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The Latest Breaking News from Aramco

Saudi Arabia's Aramco Passes $110 Billion In Profit, An Increase of 124% Compared To 2020

Saudi’s Aramco 2021 full-year profits hit a new record as the company registered a 124% increase to $110 billion compared to $49 billion in 2020. The energy giant attributed the shoot-up to increased oil prices as the market recovers from a pandemic-induced downturn.

Benzinga

Aramco to Launch 65 New Projects in 2023

Major government and private entities reviewed their future projects worth billions of dollars to allow contractors to benefit from their implementation, coinciding with the 4th edition of the Future Projects Forum in Riyadh. The Saudi Contractors Authority, in partnership with several public and private entities, launched the Forum on Sunday,…

Asharq Al-Awsat

Satellite photos show Yemen rebels hit Saudi oil site again

Yemen’s Houthi rebels this week struck the same oil storage tank in the Saudi Arabian city of Jiddah they had previously hit two years ago

The Independent UK

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Saudi Aramco to increase oil production to meet global demand

Saudi Arabia’s state oil company also reports its net profit rose by 124% to $110bn (£83bn) in 2021

The Guardian - UK

US Condemns Houthi Attack in Saudi Arabia

US National security adviser Jake Sullivan said on Sunday that the United States condemns the attacks by the Iran-backed Houthi militias in Yemen on civilian infrastructure in Saudi Arabia. "The Houthis launch these terrorist attacks with enabling by Iran, which supplies them with missile and UAV components, training, and expertise.…

Asharq Al-Awsat

Houthis target Aramco sites in Saudi Arabia using drones

Yemen’s Houthi rebels attacked at least six sites across Saudi Arabia late Saturday and early on Sunday, including some run by state oil giant Saudi Aramco.

Tribune News Service

Houthis target Aramco sites in Saudi Arabia using drones

Yemen’s Houthi rebels attacked at least six sites across Saudi Arabia late Saturday and early on Sunday, including some run by state oil giant Saudi Aramco.

Tribune News Service

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Aramco's plant in Jeddah attacked by Yemen's Houthis -report

An attack on Aramco's petroleum products distribution plant in Jeddah caused a fire in one of the tanks but this was controlled and did not result in any casualties, Saudi state media said on Sunday, citing the Saudi-led coalition fighting Yemen's Houthis.

Reuters

Houthi Attacks against Saudi Arabia Are Widely Condemned

Several Arab countries and Islamic organizations condemned on Sunday the Iran-backed Houthi militias in Yemen for attacking civilian facilities in Saudi Arabia. The Saudi-led Arab coalition announced on Saturday that it had destroyed four armed drones fired by the militias towards the southern region of the Kingdom. It revealed that…

Asharq Al-Awsat

Saudi Arabia says Yemen rebels target its energy facilities

Saudi state-run media says that Yemen’s Houthi rebels have unleashed a barrage of drone and missile strikes on Saudi Arabia that targeted a liquified natural gas plant, water desalination plant, oil facility and power station

The Independent UK

Saudi Aramco 2021 Profit Soars, Plans Capex Boost in 2022

Saudi Arabian state oil giant Aramco on Sunday reported a more than doubling of annual net profit in 2021, boosted by higher oil prices, and announced plans to sharply lift capital expenditure in 2022. The oil giant has benefited from a more than 50% rise in crude prices last year,…

Asharq Al-Awsat

Arab Coalition Thwarts Houthi Attempts to Target Civilian, Economic Facilities in Saudi Arabia

The Saudi-led Arab coalition announced on Saturday that it had destroyed four armed drones fired by the Iran-backed Houthi militias in Yemen towards the southern region of the Kingdom. It revealed that the attack targeted a desalination plant in al-Shuqaiq and an Aramco facility in Jazan. The coalition also announced…

Asharq Al-Awsat

Aramco JV to Develop Major Refinery, Petrochemical Complex in China

Saudi Aramco said on Thursday its joint venture in China will develop a major integrated refinery and petrochemical complex in the northeast of the country. The project, expected to be operational in 2024, combines a 300,000 barrel-per-day capacity refinery and ethylene-based steam cracker, with Aramco set to supply up to…

