Page 3 - Saudi Aramco

Saudi Arabia's Aramco considers selling $50 billion in shares: Report

Saudi Aramco is the world's biggest oil company, with a market value of $2.25 trillion

Saudi Aramco targeted in UN human rights probe tied to climate change

The probe follows a 2021 request to the UN Special Procedures human rights system by the environmental advocacy group ClientEarth to investigate Aramco

Saudi oil giant Aramco reports $30 bn in Q2 profits, down nearly 40%

Saudi state-run oil giant Aramco said Monday that it made $30 billion in profit in the second quarter, a nearly 40% decline from the same period the previous year that it attributed to lower oil prices. Total sales stood at just over 400 billion riyals (about $106 billion), down from 562 billion riyals ($150 billion in the second quarter of 2022. In an earnings report filed with the Saudi stock exchange, Aramco said the decrease mainly reflected the impact of lower crude oil prices and weakening refining and chemicals margins. The company reported net income of 112.8 billion Saudi riyals ($30 billion) compared to 181.6 billion riyals ($48 billion) in the second quarter of 2022, a decline of 37.8% Aramco nevertheless raised its dividend paid out to investors to 110.18 billion riyals ($29.38 billion), compared to $18.8 billion in the second quarter of 2022. The performance-based dividend is partly based on the company's record earnings last year, it said. Our strong results reflect o

BlackRock appoints Saudi Aramco's CEO Amin Nasser to its board: Report

Bader Al-Saad, director general and chairman of the Arab Fund for Economic and Social Development, won't stand for re-election to BlackRock's board next year, according to the statement

Saudi Aramco sees 'sound' oil outlook for H2CY23 on China, India demand

Brent crude futures are down about 14 per cent since the start of the year as rising interest rates hit investor appetite

Oil giant Saudi Aramco reports $31.88 billion profit in Jan-Mar quarter

Oil giant Saudi Aramco reported a first-quarter profit on Tuesday of $31.88 billion, down from $39.47 billion the same quarter last year. The firm known formally as the Saudi Arabian Oil Co. blamed the drop on lower global oil prices. Aramco made a $30.73 billion profit in the fourth quarter of last year. In March, Aramco announced earning $161 billion last year, claiming the highest-ever recorded annual profit by a publicly listed company and drawing immediate criticism from activists amid concerns about climate change. Those earnings came off the back of energy prices rising after Russia launched its war on Ukraine in February 2022, with sanctions limiting the sale of Moscow's oil and natural gas in Western markets. However, oil prices have sunk in recent weeks amid fears of a coming recession as central banks in the U.S. and elsewhere raise interest rates to try to tame inflation. Benchmark Brent crude traded early Tuesday around $76 a barrel, down from a high of $125 in the last

Infosys, Aramco ink pact to create digitally connected employee experiences

Infosys plans to embed digital transformation practices and tools into Aramco's HR platform, enhancing the overall digital experience for employees to engage more productively

Saudi Arabia's prince transfers 4% Aramco stake to public investment firm

Saudi Arabia's crown prince announced on Sunday the transfer of a 4 per cent stake of the oil giant Saudi Aramco to a subsidiary of the kingdom's sovereign wealth fund, further boosting its coffers as the kingdom tries to expand its economy beyond oil. Crown Prince Mohammed bin Salman's decision, announced by the state-run Saudi Press Agency, sends the stake to the Saudi Arabian Investment Co., known as Sanabil Investments. Sanabil is under the sovereign wealth fund known as the Public Investment Fund. The transfer will also solidify PIF's strong financial position and credit rating, the statement about the deal said. It gave no possible investment targets for either Sanabil or the PIF. Saudi Aramco, formally known as the Saudi Arabian Oil Co., acknowledged the shares going to Sanabil. It said the Saudi government remains the oil firm's biggest shareholder, with over 90 per cent of its stock. This is a private transfer between the state and Sanabil, and the company is not a party t

Chemical firm Aether Industries inks pact with Saudi Aramco Technologies

Specialty chemical manufacturer Aether Industries on Thursday said it has entered into a pact with Saudi Aramco Technologies Company to manufacture and commercialise the converge polyols technology and product line. Aether Industries has inked a letter of intent (LoI) with Saudi Aramco Technologies to this effect, according to a statement. Saudi Aramco Technologies and Aether had previously developed and validated this manufacturing process on a pre-commercial scale, Aether Industries aims to generate revenue of Rs 150-200 crore from this agreement. During the last few years, Aether has been working with Aramco on the CRAMS (Contract Research and Manufacturing Services) business model. Aether will take the same products from the CRAMS business model and commercialise and manufacture them under the Exclusive or Contract Manufacturing business model, the company added.

Saudi Aramco earned profits of $161 bn in 2022 due to high crude oil prices

Oil giant Saudi Aramco said Sunday it earned a USD 161 billion profit last year. The firm, known formally as the Saudi Arabian Oil Co., said in its annual report that higher crude oil prices propelled its profits. It made the announcement on Riyadh's Tadawul stock exchange. In 2021, Aramco declared profits of USD 110 billion, as compared to USD 49 billion in 2020 when the world faced the worst of the coronavirus pandemic lockdown, travel disruptions and oil prices briefly going negative. Benchmark Brent crude oil now trades around USD 82 a barrel, though prices had reached over USD 120 a barrel back in June. Aramco, whose fortunes hinge on global energy prices, announced a record USD 42.4 billion profit in the third quarter of 2022 off the back of that price spike. Those high prices have further strained ties between the kingdom and the United States, traditionally a security guarantor among the Gulf Arab states amid tensions with Iran. Before the midterm elections in November, t

India may split planned mega refinery into several refineries: Reports

Delays in acquiring a 15,000-acre land parcel have almost stalled the project, initially planned for 2025, and boosted costs by 36% to $60 billion, as per estimates made in 2019

BP rakes in quarterly net profit of $8.2 billion after price surge

The firm more than doubled its third-quarter profit from a year earlier to $8.15 billion and expanded its share buybacks by $2.5 billion

Saudi Aramco exec spent week in Chamoli jail, released after Rs 1k fine

Saudi Aramco's top executive spent nearly a week in a Uttarakhand jail after he was arrested in July for carrying a satellite phone without proper permission from authorities

Top headlines: AI puts in place transformation plan;BPCL divestment stalled

The carrier, which plans to induct 30 new wide-body and narrow-body aircraft, on Thursday announced 'Vihaan.AI', a comprehensive transformation plan with a detailed road map for next five years

Saudi oil giant Aramco tops own record with $48-billion profit in Q2

The company is using the windfall to reduce debt and invest in a huge expansion of its production capacity, rather than boost payouts to shareholders

Saudi Aramco profit surges to another record on bumper oil market

Saudi Aramco posted the biggest quarterly adjusted profit of any listed company globally driven by high crude prices and production

Saudi Arabia cuts oil flows to China while meeting other requests

State-run marketer Saudi Aramco typically doesn't provide buyers with a reason why volumes are cut

Saudi Arabia raise oil prices more than expected amid Asia rebound

The increase for July shipments resumes a streak of hikes that started in February and was only broken when state producer Saudi Aramco cut prices from record levels for this month

Adanis commit $75 million in Borouge's $2-billion IPO, says report

Seven cornerstone investors have agreed to subscribe for $570 million worth of shares in the IPO

WEF 2022: Aramco CEO warns of global oil crunch due to lack of investment

Amin Nasser said on Monday he was sticking to the target of expanding capacity to 13 million barrels per day from the current 12 million by 2027, despite calls to do it faster