Company Insights Saudi Aramco Oil & Gas Saudi Aramco News Sustainability Saudi Aramco unit backs US climate tech startup CarbonCapture, a climate tech company, has raised $80 million from investors, including Saudi Aramco’s venture capital unit. The series A fundraising was led by Prime Movers Lab and included Aramco Ventures, Amazon’s Climate Pledge Fund, Siemens Financial Services, Idealab X, and Marc Benioff’s Time Ventures. The Los Angeles-headquartered startup’s latest major funding round is one […] March 13, 2024 Opinion Economy Progress report on Vision 2030: so far, so good Saudi Arabia’s economic health is still reliant on global oil markets, but this dependency is reducing March 12, 2024 Oil & Gas Aramco to focus all LNG efforts on overseas projects Saudi Aramco intends to expand its liquefied natural gas (LNG) business internationally, as it plans to use all its natural gas production domestically. CEO Amin Nasser told investors on Monday that the energy major has no intention of building LNG capacity in the kingdom and is discussing opportunities with different entities in the US, Australia […] March 12, 2024 Energy Aramco profit drops 24% to $121bn on lower crude prices Saudi Aramco said net profit fell 24 percent year on year to SAR455 billion ($121.3 billion) in 2023. The profit drop was due to lower crude oil prices and volume sales, as well as reduced refining and chemicals margins, despite decreased production royalties and lower income taxes. Free cash flow reached $101 billion last year, […] March 10, 2024 Banking and Finance Gulf wealth funds put investing in US well ahead of China Most sovereign wealth funds in the Gulf remain heavily invested in the US, while China represents a much smaller part of their portfolios, data from the consultancy Global SWF shows. The data also shows that the portfolios of Gulf sovereign wealth funds vary widely in terms of their geographical distribution. This is partly a result […] March 8, 2024 Oil & Gas PIF doubles stake in Saudi Aramco to 16% Saudi Arabia has completed the transfer of an 8 percent stake in Aramco to the sovereign Public Investment Fund ahead of a planned flotation of the oil major. “The transfer is a continuation of Saudi Arabia’s long-term initiatives to boost and diversify the national economy and expand investment opportunities in line with Vision 2030,” state-owned […] March 8, 2024 Oil & Gas Aramco and Adnoc to invest in US LNG projects Two of the biggest oil companies in the Gulf region plan to invest in US liquefied natural gas (LNG) projects. Saudi Aramco, the world’s largest oil company based on daily production, is holding discussions to invest in the second phase of Sempra Infrastructure’s Port Arthur LNG project in Texas, Reuters reported, citing informed sources. Aramco […] March 7, 2024 Artificial Intelligence Adnoc claims AI generated $500m in extra value The Abu Dhabi state oil company Adnoc said it generated $500 million (AED1.84 billion) in extra value by using artificial intelligence solutions in 2023. The energy major has deployed more than 30 AI tools across its value chain, from field operations to corporate decision-making, in an effort to increase efficiency and productivity. “We have integrated […] March 6, 2024 Artificial Intelligence Aramco launches world’s first industrial AI model Saudi Aramco, the world’s largest oil company, has launched a generative artificial intelligence model. The Aramco Metabrain AI, a first for the industrial sector, has 250 billion parameters, or learnable variables, which it adjusts during training to make predictions or generate outputs. It was trained on 7 trillion data points gathered over the company’s 90-year […] March 6, 2024 Manufacturing Stellantis hails Middle East and Africa sales surge Multinational car maker Stellantis has announced that its 2023 Middle East and Africa revenues grew by 64 percent year on year to more than $11.5 billion. Stellantis is one of the world’s biggest automakers – its brands include Alfa Romeo, Chrysler, Citroën, Peugeot and Vauxhall. It said shipments to the region totalled 616,100, up 43 […] March 6, 2024 Posts navigation Previous 1 … 29 30 31 … 55 Next
Sustainability Saudi Aramco unit backs US climate tech startup CarbonCapture, a climate tech company, has raised $80 million from investors, including Saudi Aramco’s venture capital unit. The series A fundraising was led by Prime Movers Lab and included Aramco Ventures, Amazon’s Climate Pledge Fund, Siemens Financial Services, Idealab X, and Marc Benioff’s Time Ventures. The Los Angeles-headquartered startup’s latest major funding round is one […] March 13, 2024
Opinion Economy Progress report on Vision 2030: so far, so good Saudi Arabia’s economic health is still reliant on global oil markets, but this dependency is reducing March 12, 2024
Oil & Gas Aramco to focus all LNG efforts on overseas projects Saudi Aramco intends to expand its liquefied natural gas (LNG) business internationally, as it plans to use all its natural gas production domestically. CEO Amin Nasser told investors on Monday that the energy major has no intention of building LNG capacity in the kingdom and is discussing opportunities with different entities in the US, Australia […] March 12, 2024
Energy Aramco profit drops 24% to $121bn on lower crude prices Saudi Aramco said net profit fell 24 percent year on year to SAR455 billion ($121.3 billion) in 2023. The profit drop was due to lower crude oil prices and volume sales, as well as reduced refining and chemicals margins, despite decreased production royalties and lower income taxes. Free cash flow reached $101 billion last year, […] March 10, 2024
Banking and Finance Gulf wealth funds put investing in US well ahead of China Most sovereign wealth funds in the Gulf remain heavily invested in the US, while China represents a much smaller part of their portfolios, data from the consultancy Global SWF shows. The data also shows that the portfolios of Gulf sovereign wealth funds vary widely in terms of their geographical distribution. This is partly a result […] March 8, 2024
Oil & Gas PIF doubles stake in Saudi Aramco to 16% Saudi Arabia has completed the transfer of an 8 percent stake in Aramco to the sovereign Public Investment Fund ahead of a planned flotation of the oil major. “The transfer is a continuation of Saudi Arabia’s long-term initiatives to boost and diversify the national economy and expand investment opportunities in line with Vision 2030,” state-owned […] March 8, 2024
Oil & Gas Aramco and Adnoc to invest in US LNG projects Two of the biggest oil companies in the Gulf region plan to invest in US liquefied natural gas (LNG) projects. Saudi Aramco, the world’s largest oil company based on daily production, is holding discussions to invest in the second phase of Sempra Infrastructure’s Port Arthur LNG project in Texas, Reuters reported, citing informed sources. Aramco […] March 7, 2024
Artificial Intelligence Adnoc claims AI generated $500m in extra value The Abu Dhabi state oil company Adnoc said it generated $500 million (AED1.84 billion) in extra value by using artificial intelligence solutions in 2023. The energy major has deployed more than 30 AI tools across its value chain, from field operations to corporate decision-making, in an effort to increase efficiency and productivity. “We have integrated […] March 6, 2024
Artificial Intelligence Aramco launches world’s first industrial AI model Saudi Aramco, the world’s largest oil company, has launched a generative artificial intelligence model. The Aramco Metabrain AI, a first for the industrial sector, has 250 billion parameters, or learnable variables, which it adjusts during training to make predictions or generate outputs. It was trained on 7 trillion data points gathered over the company’s 90-year […] March 6, 2024
Manufacturing Stellantis hails Middle East and Africa sales surge Multinational car maker Stellantis has announced that its 2023 Middle East and Africa revenues grew by 64 percent year on year to more than $11.5 billion. Stellantis is one of the world’s biggest automakers – its brands include Alfa Romeo, Chrysler, Citroën, Peugeot and Vauxhall. It said shipments to the region totalled 616,100, up 43 […] March 6, 2024
