Saudi Aramco's Profit Plunges, Sees Signs of Recovery
State oil giant Saudi Aramco's profit plunged 73% in the second quarter of the year, as a slump in energy demand and prices due to the coronavirus crisis hit sales at the world's biggest oil exporter.But the company stuck with plans to pay $75 billion in dividends this year and CEO…
Angola Says Producer Cuts Insufficient, More Action Needed
Angola sees an oil production curb by OPEC, its allies and other top producers as insufficient to balance global markets, state news agency ANGOP quoted resources and petroleum minister Diamantino Azevedo as saying on Friday."It is up to everyone to understand that, despite the measures taken by OPEC, oil producers in various countries should be aw
Dalian Refinery Plans 45-day Overhaul
PetroChina's subsidiary refinery, Dalian Petrochemical Corp, plans to have a major turnaround in April-May of 2020, four industry sources told Reuters.The maintenance is scheduled to start from late March or early April and will last for around one and a half months, the sources said.The 410,000 barrels-per-day (bpd) plant in the northeast Chinese
Timeline: Saudi Aramco's Winding Road to IPO
State-run oil giant Saudi Aramco has priced its initial public offering (IPO) at the top of its indicative range, making it the world's biggest flotation by raising more than Alibaba's $25 billion listing in 2014.Here are key events in the Saudi state oil giant's planned stock market debut.Dec 5…
Saudi Aramco Shares to Start Trading Dec. 11
Saudi Aramco shares will start trading on Dec.
BP, Total Pact for Adnoc LNG Supply
The state oil giant Abu Dhabi National Oil Company (ADNOC) signed agreements with BP and Total to book the majority of its liquefied natural gas (LNG) production up to the first quarter of 2022.With the transactions, ADNOC LNG has continued to expand its footprint into new regions and markets…
Investors Still Unclear on Saudi Aramco IPO Value
Saudi Aramco's blockbuster listing remained shrouded in mystery on Monday, a day after the company finally announced its plans, with scant details disclosed and expert valuations varying wildly from around $1.2 to $2.3 trillion.The state oil giant, the world's most profitable company…
Saudi Still China's Top Oil Supplier
Saudi Arabia held its position as China's largest crude oil supplier in September helped by demand from new refineries and as imports from Iran and Venezuela continued to fall due to U.S. sanctions, customs data showed on Friday.The drone and missile attack on oil-processing plants in Saudi Arabia on Sept.
Saudi Aramco adds Goldman Sachs as Bond Bookrunner
Saudi Aramco has added Goldman Sachs as a bookrunner for a planned bond which will help finance its purchase of a stake in Saudi Arabian Basic Industries Corp (SABIC), two sources familiar with the matter told Reuters.The U.S. investment bank flew out a team of senior executives including partner Dina Powell, a veteran of the administration of U.S.
Ensco to Buy Rowan in $2.38 Bln Deal
Offshore driller Ensco Plc said on Monday it plans to buy smaller rival Rowan Cos Plc in an all-stock deal valued at $2.38 billion, as it looks to expand its fleet and benefit from a partnership with Saudi Aramco.This is Ensco's second deal since OPEC-led efforts boosted oil prices in the second half of 2016.
Big Oil Readies Brazil Offshore Bets
Exxon Mobil Corp , Royal Dutch Shell Plc and other companies will gather on Friday in possibly their last crack at Brazil's coveted offshore oil for another four years, as a wide-open election spurs fears about barriers to foreign investment.The auction in Rio de Janeiro for four…
Sinopec, Zhejiang to Build LNG Terminal in China
China's Sinopec Corp has teamed with Zhejiang Energy Group Co Ltd on a 3 million tonne-per-year liquefied natural gas (LNG) terminal in east China, with the first phase set for operation at end-2021, the state oil giant said on Wednesday.The project, to be built in Wenzhou of Zhejiang province…
Saudi Aramco Still Committed to Meet Future Oil Demand- Energy
Saudi state oil giant producer Saudi Aramco is still committed to meeting future oil demand through continued investments, the kingdom's Energy Minister Khalid Al Falih said in a company report on Friday.Aramco, which is slated for a public share sale, "continued to prepare itself for the listing of its shares, a landmark event the companu and its
Middle East Oil & Gas Shipping Routes are at Risk
Saudi Arabia said on Thursday it was suspending oil shipments through the Red Sea after Yemen's Iran-aligned Houthis attacked two crude tankers, underscoring risks caused by the conflict in the world's top oil exporting region.Iran, in its row with the United States over sanctions…
Saudi Intercepted Missiles Launched at Aramco Facility
Yemen's Houthis fired two ballistic missiles at a Saudi Aramco facility in the southern city of Jazan on Monday, but Saudi state media said the rockets were destroyed.The Houthis' al-Masirah TV said they had targeted a port belonging to the Saudi state oil giant, but there were no reports of damage or casualties, and no immediate comment from Aramc
Construction Begins on Saudi Aramco's Shipyard Joint Venture
Construction work has begun on a joint venture to build a shipyard on Saudi Arabia's eastern coast, oil rig builder Lamprell Plc said in a statement on Friday. The joint venture, International Maritime Industries (IMI), started operations after reaching agreement for a loan from the state-backed Saudi Industrial Development Fund (SIDF)…
Gunvor's Rotterdam Oil Storage is for Sale
Trading house Gunvor is looking to sell a stake in more of its Rotterdam oil storage, two sources told Reuters, after offloading a chunk last year to a subsidiary of state oil giant Saudi Aramco. Gunvor acquired a significant amount of storage in Rotterdam, Europe's deepest port and a hub for its oil trading…
ADNOC to Build Huge Refining & Chemical Plant
State oil giant Abu Dhabi National Oil Co (ADNOC) plans to build the world's largest integrated refining and chemical site in Ruwais, United Arab Emirates, ADNOC's chief executive officer said on Tuesday. Speaking at the CERAWeek conference in Houston, Sultan al-Jaber, head of ADNOC…
Long wait Ends for Big Oil as Mexico Auctions Prized Blocks
Mexico will on Wednesday offer foreign energy firms the right to drill beneath prized deep waters in the Gulf of Mexico that may contain billions of barrels of oil, the climax of an historic energy reform just five months before a presidential election. The auction of 29 blocks is…
Saudi Aramco Hires Former Shell Executive for Chemicals Business
State oil giant Saudi Aramco has hired Olivier Thorel, a former senior executive at Royal Dutch Shell, as executive director for its chemicals business, the company said on Wednesday. Thorel started his post at Saudi Aramco on Jan. 1. He held various positions with Shell in downstream operations after joining the company in France in 1990…
