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Recent stories from sustg
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Oil Approaches Prices Not Seen Since Start of Pandemic as Optimism on Vaccines, U.S. Stimulus Drives Prices
- December 18,2020
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- SUSTG Team
Oil reached its highest close in almost 10 months as U.S. lawmakers worked toward finalizing a stimulus deal that may boost near-term demand ahead of a broad roll-out of the Covid-19 vaccine. Futures in New York were near $48.50, headed for a seventh weekly gain, Bloomberg reports.
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Saudi Arabia’s Economy Still Shrank in 3Q Despite Rebound Trend
- December 17,2020
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- SUSTG Team
Saudi Arabia’s economy shrank more slowly in the third quarter of this year as the government relaxed some measures put in place to curb the spread of the Coronavirus but the oil sector continued to weigh on the Kingdom’s overall economic outlook, according to reports.
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Saudi Arabia Registers Pfizer COVID-19 Vaccine for Import, Distribution in Kingdom
- December 10,2020
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- SUSTG Team
Health authorities in Saudi Arabia have registered the Pfizer-BioNTech COVID-19 vaccine for import and use in the country, state news agency SPA said on Thursday. Saudi Arabia’s Food and Drug Agency registered the vaccine. Procedures necessary for its import and use will begin, the statement said.
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Road to the G20: G20 Leader’s Summit Publication Released Ahead of Virtual 2020 Summit
- November 20,2020
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- SUSTG Team
Organizers of the G20 in Riyadh released the summit’s Annual Publication ahead of the G20 leadership summit, beginning tomorrow and taking place virtually due to the Coronavirus pandemic. Saudi Arabia as host has prioritized empowering people, safeguarding the planet and shaping new frontiers as themes for this year’s event, the first G20 to be chaired by a nation […]
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Rising Coronavirus Cases, Lockdowns Globally Will Hurt Oil Demand More than Previously Thought in 2021, OPEC Says
- November 11,2020
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- SUSTG Team
A global surge in Coronavirus cases and resulting lockdowns in late 2020 will cause oil demand to rebound more slowly in 2021 than previously thought, OPEC said on Wednesday. The surge in Coronavirus cases will hamper efforts by OPEC and its allies to support the market, Reuters reports.
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Road to the G20: B20, T20 Meetings Conclude Ahead of Main G20 Event
- November 2,2020
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- SUSTG Team
SUSTG is covering the events and meetings taking place in the run up to the G20 in November as part of our “Road to the G20” series of posts and featured items. Saudi Arabia just wrapped up the hosting of the B20 business-focused group, as well as the T20 meetings last week. The Business 20 […]
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Road to the G20: Two-Day Virtual B20 Begins Today
- October 26,2020
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- SUSTG Team
SUSTG is covering the events and meetings taking place in the run up to the G20 in November as part of our “Road to the G20” series of posts and featured items. This week, Saudi Arabia will host the B20 business-focused group, as well as the T20 meetings later this week.
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Strict Countermeasures Continue to Pay Off as Saudi Arabia’s Covid Deaths Hit New Lows
- October 23,2020
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- SUSTG Team
Strict rules and regulations in place and an elevated social awareness of the danger of the coronavirus continues to pay dividends in stopping the spread of the virus in Saudi Arabia, data confirms. Saudi Arabia on Friday recorded just 383 new coronavirus cases and 14 deaths, representing some of the lowest figures seen in the Kingdom since […]
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IMF Sees Contraction in 2021 for Middle East Economies, With Oil Prices in $40-$50 Range
- October 20,2020
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- SUSTG Team
The International Monetary Fund (IMF) downgraded its outlook for Middle East and Central Asian economic recovery, predicting a 4.1% contraction for the region as a whole, according to latest data released by the international organization.
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Saudi Aramco in Talks with BlackRock, Others for $10 Billion Pipeline Deal
- October 14,2020
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- SUSTG Team
Saudi Aramco is in talks with U.S.-based global investment management corporation BlackRock and other investors on a planned deal worth over $10 billion to sell a stake in its pipeline business, sources told Reuters, although the deal is still in early stages.
