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  • Saudi Aramco in investment discussions with Indian companies – exec

    State oil giant Saudi Aramco is in investment discussions with companies in India, a senior executive said on Wednesday. "Hopefully we will see some announcements soon on investment in Indian companies," Faisal Faqeer, senior vice-president, liquids to chemicals development, downstream, at Saudi Aramco, told delegates at the India Energy Week in Goa, without specifying its plans. The world's largest crude oil exporter and OPEC kingpin has been boosting its investments in refining and petrochemicals across Asia to secure new markets for its crude, as it sees growth in chemicals central to its downstream expansion strategy.

  • Saudi Aramco in investment discussions with Indian companies – exec

    State oil giant Saudi Aramco is in investment discussions with companies in India, a senior executive said on Wednesday. "Hopefully we will see some announcements soon on investment in Indian companies," Faisal Faqeer, senior vice-president, liquids to chemicals development, downstream, at Saudi Aramco, told delegates at the India Energy Week in Goa, without specifying its plans. The world's largest crude oil exporter and OPEC kingpin has been boosting its investments in refining and petrochemicals across Asia to secure new markets for its crude, as it sees growth in chemicals central to its downstream expansion strategy.

  • What are the implications of Saudi Aramco’s pause in expansion?

    It’s like the entire oil industry of Oman or Angola was turned on and then off again. Saudi Aramco, the state oil giant, said on Wednesday that the Ministry of Energy had told it to cancel plans to expand its maximum sustainable capacity (MSC) from 12 to 13 million barrels per day by 2027. Speculations on motivation have abounded. Is this an attempt to drive up longer-dated future oil prices, a recognition that future demand will be weaker, or an acknowledgement of unexpectedly strong expansion from competitors? Is it to save cash? Is there a political angle? The higher target had originally been announced in March 2020, as the Covid-19 pandemic hit, with Saudi Arabia locked in a battle for market share. So perhaps it’s not surprising that four years later and with much water under the bridge, it’s time for a rethink.

  • Saudi Arabia Eyes Reviving Multibillion Dollar Aramco Share Sale

    The kingdom is working with a group of advisers and is seeking to potentially raise at least 40 billion riyals ($10 billion) from the share sale on the Saudi stock exchange, the people said, asking not to be identified because the information is private. A successful deal would bring in funds for Crown Prince Mohammed bin Salman’s ambitious push to diversify the economy.

    Plans for the new sale comes four years after Saudi Arabia raised about $30 billion in Aramco’s initial public offering, which was the world’s largest ever stock sale. MBS, as the crown prince is called, has increased his spending ambitions since as he pumps huge amounts of money into the new development Neom, tourism, sports and other projects.

  • Saudi Aramco Drops Expansion Plan, Raising Demand Questions

    The surprise move comes after the world’s biggest oil exporter had said in November that it was progressing “very well” with a multibillion-dollar project to boost capacity to 13 million barrels a day by 2027 as demand in China and India continues to grow. Saudi Arabia currently has capacity for 12 million and is producing about 9 million a day, after it curbed output as part of OPEC+ efforts to revive the global oil market and prevent a surplus.

  • Saudi Arabia asks Aramco to lower its maximum capacity target

    Saudi Arabia's government on Tuesday ordered state oil company Saudi Aramco (2222.SE), opens new tab to halt its oil expansion plan and to target a maximum sustained production capacity of 12 million barrels per day, one million bpd below a target announced in 2020. Saudi Arabia has for decades been the holder of the world's only significant spare oil capacity, providing a safety cushion in case of major disruptions to global output such as those caused by conflict or natural disasters. In recent years, fellow OPEC member the United Arab Emirates has also built up its capacity.

  • Saudi Arabia’s Aramco halts plans to increase maximum oil production capacity

    Saudi Arabia’s state-controlled Aramco on Tuesday announced it is pausing plans to raise its crude production capacity from 12 million barrels per day to 13 million barrels per day. In a statement, the world’s largest crude exporter said it had been ordered by the Saudi Ministry of Energy to maintain its Maximum Sustainable Capacity (MSC) at current levels, several years and billions of dollars since it received a directive to boost production capacity to 13 million barrels per day by 2027. Aramco, which went public in 2019, did not disclose the reason behind the ministry’s decision and said it will update its capital spending guidance when its full-year 2023 results are announced in March.

  • Saudi Aramco Looks to Secure More Downstream Oil Deals in Asia

    Aramco is looking to seal more downstream deals in Asia, particularly in China and India, as it bets on continued demand growth in its most important market for long-term buyers of its crude, the Saudi oil giant’s Downstream President Mohammed Al Qahtani told Bloomberg in an interview. Saudi Aramco, the world’s top crude exporter and the biggest oil firm in terms of both production and market capitalization, has already struck several deals to buy stakes in Chinese refining and chemical projects and has recently entered Pakistan’s downstream sector. But it is on the hunt for more deals. “Really, the big growth markets for us are China, India and southeast Asia,” Al Qahtani told Bloomberg in an interview in Dhahran, Saudi Arabia.

  • Saudi Aramco Keeps Sending Oil Through Houthi-Menaced Red Sea

    “We’re moving in the Red Sea with our oil and products cargoes,” Mohammed Al Qahtani, who heads Aramco’s refining and oil trading and marketing businesses, said in an interview at the company’s headquarters in Dhahran. The associated risks are “manageable,” he said. The decision contrasts with swaths of other tanker owners who abandoned Red Sea trips after the US and UK bombed parts of Yemen in an effort to quell the Houthi attacks. The militants responded by saying both nations’ shipping would be targeted, alongside that of Israel prompting naval warnings for merchant vessels to stay away.

  • Saudi Arabia’s Oil Exports via the Red Sea Remain Uninterrupted, head of Aramco’s refining says

    “We’re moving in the Red Sea with our oil and products cargoes,” Mohammed Al Qahtani, head of Aramco’s refining, oil trading and marketing division said, adding that the risks were “manageable”. This is in stark difference to other oil traders, which have rerouted tanker traffic away from the Red Sea. This has added substantially to costs, with the longer journey around the Cape of Good Hope in Africa adding close to $1 million to the transport bill of a tanker, per data from LSEG Shipping Research. Shipbroker data from Xclusiv, however, showed that deliveries of Saudi Arabian crude to Europe had declined between December and this month by 15%, suggesting some interference with normal traffic.