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Crown Prince Mohammed bin Salman Visits South Korea ahead of G20 Summit in Japan
- June 27,2019
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- SUSTG Team
Saudi Arabia’s Crown Prince Mohammed bin Salman, en route to the G20 meetings in Japan this weekend, made an official and high-level visit to South Korea in a sign of strong ties between the two nations. Photos released by the Saudi Press Agency (SPA) show the Crown Prince was warmly received in South Korea. During the visit, […]
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Saudis Celebrate One Year Anniversary of Women Drivers in the Kingdom
- June 24,2019
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- SUSTG Team
One year ago today, women in Saudi Arabia were legally allowed to drive on the Kingdom’s roads for the first time, a landmark and life-changing event for many Saudi women and an undeniable leap forward for Saudi Arabia’s ongoing economic and social reforms. June 24, 2018 was the first day in which Saudi women were allowed […]
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Houthis Strike Abha International Airport in Saudi as Fears of Widening Conflict Grow
- June 13,2019
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- SUSTG Team
Yemen’s Houthi rebels attacked an airport in southern Saudi Arabia on Wednesday, wounding 26 people, the Saudi Press Agency (SPA) and other reports confirmed. Eighteen people were treated at Abha International Airport for minor injuries and another eight were taken to a hospital, according to the SPA, which quoted Turki al-Malki, spokesman of the US-backed Saudi-led coalition […]
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Putin Highlights Price Difference with Saudis and OPEC+ with Key Production Decision Looming
- June 6,2019
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- SUSTG Team
Saudi Arabia and Russia may not see eye-to-eye on the targeted price of crude oil, which could complicate the two sides’ efforts to reach a joint decision on supply, according to multiple reports. Russian President Vladimir Putin said on Thursday that Russia had differences with OPEC over what constituted an acceptable price for oil, but […]
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Fragile Ceasefire in Key Yemen Port Broken with Fresh Fighting after Cross-Border Drone Attack on Saudi Oil Pipelines
- May 15,2019
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- SUSTG Team
Fresh fighting broke out in a key port in Yemen yesterday, breaking a fragile cease-fire and threatening to complicate a troop withdrawal agreement intended to pave the way for wider peace talks, according to reports. Hodeidah port on the Western coast of Yemen “is a lifeline for millions of Yemenis threatened by starvation because of the war […]
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70 Percent Increase in New Licenses for Foreign Businesses in First Quarter, Al-Omar Says
- April 29,2019
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- SUSTG Team
The number of new licenses approved for foreign businesses in Saudi Arabia rose by 70 percent in the first quarter from a year earlier, the head of Saudi Arabia’s General Investment Authority (SAGIA) said. According to Bloomberg, applications from British and Chinese companies drove the increase, rising by 86 percent and 71 percent, respectively. The data […]
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Senate Overwhelmingly Confirms John Abizaid as US Ambassador to Saudi Arabia
- April 11,2019
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- SUSTG Team
The Senate overwhelmingly voted to confirm retired Gen. John Abizaid as the new US Ambassador to Saudi Arabia on Wednesday in a 92-7 vote, paving the way for the former head of then U.S. Central Command to be the first person to fill the post since President Trump took office. President Trump’s choice for the next U.S. Ambassador to Saudi […]
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House, Senate Vote to End U.S. Support of Yemen War, Setting Stage for Trump Veto
- April 5,2019
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- SUSTG Team
The U.S. House of Representatives approved a resolution on Thursday that would end all U.S. involvement with the Saudi Arabia-led coalition in the war in Yemen, Reuters reports. President Trump is likely to veto the resolution, the second veto of his presidency. The vote in the House was 247-175. 16 Republicans joined the majority Democrats in […]
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Saudi Aramco Opens its Books, Officially the World’s Most Profitable Company
- April 1,2019
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- SUSTG Team
State-owned Saudi Aramco is the world’s most profitable firm, eclipsing global heavyweights like Apple and Samsung, according to new data revealed ahead of a major bond issuance. Saudi Aramco’s earnings last year before interests, taxes, and depreciation stands at $224 billion, almost three times as much as Apple. Net income last year was $111.1 billion. The revelation of […]
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Oil Notches Third Straight Week of Gains, but Global Economy Fears Still Weigh on Prices
- March 22,2019
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- SUSTG Team
Concerns that a looming economic slowdown might soon impact fuel consumption around the world are weighing down oil prices after Saudi Arabia and the OPEC+ group of oil producing nations have successfully reversed a downward trend for oil since the start of 2019. Brent hit a four-month high of $68.69 per barrel on Thursday, up from $51 […]
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Saudi Aramco May Need Big Changes to Keep Dividend Pledge
Something has to give, but Aramco is signaling it won’t be the dividend, says Jim Krane, an energy studies fellow at Rice University’s Baker Institute. The company paid $18 billion to shareholders for the second quarter even though it only earned $6 billion, borrowing the difference. CEO Amin Nasser slashed capital expenditure targets by a third to $25 to $30 billion over the coming year. Recent leaks from the company revealed it would save these billions by freezing downstream megaprojects in China, India and elsewhere.
