Company Insights Saudi Aramco Oil & Gas Saudi Aramco News Banking and Finance PIF given ‘very strong’ rating and outlook by Fitch Fitch Ratings has affirmed the long-term foreign- and local-currency issuer default ratings (IDR) of the Public Investment Fund (PIF) at ‘A+’, giving the Saudi soveriegn wealth fund a stable outlook. The affirmation reflects Fitch’s unchanged assessment of “very strong” status, ownership and control, support track record and socio-political implications of default. Fitch does not expect […] November 17, 2023 Opinion Oil & Gas The tantalising prospect of a global decarbonisation alliance Cop28 has the chance to change perceptions of the hydrocarbon industry November 13, 2023 Analysis Sustainability What Big Oil says about climate change The role to be played by Big Oil in global efforts to tackle climate change will be central to the debate at the Cop28 summit that begins in Dubai in three weeks. Ending the world’s dependence on oil in its current form is seen as vital if the worst effects of rising temperatures are to […] November 9, 2023 Oil & Gas Saudi Aramco net profit down 23% after output cuts Saudi Aramco’s third quarter profit dropped by 23 percent year-on-year, after falls in both prices and volumes sold, the company said in a results announcement on November 7. The drop in volumes reflects Opec output cuts that the kingdom has championed. “The decrease principally reflects the impact of lower crude oil prices and volumes sold,” […] November 7, 2023 Energy Arabian Drilling profit slips 34% on higher finance costs Arabian Drilling Company said its third-quarter 2023 net profit declined 34.27 percent to SAR140 million ($37.32 million) from SAR213 million in Q3 2022 due to higher finance costs. The Saudi-listed oilfield services company’s revenue grew 31.05 percent annually to SAR920 million, primarily due to the start-up of three additional offshore rigs on five-year contracts. Net profit […] November 6, 2023 Oil & Gas Sabic slumps to loss as petrochem prices slide Petrochemicals producer Saudi Basic Industries Corporation (Sabic) swung to a net loss in the third quarter, hit by a slump in product prices, a loss from offloading a subsidiary and a hefty impairment on its European operations. Sabic, 70 percent owned by Saudi Aramco, made a net loss of SAR 2.88 billion in the three […] November 2, 2023 Oil & Gas Saudi fuel retailer to buy Shell assets in Pakistan Shell Petroleum Company, the parent company of Shell Pakistan, has signed a deal with Wafi Energy, a fuel retailer in Saudi Arabia, to sell its operations in Pakistan. Shell Petroleum said the sale is expected to complete by the fourth quarter of 2024, subject to regulatory approvals, Reuters reported. In June, Shell Petroleum said it […] November 1, 2023 Oil & Gas SLB predicts record Middle East oilfield services revenue SLB, the world’s largest oilfield services company, is predicting record revenue growth in the Middle East this year, as the region’s oil and gas companies ramp up capacity levels. The US company reported that international revenue rose 12 percent to $6.6 billion in the third quarter, its highest level since 2015. Opportunities in the GCC, […] October 30, 2023 Video length: 07:23 FII Banking and Finance World Bank to Wall Street, FII attracts financial elite Slickly choreographed dancers clad in futuristic outfits and a teenage boy in a shiny tuxedo singing a power ballad set the stage for the seventh Future Investment Initiative (FII) in Riyadh, and all at nine o’clock in the morning. However, there were immediately more serious themes at play at the event, which opened on Tuesday. […] October 25, 2023 Energy South Korea’s Hyundai to build $2.4bn Aramco gas plant Saudi Aramco, the world’s largest oil producer, and two South Korean companies will partner to build a $2.4 billion gas processing plant in the Jafurah gas field in Saudi Arabia. The deal was signed with South Korea’s Hyundai Engineering & Construction and Hyundai Engineering Company, Yonhap news agency reported, citing South Korea’s presidential office. The […] October 24, 2023 Posts navigation Previous 1 … 36 37 38 … 55 Next
