Saudi Aramco

Aramco reports lower half-yr profits as economic worries dampen energy rate

Saudi oil giant Aramco reported half-year profits Tuesday of USD 56.3 billion, down from the year before due to weakening volumes sold amid worries about the global economy. Aramco, formally known as the Saudi Arabian Oil Co., said its overall revenue for the half-year was USD 220.7 billion, up from USD 218.6 billion the year before. Profits in 2023 were USD 61.9 billion, nearly USD 5 billion higher. The decrease was primarily a result of lower crude oil volumes sold, weakening refining margins and lower finance and other income, Aramco said in a filing on Riyadh's Tadawul stock exchange. This was partially offset by higher crude oil prices and lower production royalties compared to the same period last year and lower income taxes and zakat, or Islamic charitable contributions. Saudi Arabia, a leader in the OPEC cartel, has allied with Russia and others outside of the group to try to keep production down to boost global oil prices. Benchmark Brent crude traded around USD 77 a barrel

Saudi Aramco signs pact to buy 50% of APQ's blue hydrogen business

Financial details of the transaction for Blue Hydrogen Industrial Gases Company (BHIG) were not disclosed, but Aramco said the deal includes options for it to buy hydrogen and nitrogen

Saudi Arabia raises $12.35 bn from Aramco share sale after increasing offer

Aramco's shares have risen 3.3 percent since the offering last month

Aramco looks to raise at least $3 bn from first bond sale in three years

The Saudi government and its various units have been borrowing vast amounts this year, topping China as the biggest issuer of international debt among emerging markets

Rs 35,000 crore Saudi Aramco order biggest ever, say L&T executives

Firm clarifies it is part of existing order book, not new

Aramco signs over $25 bn of deals for main gas network, Jafurah gas field

Saudi Arabia is working on developing its unconventional gas reserves, which require advanced extraction methods such as those used in the shale gas industry

16% RIL shareholders oppose reappointment of Aramco chairman as director

Reliance Industries' shareholders have approved the reappointment of Saudi Aramco Chairman Yasir Othman H Al-Rumayyan as an independent director on the company's board for five years but over 16 per cent voted against the proposal. In a stock exchange filing, Reliance said its shareholders through a postal ballot approved the reappointment of Al Rumayyan as well as appointment of Haigreve Khaitan as independent directors on the board. They also approved reappointment of long-time company executive P M S Prasad as a director for another 5 years. The resolution for reappointment of Al Rumayyan was carried with 83.97 per cent voting in favour of the resolution. As many as 16.02 per cent voted against it , the filing showed. Al-Rumayyan, who also heads Saudi Arabia's Public Investment Fund - among the largest sovereign wealth funds in the world, was first appointed on Reliance board in 2021 for a three-year term. His first term ends on July 18, 2024. And now he has been reappointed till

State-owned BPCL planning to set up new refinery worth Rs 50,000 crore

The state-run oil marketing company will invest around Rs 50,000 crore in the project and is currently assessing locations in three states - Andhra Pradesh, Uttar Pradesh, and Gujarat

Over half of Aramco share sale allocated to foreign investors: Report

International demand for the secondary share sale was greater than for Aramco's IPO in 2019, sources had previously told Reuters

Saudi Arabia set to raise $11.2 bn from secondary offering of Aramco shares

Aramco's book was covered four to five times near the bottom of the price range of 26.7 to 29 riyals

Saudi Aramco courts foreign investors with roadshows in US, London

During Aramco's 2019 initial public offering, overseas investors had largely balked at valuation expectations and left the government reliant on local buyers

Investors flock to Aramco share sale that could raise $13 billion

The offering will be a gauge of Riyadh's appeal to foreign investors, a key plank of the kingdom's plan to overhaul its economy. Foreign direct investment has repeatedly missed its targets

OPEC meeting to shape India's Russian oil purchases as May levels stay high

Bloc members led by Saudi Arabia and Russia are holding a ministerial meeting on June 2 to decide the fate of global oil production

Saudi Arabia to sell shares worth $12 billion of oil major Aramco

The deal will test global investors' appetite for the world's biggest oil exporter amid questions about climate change and the future of fossil fuels

Kalpataru Projects soars 15% on inking Rs 7,550 cr pact with Aramco

On March 5, 2024, KPIL had said the company selected for engineering, procurement and construction (EPC) contracts by Aramco for MGS-3 project.

Saudi Aramco maintains $31 bn dividend despite lower net income in Q1

The Saudi government, which directly holds about 82.2 per cent of Aramco, relies heavily on the company's payouts, which also include royalties and taxes

Aramco's VC arm building an India team to bet on early-stage opportunities

Prosperity7 Ventures, Saudi Aramco's venture capital arm, manages over $3 billion in assets worldwide

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