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Saudi Aramco Appoints New CEO for $500 Million Investment Arm
SAEV invests in early-stage oil, gas, renewable and chemicals technologies that can potentially benefit the parent company. SAEV generally spends several million to tens of millions of dollars on each acquisition, focusing on companies developing drilling techniques, chemical applications or blockchain-based trading.
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Commentary: Saudi Aramco Wants to Be More Like Exxon and Shell
Aramco, as the company is widely known, is creating a new corporate development organization that will focus on “portfolio optimization,” with a brief to “assess existing assets” and boost access to “growth markets and technologies.” It will be led by Senior Vice President Abdulaziz Al Gudaimi, who now heads up the company’s unprofitable downstream business.
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Saudi Aramco continues to explore India investment plan
India’s Ministry of Petroleum and Natural Gas recently notified liberalised guidelines for bulk and retail marketing of petrol and diesel, offering new opportunities for foreign oil companies, including those in the Gulf, to enter this lucrative energy business.
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Saudi Aramco eyes growth opportunities with new development organisation
The new organisation, which will be led by Senior Vice President Abdulaziz al-Gudaimi and start operating on Sept. 13, will “support rapid and effective decision-making on the portfolio and corporate development activities,” Aramco, the world’s top oil producing company, said in a statement.
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Saudi Aramco Suspends $10 Billion China Crude Refinery Venture
Refiners have taken a hit as the virus curbed demand globally and margins have been squeezed. That’s changed the investment case for the refining business. Saudi Aramco had also been in talks with Indonesia’s state energy company Pertamina earlier this year over a refinery expansion project, but negotiations ended without an agreement and Pertamina is looking for another partner.
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Saudi Aramco: Time To Invest In One Of The World’s Largest Companies?
Saudi Aramco had held the highest net income, dividends, and total shareholder returns among major oil companies since its IPO. The company had an aggregate of $37.5 billion in dividends across 1Q and 2Q - roughly 2%. It remains committed to its annual goal of $75 billion in dividends in the year or a roughly 4% yield.
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Saudi Aramco plans further spending cuts to pay for dividend: FT
Saudi Aramco plans to cut its capital spending to a range of $20 billion to $25 billion this year to pay a $75 billion dividend it pledged to investors during its initial public offering last year, the Financial Times reported on Wednesday, citing people familiar with the matter. The report says the new level of capital spending is largely dedicated to the state-owned group’s exploration and production business and will hold for the next three years.
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Reliance-Saudi Aramco $15 billion deal is going through due diligence before final decision
"With regard to the Reliance deal, all I can say at this stage, it's going through due diligence. So, depending on the due diligence, we will make our decision after we complete the due diligence on that deal," Aramco CEO said.
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Saudi Arabia’s Aramco raises domestic gasoline prices for August
Aramco set 91 octane grade at 1.43 riyals per litre from 1.29 riyals, and 95 octane grade will be at 1.60 riyals instead of 1.44 riyals in July
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