Page 2 - Saudi Aramco

LTIMindtree-Aramco JV to work on enhancing women employment in Saudi Arabia

The joint venture of tech consulting firm LTIMindtree and Aramco will mirror India's strategy to build a technology talent pool in Saudi Arabia and enhance women's employment in the country, a senior official of the Indian IT company said. LTIMindtree and Aramco have formed a joint venture to create a next-generation digital and IT services company in Saudi Arabia to provide technology services for the rapid digitisation of the Saudi market and build a local talent pool over a period of time. LTIMindtree President and Executive Board Member Sudhir Chaturvedi told PTI that the company's collaboration with Aramco Digital will establish a next-generation digital and IT services company in Saudi Arabia. "We are going to make sure that like we do in India, wherein we hire both experienced professionals as well as freshers from universities and then train them into the process. Essentially, we will replicate that model there, obviously with nuances, which are specific to the Saudi market.

Welspun Corp's unit, Saudi Aramco scrap $41 million steel pipe contract

Welspun did not disclose the reason for the cancellation of the contract, but said it would not affect its operating plans

L&T wins Rs 5,000 crore major onshore gas pipeline project in West Asia

This is the largest cross-country pipeline EPC (Engineering, Procurement, and Construction) project awarded to us to date, said Subramanian Sarma, whole-time director and senior executive vice prez

Saudi Arabia's Aramco hikes dividend 30% to $98 bn despite drop in profit

The profit, down from $161.1 billion in 2022, was still the company's second-highest on record, Aramco said on Sunday as it reported total dividends for the year of $97.8 billion, up 30%

Saudi Arabia transfers another 8% of Aramco shares to sovereign wealth fund

Saudi Arabia's crown prince transferred another 8% of shares in the kingdom's oil giant Saudi Aramco to the country's prominent sovereign wealth fund on Thursday. The shares are worth some $160 billion. Crown Prince Mohammed bin Salman's decision comes as the kingdom is trying to build a series of megaprojects and invest in sports and other fields aggressively abroad to wean the country off of relying solely on oil. The country's sovereign wealth fund known as the Public Investment Fund, or PIF, has been a key element of Mohammed's plans, known as Saudi Vision 2030. The transfer of part of the state's shares in Saudi Aramco is a continuation of Saudi Arabia's long-term initiatives to boost and diversify the national economy and expand investment opportunities in line with Saudi Vision 2030, a statement announcing the deal said. The transfer will also solidify PIF's strong financial position and credit rating. The statement said the kingdom's ownership in Aramco would now be 82.186%

Kalpataru Projects International to lay 800 kms gas pipeline for Aramco

Kalpataru Projects International on Tuesday said it has secured an order from Saudi Arabia's energy major Aramco for laying 800 kilometres of gas pipeline. Kalpataru Projects International Ltd (KPIL) has received the letter of intent (LoI) from Aramco for carrying out engineering, procurement and construction works for three packages of the third expansion phase of the Master Gas System Network (MGS-3) in Saudi Arabia, KPIL said in a statement. The EPC work scope covers laying of over 800 kms of lateral gas pipeline, it said, adding that the value of the project will be confirmed upon contract execution. MGS-3 project aims to expand the existing gas network to supply gas to various industrial consumers. This expansion is expected to enhance Aramco's ability to meet the growing energy demand in Saudi Arabia and replace liquid fuel burning, contributing to Saudi Arabia's drive towards a diverse energy mix. Having roughly two decades of experience in cross-country pipelines, processin

Nvidia overtakes Saudi Aramco to be world's third most-valuable company

The rally has been relentless this year. The stock has climbed about 70% and added some $883 billion in value

Bidding pipeline in West Asia remains very strong: Larsen & Toubro

Analysts tracking L&T noted the company was an L1 bidder for a $2.5 billion contract related to this expansion project

India, Saudi Arabia conduct first joint military exercise 'SADA TANSEEQ'

