Page 39 - Saudi Arabia

Saudi Arabia's latest economic plan comes with big risks, can hit finances

The idea is that their expenditure on new infrastructure and technology will be big enough to accelerate the country's growth and cause a jobs boom

IOC to buy Guyanese crude as India doubles up on cutting Opec dependence

According to oil ministry officials, this deal is at competitive rates and is in line with the strategy to have multiple sources of crude oil for Indian refiners

$12.5-bn pipeline deal shows oil still king for investors in Saudi Arabia

EIG makes one of the biggest direct investments in the country; Aramco deal shows country's reliance on core energy

Billionaire Saudi Arabia family breaks the mould on kingdom's secrecy

BinDawood family's share sale to drive diversification push

Oil price rises nearly 2% on US vaccine rollout, Middle East tension

Crude prices have remained rangebound in the past three weeks, as growing expectations of surging U.S. economic activity are balanced by the slow rate of vaccination in Europe

Yemeni Houthis claim drone attack on Saudi Aramco's oil facilities

While attacks on Saudi cities and energy installations have increased this year, they rarely claim lives or cause extensive damage

L&T's arm bags order to set up solar power project in Saudi Arabia

The Renewables arm of Larsen & Toubro's Power Transmission & Distribution Business has bagged an order to set up Sudair solar power project of 1.5 GW in Riyadh province of Saudi Arabia. The company did not disclose the value of the contract, but said the orders fall under the "major" category, which ranges between Rs 5,000 crore and Rs 7,000 crore, according to the classification of contracts. The Renewables arm of Larsen & Toubro's Power Transmission & Distribution Business has secured a turnkey EPC contract, from the consortium of ACWA Power and the Water and Electricity Holding Company for Sudair Solar PV Project of 1.5GW capacity, a company statement said. According to statement this project is considered the largest Solar Plant in Saudi Arabia with power purchase agreement (PPA) signed. It is also one of the largest such plants in the world. The EPC (engineering procurement construction) contract, was awarded by the consortium of ACWA Power and the Water and ...

Saudi Arabia crown prince's past makes his vision a tough sell abroad

His plan to open up the economy may be jeopardised by his reputation

Saudi $7 trillion investment goal puts spotlight on oil prices: Report

In order to wean Saudi Arabia off its dependency on crude the kingdom needs higher oil prices

Indian refiners to buy one-third less oil from Saudi Arabia next month

Indian refiners will buy less oil from Saudi Arabia next month as they snap up supplies outside of the Middle East as part of diversification drive amid weakening domestic fuel demand on the resurgence of COVID-19. State-owned Indian Oil Corporation (IOC) and three other refiners have sought just 65 per cent of the monthly average of about 15 million barrels from Saudi Arabia in May, three sources with knowledge of the matter said. The move follows tensions between India and Saudi Arabia over the Kingdom's hawkish stance on boosting production to cool prices. With Saudi Arabia ignoring its pleas to lift output curbs, the Indian government last month asked state refiners to look for sources outside of the Middle East. Sources said IOC and other state refiners are looking to buy more oil from the spot or current market rather than rely on term or fixed quantity contracts with Saudi and other oil cartel OPEC nations. They have in recent weeks bought newer crudes from geographies rang

Power play: India wields oil 'weapon' to cut dependence on Saudi Arabia

Indian refiners plan to cut imports from the Kingdom by about a quarter in May, sources said, dropping them to 10.8 million barrels from monthly average of 14.7-14.8 million barrels

US resumes calls to Saudi Arabia as OPEC+ debates increase or rollover

Trump insisted OPEC raise production to prevent prices from spiking too high

Saudi daily lauds Indian govt's development, welfare initiatives in J-K

Noting the positive initiatives taken by the Indian government in Jammu and Kashmir, Saudi Gazette has lauded Prime Minister Narendra Modi's government for undertaking various development and public welfare programmes, in the aftermath of the abrogation of Article 370.The Saudi daily noted that the J-K youth have responded positively to the Modi government's initiatives and have shown their desire to become a part of the progress of the country."Even the local militants who gave up arms after August 5, 2019, have been rehabilitated and have become a part of the national mainstream," the English daily noted.Saudi Gazette reported that most of the local leaders of Kashmir who used to claim that "if J & K's special status is revoked no one will be left in Kashmir to hold the tricolour" have been proven wrong.The Saudi newspaper further pointed out that the Centre's scholarship schemes for Jammu and Kashmir students had helped many youths from poor backgrounds to get admissions in ...

Saudi Arabia's listed firms to cut payouts for Prince's $1.3-trn plan

The companies will benefit from extra subsidies and the ability to lobby for law changes

Saudi announces $1.3 trn pvt sector investment push led by Aramco, SABIC

The move aims to mobilise the Gulf Arab state's private sector to help wean the economy off its reliance on oil exports, which still account for more than half the state's income

Explained: Why 'atmanirbharta' flows against oil security for India

Instead of relying on negligible domestic deposits, India should be securing steady supplies from abroad

FTSE puts India, Saudi on watchlist for inclusion in its bond index

FTSE Russell's semi-annual country classification review said market accessibility level of Indian and Saudi bonds will be considered for reclassification to 1 from 0

Saudi local office must for foreign firms to get state contracts from 2024

The government has told foreign companies that, from 2024, they can only secure state contracts if they have local offices

CBI arrests ponzi firm promoter after his deportation from Saudi Arabia

The CBI has arrested Sudeer Muhammed Cheriya Vannarakkal who allegedly siphoned off about Rs 10 crore of public money through a ponzi scheme

India to buy oil from cheapest supplier on favourable terms, says Pradhan

UAE, Kuwait and Nigeria -- some of the biggest suppliers of oil to India -- are all OPEC members