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Saudi Aramco

  • OPEC+ hikes production targets by miniscule volumes of 100,000 barrels per day

    Oil prices

    The OPEC+ coalition of oil producing countries today agreed to up its production targets by miniscule volumes of just 100,000 barrels of oil per day, in a hike that scuppered hopes for a more substantial increases that could have reversed the recent surge in prices that has wreaked havoc on the global economy.     The [...]

  • Aramco Team Series: Why the Saudi energy and chemical giant is backing women’s golf

    Q&A

    Aramco public affairs general manager Talal Al-Marri explains why the Saudi energy and chemicals giant became one of the biggest backers of women’s golf via the Aramco Team Series, and what the company looks for in a sports sponsorship. Q. How did you come to be title partners of the Aramco Team Series? A. We [...]

  • Saudi Aramco brings in record $39.5bn income as oil prices surge

    Aramco

    Saudi Aramco generated $39.5bn (£32.3bn) in income in the first quarter of 2022, after volatile commodity prices saw its income increase by 82 per cent compared to the same time last year. The almost $40bn worth of income marks a record for Saudi Arabia’s national oil company in coming as its highest quarterly earnings since [...]

  • Aramco revels in record profits powered by booming oil prices

    May 15, 2022

    Saudi Aramco (Aramco) has reported a massive 82 per cent spike in profits over the first three months of the year powered by lucrative oil trading.

  • Apple knocked off perch as world’s most valuable firm by oil giant Saudi Aramco

    May 12, 2022

    Apple has been knocked off its perch of the world’s most valuable company by Saudi Aramco. The oil giant topped $2.426tn this on Wednesday, overtaking the iPhone-maker at $2.415tn, representing just over £10bn. This is the first time the state-backed Saudi Aramco has taken the top spot since 2020 according to the The Financial Times, [...]

  • 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 [...]

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