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  • Ritz Carlton Riyadh May Re-Open in February as Prince Alwaleed bin Talal Reportedly Negotiating for Release
     

    The palatial Ritz-Carlton in Riyadh may re-open in mid-February 2018 after it served as a makeshift detainment center for Saudi elites accused of corruption charges. The hotel has re-opened its online reservation system, accepting new guests as soon as February 14th. Reservations attempted before that date re-direct to a notification that no rooms are available at […]

     
  • Saudi Arabia Lowers Barriers to Stock Market Investment Again as Reforms Progress
     

    Saudi Arabia announced that it will lower the required minimum assets under management for qualified foreign institutions starting this month, according to Bloomberg and a statement by the Saudi Capital Markets Authority (CMA). The announcement said the CMA will also allow foreigners to own up to 49 percent of listed securities on Saudi Arabia’s stock market. […]

     
  • Saudi Aramco, Partners Launch Offshore Focused Shipyard at Ras Al-Khair Industrial City
     

    Saudi Aramco and partners announced a joint venture to build a shipyard on the kingdom’s east coast, part of the Saudi Arabian government’s drive to diversify the economy beyond oil. Along with UAE-based Lamprell, the National Shipping Company of Saudi Arabia (Bahri), and South Korea-based Hyundai Heavy Industries, Saudi Aramco says the shipyard will be focused on […]

     
  • Energy Secretary Rick Perry Meets with Top Saudi Leaders; Photos from Visit Go Viral
     

    U.S. Secretary of Energy Rick Perry visited Saudi Arabia over the weekend as part of a tour of three Gulf states, his first trip to the region since becoming the top U.S. energy official. Secretary Perry’s tour of Saudi Arabia was packed with events and visits with key Saudi officials as well as energy institutions in the […]

     
  • Aramco Set to Invest $300 billion over 10 years in Oil and Gas Projects
     

    While speaking at the ADIPEC Energy Conference in Abu Dhabi, Aramco CEO, Amin Nasser, declared Saudi Aramco’s plans to invest $300 billion over 10 years in upstream oil and gas projects, Reuters reports. Preceding Nasser’s comments, Saudi Aramco announced on November 9 that it had signed eight agreements worth $4.5 billion with a number of […]

     
  • UK Government Agrees to $2b Loan Guarantee For Saudi Aramco
     

    The U.K. government agreed to a $2 billion loan guarantee for Saudi Aramco as competition to host the likely largest in history IPO heats up, according to Bloomberg. “The unusually large export credit guarantee, designed to finance the purchase of British goods, will be seen by many as an attempt to help woo the IPO to the […]

     
  • Trump Tweets U.S. Interest for Aramco IPO, but can the NYSE Compete?
     

    President Donald Trump used his Twitter account to encourage Saudi Arabia to list shares of Saudi Aramco on the New York Stock Exchange (NYSE) as markets around the world compete for the sought-after listing. “Would very much appreciate Saudi Arabia doing their IPO of Aramco with the New York Stock Exchange. Important to the United […]

     
  • Saudi Arabia Allows Foreign Investors into Local IPOs, Hopes to List Aramco on Tadawul
     

    Foreign investors are now able to participate in initial public offerings (IPO) on companies listed on the Nomu (parallel) market in Saudi Arabia, according to reports based on comments from Saudi Arabia’s Capital Market Authority (CMA) chairman Mohammed El Kuwaiz. El Kuwaiz said Thursday that foreign investors can take part in company flotations when asked about the […]

     
  • Keeping Track of Saudi Arabia’s Public Investment Fund’s Expanding Footprint
     

    Saudi Arabia’s Public Investment Fund (PIF) has created a handful of new companies in several sectors in the Kingdom while investing in many others, injecting capital and a new competitor in the housing, energy, waste and recycling, tourism, transportation sectors and more. As the PIF’s role in the Saudi economy increases, critics say the mega-fund will crowd out private […]

     
  • Reports: China Offers to Buy 5% of Aramco IPO
     

    Chinese state-owned oil companies PetroChina and Sinopec have written to Saudi Aramco in recent weeks to express an interest in a direct deal to purchase up to 5% of Saudi Aramco, according to an exclusive report in Reuters, in a move that would shelve the Company’s plans to list on international markets in favor of a direct […]

     

MUST-READS

  • Saudi Aramco sees ‘sound’ oil outlook for H2 on China, India demand

    Saudi Aramco (2222.SE) believes market fundamentals remain "sound" for the second half as demand from emerging markets led by China and India will offset recession risk in developed markets, CEO Amin Nasser told an industry gathering on Monday. But other executives at the Energy Asia conference in Kuala Lumpur were divided, with Malaysia state oil firm Petronas reporting a slowdown in demand for petroleum and petrochemicals in the second quarter and growing refinery capacity putting pressure on the market.

