From Reuters Saudi Crown Prince Mohammed Bin Salman is insisting on a $2 trillion valuation of oil firm Aramco, even though some bankers and company insiders say the kingdom should trim its target to around $1.5 trillion, industry and banking sources said. With Aramco talking again to banks about an initial public offering (IPO), its board is meeting later this
From Reuters Global oil major BP is deepening its ties with Indian conglomerate Reliance Industries by forging a fuel retailing joint venture to capitalize on rising demand in Asia’s third-biggest economy. The move comes days after BP said it would build a network of charging hubs for electric vehicles with China’s Didi Chuxing, betting on the world’s largest market for
From Reuters When Saudi Aramco was on the verge of a deal last year to buy a stake in an Indian oil refinery, its boss quickly boarded a company jet in Paris and flew to New Delhi. Chief executive Amin Nasser arrived unannounced early on April 11, 2018, finalised the agreement and signed it later that day. Negotiators had just
By Tyler Losier, Energy Reporter, Oil & Gas 360 The staggering size of Aramco: Saudi Arabia’s state-owned oil company In 1933, the government of Saudi Arabia signed a concession agreement with the Standard Oil Company of California, creating an entity known as the California Arabian Standard Oil Company. Two years later, drilling began, and in 1938, famed geologist Max Steineke
By Tyler Losier, Energy Reporter, Oil & Gas 360 Marjan and Berri oilfields to increase capacity by 550,000 BOPD, 2.5 BSCFD of gas Saudi Aramco, the state oil company of Saudi Arabia, has awarded 34 contracts worth $18 billion for increment programs to increase production in its Marjan and Berri oilfields. More specifically, the company plans to add an additional
From Bloomberg Nine-month extension takes output cuts into a fourth year, countries approve new charter formalising OPEC+ grouping It was supposed to be a six-month fling, but Saudi Arabia and Russia have instead signed up for eternity. Complete with poem and celebratory badges, Moscow and Riyadh led two dozen countries in signing a charter to formalize the OPEC+ group that
By Tyler Losier, Energy Reporter, Oil & Gas 360 Inauguration of new facilities includes MoU to build new cracker by 2024 Saudi Aramco joined South Korea’s S-Oil this week to inaugurate the latter company’s new petrochemical facilities: the residue upgrading complex and olefin downstream complex. The new refineries have boosted S-Oil’s petrochemical portion from 8% to 13%, including the production
By Tyler Losier, Energy Reporter, Oil & Gas 360 Aramco looks to expand its South Korean presence Saudi Aramco has signed a series of 12 different agreements with a variety of South Korean companies in order to expand its international operations and support the region’s energy security by providing Arabian crude to Asian markets. The agreements, which cover ship building,
By Tyler Losier, Energy Reporter, Oil & Gas 360 Sergio A. Tuberquia joins Data Gumbo as chief commercial officer Data Gumbo, a blockchain-as-a-service (BaaS) company based in Houston, has tapped Sergio A. Tuberquia for the position of chief commercial officer. The hiring of Tuberquia comes shortly after the company received $6 million in series A funding led by Saudi Aramco
From The Houston Chronicle Saudi Arabian Oil Co. has the experience and infrastructure it needs to keep crude flowing should supply through the Strait of Hormuz be disrupted, according to the chief executive officer of the state-run producer. “We are increasing our readiness,” Amin Nasser said in an interview in Seoul on Tuesday. “We can supply through the Red Sea
From Bloomberg The world’s biggest oil exporter is ramping up efforts to develop natural gas with plans for a 15-fold boost in output from unconventional deposits of the fuel. Saudi Aramco is building facilities to tap shale gas in the kingdom’s oil-rich eastern region and is making “a lot of progress” toward this goal, Chief Executive Officer Amin Nasser told reporters
From Bloomberg Saudi Aramco, the world’s biggest oil exporter, dipped a toe into the natural gas business by selling its first cargo of the fuel. Aramco sold the shipment of liquefied natural gas from Singapore, Chief Executive Officer Amin Nasser told reporters, without giving additional details. Aramco’s trading subsidiary sold the cargo last month to an Indian buyer, according to
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