Company Insights Saudi Aramco Oil & Gas Saudi Aramco News Banking and Finance Moody’s opts to keep Iraq on lowly sovereign rating An influential ratings agency has decided to keep Iraq on one of its lowest sovereign ratings, despite the country’s strong oil exports and recovering foreign exchange reserves. Moody’s Investor Services said in an annual review released last week that corruption and weak institutions prompted it to maintain Iraq on a Caa1 rating, which is on […] July 25, 2023 Oil & Gas Aramco acquires 10% stake in China’s Rongsheng for $3.4bn Saudi Aramco has completed the acquisition of a 10 percent stake in China’s Rongsheng Petrochemical Company Limited (Rongsheng) for $3.4 billion through its subsidiary Aramco Overseas Company BV, based in the Netherlands. The acquisition follows the signing of definitive strategic agreements announced on March 27, 2023. The deal represents the continued growth of Aramco’s downstream […] July 23, 2023 Oil & Gas QatarEnergy’s 2022 profit surges 58% to $42.5bn State-owned QatarEnergy’s net profit jumped 58 percent to QAR154.6 billion ($42.47 billion) in 2022, compared to QAR97.9 billion in 2021. Revenue rose to QAR189 billion in 2022, from QAR120.3 billion in 2021. Net operating income from the profit share of associates jumped to QAR1 billion from QAR645.8 million in 2021. Income from its share of […] July 19, 2023 Energy BlackRock appoints Aramco CEO as board director BlackRock, the world’s largest asset manager, has named Amin Nasser, president and CEO of Saudi Arabian Oil Company (Aramco), as an independent director. The appointment reflects the importance of the Middle East to the firm’s long-term strategy, it said in a statement. Nasser oversaw the successful public listing of the Saudi oil company in 2019, […] July 18, 2023 Renewable Energy Financing agreed for $2.2bn Saudi solar project Financing agreements worth $2.2 billion have been finalised and signed to build one of the world’s largest single site solar power projects in Saudi Arabia. ACWA Power Co announced the deal for Al Shuaibah 1 and Al Shuaibah 2 PV projects in Mecca province, saying they will be funded by a combination of long-term debt […] July 17, 2023 Manufacturing Saudi Arabia and Japan to work on producing ammonia Saudi Arabia and Japan will establish a public-private framework to jointly producing ammonia. Tokyo will assist in constructing an ammonia plant planned by Saudi Aramco, with trading houses Mitsubishi Corporation and Mitsui & Co. joining in the venture, The Nikkei, a Tokyo-based financial newspaper, reported. The agreement will likely be signed when Japanese Prime Minister […] July 16, 2023 Business of Sport PIF plans new subsidiary to boost sports investments Saudi Arabia’s Public Investment Fund (PIF) aims to establish a multi-billion-dollar investment company to expand its sports interests globally. The new entity will have a war chest to fund its expansion, the Financial Times reported, citing an informed source. The move reaffirms Riyadh’s drive to make more acquisitions, investments and joint ventures in football, tennis […] July 6, 2023 Oil & Gas Saudi and Kuwait reassert claims to Durra oil field Both Saudi Arabia and Kuwait have made renewed claims that they own the disputed Durra offshore oil and gas field. The state news agencies of each country cited unidentified government sources saying they are the sole owners. The statements reignited a decades-old quarrel with Iran, which also asserts sovereignty over part of the area. Saudi’s […] July 5, 2023 Analysis Oil & Gas Saudi GDP growth slows as oil activity to ‘go into reverse’ Slowing oil activity is hampering real GDP growth for Saudi Arabia, the world’s largest exporter of crude, official figures show. Real GDP grew by 3.8 percent year on year in the first quarter of 2023, according to Riyadh’s General Authority for Statistics. This is down from 5.5 percent in the previous quarter and 10 percent […] July 4, 2023 Energy Work set to start on $11bn new Saudi petrochem project Saudi Arabian Oil Company (Aramco) and France’s TotalEnergies have awarded contracts for the $11 billion new petrochemicals facility in Jubail, the eastern coast of Saudi Arabia. The award of engineering, procurement and construction (EPC) contracts for main process units and associated utilities marks the start of construction work on the ‘Amiral’ complex, following the final […] June 25, 2023 Posts navigation Previous 1 … 41 42 43 … 55 Next
