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  • Saudi Aramco finalizes deal for phase 2 of Jafurah gas field scheme

    Saudi Aramco has finalized agreements for the second phase of its Jafurah gas field development and the third stage of the expansion of its master gas system, awarding contracts exceeding $25 billion. The company has granted 16 agreements for phase two development at Jafurah, worth a combined total of around $12.4 billion. An additional 15 one-time complete contracts, worth around $8.8 billion, have been awarded to commence the phase three expansion of the master gas system, which delivers natural gas to customers across Saudi Arabia.

  • Saudi Aramco Awards $25 Billion in Contracts For Gas Expansion

    Saudi Aramco has awarded construction contracts worth $25 billion for the development of its Jafurah gas project, as it looks to boost production of the fuel considered a key part of plans to reduce plant-warming emissions. The contracts awarded include $12.4 billion for increasing gas output at Jafurah, plus $8.8 billion for expanding the so-called master gas system, which delivers natural gas to customers around the country, according to a statement. Aramco also awarded $2.4 billion in contracts for gas rigs.

  • Saudi Aramco to Buy 10% Stake in Renault, Geely Auto JV

    Saudi Aramco is poised to take a stake of about 10% in a powertrain joint venture with Renault SA and China’s Zhejiang Geely Holding Group Co., according to people familiar with the plan, a smaller commitment than originally signaled by the world’s biggest oil company. The transaction is set to value Horse Powertrain Ltd. at around €7.4 billion ($7.9 billion) with Renault and Geely keeping roughly 45% each, the people said, asking not to be named before the agreement was finalized. An announcement could come by month’s end, the people said.

  • Saudi Aramco signs 20-year LNG supply deal with US energy firm Sempra

    Global trade in LNG reached 404 million tonnes last year – up from 397 million tonnes in 2022 – with tight supplies constraining growth, according to Shell's 2024 LNG outlook. Global LNG demand is estimated to rise by more than 50 per cent by 2040, driven by increasing industrial coal-to-gas switching in China and the use of more LNG in South Asian and South-East Asian countries to support economic growth, the February report said.

  • Aramco and Sempra announce Heads of Agreement for equity and offtake from Port Arthur LNG Phase 2

    Aramco, one of the world's leading integrated energy and chemicals companies, and Sempra (NYSE: SRE) (BMV: SRE), one of North America's leading energy infrastructure companies, today announce that their respective subsidiaries have executed a non-binding Heads of Agreement (HoA) for a 20-year sale and purchase agreement (SPA) for liquefied natural gas (LNG) offtake of 5.0 million tonnes per annum (Mtpa) from the Port Arthur LNG Phase 2 expansion project. The HoA further contemplates Aramco's 25% participation in the project-level equity of Phase 2.

  • Saudi’s Chemanol signs 20-year methanol agreement with Aramco and TotalEnergies

    Under the agreement, Chemanol will supply 100,000 metric tonnes of methanol annually for SATORP’s Amiral project, starting by the end of 2027. The financial impact of this deal remains uncertain due to potential changes in market conditions and product prices at the time of supply, as noted by Chemanol. The company will provide updates on any developments in this regard.

  • Visualizing Saudi Aramco’s Massive Oil Reserves

    Saudi Aramco controls 259 billion barrels worth of oil and gas reserves, which is unmatched by any other company globally. This is a key factor in the company’s massive $1.8 trillion valuation. Behind Saudi Aramco, American company ExxonMobil comes in second with 17.7 billion barrels of oil equivalent, followed by another American company, Chevron, with 11.2 billion barrels of oil equivalent.

  • NextDecade, Saudi Aramco sign 20-year LNG supply deal

    U.S. liquefied natural gas (LNG) provider NextDecade (NEXT.O), opens new tab has signed a non-binding agreement with Saudi Aramco (2222.SE), opens new tab to supply 1.2 million tonnes per annum (MTPA) of LNG for 20 years, the companies said on Thursday.
    The deal comes at a time when Aramco is seeking to strengthen its position in the LNG market, which is set to grow globally by 50% by 2030, especially in the United States, where LNG capacity is set to almost double over the next four years.

  • Latham Advises on Saudi Aramco’s US$11.2 Billion Secondary Offering

    Latham & Watkins has advised the bookrunners on the secondary public offering by The Government of the Kingdom of Saudi Arabia and Saudi Aramco of ordinary shares of Saudi Aramco. The offering comprised a secondary public offering of 1.545 billion shares at SAR27.25 (US$7.27) per share. Latham also represented the underwriters in Saudi Aramco’s landmark IPO in 2019, one of the largest IPOs in history.

  • Saudi Aramco announces completion of secondary share sale for $11.2 bln

    Saudi Aramco (2223.SE), opens new tab has completed a secondary share sale raising $11.23 billion, the oil company and the Saudi government said in a statement on Tuesday.