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  • Oliver Wyman helping Saudi Aramco with Big Data and AI unit

    Oliver Wyman notes that creating more sophisticated business models with the help of units like Global Optimizer can translate to up to $2 more of value per barrel of oil before interest and taxes. As Nadim Haddad, partner and head of oil and gas for India, the Middle East, and Africa at Oliver Wyman says in the report: “Aramco’s growing Downstream global footprint and value-chain integration present many opportunities, and the building and enhancement of a digitally-focused and commercially savvy model such as Global Optimization will allow for these to be fully assessed and captured.”

  • Saudi Aramco likely to issue a bond in 2024, CFO says

    The planned issuance is part of a strategy to optimise the company's capital structure, Al-Murshed told an audience at the Saudi Capital Markets Forum in Riyadh. Aramco last tapped global debt markets in 2021, when it raised $6 billion from the sale of a three-tranche sukuk, or Islamic bond. Gulf companies and governments have rushed to tap debt markets since the start of the year to take advantage of recent falls in global interest rates, with oil-rich Saudi Arabia issuing $12 billion of dollar-denominated bonds in January.

  • Aramco intends to disclose 2023 financials, dividends on March 10

    Saudi Arabian Oil Co. (Saudi Aramco) will announce financial results and dividend plan for 2023 before the start of trading on March 10, the oil giant said in a statement. The annual financial statements will be published on March 11. Aramco will also discuss its full-year results in an audio webcast at 3:30 pm Riyadh time on the same day. Saudi Aramco posted a 26% fall in net profit, after minority interest, to SAR 349.89 billion in the first nine months of 2023, compared to SAR 471.88 billion a year earlier, Argaam reported earlier.

  • Fundamental shift in energy consumption by 2025: Saudi Aramco CEO

    Energy consumption in 2025 will change completely, driven by the interplay of supply and demand, Amin Nasser, CEO of Saudi Arabian Oil Co. (Saudi Aramco), said during the International Petroleum Technology Conference (IPTC). Saudi Aramco is actively delivering on its commitment to energy provision and is poised to enhance both production capacity and daily output, Nasser added. The company is exploring opportunities to secure additional resources and attract investors across various energy sectors, including hydrogen, oil, and gas, in alignment with its primary goal of sustaining growth in gas, oil, and other energy domains.

  • Saudi Aramco starts trading US crude that helps set Brent oil benchmark

    Saudi state oil company Aramco has started trading a U.S. crude oil grade that underpins the global Brent benchmark in a process run by oil-index publisher S&P Global Commodity Insights, the publisher said on Monday. Aramco, the world's largest oil company, has been expanding its trading activity. The company could not immediately be reached for comment on Monday after Saudi business hours. On Monday, Aramco sold a cargo of U.S. WTI Midland crude to Total in the Platts Market on Close process, known as the Platts window, trade sources said. Aramco had last Thursday sold another cargo of the U.S. crude.

  • Saudi minister says energy transition behind Aramco capacity halt

    Saudi Arabia decided to halt its oil capacity expansion plans because of the energy transition, its energy minister said on Monday, adding that the kingdom has plenty of spare capacity to cushion the oil market. The Saudi government on Jan. 30 ordered state oil company Aramco (2222.SE), opens new tab to halt its oil expansion plan and to target a maximum sustained production capacity of 12 million barrels per day (bpd), 1 million bpd below a target announced in 2020, which was set to be reached in 2027.

  • Saudi energy minister reveals why Aramco cut oil target by 1m bpd

    Saudi Arabia’s minister of energy, Prince Abdulaziz bin Salman Al Saud, revealed Monday why state-oil company Aramco cut its oil output by 1 million barrels per day (bpd) at the end of last month. On Jan. 30, Aramco, the world's biggest corporate crude producer, announced that the Energy Ministry had ordered it to halt its oil expansion plan and set a minimum sustained production capacity of 12 million bpd, 1 million bpd below its target announced in 2020 to be reached in 2027.

  • Saudi Arabia poised for new Aramco share sale -sources

    Saudi Arabia is poised to sell more shares of energy giant Aramco, three people familiar with the matter said, which could boost the country's funding and its aim to wean the economy away from oil. The government has lined up Citigroup, Goldman Sachs and HSBC for the sale, one of the people said, which could take place in the second or third quarter of this year, a second person said. The share sale could raise about $20 billion, according to Bloomberg, which first reported the news.

  • Saudi Arabia poised for new Aramco share sale -sources

    Saudi Arabia is poised to sell more shares of energy giant Aramco, three people familiar with the matter said, which could boost the country's funding and its aim to wean the economy away from oil. The government has lined up Citigroup, Goldman Sachs and HSBC for the sale, one of the people said, which could take place in the second or third quarter of this year, a second person said. The share sale could raise about $20 billion, according to Bloomberg, which first reported the news. The preparations are ongoing and the details could change, the people said. The government's communication office did not have an immediate comment. Aramco declined to comment.

  • Lexi Thompson, Linn Grant and Leona Maguire among Solheim stars at Aramco Saudi Ladies International

    Lexi Thompson headlines next week’s Aramco Saudi Ladies International field on the Ladies European Tour. The event, held this year at Riyadh Golf Club Feb. 15-18, offers a purse of $5 million, the same as the payout of the men’s PIF Saudi International. The 28-year-old Thompson, whose last worldwide victory came at the 2022 Aramco Team Series event in New York, last teed it up at the LPGA Drive On event in January where she tied for 16th. She is not listed in the fields of the LPGA’s upcoming Asian swing.