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The Latest Breaking News from Saudi Aramco

Oil giant Saudi Aramco's 1st quarter profit down 20% to $31B

Oil giant Saudi Aramco has reported a first-quarter profit of $31.88 billion, down nearly 20% from the same period last year as energy prices have sunk over global recession concerns

The Independent UK

Why are villagers in Konkan opposing the proposed multi-billion dollar Ratnagiri Refinery project in Maharashtra?

How the proposed refinery project is garnering protest due to concerns of environmental pollution and loss of livelihood

The Hindu

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

Saudi Arabia's Crown Prince Mohammed bin Salman announced Sunday the transfer of a 4% stake of the oil giant Saudi Aramco to Sanabil Investments, a subsidiary of the kingdom's Public Investment Fund (PIF). Experts interviewed by Asharq Al-Awsat said the move supports PIF’s flexibility in capturing local and global investment…

Asharq Al-Awsat

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Saudi prince gives 4% Aramco stake to public investment firm

Saudi Arabia’s crown prince has announced the transfer of a 4% stake of the oil giant Saudi Aramco to a subsidiary of the kingdom’s sovereign wealth fund

The Independent UK

Saudi Crown Prince Announces Completion of 4% of Aramco Shares Transfer to Sanabil Investments

Prince Mohammed bin Salman bin Abdulaziz Al Saud, Crown Prince and Prime Minister announced on Sunday the completion of the transfer of 4% of Saudi Aramco's total issued shares from the State's ownership to the Saudi Arabian Investment Company (Sanabil Investments), a wholly owned company of the Public Investment Fund…

Asharq Al-Awsat

Saudi Arabia to Supply Full Crude Contract Volumes to Asia

Several informed sources said that the giant Saudi Aramco plans to supply full crude contract volumes loading in May to several North Asian buyers despite its pledge to cut output by 500,000 barrels per day, Reuters reported. This comes after the Organization of the Petroleum Exporting Countries (OPEC) and the…

Asharq Al-Awsat

Saudi Arabia hikes oil prices to Asia after OPEC+ shock cuts

Saudi Arabia hiked official selling prices for all of its oil sales to Asian customers in May, days after the kingdom led a surprise OPEC+ output cut.

Tribune News Service

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Aramco JV HAPCO to Commence Construction of Major Refinery, Petrochemical Complex in China

Saudi Aramco and joint venture partners NORINCO Group and Panjin Xincheng Industrial Group plan to start construction of a major integrated refinery and petrochemical complex in northeast China, Aramco said in a statement on Sunday. Huajin Aramco Petrochemical Company (HAPCO), a joint venture between Aramco (30%), NORINCO Group (51%) and…

Asharq Al-Awsat

Aramco, DHL Announce End-to-End Procurement and Logistics Hub Joint Venture

Saudi Aramco and DHL Supply Chain have signed a shareholders’ agreement for a new Procurement and Logistics Hub in Saudi Arabia, to enhance supply chain efficiency and sustainability, Aramco said in a statement on Monday. According to Aramco, it would be the region’s first such hub catering to customers in…

Asharq Al-Awsat

Morning Mail: ACBF-Youpla victims wait for compensation, Oscar goodie bag gift prompts questions

Record profit for Saudi Aramco, Gary Lineker row deepens, Oscars coverage kicks off

The Guardian - AU

Saudi Aramco’s $161bn profit is largest recorded by an oil and gas firm

Amnesty International hits out at ‘shocking’ annual figure reaped through sale of fossil fuel

The Guardian - UK

Four takeaways as oil giant Saudi Aramco reports a huge $161 billion profit

The world's biggest oil company has announced it made $161 billion in profits in 2022, a whopping figure for the corporation and its main shareholder, the Saudi government.

WEKU

Saudi Aramco reports 'record' $161 billion profit for 2022

RIYADH - Saudi Aramco said on Sunday it achieved "record" profits totalling $161.1 billion last year, drawing an outraged response from activists warning about the ravages of climate change.

