Aramco looking at making a $5 billion solar investment to attract attention to oil company’s IPO Saudi Aramco, the world’s largest oil company in terms of production, is considering a $5 billion investment in solar energy. The substantially step into the renewable energy sector is part of a broader effort by Saudi Arabia to reduce its dependence on fossil fuels,
Rowan Companies plc (ticker: RDC) and the Saudi Arabian Oil Company (Saudi Aramco) have signed, through their subsidiaries, an agreement to create a 50/50 joint venture to own, operate, and manage offshore drilling rigs in Saudi Arabia. The new joint venture company will use Rowan’s established business in Saudi Arabia as its base with a scope of operations covering Saudi Arabia’s existing and future offshore oil and
Information about Saudi Aramco IPO advisors to be released soon Saudi Aramco plans to sell shares in its entire business, the company’s CEO Amin Nasser said. When the IPO was originally announced, there was speculation that the kingdom might only seek to sell shares in the downstream operations of the world’s biggest oil company. The company plans to list shares
Saudi’s internal needs first, OPEC’s somewhere down the scale With the biannual OPEC meeting fast approaching, many are wondering what role Saudi Arabia will take in the organization with the recent change of oil ministers. Traditionally, Saudi Arabia has served as the leader of OPEC, but with the organization’s role of market balancer cast aside, and Saudi visions of an
Last week, a Saudi crown prince dropped a bombshell in an under-the-radar interview that was published in The Economist. He said that the kingdom was looking into spinning off Aramco, or some portion of it, to raise cash. Comments regarding a potential initial public offering (IPO) from the world’s largest oil company were received with shock and laughter from the
Would this result in the most valuable company in the world? ExxonMobil’s perch atop the oil and gas industry’s food chain may be on notice. Stricken by the effects of the commodity downturn which it caused, oil-dependent Saudi Arabia appears to be open to almost any source of income to soften the sting of the kingdom’s 2015 record deficit of
Survey forecasts price of Arab Light OSP to Asia increasing $0.25-$0.60 per barrel Saudi Arabia plans to increase the price of its crude oil to Asia next month. The increase of OPEC’s largest producer’s official selling price (OSP) of its benchmark Arab Light to Asia comes in response to robust demand for its crude in Asian markets and to higher
Former Shell Chief John Hofmeister talks about Saudi Arabia’s Impact on World Oil Prices and the Weakening of OPEC in Part II of this interview for TOP MINDS IN THE BUSINESS John D. Hofmeister is a seasoned business leader with strong views about U.S. energy policy and a deep understanding of the global energy supply-demand equation. John’s knowledge comes from
The world’s largest oil producer canceled an offshore contract with Hercules Offshore Saudi Aramco, the world’s largest oil producer, cancelled a contract with Hercules Offshore (ticker: HERO) last week, according to HERO. The termination of the contract for Hercules Offshore’s Hercules 261 is effective March 27, 2015. Initially, the contract was set to expire in late 2019. Hercules 261 is
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