Banking and Finance PIF given ‘very strong’ rating and outlook by Fitch Fitch Ratings has affirmed the long-term foreign- and local-currency issuer default ratings (IDR) of the Public Investment Fund (PIF) at ‘A+’, giving the Saudi soveriegn wealth fund a stable outlook. The affirmation reflects Fitch’s unchanged assessment of “very strong” status, ownership and control, support track record and socio-political implications of default. Fitch does not expect […] November 17, 2023
Opinion Oil & Gas The tantalising prospect of a global decarbonisation alliance Cop28 has the chance to change perceptions of the hydrocarbon industry November 13, 2023
Analysis Sustainability What Big Oil says about climate change The role to be played by Big Oil in global efforts to tackle climate change will be central to the debate at the Cop28 summit that begins in Dubai in three weeks. Ending the world’s dependence on oil in its current form is seen as vital if the worst effects of rising temperatures are to […] November 9, 2023
Oil & Gas Saudi Aramco net profit down 23% after output cuts Saudi Aramco’s third quarter profit dropped by 23 percent year-on-year, after falls in both prices and volumes sold, the company said in a results announcement on November 7. The drop in volumes reflects Opec output cuts that the kingdom has championed. “The decrease principally reflects the impact of lower crude oil prices and volumes sold,” […] November 7, 2023
Energy Arabian Drilling profit slips 34% on higher finance costs Arabian Drilling Company said its third-quarter 2023 net profit declined 34.27 percent to SAR140 million ($37.32 million) from SAR213 million in Q3 2022 due to higher finance costs. The Saudi-listed oilfield services company’s revenue grew 31.05 percent annually to SAR920 million, primarily due to the start-up of three additional offshore rigs on five-year contracts. Net profit […] November 6, 2023
Oil & Gas Sabic slumps to loss as petrochem prices slide Petrochemicals producer Saudi Basic Industries Corporation (Sabic) swung to a net loss in the third quarter, hit by a slump in product prices, a loss from offloading a subsidiary and a hefty impairment on its European operations. Sabic, 70 percent owned by Saudi Aramco, made a net loss of SAR 2.88 billion in the three […] November 2, 2023
Oil & Gas Saudi fuel retailer to buy Shell assets in Pakistan Shell Petroleum Company, the parent company of Shell Pakistan, has signed a deal with Wafi Energy, a fuel retailer in Saudi Arabia, to sell its operations in Pakistan. Shell Petroleum said the sale is expected to complete by the fourth quarter of 2024, subject to regulatory approvals, Reuters reported. In June, Shell Petroleum said it […] November 1, 2023
Oil & Gas SLB predicts record Middle East oilfield services revenue SLB, the world’s largest oilfield services company, is predicting record revenue growth in the Middle East this year, as the region’s oil and gas companies ramp up capacity levels. The US company reported that international revenue rose 12 percent to $6.6 billion in the third quarter, its highest level since 2015. Opportunities in the GCC, […] October 30, 2023
Video length: 07:23 FII Banking and Finance World Bank to Wall Street, FII attracts financial elite Slickly choreographed dancers clad in futuristic outfits and a teenage boy in a shiny tuxedo singing a power ballad set the stage for the seventh Future Investment Initiative (FII) in Riyadh, and all at nine o’clock in the morning. However, there were immediately more serious themes at play at the event, which opened on Tuesday. […] October 25, 2023
Energy South Korea’s Hyundai to build $2.4bn Aramco gas plant Saudi Aramco, the world’s largest oil producer, and two South Korean companies will partner to build a $2.4 billion gas processing plant in the Jafurah gas field in Saudi Arabia. The deal was signed with South Korea’s Hyundai Engineering & Construction and Hyundai Engineering Company, Yonhap news agency reported, citing South Korea’s presidential office. The […] October 24, 2023