Banking and Finance Moody’s opts to keep Iraq on lowly sovereign rating An influential ratings agency has decided to keep Iraq on one of its lowest sovereign ratings, despite the country’s strong oil exports and recovering foreign exchange reserves. Moody’s Investor Services said in an annual review released last week that corruption and weak institutions prompted it to maintain Iraq on a Caa1 rating, which is on […] July 25, 2023
Oil & Gas Aramco acquires 10% stake in China’s Rongsheng for $3.4bn Saudi Aramco has completed the acquisition of a 10 percent stake in China’s Rongsheng Petrochemical Company Limited (Rongsheng) for $3.4 billion through its subsidiary Aramco Overseas Company BV, based in the Netherlands. The acquisition follows the signing of definitive strategic agreements announced on March 27, 2023. The deal represents the continued growth of Aramco’s downstream […] July 23, 2023
Oil & Gas QatarEnergy’s 2022 profit surges 58% to $42.5bn State-owned QatarEnergy’s net profit jumped 58 percent to QAR154.6 billion ($42.47 billion) in 2022, compared to QAR97.9 billion in 2021. Revenue rose to QAR189 billion in 2022, from QAR120.3 billion in 2021. Net operating income from the profit share of associates jumped to QAR1 billion from QAR645.8 million in 2021. Income from its share of […] July 19, 2023
Energy BlackRock appoints Aramco CEO as board director BlackRock, the world’s largest asset manager, has named Amin Nasser, president and CEO of Saudi Arabian Oil Company (Aramco), as an independent director. The appointment reflects the importance of the Middle East to the firm’s long-term strategy, it said in a statement. Nasser oversaw the successful public listing of the Saudi oil company in 2019, […] July 18, 2023
Renewable Energy Financing agreed for $2.2bn Saudi solar project Financing agreements worth $2.2 billion have been finalised and signed to build one of the world’s largest single site solar power projects in Saudi Arabia. ACWA Power Co announced the deal for Al Shuaibah 1 and Al Shuaibah 2 PV projects in Mecca province, saying they will be funded by a combination of long-term debt […] July 17, 2023
Manufacturing Saudi Arabia and Japan to work on producing ammonia Saudi Arabia and Japan will establish a public-private framework to jointly producing ammonia. Tokyo will assist in constructing an ammonia plant planned by Saudi Aramco, with trading houses Mitsubishi Corporation and Mitsui & Co. joining in the venture, The Nikkei, a Tokyo-based financial newspaper, reported. The agreement will likely be signed when Japanese Prime Minister […] July 16, 2023
Business of Sport PIF plans new subsidiary to boost sports investments Saudi Arabia’s Public Investment Fund (PIF) aims to establish a multi-billion-dollar investment company to expand its sports interests globally. The new entity will have a war chest to fund its expansion, the Financial Times reported, citing an informed source. The move reaffirms Riyadh’s drive to make more acquisitions, investments and joint ventures in football, tennis […] July 6, 2023
Oil & Gas Saudi and Kuwait reassert claims to Durra oil field Both Saudi Arabia and Kuwait have made renewed claims that they own the disputed Durra offshore oil and gas field. The state news agencies of each country cited unidentified government sources saying they are the sole owners. The statements reignited a decades-old quarrel with Iran, which also asserts sovereignty over part of the area. Saudi’s […] July 5, 2023
Analysis Oil & Gas Saudi GDP growth slows as oil activity to ‘go into reverse’ Slowing oil activity is hampering real GDP growth for Saudi Arabia, the world’s largest exporter of crude, official figures show. Real GDP grew by 3.8 percent year on year in the first quarter of 2023, according to Riyadh’s General Authority for Statistics. This is down from 5.5 percent in the previous quarter and 10 percent […] July 4, 2023
Energy Work set to start on $11bn new Saudi petrochem project Saudi Arabian Oil Company (Aramco) and France’s TotalEnergies have awarded contracts for the $11 billion new petrochemicals facility in Jubail, the eastern coast of Saudi Arabia. The award of engineering, procurement and construction (EPC) contracts for main process units and associated utilities marks the start of construction work on the ‘Amiral’ complex, following the final […] June 25, 2023
