From The Wall Street Journal Saudi Arabia is nearing a deal to invest in U.S. liquefied natural gas, a landmark decision for the kingdom, which in the past had been a huge supplier of energy to America. Saudi Arabian Oil Co., known as Aramco, has narrowed its focus to a shortlist of at least four U.S. LNG projects and intends to
From Bloomberg After flooding the U.S. market in recent months, Saudi Arabia plans to slash exports to the world’s largest oil market in the coming weeks, in an effort to dampen visible build-ups in crude inventories. U.S. refineries given notice to expect lower shipments from Saudi in January; cut could test 30-year low American-based oil refiners have been told to
From Bloomberg Saudi Aramco aims to become a global refiner and chemical maker, seeking to profit from parts of the oil industry where demand is growing the fastest while also underpinning the kingdom’s economic diversification. The world’s biggest oil exporter is earmarking $500 billion to invest over the next 10 years, including $160 billion for natural gas developments and $100 billion
Core Laboratories (ticker: CLB) gave its Q3 conference call yesterday, elaborating on some of the trends it sees with international activity improvement, its longer-cycle projects, and its debt agreement. Highlights from the Q3 Results for Core Laboratories: Revenue of $182.1 million, up 12% year-over-year Operating Margins of 19%; Ex-Items 20%, Up over 360 BPS year-over-year EPS of $0.50; $0.64 ex-items,
From Financial Times Kingdom’s switch to a 40-year contract reveals power struggle with state energy group The move came as part of the kingdom’s preparations for a stock market flotation for Saudi Aramco, which has been indefinitely delayed Saudi Arabia has cut the length of time that its state energy company has exclusive rights to the kingdom’s vast oil and
Saudi Arabia Denies Aramco IPO Is Canceled From The Wall Street Journal Saudi Arabia said Thursday it remained committed to publicly listing its national oil company at some point in the future, dismissing reports that the centerpiece of the country’s economic transformation plan had been canceled. Energy minister Khalid al-Falih in a statement said the government would list Saudi Arabian
From Reuters Saudi Aramco plans to boost investments in refining and petrochemicals to secure new markets for its crude, and sees growth in chemicals as central to its downstream strategy to lessen the risk of a slowdown in oil demand. Aramco, the world’s biggest oil producer, is expanding its footprint globally by signing downstream deals and boosting the capacity of
Saudi Aramco and Total (ticker: TOT) have signed a memorandum of understanding to build a giant petrochemical complex in Jubail, Saudi Arabia. Located next to the SATORP refinery in the same industrial area, the complex will comprise a mixed-feed steam cracker (50% ethane and refinery off-gas) with a capacity of 1.5 million tons per year of ethylene and related high-added-value
