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  • Saudi’s SAMA Warns Against Cryptocurrencies
     

    The Saudi government has outlawed using and trading in Bitcoin, citing the high risk and negative consequences in the cryptocurrency. Saudi Arabia’s Monetary Agency (SAMA) warned against trading in digital currencies for “their negative consequences and high risks on traders as they are out of government supervision.” SAMA continued that cyptocurrencies like Bitcoin “are illegal in the kingdom […]

     
  • Saudi Aramco Appoints New Top-Level Positions During Board Meeting
     

    Saudi Aramco has made new appointments during a meeting of its board of directors, naming Khalid al-Dabbagh to become senior vice president for finance. Al-Dabbagh takes over the position from Abdallah al-Saadan, who is now chairman of the Royal Commission for Jubail and Yanbu. The board also appointed Motassim al-Maashouq to the post of president of treasury, […]

     
  • Future Mega-City NEOM in Saudi Arabia Receives First High-Profile Holiday Visitor: King Salman
     

    Saudi Arabia’s King Salman arrived yesterday for a holiday in NEOM, the $500 billion future city in the remote northwest corner of the Kingdom near Egypt. It is not known where or for how long the King will stay in NEOM, but according to Reuters, the first contracts awarded for the new city were for 5 […]

     
  • Saudi Aramco Weighs Global Bond Sale to Finance Purchase of Sabic Stake from PIF
     

    Saudi Aramco is considering tapping the international bond market for the first time, Bloomberg and the WSJ report, in order to finance the acquisition of petrochemical giant Sabic. The move into global capital markets could offer an alternative to an initial public offering, according to Bloomberg, citing people familiar with the talks. ‘The plans for a bond, […]

     
  • Reports: Saudi Aramco Interested in Buying Controlling Stake in Sabic, Possibly Up to 70%; IPO Timeline in Question
     

    Saudi Aramco aims to buy a controlling stake in petrochemical maker SABIC, possibly up to 70% of the company that is currently controlled by the Public Investment Fund (PIF), according to reports. Sabic, as the chemical company is known, carries a market value of over $100 billion. Amin Nasser, Aramco’s chief executive officer, said in an […]

     
  • Report: Saudi Aramco Mulls Stake in SABIC
     

    Saudi Aramco has invited banks to pitch for an advisory role on the potential acquisition of a strategic stake in Saudi Basic Industries Corp (SABIC), two sources with direct knowledge of the matter told Reuters. Riyadh-listed SABIC, the world’s number-four chemical firm, is 70 percent owned by the Public Investment Fund, Saudi Arabia’s top sovereign […]

     
  • Saudi Aramco, US Firm NOV Sign Deal for Onshore Oil Rigs, Equipment
     

    Saudi Aramco signed a deal with Houston-based National Oilwell Varco Inc. (NOV) to form a joint venture to make onshore rigs and equipment in Saudi Arabia, according to a press release by Aramco and reported in several news outlets. The Houston Chronicle reports the joint venture with Saudi Aramco is for “the manufacturing of land […]

     
  • Saudi Arabia Selected for MSCI Inclusion; Analysts Expect Significant Capital Inflows
     

    Following years of effort by Saudi officials to increase transparency in its stock market, the Kingdom won inclusion into MSCI, Inc.’s highly sought-after emerging market index, expanding the asset class by as much as $600 billion for the Kingdom. The news, announced overnight in Saudi Arabia, was welcomed by Saudi officials and executives at the […]

     
  • Saudi Arabia’s Central Bank Sees Reserves Soar on High Oil Prices
     

    Saudi Arabia’s central bank foreign reserves rose last month at their fastest rate for four years, Reuters reports on official data revealed on Monday. The $13.3 billion month-on-month increase in reserves to $498.9 billion in April is the highest level reached in over year and reveals “the extent to which a rebound in oil prices is […]

     
  • Saudi, Russia Say Oil Supply to Increase in ‘Near Future’ as Consumers Eye Increasing Prices
     

    Saudi Minister of Energy Khalid Al-Falih said OPEC and other producers are likely to gradually revive oil output in the second half of the year to ease consumer anxiety as prices trade near $80 a barrel, according to reports. The action would be a reverse of course from previous OPEC and non-OPEC producers’ decision two years […]

     

MUST-READS

  • Saudi Aramco Hunts for More LNG Deals to Meet Surging Demand

    The company aims to expand its gas production by at least 50% until 2030 compared to 2021 levels. Its Jafurah field is expected to start production in 2025, with a plan to gradually increase natural gas deliveries to 2 billion standard cubic feet a day by 2030. Producing more gas will also help replace oil burnt for power production, freeing up more crude for export.

