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  • Saudi Aramco’s profit slides 25% in the first quarter, as collapse in oil prices bites

    In a release published Tuesday, the company said net income slid to 62.5 billion riyals ($16.6 billion) in the first three months of the year, down from 83.3 billion riyals over the same period in 2019. This was “primarily reflecting lower crude oil prices, as well as declining refining and chemicals margins and inventory re-measurement losses,” the company said in a statement.

  • Saudi’s Aramco lowers domestic gasoline prices

    Saudi Arabia’s Aramco said on Sunday it was lowering its domestic gasoline prices for May, with 91 grade and 95 grade falling to 0.67 riyals and 0.82 riyals per litre, respectively.

  • Saudi Aramco seeking to review price of SABIC deal

    Saudi Aramco is looking to restructure its deal to acquire a controlling stake in petrochemicals maker SABIC after a more than 40% drop in SABIC’s value following a slump in oil prices in coronavirus pandemic, two sources told Reuters.

  • Aramco close to inking $10 billion deal with group of about 10 banks: sources

    Saudi Aramco is about to finalise a $10 billion loan with a group of roughly 10 banks, three sources familiar with the matter said, as the oil giant seeks cash amid record low oil prices. Aramco is raising the loan to back its acquisition of a 70% stake in Saudi Basic Industries Corp (SABIC) from Saudi Arabia’s Public Investment Fund, a deal worth almost $70 billion, sources have previously told Reuters.

  • Reliance-Saudi Aramco deal still on track

    Reliance Industries revealed that it will create a seperate oil-to-chemicals (O2C) business to enable the sale of 20 per cent stake in the unit to Saudi Aramco.

  • Reliance to Separate Oil-to-Chemicals Business Amid Aramco Talks

    Reliance Industries Ltd. announced plans to carve out it oil and petrochemicals business into a separate entity before a proposed stake sale to Saudi Arabian Oil Co., the kingdom’s main oil producer. Reliance will approach the National Company Law Tribunal to hive off the oil-to-chemicals division, it said in a statement Thursday. The separation may help expedite the deal with Saudi Aramco, once talks and due diligence conclude.

  • Saudi Aramco removes ‘sustainable’ oil adverts after complaints

    “It is very welcome that Aramco has withdrawn its advertisement campaign making preposterous claims of ‘real sustainability’ and ‘powering a more sustainable future’,” he said. “These ads were self evidently ‘materially misleading’ and therefore in breach of ASA rules. As my complaint stated, Aramco is advertising crude oil, which meets no definition of being sustainable.”

  • Saudi Aramco navigates uncharted waters amid global oil rout

    The Saudi state oil firm sliced its official selling prices (OSP) for its crude grades to Asia for the second month running, signalling not only that it is heeding Asian customers’ requests for better terms amid weak demand but that it is fending off efforts by other producers to encroach on Saudi market share in the region.

  • Saudi Aramco Starts Cuts for OPEC+ Target

    Aramco has begun to curtail production from about 12 million barrels a day to achieve the agreed level of 8.5 million barrels a day, the person said, asking not to be named discussing private information. The country joins fellow OPEC members Kuwait, Algeria and Nigeria in kicking off cuts early.

  • Saudi Aramco Considers $10 Billion Pipeline Stake Sale

    Saudi Aramco, the world’s largest oil producer, has hired advisers to review a potential multi-billion dollar stake sale in its pipeline business, people with knowledge of the matter said. The energy giant is working with JPMorgan Chase & Co. as it makes early preparations for the potential deal, according to the people, who asked not to to be identified because the information is private. Mitsubishi UFJ Financial Group Inc. also has a role on the transaction, the people said.