The validation phase of 'SADA TANSEEQ', the first joint military exercise between the Indian Army and the Royal Saudi Land Force was completed at the Mahajan Field Firing Ranges on Thursday, according to an official statement. The 12-day exercise from January 29 to February 9 was aimed at achieving interoperability between the two forces and acquaint each other with operational procedures and combat drills under the UN mandate, it said. The Indian contingent of the 20th Battalion of The Brigade of Guards Regiment and the Saudi Arabian contingent comprising a group of 45 soldiers participated in the exercise conducted in two phases. The first phase focused on combat conditioning and tactical training. The second culminated in physical exercises and validation. Both contingents jointly took part in the validation phase which included the creation of a temporary operating base, the establishment of an intelligence, surveillance and reconnaissance grid and a mobile vehicle check post an

Aramco says it will not increase maximum daily production on state orders

Saudi Arabia's oil giant Saudi Aramco said on Tuesday it will not try to increase its maximum daily oil production to 13 million barrels a day after receiving an order from the country's Energy Ministry. The firm, known formally as the Saudi Arabian Oil Co., said it would maintain its maximum output at 12 million barrels a day. It did not give a reason for the decision. However, crude oil prices globally have fallen over recent months as demand has been soft. Benchmark Brent crude traded Tuesday around USD 81 a barrel. Aramco reported earning USD 161 billion last year, claiming the highest-ever recorded annual profit by a publicly listed company and drawing immediate criticism from activists worried about climate change.

Aramco CEO Nasser predicts tighter oil markets, sees Red Sea risks

Container vessels have been pausing or diverting from the Red Sea that leads to the Suez Canal, the fastest route from Asia to Europe, where about 12% of world shipping passes

Indian refiners set to ask for extra Saudi oil after sharp price cut

Indian Oil Corp, the country's top refiner, and Bharat Petroleum Corp, are looking at lifting an additional 1 million barrels of oil each from Saudi Aramco in February, the sources said

Indian Oil, Bharat Petroleum set to ask for extra Saudi oil after price cut

Indian Oil Corp, the country's top refiner, and Bharat Petroleum Corp, are looking at lifting an additional 1 million barrels of oil each from Saudi Aramco in February, the sources said

COP28 climate summit 2023: Exxon, Aramco lead emissions cut pledge

The list of national oil companies includes Brazil's Petrobras, Nigeria's NNPC and Kazakhstan's KazMunaiGaz. China's largest oil and gas companies haven't joined

Saudi Aramco forecast to cut oil price to Asia as competition heats up

The state-owned Saudi Arabian producer will reduce the official selling price of Arab Light by $1.05 a barrel for January from the previous month, according to the median estimate

Welspun Corp's EPIC signs Rs 1,000-cr contract with Saudi Aramco

Homegrown Welspun Corp on Friday said its associate company East Pipes Integrated Company for Industry (EPIC) has signed a contract with Saudi Aramco worth about Rs 1,000 crore for manufacturing and supply of large diameter steel pipes. The total value of the order exceeds Saudi Riyal 440 million (about Rs 1,000 crore) inclusive of value added tax, Welspun Corp said in a statement. "Associate company EPIC in the Kingdom of Saudi Arabia (KSA) has signed a contract for the manufacturing and supply of large diameter steel pipes with Saudi Aramco. "The financial impact of this contract is expected to be reflected in the second and third quarter of the financial year 2024-2025," it said. The duration of the contract is 13 months. This order is in addition to the announcement made by Welspun Corp in May 2023 for the landmark SAR 1.8 billion (about Rs 4,000 crore) contract with Aramco, the statement said. EPIC is Saudi Arabia's leading manufacturer of Helical Submerged Arc Welded (HSAW)

Saudi Aramco Q3 result: Net profit falls 23% on lower crude prices, volumes

The Saudi oil giant said the decline in oil prices and volumes was partially offset by a reduction in production royalties during the period

Govt wants Saudi Aramco to develop strategic petroleum reserve: Report

India, the world's third-biggest oil importer and consumer, imports over 80% of its oil needs and has built strategic storage at three locations in southern India

Aramco, Siemens to sign pilot project for carbon capture and storage

Extracting carbon dioxide from the atmosphere rather than sources of emissions, the direct-air method is the costliest application of carbon capture, according to the International Energy Agency

Larsen & Toubro snaps up nearly $4 billion order from Saudi Aramco

Engineering firm's shares hit new high