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  • Over a year in making, Aramco stake sale brings rare foreign investment to Saudi

    Saudi Arabia began preparing more than a year ago to sell a new chunk of state oil giant Aramco (2222.SE), opens new tab, targeting foreign investment that has lagged goals for years and is needed for an ambitious economic transformation.
    The preparations led by CEO Amin Nasser paid off.
    Over half of the $11.2 billion Aramco shares were sold to foreign investors, a far cry from five years ago, when they largely shunned its $29.4 billion initial public offering, citing concerns about risks around governance, regional geopolitics and the environment.

  • Saudi Aramco Needs To Balance Investor Needs Against Oil Prices

    Saudi Arabia’s oil giant Aramco looks caught between a rock and a hard place. It seeks to win over new investors, especially foreign ones, while at the same time – as the world’s top crude oil exporter and the biggest OPEC producer – not allowing oil prices to crash. Aramco has just priced its secondary share offering at the lower end of the previously set range, in a sign that it is now focused on winning over international investors.

  • Saudis Said to Hand About 60% of Aramco Offer to Foreigners

    Foreign investors were allocated about 60% of the shares on offer in Saudi Aramco’s $11.2 billion stock sale, people familiar with the matter said, marking a turnaround from the oil giant’s 2019 listing that ended up as a largely local affair.

  • Saudi Arabia set to raise more than $11.2 bln from Aramco stock offering

    Saudi Arabia is set to raise more than $11.2 billion after pricing its offering of Aramco (2222.SE), opens new tab stock toward the lower end of the targeted range, the Wall Street Journal reported on Thursday.
    Saudi Aramco's bankers have told investors it plans to price the shares at 27.25 Saudi riyals, or $7.27 each, according to the report.
    The stake sale, a first since Aramco's record-setting IPO in 2019, was announced last week in a landmark deal to help fund Crown Prince Mohammed bin Salman's plan to diversify the economy.

  • As investment drive falters, Saudi milks Aramco ‘cash cow’

    "The cash raised will certainly help support government spending priorities. But it will ultimately be a fiscal booster more than a long-term cure for funding needs," said Robert Mogielnicki of the Arab Gulf States Institute in Washington. Saudi officials have since last year said the timeframe for some Vision 2030 projects would be extended, though they have not given details and said other projects would be accelerated. Finance Minister Mohammed al-Jadaan said last month that global "shocks" since Vision 2030's launch in 2016 -– wars in Ukraine and Gaza, the pandemic, inflation and supply chain disruptions –- had spurred a revision of reform plans. Read more: https://www.al-monitor.com/originals/2024/06/investment-drive-falters-saudi-milks-aramco-cash-cow#ixzz8cPnesbyH

  • Sinopec awarded $1.37 Billion Contract from Saudi Aramco

    Sinopec International Petroleum Services Corporation, a wholly-owned subsidiary of Sinopec Oilfield Service Corporation and Saudi Arabian Oil Company (Saudi Aramco) entered into a turn-key fixed-price contract for the in-country procurement and construction of Packages 6 and 7 of the Phase 3 Pipeline Project Clusters of the Master Gas System (“MGS”),

  • Saudi Aramco targets two US natural gas producers

    Saudi Aramco, the world’s biggest oil exporter, has initiated talks with two liquefied natural gas (LNG) producers in the United States to bolster its overseas expansion strategy. The oil major is negotiating with Tellurian and NextDecade, Reuters reported, quoting informed sources. Aramco is considering buying a stake in Tellurian’s Driftwood LNG plant in Louisiana, which has a capacity of 27.6 million metric tonnes per annum, the report said

  • Saudi Aramco’s $12 Billion Share Sale Quickly Sells Out, but Who is Buying?

    Last week, Saudi Arabia’s energy giant Saudi Aramco (ARMCO) confirmed in a filing with the Saudi Exchange plans to sell shares in the state-owned oil company to help the kingdom fund plans to diversify the economy. Well, the sale took place on Sunday and was a resounding success with US$12 billion share sale sold out shortly after the deal opened. The deal offered ~1.545B Aramco shares, or ~0.64% of the company, within the price range of 26.70 riyals to 29 riyals. Buyers of the shares will be looking to cash in on an upcoming ~$124 billion annual payout that Bloomberg Intelligence estimates will give the shares a juicy dividend yield of 6.6%.

  • Saudi Aramco holding LNG talks with US firms Tellurian, NextDecade, sources say

    Oil giant Aramco (2222.SE), opens new tab is in talks with U.S. firms Tellurian (TELL.A), opens new tab and NextDecade (NEXT.O), opens new tab on two separate liquefied natural gas (LNG) projects as the Saudi firm seeks to boost its gas trading and production, three sources close to the talks told Reuters.
    U.S. gas production has boomed over the past decade with oil majors and Aramco's rivals such as Qatar Energy competing to build several projects to export gas to Europe and Asia.

  • Saudi Aramco offered $12 billion worth of stock. It sold out in hours

    Saudi Arabia will still own the vast majority of the company, both directly and through its Public Investment Fund. The country is using some of the proceeds to help diversify its economy in anticipation of so-called “peak oil,” when the commodity’s demand and/or supply begin to fall for climate and alternative energy-related reasons. One big priority for the new economy has been tourism, which Saudi Arabia has been working to increase through the creation of new attractions and travel options.