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  • Saudi Aramco-Owned Sabic Says Inflation Hurting Industry’s Recovery

    The world’s most valuable chemicals maker reported worse-than-expected earnings and said the market remained fragile, with demand in China yet to recover strongly and inflation hurting consumers. Saudi Basic Industries Corp. made net income of 660 million riyals ($176 million) in the first quarter, down 90% from the same period a year earlier and 16% below the average estimate among analysts surveyed by Bloomberg.

  • Aramco In Talks With Sinopec and Total on $10 Billion Saudi Gas Deal

    The Chinese and French energy giants are in separate discussions with Saudi Aramco about the plans that may include the construction of facilities to export the fuel as liquefied natural gas, some of the people said, asking not to be identified because the matter is private. Aramco is seeking to raise a total of around $10 billion for the projects, the people said.

  • China’s Baosteel, Saudi Aramco and PIF set up JV to build steel plant in Saudi Aramco

    China's biggest listed steelmaker, Baoshan Iron and Steel Co (600019.SS), said on Monday it has signed agreements with Saudi Aramco (2222.SE) and Public Investment Fund (PIF) to build a steel plate manufacturing joint venture. Baosteel will take 50% stake in the joint venture, while Saudi Aramco and PIF will take 25% stake each, Baosteel said in a statement. The joint venture will build a steelmaking manufacturing base in Saudi Arabia, with the designed annual capacity of 2.5 million tonnes of direct reduced iron and 1.5 million tonnes of steel plate, it said, adding that the project remains subject to regulatory approval.

  • Saudi Arabia’s March Net Foreign Reserves Fall Despite Aramco Dividend

    Saudi Arabia’s net foreign assets fell to 1.572 trillion riyals ($419 billion) in March, even as oil giant Aramco increased its dividend the same month. Foreign reserves fell from 1.625 trillion riyals the previous month, according to the central bank’s monthly report published on Sunday. They currently stand at their lowest level since July 2010, according to data compiled by Bloomberg.

  • Saudi Aramco overtakes Microsoft as world’s 2nd largest company by market value

    Apple still holds the top of the ranking, with a market value of approximately 2.6 trillion dollars, followed by Aramco at 2.11 trillion dollars, then Microsoft at 2.05 trillion dollars. According to Arabic daily Al-Arabiya.net, the rise in Saudi Aramco’s shares came after Crown Prince Mohammed bin Salman announced, this month, the transfer of 4 per cent of its shares to Sanabel Investment Company, which is wholly owned by the Public Investment Fund (PIF).

  • Infosys Signs Deal To Revamp Saudi Aramco’s HR Technology

    Infosys' HR platform for Aramco will aim to optimise repetitive tasks related to HR management, reducing time and effort spent training employees. An AI-powered analysis will support Aramco with algorithmic decision-making to spot trends and identify relevant recruitment channels.

  • Why Saudi Arabia Transfered 4% of Aramco Shares to PIF Subsidiary?

    The transfer will also solidify PIF’s strong financial position and credit rating. The Crown Prince also pointed out that the State will remain Saudi Aramco's largest shareholder following the transfer, with total ownership of (90.18%) of the company’s shares. He concluded that PIF continues with its mandate to launch new sectors, build new strategic partnerships, localize technologies and knowledge, and create more direct and indirect job opportunities in the local market.

  • Saudi Crown Prince Transfers 4% Of Aramco To Sovereign Wealth Fund

    "This is a private transfer between the state and Sanabil, and the company is not a party to the transfer and did not enter into any agreements or pay or receive any proceeds from the transfer," Aramco said in a stock exchange filing cited by the Associated Press.

  • Saudi Aramco 4% stake transferred to PIF’s Sanabil

    A 4% stake in oil major Saudi Aramco (2222.SE) has been transferred from state ownership to Sanabil Investments, which is wholly owned by the Saudi Arabia's sovereign wealth fund, Crown Prince Mohammed Bin Salman said on Sunday. The state remains Aramco's biggest shareholder, owning 90.18% of the company.

  • Fitch Upgrades Saudi Aramco to ‘A+’; Outlook Stable

    The upgrade follows the upgrade of Saudi Arabia (A+/Stable). Saudi Aramco's rating is constrained at that of its majority shareholder Saudi Arabia, given the close links between the company and the sovereign. We assess Saudi Aramco's Standalone Credit Profile (SCP) at 'aa+'. Saudi Aramco's Short-Term IDR of 'F1+' is equalised with that of the sovereign.