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  • Saudi Aramco raises May crude OSPs to highest-ever level

    Register Now For Asia-bound crude, Aramco increased Arab Light, Medium, and Heavy by $4.40/b to premiums over the Oman/Dubai average of $9.35/b, $9.30/b, and $7.95/b, respectively. Super Light into Asia was raised by $2.70 to a $10.85/b premium, while Extra Light was increased by $3.70 to a $9.60/b premium. Those were the highest ever differentials Aramco set, according to S&P Global Commodity Insights data dating back to 1970.

  • Hyundai, Saudi Aramco to jointly develop eco-friendly vehicle engine

    Hyundai, Aramco, and King Abdullah University of Science and Technology (KAUST) plan to develop an advanced fuel for ultra-lean burn, spark-ignition engines to lower a vehicle's overall carbon dioxide emissions, Hyundai said in a statement.

  • Saudi Aramco May Hike Oil Price by Record Amount Despite China Risk

    Saudi Arabia, the largest oil exporter, will likely boost pricing of its main crude variety to a record as the impact of Russia’s invasion of Ukraine reverberates through markets more than a month after the assault. Saudi Aramco may raise the official selling price of its key Arab Light crude by $5 a barrel to Asia for May-loading cargoes, according to the median estimate in a Bloomberg survey of five refiners and traders. That would increase the overall differential to $9.95 above the Oman-Dubai benchmark, which would be the widest since Bloomberg began compiling the data in 2000.

  • Saudi Arabia’s Foreign Direct Investment Hit Decade-High in 2021 on Aramco Deal

    Saudi Arabia’s foreign direct investment reached the highest level in more than a decade last year, mainly due to an oil pipeline deal in the second quarter. Foreign direct investment in 2021 totaled $19.3 billion, the most since 2010, according to data published by the Saudi central bank on Monday. The bulk of that was from state oil company Saudi Aramco selling a $12.4 billion stake in an oil pipelines entity to investors led by EIG Global Energy Partners LLC. However even without that deal, FDI would have been at its highest level since 2016.

  • Saudi Aramco petroleum storage site hit by Houthi attack, fire erupts

    A huge plume of black smoke could be seen rising over the Red Sea city where the Saudi Arabian Grand Prix is taking place this weekend, an eyewitness said. The Iran-aligned Houthis have escalated attacks on the kingdom's oil facilities in recent weeks and ahead of a temporary truce for the Muslim holy month of Ramadan.

  • Saudi Aramco receives bids for Ras Tanura water plant

    Saudi Aramco, officially the Saudi Arabian Oil Company, has received bids for the project to develop an independent wastewater treatment plant (IWTP) at the Ras Tanura complex, located on the eastern coast of the country, reports Energy & Utilities. According to the news agency, at least two companies submitted bids for the wastewater treatment plant, including Metito and Miahona.

  • Saudi Aramco receives bids for wastewater treatment plant

    According to sources close to the project, the Sumitomo Mitsui Banking Corporation (SMBC) has been appointed as financial adviser, with White & Case and ILF Consulting Engineers appointed as legal and technical consultants respectively. The water treatment plant will treat water from the Zuluf oil field, before reinjecting the water back into the oil field.

  • Aramco Joint Venture to Develop Major Refinery and Petrochemical Complex in China

    Huajin Aramco Petrochemical Company (HAPCO), a joint venture between Aramco, North Huajin Chemical Industries Group Corporation and Panjin Xincheng Industrial Group, will develop the liquids to chemicals complex. The decision, which is subject to finalization of transaction documentation, regulatory approvals, and closing conditions, follows the establishment of HAPCO in December 2019 between the three partners. The project, which presents an opportunity for Aramco to supply up to 210,000 barrels per day (bpd) of crude oil feedstock to the complex, is expected to be operational in 2024. It will combine a 300,000 bpd refinery capacity and ethylene-based steam cracker, a building block petrochemical used to manufacture thousands of everyday products.

  • Saudi Aramco and Acwa Power Look to Join Saudi Carbon Trading Exchange

    The PIF said it would make further announcements about potential suppliers and buyers of carbon credits will be made in the coming months. There’s meant to be an introductory round of auctions in the fourth quarter.

  • Saudi Aramco increases oil, gas, and hydrogen investments

    Aramco said it will raise its crude oil “maximum sustainable capacity” to 13 million barrels a day by 2027, up from 10 million in February.