The Latest Breaking News from Aramco

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 · Mar 20, 2022

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 · Mar 20, 2022

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 · Mar 10, 2022

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…

Asharq Al-Awsat · Feb 21, 2022

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 Guardian - UK · Feb 13, 2022

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

The Independent UK · Feb 13, 2022

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…

Asharq Al-Awsat · Feb 6, 2022

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.

Evening Standard · Feb 4, 2022

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

The Hindu · Feb 4, 2022

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 · Feb 1, 2022