CNBC Pressuring oil companies through higher taxes is counterproductive at a time when global crude demand is set to outstrip supply, the CEO of Saudi Aramco, the world’s largest and most profitable energy company, said during the World Economic Forum in Davos, Switzerland. Asked by CNBC’s Hadley Gamble if a windfall tax on oil profits is a bad idea, Amin
Oil Price Saudi Arabia’s oil giant Aramco has discovered two unconventional natural gas fields in the eastern part of the country, Energy Minister Prince Abdulaziz bin Salman said on Wednesday. The Awtad unconventional gas field has been discovered southwest of the giant Ghawar field, and the AlDahna unconventional gas field has been discovered 230 kilometers (143 miles) southwest of Dhahran, the
Oil Price Saudi Arabia’s national oil company Saudi Aramco has launched a $1.5 billion Sustainability Fund that will invest in technology supporting a “stable and inclusive” energy transition, making this among the largest-ever sustainability-focused venture capital funds in the world. “Managed by Aramco Ventures, the fund is an extension of the Company’s efforts to meet the world’s growing energy demand, with lower greenhouse
Oil Price The Public Investment Fund (PIF), Saudi Arabia’s sovereign wealth fund, could soon have an announcement about a possible sale of part of its 4% stake in Saudi Aramco, which is currently worth around $85 billion, the governor of the fund, Yasir Al-Rumayyan, told Bloomberg in an interview on Tuesday. Al-Rumayyan said that investors and analysts should “stay tuned” for news
World Oil (Bloomberg) — The world’s biggest oil company reiterated its warning that producers’ spare capacity is running low and said there wouldn’t be any left once China ends its Covid Zero strategy. “The world should be worried,” Saudi Aramco’s Chief Executive Officer Amin Nasser said at a conference in London. “This is where we are heading. If China
World Oil (Bloomberg) — Saudi Aramco taking the crown of the world’s most valuable company from Apple Inc. underscores investors’ appetite for oil and gas as the countries around the globe battle rampant inflation and fear of energy shortages. Buying the future through tech stocks is taking a back seat to the concerns of the present, as fossil fuels reassert their critical
Reuters LONDON (March 21): Saudi Aramco is giving Mohammed bin Salman extra firepower in his beef with Joe Biden. Saudi Arabia’s $2.3 trillion oil behemoth wants to increase its maximum output as crude prices soar. That adds spice to tensions between the Saudi Arabian crown prince and the U.S. president that are spilling over into how the kingdom prices its oil. Right now,
World Oil (Bloomberg) — Saudi Arabia is strengthening energy ties with China, as the oil producer Aramco agreed to build a multi-billion dollar refining and chemicals project that will tap into the Asian country’s future demand. Globally, consumers are screaming for fuels as consumption recovers after the coronavirus pandemic, and refiners are delaying maintenance to benefit from high margins. Prices
US News Saudi Aramco CEO Amin Nasser said the “tragic situation unfolding in Ukraine” is making the global energy crisis worse, according to prepared remarks delivered at an industry conference Tuesday. Nasser, speaking at the CERAWeek energy in Houston, echoed other energy executives in saying that the crisis exposes the mixed signals delivered by policymakers to the oil-and-gas industry amid
Reuters DUBAI – EIG Global Energy Partners will lead a yet-unnamed consortium to issue billions of dollars in bonds across two or three transactions to replace bank debt backing an investment in Saudi Aramco’s oil pipeline assets, two sources said. Source: Reuters The Washington, D.C.-based firm’s consortium will issue bonds to replace $10.5 billion in so-called staple financing that was
CNBC Saudi Aramco maintained its pledge to make good on its dividend payments, saying Thursday that it would mobilize cash and debt to fulfill the $18.75 billion payouts for the first quarter of this year despite taking a hit from the coronavirus pandemic and lower oil prices. “It will be a combination of both,” Aramco CEO Amin Nasser told press during
Reuters DUBAI – Yemen’s Iran-aligned Houthi movement said on Wednesday it had fired rocket and drone strikes at Saudi targets including Aramco oil facilities, the group’s first claim of such attacks since it offered to halt them four months ago. Few details were given of the precise nature and timing of the attacks, and there was no immediate confirmation from
