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  • Saudi Aramco inaugurates first GFRP rebar production facility

    The launch of this facility comes as part of Saudi Arabia’s efforts to attract and localize the rebar industry. According to Saudi Aramco, this is also in line with efforts to achieve the objectives of the Saudi Vision 2030, in terms of diversifying the national economy, promoting innovation and strengthening Saudi Arabia’s international relations.

  • Biggest Saudi IPO Since Aramco Has Investors Jostling for More

    The $1.2 billion IPO by ACWA Power International, set to price later this month, is drawing high interest from investors looking for exposure to businesses seen as key to the kingdom’s plans to diversify its economy away from oil. The listing had initial demand amounting to several billion dollars and advisers are having to limit allocations to institutional investors, according to people with direct knowledge of the deal.

  • Honeywell, Saudi Aramco ink digital technology solutions deal

    Global technology company Honeywell has signed a MoU with state oil giant Saudi Aramco to explore the co-development and commercialization of next-generation digital technology solutions designed to help improve productivity, sustainability and operational excellence of industrial companies, on a global scale.

  • McDermott and Saudi Aramco Sign MoU for Feasibility Study of In-Kingdom Onshore Modular Construction

    McDermott's SAFIRA fabrication yard is being developed within Saudi Aramco's King Salman International Complex for Maritime Industries and Services in Ras Al-Khair. Once fully functional, it will have the capability to fabricate and assemble offshore platforms and jackets, subsea pipelines and onshore modules.

  • Saudi Aramco to provide full contract volumes of crude in October -sources

    The full allocation comes as the Organization of the Petroleum Exporting Countries and their allies including Russia agreed to ease supply cuts by 400,000 barrels per day each month between August and December. "OPEC is still cutting by around 5 million bpd, but there seems to be plenty of oil from Saudi," one of the sources said.

  • Saudi Aramco splits its gas business amid expansion in chemicals

    Saudi Arabian Oil Co will create two new divisions, named Southern Area Gas Operations and Northern Area Gas Operations, according to people familiar with the matter. The departments will be run by Wail Al Jaafari and Jumaan Al Zahrani respectively, according to the people who asked not to be identified. The appointments are awaiting board approval.

  • Energy Vault, backed by Saudi Aramco Energy Ventures, to go public via SPAC

    Energy Vault, a renewable energy specialist, has agreed to go public on the NYSE through a SPAC called Novus Capital Corp. II. The deal will give the combined entity an equity value of about $1.6 billion. Energy Vault expects to receive $388 million from the transaction, including a $100 million PIPE from SoftBank, Palantir and other investors. The company stores energy from wind and solar operations; it has received venture capital funding from backers such as SoftBank and Saudi Aramco Energy Ventures.

  • Aramco Weighs Opening $110 Billion Gas Project to Investors

    Saudi Aramco is considering a bold move to open up one of the world’s largest unconventional gas fields to foreign investors, as it looks to fund a $110 billion project to help it diversify from oil sales, people familiar with the matter said. The state-controlled producer is working with an adviser as it explores raising new equity or debt for its vast Jafurah site, the people said, asking not to be identified because the information is private. It has started preliminary talks with potential investors including large commodity traders, according to the peope.

  • Aramco oil pipelines investors to sell at least $4 billion in bonds in fourth quarter – sources

    A consortium led by EIG Global Energy Partners that took a stake in Saudi Aramco’s oil pipelines is preparing to issue at least $4 billion in the fourth quarter to refinance a loan that largely funded the $12.4 billion deal, two sources familiar with the matter said.

  • China’s Baosteel, Aramco ink pact on Saudi steel plate factory

    Baoshan Iron & Steel Co Ltd (Baosteel), China's biggest listed steelmaker, said on Wednesday it had signed an initial pact with the world's top crude oil producer Saudi Aramco to study building a steel plate factory in Saudi Arabia. The nonbinding memorandum of understanding was one of a number of agreements state-controlled Aramco inked on Tuesday in a major expansion of its industrial investment program.