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MUST-READS
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Saudi Aramco exec: Capturing carbon emissions can help combat climate change
The issue is no longer about renewable energy versus fossil fuels. All energy sources are needed to meet the future demand. However, much of the world's energy is consumed in sectors that are hard to decarbonize, such as the steel, cement and chemicals industries. The path toward carbon balance inevitably includes hydrocarbons -- meaning that we have to find solutions for carbon emissions.
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Fintech Firm Offering Islamic Investment Backed by Saudi Aramco
A New York-based online Islamic investment platform has secured backing from Saudi Aramco, the world’s biggest company, to expand into the Middle East and make Riyadh its hub for the region. Wahed Invest LLC got the financing from the oil giant’s Saudi Aramco Entrepreneurship Ventures unit as part of a $25 million funding round, founder Junaid Wahedna said in an interview. Dubai-based BECO Capital and Boston-based Cue Ball Group LLC also invested in the firm, he said.
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Saudi Aramco to delay July OSPs pending OPEC+ meeting: sources
OPEC+ sources said on Thursday that the meeting is still possible this week but only if non-complying countries pledge to improve their compliance with existing cuts.
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Saudi Aramco has a plan to extend oil: CO2-catching cars
To test this theory and promote its innovations, Amer's branch, located in Dhahran, has recently opened Saudi Aramco research units in Detroit, Shanghai and Paris. Altogether, they employ over 90 automotive experts and serve the three largest automobile markets in the world, led by China, the United States and Europe.
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Virus pressure tests Saudi Arabia reforms as Aramco has Forbes debut
Saudi companies such as oil giant Aramco are displaying resilience in the face of the coronavirus pandemic because of reforms introduced before its arrival, say analysts. The world’s largest oil company has become emblematic of wider corporate reforms triggered by the Saudi Vision 2030 blueprint for social and economic change. Saudi Aramco this month appeared in the top five of the Forbes Global 2000 list, which ranks the world’s 2000 largest companies.
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Saudi Aramco’s Bahri puts LNG tanker plan on hold – sources
In May last year, Aramco signed a 20-year agreement to buy LNG from Sempra Energy’s planned Port Arthur export terminal and also agreed to buy a 25% equity stake in the first phase of the multi-billion dollar project. However, Sempra said this month it was delaying its decision about whether to proceed with the project until 2021 following the slump in global demand for energy because of the coronavirus pandemic.
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Saudi Aramco’s stock just recovered to its level before the oil price war
Saudi Aramco, the most valuable company in the world, also just became the first major oil producer to see its share price rebound to trade at levels last seen before the price war.
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Saudi Aramco profit falls 25% but dividend in line with planned payout for year
Aramco’s cash flows from operating activities, stood at $22.4 billion in the first quarter, compared to $24.5 billion in the same period of 2019, the company said. It said free cash flow was $15 billion, compared to $17.4 billion in Q1 2019.
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Saudi Aramco closes US$10bn loan
Saudi Aramco, the world’s largest oil producer, has closed a US$10bn one-year term loan with a club of core relationship banks. The loan was led by HSBC, SMBC and First Abu Dhabi Bank as coordinators, bookrunners and mandated lead arrangers. First Abu Dhabi Bank also acted as facility agent.
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Saudi Aramco says acquisition of SABIC stake on track to close in second quarter
Saudi Aramco (2222.SE) said on Tuesday its planned acquisition of a 70% equity stake in petrochemical maker SABIC (2010.SE) from the Public Investment Fund (PIF), the kingdom’s wealth fund, is on track to close in the second quarter. The statement by the state oil giant was made in response to a Reuters story published on Sunday saying that Aramco is looking to restructure its deal for a controlling stake in SABIC after the target’s value dropped more than 40% following an oil price slump in the coronavirus pandemic, according to two sources.
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