Asharq Al-Awsat

Aramco Is Fast Closing In for Top Market Cap Spot

Oil giant Saudi Aramco is narrowing the gap with Apple Inc. for the title of the world’s most valuable company. Benefiting from oil prices hitting the highest since 2008, Aramco shares have jumped 15% in less than three weeks, giving it a market capitalization of over $2.3 trillion, Bloomberg reported.…

Asharq Al-Awsat

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Asharq Al-Awsat

Saudi Arabia Raises April Arab Light Crude Prices to Asia

Saudi Arabia's state oil producer Aramco raised its April official selling price (OSP) for all crude grades it sells to Asia in line with market expectations. The world's top oil exporter raised its April OSP to Asia for its flagship Arab Light crude to $4.95 a barrel versus Oman/Dubai crude,…

Asharq Al-Awsat

Saudi Arabia, Cyprus Eye Economic Integration to Absorb Geopolitical Shocks

The visit of Cypriot President Nicos Anastasiades to Saudi Arabia on Tuesday raised the bar of expectations for the two countries enhancing strategic cooperation. This comes when geopolitical developments are emerging due to the Russian-Ukrainian war. Economists stressed that available opportunities are enough to constitute a required integration for the…

Asharq Al-Awsat

Global Consortium Acquires 49% of Aramco

Saudi Aramco announced that an international investor consortium, led by affiliates of BlackRock and Hassana, acquired a 49 percent stake in Aramco Gas Pipelines Company, a subsidiary of Aramco, for $15.5 billion. The consortium comprises leading institutional investors, including, amongst others, Keppel Infrastructure Trust, Silk Road Fund, and China Merchants…

Asharq Al-Awsat

Saudi Aramco in Talks on More Investments in China

Oil giant Saudi Aramco is in talks with partners in China about further investments in the country, CEO Amin Nasser said on Monday. "China is an important part of Aramco's base," Nasser told reporters on the sidelines of a conference in Saudi Arabia. "And we are currently in discussions with…

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The Guardian - UK

Saudi Arabia transfers $80bn in shares to wealth fund for green projects

Crown Prince Mohammed bin Salman said move was part of efforts to recalibrate the oil-led economy

The Independent UK

Saudi Arabia gives 4% of Aramco to investment fund

Saudi Arabia says it will transfer 4% of its stock in the state-run oil giant Aramco to its state investment fund, a nearly $80 billion infusion of cash as it tries to overhaul its energy-dependent economy

Asharq Al-Awsat

Saudi Arabia Raises March Crude Prices to Asia

Saudi Aramco has raised prices for all crude grades it sells to Asia in March from February, in line with market expectations. The world's top oil exporter increased its March price for its Arab Light crude grade for Asian customers by 60 cents a barrel versus February to a premium…

Evening Standard

Saudi Aramco, the world’s biggest oil company, eyes London for $50 billion IPO

Saudi Arabia has restarted plans to list more shares of Aramco, according to people familiar with the company's strategy, with an ambition to sell as much as a $50 billion stake, which at current valuations would be 2.5% of the company.

The Hindu

Aston Martin F1 team strikes long-term partnership with Saudi's Aramco

Aramco will work with Aston Martin to help the team meet Formula One’s target for cars to be powered wholly by sustainable fuels by 2025 and develop more efficient hybrid engines in motorsport

Asharq Al-Awsat

Saudi Arabia Announces $6.4 Billion Investments in Future Tech

Saudi Arabia has launched investments worth $6.4 billion in future technologies, the Saudi minister of communication and information technology said on Tuesday, as the Kingdom races to diversify its economy from oil. The investments announced on Tuesday include a $2 billion joint venture between eWTP Arabia Capital, a fund backed…

Asharq Al-Awsat

Aramco CEO Says Energy Transition ‘Not Going Smoothly’

Saudi Aramco Chief Executive Amin Nasser said on Thursday that investment in oil and gas was needed to run alongside new energy investments until the latter can realistically support rising consumption. “We all agree that to move towards a sustainable energy future, a smooth energy transition is absolutely essential, but…

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