Saudi Aramco ramps up oil and gas spending after doubling profits to $110bn March 21, 2022 The world’s largest oil producer is set to ramp up its spending power to meet oil and gas demand, after surging global prices allowed the oil giant to double its profit. Saudi Aramco announced yesterday that it would hike its investment by around 50 per cent this year, to between $40bn and $50bn (£30bn, £38bn). [...]
HSBC pushes further into Saudi Arabia: Canary Wharf approves $10bn loan so mass polluter Saudi Aramco can expand January 27, 2022 HSBC is in line to finance a $10bn revolving credit facility to one of the world’s biggest polluters, the Saudi Arabian Oil Company, or Saudi Aramco, despite the bank’s commitment to ‘Net Zero emissions by 2050’. HSBC’s latest venture in the Middle Eastern kingdom, in partnership with Standard Chartered, is likely to draw scrutiny from [...]
Saudi Aramco’s lofty $30bn profits boosted by high oil prices October 31, 2021 Saudi Aramco has reaped the rewards of higher oil prices, having pulled in more than $30bn in net income in its third quarter. The earnings have surged an eyewatering 158 per cent – its highest income since listing on the Saudi stock exchange in 2019 – in comparison with the same period last year, when [...]
Fill it up: Saudi Aramco mulls an IPO for its retail fuels business October 7, 2021 Oil giant Saudi Aramco is said to be considering an IPO for its retail fuels and lubricants business. Saudi Aramco, one of the world’s most valuable companies, want to pursue the float plans so that it can maintain its multi-billion-dollar dividend policy, Bloomberg reports. The unit is reasonable new, having only been set up as [...]
Saudi Aramco sizes up private equity and sovereign funds for $17bn gas pipeline stake August 16, 2021 Saudi Aramco is looking to raise at least $17bn from the sale of a significant minority stake in its gas pipelines, sources told Reuters today. A sale that large for a slice of the pipeline deal would be higher than the $12.4bn raised from its oil pipeline deal. Potential bidders including North American private equity [...]
Aramco posts fourfold rise in profit as oil prices bubble up August 9, 2021 Oil behemoth Saudi Aramco saw its second quarter profit jump fourfold on the back of rising crude prices and increased demand for fuel. The world’s biggest oil producer said that its net income rose 288 per cent in the last quarter to $25.5bn (£18.4bn). Analysts had expected the firm to make a net profit of [...]
Saudi Aramco ‘faces $50m ransom’ after data leak July 22, 2021 Saudi Aramco is reportedly facing a $50m (£36.3m) ransom demand after a data leak from one of its contractors. The world’s largest oil firm confirmed in a statement that it “recently became aware of the indirect release of a limited amount of company data which was held by third-party contractors.” Aramco added: “We confirm that [...]
Saudi Aramco beats forecasts as profit jumps 30 per cent on higher oil prices May 4, 2021 State-run oil giant Saudi Aramco beat analysts’ forecasts today as first-quarter net profit rose 30 per cent amid the rise in oil prices. Crude prices have climbed about a third this year due to recovering fuel demand, helping a host of oil firms post improved results. “Given the positive signs for energy demand in 2021, there are [...]
Aramco sells minority stake in pipeline network for $12bn April 10, 2021 Oil giant Saudi Aramco has agreed a $12.4bn (£9bn) deal to sell nearly half of its pipelines business to a consortium led by private equity firm EIG Global Energy Partners. Under the deal, which was announced late last night, EIG will take a 49 per cent stake in the newly formed Aramco Oil Pipelines Company. [...]
Saudi Aramco’s profits plunge 44 per cent as oil demand slides March 22, 2021 Oil group Saudi Aramco will keep its $75bn dividend promise to shareholders despite profits almost halving in 2020 as Covid rocked economies. The world’s biggest oil firm said net income had dropped to £35.4bn, down 44 per cent compared to the previous year. Aramco has taken on more debt in the past 12 months to [...]