Energy Saudi Aramco: The rise of an oil giant By Andy Sambidge May 26, 2022, 11:25 AM Saudi Aramco The drilling crew at Damman Well in 1937 1933: Oil concession agreement signed 1935: The first test well is drilled into the Dammam Dome 1939: First tanker load of petroleum exported 1949: Oil production hits 500,000 bpd 1958: Oil production exceeds 1 million bpd annually 1962: Crude oil production hits 5 billion barrels 1976: First to produce more than 3 billion barrels of oil in a year 1980: Saudi government concludes purchase of Aramco 1996: First European joint venture 2000: Research & Development Centre opens 2009: Petro Rabigh, its first petrochemical plant, begins production 2019: Aramco becomes a public company with shares listed on Tadawul 2020: Aramco acquires a 70% stake in Saudi Basic Industries Corporation (SABIC) 2022: Aramco overtakes US tech giant Apple as the world’s most valuable company
Retail Sales rise 18% for airport retailer Qatar Duty Free Airport retailer Qatar Duty Free has reported an 18 percent sales increase for 2024. The rise was higher than passenger growth at Hamad International Airport in Doha, which increased 15 percent to 52.7 million. Qatar Duty Free, a subsidiary of Qatar Airways that owns and operates the airport’s shopping and food outlets, did not release […] 58 mins ago
Economy Slow restart predicted for GCC aid to Lebanon A resumption of badly needed GCC financial aid to Lebanon may take time, even though most Gulf countries have given their blessing to the new Lebanese president Joseph Aoun, according to observers. The six nations of the Gulf Cooperation Council were previously among the biggest aid donors and investors in Lebanon, before they cut assistance as […] 58 mins ago
Mining Saudi Arabia grants exploratory rights to six mining sites The Saudi Ministry of Industry and Mineral Resources has allocated mineral exploration rights for six mining sites with a combined size of 890 sq km, according to the Saudi Press Agency. On Tuesday, the ministry announced that mining company Amak has been granted three exploratory concessions in Jabal al Khallah North (98 sq km) and […] 43 mins ago
Banking & Finance Iraq hires EY to explore restructuring of state banks Iraq is considering merging its two largest state banks as part of a restructuring plan prompted by a sharp erosion of their assets over recent years because of accumulating non-performing loans, local media has reported. London-based auditing firm Ernst & Young (EY) is conducting a study on the restructuring of the Rafidain and Rasheed banks […] 39 mins ago
