The Latest Breaking News from Aramco

Saudi oil group Aramco to pay more to state despite profits drop

World’s largest energy company’s first-quarter profits fall by 19% to $32bn after dip in oil prices

The Guardian - UK · May 9, 2023

Oil giant Saudi Aramco's 1st quarter profit down 20% to $31B

Oil giant Saudi Aramco has reported a first-quarter profit of $31.88 billion, down nearly 20% from the same period last year as energy prices have sunk over global recession concerns

The Independent UK · May 9, 2023

Agreement Signed to Establish Saudi Arabia’s 1st Integrated Steel Plate Manufacturing Complex

Saudi Aramco, one of the world’s leading integrated energy and chemicals companies, Baoshan Iron & Steel Co., Ltd. (Baosteel), the world’s leading steel conglomerate, and the Public Investment Fund (PIF) signed on Monday a shareholders’ agreement to establish an integrated steel plate manufacturing complex in the Kingdom of Saudi Arabia.

Asharq Al-Awsat · May 2, 2023

Saudi Arabia to Supply Full Crude Contract Volumes to Asia

Several informed sources said that the giant Saudi Aramco plans to supply full crude contract volumes loading in May to several North Asian buyers despite its pledge to cut output by 500,000 barrels per day, Reuters reported. This comes after the Organization of the Petroleum Exporting Countries (OPEC) and the…

Asharq Al-Awsat · Apr 11, 2023

Saudi Arabia hikes oil prices to Asia after OPEC+ shock cuts

Saudi Arabia hiked official selling prices for all of its oil sales to Asian customers in May, days after the kingdom led a surprise OPEC+ output cut.

Tribune News Service · Apr 5, 2023

Saudis to cut oil production by 500,000 barrels per day

Saudi Arabia says it will cut oil production by 500,000 barrels per day from May until the end of 2023

The Independent UK · Apr 2, 2023

Aramco JV HAPCO Breaks Ground on New Refinery and Petrochemical Complex

A ground-breaking ceremony took place on Wednesday for a major integrated refinery and petrochemical complex being developed by Huajin Aramco Petrochemical Company (HAPCO). The joint venture between Aramco (30%), NORINCO Group (51%) and Panjin Xincheng Industrial Group (19%) is developing the complex in the city of Panjin, in China’s Liaoning…

Asharq Al-Awsat · Mar 29, 2023

Saudi Aramco to invest billions in Chinese petrochemicals

Saudi Arabia’s state-owned oil giant Aramco will invest billions of dollars in China’s downstream petrochemicals industry, including in the construction of a new refinery

The Independent UK · Mar 27, 2023

Aramco, Partners to Construct Major Refinery, Petrochemical Complex in China

Aramco and joint venture partners NORINCO Group and Panjin Xincheng Industrial Group plan to start constructing a major integrated refinery and petrochemical complex in northeast China. Huajin Aramco Petrochemical Company (HAPCO) is a joint venture between Aramco, NORINCO Group, and Panjin Xincheng Industrial Group. It is developing a complex that…

Asharq Al-Awsat · Mar 27, 2023

Aramco JV HAPCO to Commence Construction of Major Refinery, Petrochemical Complex in China

Saudi Aramco and joint venture partners NORINCO Group and Panjin Xincheng Industrial Group plan to start construction of a major integrated refinery and petrochemical complex in northeast China, Aramco said in a statement on Sunday. Huajin Aramco Petrochemical Company (HAPCO), a joint venture between Aramco (30%), NORINCO Group (51%) and…

Asharq Al-Awsat · Mar 26, 2023