that listings could […]

Vietnam Aramco signing ceremony

Aramco considers investment in Vietnam’s oil industry

Saudi Aramco has expressed interest in investing in Vietnam’s oil refinery sector and petroleum distribution, the south-east Asian country’s government says.  Vietnam’s prime minister, Pham Minh Chinh, met Aramco president and CEO Amin Nasser during the Future Investment Initiative summit in the Saudi capital.  “Vietnam has great potential in the region, therefore, Aramco wishes to […]

Saudi Aramco president and CEO Amin Nasser speaks at the Future Investment Initiative in Riyadh

Aramco predicts oil market expansion on China demand

Saudi Aramco is forecasting oil market growth in 2025 of 1.5 percent, driven by fundamental growth in China and the role of fossil fuels in underpinning the green energy transition.  A recent stimulus package failed to alleviate market concerns about China. Although it accounted for 70 percent of oil demand growth in 2023, Chinese demand […]

It is hoped the investment fund from Wa'ed Ventures will incentivise local entrepreneurs

Saudi Aramco’s VC unit to invest $100m in AI startups

Wa’ed Ventures, the $500 million venture capital fund owned by Saudi Aramco, plans to invest $100 million in early-stage artificial intelligence startups. It has appointed an advisory board made up of AI leaders to source promising investment and accelerate localisation of the AI industry in the kingdom. The board includes experts with experience at Meta, […]

Co-working spaces, such as this one in Riyadh, complement state-led VC funding initiatives for Saudi startups

Saudi Arabia pumps funding into startups as it vies for Mena No 1

Saudi Arabia is piling money and government support into its venture capital industry as it competes with the UAE to attract startups. The VC market across the Middle East and North Africa raised $1.3 billion from January to September 2024 – and Saudi Arabia “led the region”, said startup analyst Magnitt. The kingdom secured “39 […]