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Recent stories from sustg
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Yemen’s President Hadi Says Saudis Gave $10 Billion to Rebuild War-Torn Nation
- February 23,2017
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- SUSTG Team
Yemen’s President Hadi said that Saudi Arabia has given his nation $10 billion to rebuild following nearly two years of civil war, according to reports. The funds will go to restoring electricity and water supply, healthcare, education and communications, according to RT. Hadi defined these as the “urgent priorities” for his government. Saudi officials have yet to […]
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Saudi Arabia Taps U.S.-Based Bechtel Corp to Run State Infrastructure Oversight Office
- February 21,2017
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- Lucien Zeigler
Saudi Arabia’s new National Project Management Office (NPMO) is something you will hear a lot about in the coming years. The Kingdom has tasked U.S.-based Bechtel Corp to oversee its state infrastructure projects, known in Arabic as “Mashroat,” and ensure that projects are run at low costs and as efficiently as possible. The deal was awarded […]
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Stability in Oil Price Attributable to Coordinated Action by OPEC, But Will U.S. Shale Spoil the Party?
- February 16,2017
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- SUSTG Team
With Brent oil hovering around $55 for the past two months, actions by OPEC and non-OPEC members to keep 900,000 barrels per day off the market have had a stabilizing effect on prices, Riyadh-based Jadwa Investment said in a note released to investors. But despite the stable start to the year, Jadwa sees a likely return of […]
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Saudi Arabia Approves $24.5b for Water, Agriculture, and Environment Spending to Meet Vision 2030 Goals
- February 13,2017
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- SUSTG Team
Saudi Arabia has approved $24.5b for water, agriculture, and environment spending to allow government leaders to meet 16 goals set as part of its Vision 2030 development plan, Reuters reports. The figure was stated by Abdulrahman Al-Fadhli, Saudi Arabia’s minister for environment, water and agriculture at a speech at an industry conference in Riyadh. Reuters reports that […]
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Saudi Energy Ministry Announces New Renewable Energy Plan for up to $50b in Investments
- February 3,2017
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- SUSTG Team
Saudi Arabia appears to be re-starting its efforts to expand renewable energy projects to meet growing domestic power needs with up to $50b invested through 2023, according to reports and comments by the Kingdom’s energy and industry minister Khalid al-Falih. The projects, part of the National Renewable Energy Plan (NREP) will be managed under a […]
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Saudi Arabia Gives Final Approval to VAT
- January 31,2017
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- SUSTG Team
The Saudi Cabinet approved on Monday a GCC-wide measure for implementing a value added tax (VAT) of 5% on certain goods, according to reports. The Unified Agreement for Value Added Tax, which will be implemented throughout the Gulf Cooperation Council (GCC) starting next year, is in line with Saudi Arabia’s goals of diversifying government revenues […]
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Saudi Aramco Selects U.S. Firms to Audit Reserves for 2018 IPO
- January 27,2017
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- SUSTG Team
Saudi Aramco has tasked two U.S. industry leaders in oil reserves auditing to review the content of its deposits as it pushes ahead with a share listing next year, industry sources told Reuters on Thursday. Saudi Aramco has asked a unit of oil services firm Baker Hughes – Gaffney, Cline and Associates – to carry […]
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Saudi-backed Softbank Technology Investment Fund Hits $100b Mark Ahead of Schedule
- January 6,2017
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- SUSTG Team
Oracle founder Larry Ellison will join Apple, Qualcomm and Foxconn in backing SoftBank’s record-setting technology fund, allowing the Japanese telecoms group to hit its $100 billion goal weeks ahead of schedule, the Financial Times reports. According to the report, the Saudi-backed fund may be oversubscribed by the time it closes. Abu Dhabi’s sovereign wealth fund is […]
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Four of Seven Saudi Bodies are Returned Home as Kingdom Reels from Lost Youth in Istanbul Terrorist Attack
- January 4,2017
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- SUSTG Team
The bodies of four Saudis who were slain in the attack on an Istanbul nightclub were returned home as the Kingdom reels from the loss of its citizens at the hands of Daesh terrorists abroad. The attack killed seven Saudis and 39 total from 14 countries. Included in the four dead returning to the Kingdom today […]
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Number of Executed in Saudi Arabia in 2016 Dips Slightly from 20-Year High
- January 2,2017
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- SUSTG Team
Saudi Arabia executed 153 people in 2016, a slight reduction over 2015 (158) that marked a 20-year high for the Kingdom. Though figures for Iran and China are less transparent and not yet available for 2016, both countries appear to have executed significantly more than Saudi Arabia last year. China has been dubbed the “world’s most prolific executioner” […]
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MUST-READS
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Saudi AramcoAramco’s Ambitious New Local Content Plan Will Shake Up Oilfield Services
IKTVA will make local content a formal requirement for doing business with Saudi Aramco. If successful, the localization program will also create a large Saudi-based oil service industry - one that will compete abroad with Western service firms in time. Aramco procures 65% of its materials and services from outside the Kingdom. The new goal is to cut this foreign spend in half over the next five years.
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AramcoSaudi Aramco in drive to buy locally made equipment
Amin Nasser, Saudi Aramco chief executive, said the company would spend $300bn over the next decade on goods and services used in the production of oil and gas, with the majority of these funds aimed at locally made equipment.
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Saudi AramcoSaudi Aramco, Hyundai Heavy ink partnership agreement
MoU lays out a comprehensive, multi-faceted business cooperation framework in areas such as engineering, procurement and construction (EPC), downstream, and the development of a casting and forging facility.
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Saudi AramcoAramco Charges Asia More for Oil as Refinery Profits Swell
“Asia’s refinery margins are good, so the Saudis see enough demand to warrant slightly higher prices,” Ole Hansen, head of commodity strategy at Saxo Bank A/S in Copenhagen, said by phone. “They’re still pursuing the market share approach to keep up sales in the region.”
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Saudi AramcoSaudi Aramco says it foils fraud attempt involving India
Saudi Arabian Oil Co. says it foiled a fraud attempt involving scammers pretending to work for India’s state-owned Oil and Natural Gas Corp. after a newspaper report claimed the kingdom’s oil firm was the victim of a massive cybercrime.
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Saudi AramcoSaudi Aramco considers new Yanbu refining complex
State oil giant Saudi Aramco is considering building a $20 billion refining and petrochemical complex at Yanbu on the Red Sea coast, industry sources familiar with the matter said.
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Saudi - ChinaSaudi Aramco in talks to buy CNPC refinery stake, retail assets -sources
Saudi Aramco, the world's biggest oil producer, is in talks to acquire a stake in a China National Petroleum Corp refinery as well as retail assets, people familiar with the matter said - a deal that would help it sell more of its output to China amid growing competition. The deal is estimated to be worth around $1 billion to $1.5 billion, although final valuations, assets and stakes are subject to change, they said.
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Saudi AramcoSaudi Aramco buys 50% of Lanxess’ rubber unit
The partnership with Saudi Aramco will give the business access to competitively-priced commodities, including crude oil, as it looks to reduce input costs.
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Natural GasSaudi Aramco almost completes Wasit project, awaits offshore gas
Saudi Aramco has almost finished the construction of its giant Wasit gas project but is processing gas from the Karan gas field and not from the offshore fields designated to feed the gas plant, industry sources said.
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Saudi AramcoUpstream expert Nasser to lead Saudi Aramco
In his recent speeches, he has talked about harnessing new technology and empowering young people, said the expert. “Everybody is excited over his confirmation as the chief,” he said. “He is a very amiable and well-liked person.”
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