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  • Saudi Aramco considers selling $50 billion in shares

    Saudi Aramco is considering selling a stake worth as much as $50 billion through a secondary share offering on the Riyadh bourse after consultations with advisers, the Wall Street Journal reported. The sale could happen before the end of the year, the report said, adding that Aramco has been “sounding out” potential investors, such as other multinational oil companies and sovereign-wealth funds, about participating in the deal.

  • Saudi Arabia: UN experts challenge oil giant Aramco over risks to climate change goals

    According to the letter, the experts are concerned over the company's expansion of fossil fuel production, which they say could threaten human rights if continued. The letter was sent to the company's chief executive, Amin Nasser, on 26 August, and says that Aramco's activities have negative consequences on the rights to a healthy environment. Aramco has previously said it aims to achieve zero net emissions from its operations by 2050. However, the experts say that the organisation's activities could be undermining the 2015 Paris Agreement, which set a target of limiting the world to a temperature increase of 1.5C.

  • Saudi Aramco and Microsoft join forces on thermal battery start up

    The firms have invested in US-based start up Rondo Energy which has developed a zero-carbon energy storage and delivery system that uses bricks to trap and hold heat for long periods of time. The kiln-like system uses electricity to bring bricks up to 1,500 degrees. When air is passed through this ‘battery’, it is heated to around 1,000 degrees and ready to be channelled as steam or air to power generators. The brick batteries can maintain very high temperatures with a minimal daily energy loss of just 1%, and are claimed to last for up to 50 years.

  • Aramco formally cancels McDermott’s multi-billion dollar EPC contracts

    “The formal cancellation of Zuluf contracts is a setback for international contracting giants including McDermott, which have been eyeing the multiple development projects,” one person noted. It’s worth noting that McDermott is a member of Aramco’s long-term agreement (LTA) group of international contractors eligible to bid for maintenance and expansion work on some of the company’s largest offshore oilfields.

  • Aramco announces major changes to top management roles

    The Saudi oil giant has established new Business Line Executive Vice President positions in both the upstream and downstream operating segments. The creation of these positions follows the establishment in July of the Upstream President and Downstream President positions to help drive the company’s long-term strategy across its value chain and global portfolio.

  • Saudi Aramco to supply full oil volumes to Asia in Sept – sources

    Saudi Aramco has informed customers in North Asia that they will receive the full volumes of crude oil they requested for September, multiple sources said on Friday, even as the unilateral voluntary output cut by the kingdom has been extended. The world's top oil exporter announced last week that it would prolong the 1 million barrels-per-day (bpd) production reduction by another month to September, and said the cut could be extended beyond that or even deepened.

  • Aramco CEO: Plans for Durra gas field going ahead

    Saudi Arabia reiterated on Monday that matters regarding the offshore Durra gas field, shared with Kuwait, were going ahead as planned. “The Durra field is proceeding as planned with the Kuwaitis, with no issues at this stage in terms of... the engineering and development," Saudi Aramco CEO Amin Nasser said while speaking to reporters. The Aramco chief said this following the remarks of the Iranian Foreign Ministry spokesman Nasser Kanaani that Tehran had informed Kuwait of its readiness to resolve the Durra field file through ‘technical and legal dialogue.’

  • Aramco awards $80.4m contract to Saudi Steel Pipe Co. 

    Energy behemoth Saudi Arabian Oil Co. will procure oil and gas tubing worth SR301.9 million ($80.4 million) from Saudi Steel Pipe Co. over the next 12 months, according to a bourse filing on Tuesday. The financial impact of this order is expected to materialize in the first and second quarter results of 2024, the pipe manufacturing company said in the statement. Saudi Steel Pipe Co. has signed four contracts with Saudi Aramco so far this year. The value of its previous contracts amounted to about SR222.7 million.

  • Aramco Q2 profit drops 38% to $30.1 billion, boosts dividend

    Saudi Arabian state oil giant Aramco (2222.SE) reported a near 38% drop in second-quarter net profit on Monday amid weaker oil prices and thinner refining and chemicals margins, as it boosted its dividend with a new performance-linked payout. Aramco's net profit fell to 112.81 billion riyals ($30.07 billion) for the quarter to June 30 from 181.64 billion riyals a year earlier, beating a company-provided median estimate from 15 analysts of $29.8 billion. The group declared a base dividend of about $19.5 billion for the second quarter, roughly in line with its payout for the first quarter.

  • Appointing Aramco Head to Board Is BlackRock’s Latest E.S.G. Woe

    when BlackRock announced in July that it would appoint Amin Nasser, the head of the world’s largest oil company, Aramco, to its board, investors and politicians immediately called out Mr. Fink on what they said was his hypocrisy. “This is out of line with everything BlackRock has been saying for the last five years about being a leader in the green economy,” said Giuseppe Bivona, the chief investment officer of Bluebell Capital, a hedge fund in London, which has been calling for Mr. Fink’s ouster over his handling of investments in fossil fuel companies.