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  • Saudi Arabia’s Former Minister of Petroleum and Natural Resources Ali Al-Naimi Pens Memoir
     

    Saudi Arabia’s former Minister of Petroleum and Natural Resources Ali Al-Naimi has penned a memoir that offers “a rare insight into decades of domestic infighting over the future of state-run Saudi Aramco,” Reuters reports. Out of the Desert: My Journey from Nomadic Bedouin to the Heart of Global Oil, published by Portfolio Penguin, “describes the battles waged […]

     
  • Saudi Energy and Industry Minister Khalid Al-Falih: Oil Market Wrapping Up ‘Considerable Downturn’
     

    Saudi Minister of Energy, Industry and Mineral Resources Khalid al-Falih said on Wednesday that oil markets were at the end of a “considerable downturn” and that fundamentals were improving. “Market forces are clearly working after a testing period of sub-$30 oil prices… Oil demand is expanding at a healthy rate despite slower global growth,” Al-Falih said. […]

     
  • Top Saudi Investment Officials in New York for Two-Day JPMorgan Chase Event
     

    Saudi Capital Market Authority Chairman Mohammed Al-Jadaan and Tadawul stock exchange Chief Executive Officer Khalid Al Hussan are among officials attending a two-day event in New York City this week organized by JPMorgan Chase & Co., Bloomberg reports. According to Bloomberg, senior representatives of the kingdom’s economy ministry and central bank will also be present. The […]

     
  • $20 Billion Dow-Saudi Aramco Venture Takes Another Step
     

    Sadara, a joint-venture between Dow Chemical Company and Saudi Aramco has started its mixed feed cracker, the only one of its kind in the Middle East and one of 26 manufacturing units that will be part of the Sadara chemical complex. Located in Jubail Industrial City along the Gulf coast of Saudi Arabia, Sadara was […]

     
  • Deputy Crown Prince to Promote Saudi Vision 2030 in Japan, China and at G20
     

    Saudi Deputy Crown Prince, Minister of Defense and head of the influential Council of Economic and Development Affairs, HRH Mohammed bin Salman, plans to visit China August 29-31 and Japan August 31-September 3. Prince Mohammed will then attend the Group of 20 Summit September 4-5 to be held in Hangzhou, China where he will be […]

     
  • Contemporary Saudi Art Exhibit Continues Tour of America
     

    Today’s SUSTG Review includes a review from the East Bay Express about GENERA#ION, a traveling show presenting contemporary art from Saudi Arabia that is now on view in a number of galleries in San Francisco.  The East Bay Express gives the show a strong recommendation and, in fact, the exhibition has been very well-received as […]

     
  • Aramco Names Ibrahim Al Buainain as Chief Executive of Its Trading Arm
     

    Saudi Aramco has named Ibrahim Al-Buainain as chief executive of its trading arm, the company said on Tuesday, as Al-Buainain’s star continues to rise within the ranks of the energy giant. Ibrahim Al-Buainain’s promotion to CEO of Saudi Aramco Trading takes effect this month. In November 2014, Aramco named Al Buainain as head of Saudi […]

     
  • SABIC, Exxon Affiliate Studying JV Petrochemicals Complex on U.S. Gulf Coast
     

    Saudi Arabia’s SABIC said Monday it is studying launching a jointly-owned petrochemicals complex with an affiliate of U.S. Exxon Mobil. fIf developed, the project would be “located in Texas or Louisiana near natural gas feedstock and include a world-scale steam cracker and derivative units,” the company said. Before making final investment decisions, the companies will “conduct necessary […]

     
  • New Saudi Fund Created by Apicorp and Bahri Seeks to Create Biggest Tanker Fleet
     

    A venture between Arab Petroleum Investment Corporation (Apicorp) and National Shipping Co. of Saudi Arabia (Bahri) “will create the world’s largest fleet of oil tankers and support the kingdom’s plan to boost crude exports,” according to a report in Bloomberg, which cited comments from Dr. Khalid al-Falih. The venture will create a $1.5 billion fund […]

     
  • Construction Begins on ‘World’s Largest’ Gas Complex in Jazan, Saudi Arabia
     

    Construction has begun on a $2.1 billion industrial gas complex in Jazan, Saudi Arabia, which is slated to become the largest such facility in the world. The industrial gas complex will serve Saudi Aramco’s Jazan refinery and terminal when complete, and will require 600MW to operate, according to a report in Gulf Business. The contract for the […]

     

MUST-READS

  • Saudi Aramco boosts China investment in two refinery deals

    Aramco said on Monday it had agreed to acquire a 10% stake in privately controlled Rongsheng Petrochemical Co Ltd (002493.SZ) for about $3.6 billion. The deal includes the supply of 480,000 bpd of crude oil to Rongsheng-controlled Zhejiang Petrochemical Corp (ZPC) for 20 years, Aramco added. It follows a preliminary agreement Aramco reached with the Zhejiang provincial government in 2018 for a 9% stake in ZPC.