  • South Korea trumpets Hyundai E&C $5 billion contract with Aramco

    South Korea's government on Sunday said Hyundai Engineering & Construction (000720.KS) has signed a contract worth $5 billion with Saudi Arabian state oil producer Aramco (2222.SE) to build a petrochemicals complex in the Middle Eastern nation. Land minister Won Hee-ryong, who attended a signing ceremony in Saudi Arabia, said the deal would expand energy cooperation between the two countries, the Ministry of Land, Infrastructure and Transport said in a statement.

  • Saudi Aramco, TotalEnergies award EPC deals for $11bn petchem unit

    Saudi oil giant Aramco and TotalEnergies awarded engineering, procurement, and construction (EPC) contracts for the $11 billion Amiral complex, a future world-scale petrochemicals facility expansion at the Satorp refinery in the kingdom.

  • Saudi Aramco Buys Carbon Credits At Largest-Ever Auction

    The basket of credits in the auction included 18 projects representing a mix of carbon dioxide (CO2) avoidance and removal, including projects such as improved clean cookstoves and renewable energy projects. Three-quarters of the carbon credits originated from countries across the Middle East, North Africa, and Sub-Saharan Africa, including Kenya, Uganda, Burundi, Rwanda, Morocco, Egypt, and South Africa.

  • Perspective: Why does Saudi Arabia want a ‘nuclear Aramco’?

    As part of this proposed nuclear project, the Saudis invited the Americans to jointly manufacture and monitor uranium enrichment capabilities – a must for the production of nuclear fuel used in power generating reactors.

  • Saudi Aramco Tops Forbes’ List Of 100 Largest Companies In The Middle East

    Aramco is the biggest company in the Middle East in terms of sales, revenues, and market value, according to the latest Forbes list for the top 100 companies in the region. With a market value of $2.1 trillion and sales of $604.4 billion, Aramco was an unsurprising winner of the top spot, with another 32 Saudi companies also on the top 100 list. This made Saudi Arabia the most represented country on the Forbes list. Those also include SABIC, the industrial conglomerate, and Ma’aden, the Saudi state mining company. SABIC ranked at number two and Ma’aden was number 13 on the list. Aramco reported a first-quarter net income of $31.9 billion, down by 19% from the first quarter of 2022 as macroeconomic concerns dragged down oil prices between January and March 2023.

  • Aramco Taps Turkish Firms for $50 Billion Building Spree

    Representatives of the state-controlled oil firm met executives from about 80 building companies in workshops in the Turkish capital Ankara on Tuesday and Wednesday, and are seeking to pre-qualify them for projects planned through 2025, Erdal Eren, head of the Turkish Contractors Association, said in a phone interview. “Aramco wants to see as many Turkish contractors as possible in its projects,” Eren said. “They are planning refinery, pipeline, management buildings and other infrastructure construction that will be worth $50 billion in investment.”

  • The Saudis want the US to help build a ‘nuclear Aramco’

    The Biden administration has been holding discussions with Riyadh in recent months about defense and economic cooperation, as well as potentially normalizing diplomatic relations between the Saudis and Israel — a longstanding goal of U.S. foreign policy. Crown Prince Mohammed bin Salman has said he would consider forging diplomatic ties with Israel if, in return, the U.S. offers to help Saudi Arabia develop a civilian nuclear energy industry, provides stepped-up security commitments, and greenlights new arms sales to Riyadh’s military, according to those briefed on discussions.

  • The Saudis want the US to help build a ‘nuclear Aramco’

    The Biden administration has been holding discussions with Riyadh in recent months about defense and economic cooperation, as well as potentially normalizing diplomatic relations between the Saudis and Israel — a longstanding goal of U.S. foreign policy. Crown Prince Mohammed bin Salman has said he would consider forging diplomatic ties with Israel if, in return, the U.S. offers to help Saudi Arabia develop a civilian nuclear energy industry, provides stepped-up security commitments, and greenlights new arms sales to Riyadh’s military, according to those briefed on discussions.

  • Saudi Aramco to develop 400 million cubic feet per day Iraqi gas field, Iraq oil minister says

    Saudi oil giant Aramco will develop a gas field in Iraq that could produce more than 400 million cubic feet of gas per day, Iraqi Oil Minister Hayan Abdel-Ghani said on Thursday. Aramco (2222.SE) will invest and develop Akkas gas field in the western Iraqi Anbar province, the Iraqi oil ministry said in a statement citing Abdel-Ghani. The statement added that there was also an initial agreement with Saudi Arabia to invest in the Nebras project, "one of the most promising strategic projects in the petrochemical industries in Iraq and the region".