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  • Aramco Approached Valvoline About Potential Takeover of One of Its Units

    No deal is imminent, and there are no guarantees there will be one, the people said. Valvoline has a market value of around $6 billion after its shares closed up more than 12% Wednesday following The Wall Street Journal’s report on the talks. Valvoline makes engine and automotive products and operates and franchises oil-change service centers around the U.S. Valvoline said last October that it planned to separate its retail-services business from its global-products operation, which is best known for its lubricants.

  • Saudi Aramco in massive offshore rig fleet expansion push

    Aramco’s ambitious offshore rig expansion comes at a time when the company has reported a record quarterly profit of $39.5 billion from soaring oil prices. Saudi Arabia is rapidly scaling up its oil production, with Aramco expected to boost its production capacity to 13 million barrels per day by 2027, up from the present 12 million bpd capacity.

  • Saudi Aramco in massive offshore rig fleet expansion push

    Saudi Aramco, the world’s largest oil exporter, is embarking on a massive offshore rig contracting spree, with more than 30 jack-up rigs likely to be chartered by the state-owned giant in an ongoing contracting drive. A total of 26 new jack-up contract awards have been made by Aramco since March, with another five expected within the next month, according to upstream-focused consultancy Westwood Global Energy.

  • Saudi Aramco Said to Consider Buying Valvoline’s Petroleum Unit

    Saudi Aramco is considering buying a unit of Valvoline Inc. that sells lubricants and other automotive products as the state-owned oil giant seeks to expand globally, people familiar with the matter said. Aramco made an approach to Valvoline to buy its global products business, the people said, asking not to be identified as the matter is private. Talks are ongoing and there is no guarantee that the two parties can reach an agreement, the people said.

  • Aramco Approached Valvoline About Potential Takeover

    Talks are early-stage and there are no guarantees the two sides will reach agreement, they said. Valvoline has a market value of around $5.4 billion.

  • Aramco CEO warns of global oil crunch due to lack of investment

    "The world is running with less than 2% of spare capacity. Before COVID the aviation industry was consuming 2.5 million bpd more than today. If the aviation industry picks up speed, you are going to have a major problem," Nasser told Reuters on the sidelines of the World Economic Forum in Davos.

  • Aramco Touts Trading Ambitions With First West Africa Crude Sale

    Aramco Trading Co. sold its first shipment of West African crude, underscoring the Saudi Arabian oil giant’s expansion ambitions for its trading arm. The company assigned a million-barrel cargo of Equatorial Guinea’s Zafiro crude for early June loading to Exxon Mobil Corp., according to traders with knowledge of the matter. The shipment will be processed by Exxon’s own refining system in Europe, they said.

  • Saudi Aramco Weighs IPO of Trading Unit Amid Boom in Oil Prices

    Saudi Aramco is considering an initial public offering of its trading arm amid a boom in oil prices in what could be one of the world’s biggest listings this year, according to people with knowledge of the matter. The state-controlled oil major is working with banks including Goldman Sachs Group Inc., JPMorgan Chase & Co. and Morgan Stanley as it studies a potential listing of Aramco Trading Co., the people said, asking not to be identified as the information isn’t public.

  • Saudi Aramco Q1 Net Profit Surges 82%

    The Saudi Arabian Oil Company reported first quarter net income of $39.5 billion, a 82% increase from $21.7 billion in the prior year, primarily driven by higher crude oil prices and volumes sold, and improved downstream margins.

  • Saudi Aramco’s Profit Soars as Oil Prices and Output Jump

    Saudi Aramco posted its highest profit since its record stock-market listing, after oil prices surged in the wake of Russia’s invasion of Ukraine. Aramco, which last week surpassed Apple Inc. to become the world’s most valuable company, followed Big Oil rivals such as Shell Plc and BP Plc in reporting bumper earnings for the first quarter. Like them, the Saudi Arabian firm’s results were boosted by crude’s jump to $110 a barrel after Moscow’s attack in late February.