Bangkok Post

Saudi Aramco Reports ‘Record’ $161 Billion Profit for 2022

Saudi Aramco said on Sunday it achieved "record" profits totalling $161.1 billion last year, its highest annual profits as a listed company. In a statement announcing 2022 results, Aramco said the achievements were "underpinned by stronger crude oil prices, higher volumes sold and improved margins for refined products, while the…

Asharq Al-Awsat

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The New Daily

Oil giant Saudi Aramco announces $US161 billion profit

Saudi Aramco has announced it earned a $US161 billion ($245 billion) profit last year, with higher crude oil prices propelling profits.

The Independent UK

Oil giant Saudi Aramco has profits of $161B in 2022

Oil giant Saudi Aramco says it earned a $161 billion profit last year

Asharq Al-Awsat

Seoul Seeks Aramco’s Help to Win Contracts of Saudi Giga Projects

South Korea's government intends to make its firms enter the Saudi market and win contracts to construct $500 billion worth of projects to develop smart and eco-friendly cities in NEOM, in the northwest of the Kingdom. The Export-Import Bank of Korea has announced the signing of a $6 billion framework…

Radio France Internationale

Saudi Arabia to invest in French-Chinese car joint venture

Oil giant Saudi Aramco is preparing to join carmakers Geely and Renault in a new joint venture in hybrid and internal-combustion vehicles.

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Asharq Al-Awsat

Saudi Aramco Acquires Valvoline Inc. Global Products Business

The Saudi Arabian Oil Company (Aramco) has completed the acquisition of the Valvoline Inc. global products business (Valvoline Global Operations) for $2.65 billion, through one of its wholly-owned subsidiaries. With this acquisition, which follows the signing of an equity purchase agreement by the companies announced on Aug. 1, 2022, Aramco…

Asharq Al-Awsat

Aramco Inks Pact with Renault, Geely for Engine Venture

Saudi Aramco has agreed to take a minority stake in a new powertrain engine company that French car maker Renault SA and China's Geely Automobile Holdings Ltd plan to set up jointly, they said on Thursday. The new joint venture is aimed at developing more-efficient gasoline engines and hybrid systems.…

Asharq Al-Awsat

SABIC CEO to Asharq Al-Awsat: We Expect Improvement in Demand for Petrochemicals in 2nd Half of 2023

Energy prices caused the profit margins of the Saudi Basic Industries Corporation (SABIC) - the world’s largest petrochemical producer - to decline by 28 percent in 2022. SABIC acting CEO Abdulrahman Al-Fageeh told Asharq Al-Awsat that the company was optimistic about the quality and reliability of the factories, expecting that…

Zenger

Elon Musk Expects Tesla To Be Worth More Than Saudi Aramco & Apple Combined By 2030

Billionaire investor Ron Baron's bet on Tesla Inc is more of a bet on the man behind the wheel: Elon Musk

Asharq Al-Awsat

Saudi-Korean Partnership to Finance Jafurah Gas Field

Saudi Arabia’s Riyad Bank signed a project financing agreement with the Export-Import Bank of Korea to develop the power station project in the al-Jafurah gas field. In 2020, Saudi Aramco that it had obtained approval to develop the Jafurah unconventional gas field in the Eastern Province, the largest non-associated gas…

Asharq Al-Awsat

Saudi Aramco Acquires Largest Oil Refinery in North America

Saudi Aramco’s global trading arm has bought US firm Motiva Trading as it seeks to expand its footprint across North and South America. As well as acquiring 100 percent of the firm, Aramco Trading Co.

Asharq Al-Awsat

Royal Saudi Navy Concludes 'Tasaddi 5' Drill

The Royal Saudi Naval Forces, represented by the Eastern Fleet, concluded the joint naval exercise “Tasaddi 5.” The Interior Ministry, represented by border guards in the Eastern Province, and the Energy Ministry, represented by Saudi Aramco and Aramco Gulf Operations, participated in the drills. The five-day drill kicked off at…

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