Company Insights Saudi Aramco Oil & Gas Saudi Aramco News Energy Sabic keeps capex at $5bn in 2024 as quarterly profit rises Petrochemicals major Saudi Basic Industries Corporation (Sabic) will maintain capital expenditure between $4 billion and $5 billion for 2024 after its quarterly profits surged. Net profit rose 32 percent year on year to SAR2.4 billion ($640 million) in the first half of 2024, driven by higher sales volume. NewsletterGet the Best of AGBI delivered straight […] August 2, 2024 Oil & Gas Saudi Arabia cools down by raising imports of Russian oil An unusually hot summer is forcing Saudi Arabia, the world’s largest crude oil exporter, to increase fuel imports from Russia and Kuwait to meet peak domestic demand for electricity. The Gulf state is importing thousands of tonnes of discounted Russian oil, while imports from Kuwait also made a strong comeback in July after a two-year […] August 1, 2024 Manufacturing Aramco and PIF invest in Saudi-Chinese steel venture Saudi Aramco and the Public Investment Fund have doubled their investment in a steel plate joint venture with a Chinese company to $500 million. The two Saudi companies each own 25 percent shares in the new venture in Ras Al Khair industrial city, Bloomberg reported, quoting a statement published on the Chinese stock exchange. Chinese […] July 26, 2024 Banking and Finance PIF appoints investment chief as it shifts focus to local projects Saudi Arabia’s Public Investment Fund has appointed a head of investments as it seeks to manage funding challenges for the giga-projects at the centre of the country’s economic transformation programme. Fahad AlSaif will be responsible for “guiding the development of PIF’s overarching investment strategy” and helping the fund’s leadership in its decisions, a statement said. […] July 24, 2024 Analysis Gaming Investment yet to turn a profit in Saudi esports drive Saudi Arabia’s aggressive entry into esports, marked by the $60 million Esports World Cup and the successful bid to host the 2025 Olympic Esports Games, has grabbed global headlines. Yet a multitude of challenges to the commercialisation of esports could blunt the kingdom’s ambitions to become a global force within this thriving new industry. NewsletterGet […] July 23, 2024 Oil & Gas Aramco to make $2bn gas expansion at Jafurah Saudi Aramco is planning to build three new gas compression plants at the Jafurah field for $2.2 billion as part of its strategic gas program expansion. The world’s largest oil producer has signed a letter of intent with a joint venture owned 60 percent by Spanish contractor Técnicas Reunidas and 40 percent by China’s state-owned Sinopec. The deal […] July 23, 2024 Banking and Finance BlackRock-led investors to refinance Aramco Pipelines stake Investors in Saudi Aramco’s gas pipeline network, led by BlackRock, the world’s largest asset manager, are planning to issue $3 billion in bonds to refinance a loan that backed their purchase of a stake in the network. The consortium of investors took a $13.4 billion bridge loan in 2021 to acquire a 49 percent stake […] July 19, 2024 Analysis Energy Middle East needs stronger policies to expand carbon capture A lack of firm policy, regulatory frameworks and funding is limiting carbon capture capacity development in the Middle East and Africa, according to an industry expert. Carbon capture, usage and storage (CCUS) involves separating out the carbon dioxide created in industrial processes, then treating it and using in other processes or storing it. Globally CCUS […] July 19, 2024 Finance Masdar taps green debt market to finance expansion Masdar, the UAE’s state-backed clean energy company, has raised $1 billion through its second green bond issuance, made up of dual tranches of $500 million each. The bonds are part of a larger programme to raise up to $3 billion to fund its renewables projects. The bonds, of five and 10 years, met strong appetite […] July 18, 2024 Energy Saudi Aramco bolsters blue hydrogen portfolio Saudi Aramco has acquired a 50 percent stake in Jubail-based Blue Hydrogen Industrial Gases Company (BHIG), a wholly-owned subsidiary of Air Products Qudra. No financial details were disclosed. The transaction, subject to standard closing conditions, includes options for the oil giant to offtake hydrogen and nitrogen. NewsletterGet the Best of AGBI delivered straight to your […] July 17, 2024 Posts navigation Previous 1 … 20 21 22 … 55 Next