  • Saudi Aramco boosts China investment in two refinery deals

    Saudi Aramco (2222.SE) raised its multi-billion dollar investment in China by finalising and upgrading a planned joint venture in northeast China and acquiring an expanded stake in a privately controlled petrochemical group. The two deals, announced separately on Sunday and Monday, would see Aramco supplying the two Chinese companies with a combined 690,000 barrels a day of crude oil, bolstering its rank as China's top provider of the commodity.

  • Saudi Aramco is ‘doubling down’ on China’s energy supply, chief executive says

    “We want to be an all-inclusive source of energy and chemicals for China’s long-term energy security and … high-quality development,” Amin Nasser said at the China Development Forum on Sunday. “That’s why we are doubling down on China’s energy supply, including new lower carbon products, chemicals, and advanced materials, all supported by emissions reduction technologies,” he said.

  • Saudi Aramco signs MoU with Samsung on localizing 5G tech

    “The proposed collaboration aims to contribute to the digital transformation of various industrial sectors in the Kingdom, such as energy, petrochemical, and manufacturing, by leveraging advanced 4G and 5G technologies capable of providing secure, fast and reliable communication, to satisfy critical business requirements of industries,” the report said. The agreement comes after the recent launch of Aramco Digital Company. The entity was established at the seventh edition of the In-Kingdom Total Value Add (iktva) Forum and Exhibition in January.

  • Saudi Aramco posts record ’22 profit on strong oil; sets higher ’23 capex at $45bn-55bn

    Saudi Aramco expects its 2023 capex “to be approximately $45.0 billion to $55.0 billion including external investments, with capex increasing until around the middle of the decade.” In 2022, the company’s actual capex increased by 18% to $37.6bn.

  • Saudi oil giant Aramco posts record $161 billion profit for 2022

    Saudi Arabia’s state-controlled oil giant Aramco on Sunday reported a record net income of $161.1 billion for 2022 — the largest annual profit ever achieved by an oil and gas company. Aramco said net income increased 46.5 percent over the year, from $110 billion in 2021. Free cash flow also reached a record $148.5 billion in 2022, compared with $107.5 billion in 2021.

  • Saudi oil giant Aramco posts record $161 billion profit for 2022

    Saudi Arabia’s state-controlled oil giant Aramco on Sunday reported a record net income of $161.1 billion for 2022 — the largest annual profit ever achieved by an oil and gas company. Aramco said net income increased 46.5 percent over the year, from $110 billion in 2021. Free cash flow also reached a record $148.5 billion in 2022, compared with $107.5 billion in 2021.

  • Saudi Aramco lays foundation stone for $7bn project in South Korea

    Saudi Aramco, through its affiliate S-Oil, broke ground on Thursday for the $7 billion Shaheen petrochemical project, the Gulf company’s biggest investment in Korea. The petrochemical steam cracker, located in S-Oil’s existing site in South Korea’s industrial city of Ulsan, is one of the biggest international downstream investments of Saudi Aramco. South Korean President Yoon and Aramco President and CEO Amin H. Nasser attended the groundbreaking ceremony.

  • Saudi Aramco Eyes Stake in Foreign LNG Plant as Demand for Fuel Surges

    LNG consumption is set to surge in the coming years as Europe rushes to replace piped gas from Russia and with nations such as China and India expected to increase imports. The value of global LNG trade doubled last year to more than $450 billion, according to the International Energy Agency.

  • Saudi Aramco Near Deal to Join Renault-Geely Car Venture

    Saudi Aramco is nearing a deal to acquire a stake in Renault SA and Zhejiang Geely Holding Group Co.’s planned combustion-engine venture to grow its footprint in transport, according to people familiar with the situation. The world’s biggest oil company will take a minority stake, with Renault and China’s Geely planning to remain at parity, said the people, who asked not to be named as the negotiations are private. While a non-binding agreement could be announced as soon as this week, there’s no certainty it will be finalized, the people said.