  • Fitch Affirms Saudi Aramco at ‘A+’; Outlook Stable

    Fitch Ratings has affirmed Saudi Arabian Oil Company's (Saudi Aramco) Long-Term Foreign- and Local-Currency Issuer Default Ratings (IDR) at 'A+' with Stable Outlook. Saudi Aramco's ratings are constrained at those of its majority shareholder Saudi Arabia (A+/Stable), given the close links between the company and the sovereign. We assess Saudi Aramco's Standalone Credit Profile (SCP) at 'aa+'. Saudi Aramco's Short-Term IDR of 'F1+' is equalised with that of the sovereign.

  • Saudi Aramco expands into LNG by buying stake worth $500m in MidOcean Energy

    Saudi Aramco, the world’s largest oil-exporting company, has signed agreements to acquire a minority stake in liquefied natural gas company MidOcean Energy for $500 million in line with the global energy transition. The agreement with MidOcean Energy marks Aramco’s first international investment in LNG, the company said in a statement on Thursday. MidOcean Energy, which is managed by energy-focused institutional investor EIG, is currently in the process of acquiring interests in four Australian LNG projects. "We anticipate strong demand-led growth for LNG as the world continues on its energy transition journey, with gas being a vital fuel and feedstock in various industries," said Amin Nasser, Aramco president and chief executive. "We believe that gas will be important in meeting the world’s rising need for secure, accessible and more sustainable energy.”

  • Saudi Aramco in talks to acquire 10% stake in Chinese refiner Shenghong

    Saudi Aramco, the world’s largest oil exporting company, has begun preliminary discussions with Jiangsu Eastern Shenghong, to acquire a 10 per cent equity stake in the China-based energy company's petrochemical subsidiary. As per the co-operation framework agreement signed between the two companies, Aramco “intends to become a strategic investor in Jiangsu Shenghong Petrochemical Industry Group”, it said on Wednesday, referring to the subsidiary. The possible acquisition of a minority stake is however “subject to due diligence and required regulatory clearances”, Aramco said.

  • Aramco, Exxon CEOs push back against forecasts of peak oil demand

    The CEOs of top Saudi Arabian and U.S. oil producers Aramco (2222.SE) and Exxon Mobil (XOM.N) on Monday pushed back against forecasts that oil demand will peak, and said the transition to cleaner energy to fight climate change would require continuing investment in conventional oil and gas. Their comments come after the head of the International Energy Agency (IEA) last week said that the world's energy watchdog's new estimates showed the age of relentless fossil fuel growth is ending and demand would peak by 2030.

  • Saudi Aramco’s venture capital arm leads $52m round for US firm Mighty Buildings

    Oakland, California-headquartered Mighty Buildings applies 3D-printing construction technology to make prefabricated, environmentally friendly and climate-resilient homes. Using its patented Lumus material, which the company says is five times stronger than concrete, it creates structures that can resist events including hurricanes and earthquakes.

  • Saudi Aramco’s venture capital arm leads $52m round for US firm Mighty Buildings

    Mighty Buildings, a 3D-printing construction technology firm, has raised $52 million in funding co-led by Saudi Aramco's venture capital arm Wa'ed Ventures and by BOLD Capital Partners, a US-focused firm. Existing investor Khosla Ventures and new investor KB-Badgers, a South Korean firm investing from its sustainability-focused fund, were among almost 20 investors in the round, Wa'ed Ventures said in a statement on Tuesday.

  • Saudi Aramco to supply full oil volumes to N.Asia refiners – sources

    Saudi Aramco has notified at least five North Asian buyers that it will supply full contractual volumes of crude oil in October, sources with knowledge of the matter said on Monday, despite extended voluntary output cuts pledged by the Kingdom. The world's top oil exporter last week said it would prolong the 1 million barrels per day (bpd) unilateral cut to the end of the year, driving up benchmark Brent crude above $90 a barrel for the first time this year.

  • Saudi Aramco awards major EPC contracts for $10bn Jafurah expansion project

    Jafurah represents the largest shale gas reserve in the Middle East, notable for its high content of liquid resources, including condensates and Natural Gas Liquids (NGL). Beneath the Jafurah basin, there is an estimated 200 trillion standard cubic feet (scf) of natural gas, a valuable resource that holds the potential to contribute to emissions reduction efforts and serve as a critical feedstock for the production of lower-carbon future fuels.

  • New Aramco Dividend Policy Boosts Saudi Arabia’s Fiscal Headroom

    A performance dividend introduced by the Saudi Arabian Oil Company (Aramco, A+/Stable) will create additional fiscal space for the sovereign, but the dividend’s overall effect will also depend on how the government adjusts spending in response, says Fitch Ratings. We believe the budget could become less resilient to oil price shocks if government revenue and spending become more reliant on the performance dividend.