Energy Sabic keeps capex at $5bn in 2024 as quarterly profit rises Petrochemicals major Saudi Basic Industries Corporation (Sabic) will maintain capital expenditure between $4 billion and $5 billion for 2024 after its quarterly profits surged. Net profit rose 32 percent year on year to SAR2.4 billion ($640 million) in the first half of 2024, driven by higher sales volume. NewsletterGet the Best of AGBI delivered straight […] August 2, 2024
Oil & Gas Saudi Arabia cools down by raising imports of Russian oil An unusually hot summer is forcing Saudi Arabia, the world’s largest crude oil exporter, to increase fuel imports from Russia and Kuwait to meet peak domestic demand for electricity. The Gulf state is importing thousands of tonnes of discounted Russian oil, while imports from Kuwait also made a strong comeback in July after a two-year […] August 1, 2024
Manufacturing Aramco and PIF invest in Saudi-Chinese steel venture Saudi Aramco and the Public Investment Fund have doubled their investment in a steel plate joint venture with a Chinese company to $500 million. The two Saudi companies each own 25 percent shares in the new venture in Ras Al Khair industrial city, Bloomberg reported, quoting a statement published on the Chinese stock exchange. Chinese […] July 26, 2024
Banking and Finance PIF appoints investment chief as it shifts focus to local projects Saudi Arabia’s Public Investment Fund has appointed a head of investments as it seeks to manage funding challenges for the giga-projects at the centre of the country’s economic transformation programme. Fahad AlSaif will be responsible for “guiding the development of PIF’s overarching investment strategy” and helping the fund’s leadership in its decisions, a statement said. […] July 24, 2024
Analysis Gaming Investment yet to turn a profit in Saudi esports drive Saudi Arabia’s aggressive entry into esports, marked by the $60 million Esports World Cup and the successful bid to host the 2025 Olympic Esports Games, has grabbed global headlines. Yet a multitude of challenges to the commercialisation of esports could blunt the kingdom’s ambitions to become a global force within this thriving new industry. NewsletterGet […] July 23, 2024
Oil & Gas Aramco to make $2bn gas expansion at Jafurah Saudi Aramco is planning to build three new gas compression plants at the Jafurah field for $2.2 billion as part of its strategic gas program expansion. The world’s largest oil producer has signed a letter of intent with a joint venture owned 60 percent by Spanish contractor Técnicas Reunidas and 40 percent by China’s state-owned Sinopec. The deal […] July 23, 2024
Banking and Finance BlackRock-led investors to refinance Aramco Pipelines stake Investors in Saudi Aramco’s gas pipeline network, led by BlackRock, the world’s largest asset manager, are planning to issue $3 billion in bonds to refinance a loan that backed their purchase of a stake in the network. The consortium of investors took a $13.4 billion bridge loan in 2021 to acquire a 49 percent stake […] July 19, 2024
Analysis Energy Middle East needs stronger policies to expand carbon capture A lack of firm policy, regulatory frameworks and funding is limiting carbon capture capacity development in the Middle East and Africa, according to an industry expert. Carbon capture, usage and storage (CCUS) involves separating out the carbon dioxide created in industrial processes, then treating it and using in other processes or storing it. Globally CCUS […] July 19, 2024
Finance Masdar taps green debt market to finance expansion Masdar, the UAE’s state-backed clean energy company, has raised $1 billion through its second green bond issuance, made up of dual tranches of $500 million each. The bonds are part of a larger programme to raise up to $3 billion to fund its renewables projects. The bonds, of five and 10 years, met strong appetite […] July 18, 2024
Energy Saudi Aramco bolsters blue hydrogen portfolio Saudi Aramco has acquired a 50 percent stake in Jubail-based Blue Hydrogen Industrial Gases Company (BHIG), a wholly-owned subsidiary of Air Products Qudra. No financial details were disclosed. The transaction, subject to standard closing conditions, includes options for the oil giant to offtake hydrogen and nitrogen. NewsletterGet the Best of AGBI delivered straight to your […] July 17, 2024
