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One of the biggest oil and gas drilling companies in Saudi Arabia, Arabian Drilling Co., has declared its intention to float its common shares in an IPO on the Saudi main index. According to a filing with the stock exchange, Arabian Drilling said that the company would sell existing shares totalling 19.98% of its post-listing […]
On Sunday, Saudi oil company Aramco reported a staggering 90% increase in second-quarter net profits and record half-year earnings, as high oil prices continue to generate historic windfalls for “Big Oil.” Strong market circumstances aided Aramco’s second-quarter net profits of $48.4 billion, up from $25.5 billion the previous year. The outcome was greatly above experts’ […]
The Saudi Arabian Oil Company (“Aramco”) opened the Aramco Research Center at KAUST (ARC KAUST), which intends to speed the development of low-carbon solutions for the energy market via the use of sophisticated analytics. This comes after Saudi Aramco pledged to reach net-zero emissions by 2050, a decade sooner than a government timetable for the […]
Indonesian President Joko Widodo said on Thursday that Indonesia will relax its restriction on palm oil exports on Monday, citing improvements in local cooking oil availability. Indonesia’s prohibition, in effect since April 28, was one of the most significant acts of agricultural protectionism since Russia’s invasion of Ukraine, which halted sunflower oil shipments. Palm oil […]
Many Middle Eastern economies rely on fossil fuels to finance their budgets and sustain economic activity. The Middle East produces a third of the world’s oil. Saudi Arabia, Iran, Iraq, the United Arab Emirates, Kuwait, and Qatar are among the leading fossil fuel producers in the world. The Gulf Cooperation Council (GCC) countries—Bahrain, Kuwait, Oman, […]
As global oil and gas prices continue to rise, profits at the state-owned energy company, Saudi Aramco increased by 82% in the first quarter, with net income reaching $39.5 billion (£32.2 billion). During the first quarter, the Company maintained its remarkable track record as a worldwide energy supplier, achieving 99.9% dependability in deliveries to clients. […]
Gazprom, a Russian energy company, said today that it had cut off gas supplies to Bulgaria and Poland for failing to pay in roubles, the Kremlin’s harshest reprisal yet to international sanctions over the Ukraine crisis. Russian President Vladimir Putin has requested that “unfriendly” countries pay for gas in roubles or face being shut off, […]
Energy costs have risen faster than projected, and certain supply chain disruptions caused by the pandemic were expected to last until 2022. The Russian invasion of Ukraine in February shook Middle Eastern and North African stock markets and oil sectors. All these factors pose a particular problem for largely import-dependent countries like the Gulf states […]
The Saudi Arabian public petroleum and natural gas company Aramco has announced its intention to transfer the sales and marketing responsibility for a number of Aramco petrochemicals and polymers to SABIC. The resale responsibility of various SABIC products will be transferred to to Aramco Trading company. The planned and the effect of the changes will […]
The British multinational oil and gas company BP plc has announced gas production from third stage of West Nile Delta (WND) development which is off the mediterranean cost in Egypt. With approximately $9 billion, The development of WND includes five gas fields across the north Alexadria, West Mediterranean Deepwater offshore concession blocks in the Mediterranean […]
The Saudi Arabian public petroleum and natural gas company, Saudi Aramco has agreed to sell its minority stake of $12.4 billion in a newly formed oil pipeline business to a US based EIG Global Energy Partners. It is Saudi Aramco’s largest deal since its record $29.4 billion initial public offering in late 2019. The deal […]
Saudi Arabia Aramco has discovered four new oil and gas fields in the kingdom it is still working on determining the size and shape of the discovered fields. Prince Abdulaziz bin Salman bin Abdulaziz, the energy minister announced Saudi Aramco made these discoveries in different parts of the country; he was quoted as saying by […]
