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  • Exclusive: Renault, Geely look to bring Aramco into engine venture, sources say

    The Saudi oil producer has been involved in advanced discussions to take a stake of up to 20% in a previously announced but still-unnamed Geely-Renault powertrain technology company that the automakers are working to establish, the three people told Reuters. Big oil firms have worked with automakers to develop sustainable fuels and hydrogen engines in recent years.

  • Saudi Aramco bets on being the last oil major standing

    The state-owned giant that already produces about 10 per cent of the world’s oil is boosting its maximum production capacity from 12mn barrels a day to 13mn b/d by 2027 and aiming to increase its gas production by more than 50 per cent by 2030. Aramco has also invested in petrochemicals production and hydrogen projects.

  • Saudi Aramco bets on being the last oil major standing

    The state-owned giant that already produces about 10 per cent of the world’s oil is boosting its maximum production capacity from 12mn barrels a day to 13mn b/d by 2027 and aiming to increase its gas production by more than 50 per cent by 2030. Aramco has also invested in petrochemicals production and hydrogen projects.

  • Saudi Aramco awards contract to develop $690m seawater desalination plant

    Saudi Aramco has awarded a contract to Lamar Holding to develop a seawater desalination plant valued at SR2.6 billion ($693 million). The seawater reverse osmosis desalination plant includes a water distribution network, and is a part of the Jafurah gas development scheme. The project has a design capacity of 80,000 cubic meters a day, and includes power and utility facilities, according to a MEED report.

  • Saudi Aramco Refiner Luberef Stock Drops in Debut After $1.3 Billion IPO

    Saudi Aramco Base Oil Co., a refining unit of the state-owned oil producer, slumped in its trading debut following an initial public offering that raised $1.32 billion. Luberef, as the refiner is known, dropped as much as 6.6% in Riyadh to 92.5 riyals ($24.61), bucking the trend for strong debuts in the Gulf region amid the gloomy outlook for the global economy. It trimmed losses to 2.7% by 11:28 a.m. local time, valuing the company at 16.3 billion riyals.

  • Saudi Aramco Downstream Strategy Hits Its Stride

    Having restructured its downstream division and axed a number of international and domestic projects since 2020, Saudi Aramco rebooted its downstream expansion strategy this year. The firm exited 2022 with a flurry of agreements for large-scale projects intended to push it towards its 4mn b/d liquids-to-chemicals target.

  • Japan, Saudi Aramco extend Okinawa crude storage deal

    Japan Organization for Metals and Energy Security (JOGMEC) has renewed a deal with Saudi Aramco for crude oil storage on the island of Okinawa for another three years, the state-run Japanese company said on Thursday. Under the agreement, JOGMEC leases 13 national crude oil stockpiling tanks on the island southwest of mainland Japan to Aramco, enabling Saudi Arabia's state oil producer to store about 1.3 million kilolitres of crude oil for the next three years, JOGMEC said in a statement.

  • Japan, Saudi Aramco extend Okinawa crude storage deal

    Japan Organization for Metals and Energy Security (JOGMEC) has renewed a deal with Saudi Aramco for crude oil storage on the island of Okinawa for another three years, the state-run Japanese company said on Thursday. Under the agreement, JOGMEC leases 13 national crude oil stockpiling tanks on the island southwest of mainland Japan to Aramco, enabling Saudi Arabia's state oil producer to store about 1.3 million kilolitres of crude oil for the next three years, JOGMEC said in a statement.

  • Saudi Aramco and Sinopec sign initial agreement to set up refinery in China

    Leading crude oil exporter Saudi Aramco and China Petroleum and Chemical Corporation (Sinopec) have signed an initial agreement to build a refinery and a petrochemicals plant in China. The 320,000 barrels-per-day refinery and 1.5 million tonnes-per-year petrochemical cracker complex will be in operation by the end of 2025, Aramco said in a statement on Sunday. Aramco and Sinopec, along with Saudi Basic Industries Corporation (Sabic), have also signed a preliminary agreement to study the feasibility of developing a petrochemicals complex to be integrated with an existing refinery in Yanbu, Saudi Arabia.

  • Aramco, Total to Build $11 Billion Saudi Petrochemical Project

    Saudi Aramco and TotalEnergies SE took a final investment decision on an $11 billion petrochemical project in Saudi Arabia, betting that demand for materials to make plastics will continue to climb. The world’s largest oil-exporting nation is seeking alternative outlets for its vast supply of crude as countries gradually shift to cleaner energy. Aramco can add value to its sales by using the oil to make the building blocks for an enormous array of consumer items such as cars, computers and mobile phones.