Saudi Aramco is in early discussions with lenders for a loan of approximately $10 billion to help fund its purchase of a 70% stake in Saudi Basic Industries Corp (SABIC), according to a Reuters report. Last year, Aramco agreed to buy SABIC’s majority stake from the Kingdom’s wealth fund for $69.1 billion, signing one of … Read more
The cost of oil and petrochemicals refinery project to be built jointly by Saudi Aramco and Abu Dhabi National Oil Co. (ADNOC) in India is expected to reach $70 billion, WAM news agency reported on Wednesday. A joint economic council between the United Arab Emirates and Saudi Arabia reviewed the planned plant on Wednesday at … Read more
Air Products has confirmed that it is in final negotiations to form a joint venture with Saudi Aramco, ACWA Power and Air Products Qudra to acquire the gasification, power and industrial gas assets at Jazan Economic City, representing a total investment value of about $11.5 billion. Air Products’ confirmation follows an announcement made on Tuesday … Read more
Saudi Aramco emergency crews contained fires at its plants in Abqaiq and Khurais, as a result of terrorist attacks with projectiles, according to a media release from the company. These attacks resulted in production suspension of 5.7 million barrels of crude oil per day. After visiting the incident locations, Amin H Nasser, Saudi Aramco president … Read more
Saudi Aramco’s US subsidiary Motiva Enterprises has agreed to buy Flint Hills Resources’ cracker and related chemical assets at Port Arthur, Texas, USA. Financial terms were not disclosed. The deal is expected to close in the fourth quarter of 2019. The cracker has a capacity of around 700,000 tonnes/year for ethylene and around 300,000 tonnes/year … Read more
Saudi Aramco signed a letter of intent for a proposed purchase of a 20% stake in the oil-to-chemicals (O2C) business of India’s Reliance Industries Ltd., including the 1.24 million barrels-a-day Jamnagar refining complex on the country’s west coast. Reliance values its oil-to-chemicals division at $75 billion including debt, implying a $15 billion valuation for the … Read more
India has increased the cost estimate of the planned refinery and petrochemical project to be jointly built with Saudi Aramco and Abu Dhabi National Oil Co by more than 36%, after protests by farmers forced the relocation of the plant, as reported by Business Today. The 1.2 million bpd coastal refinery in the western state … Read more
Saudi Aramco and Baker Hughes, a GE company (BHGE) signed a memorandum of understanding on July 2nd to create a new joint venture facility in Saudi Arabia to manufacture non-metallic materials which will be used in a variety of areas of the energy industry. “This agreement supports Saudi Aramco’s strategy to play a leading role … Read more
Saudi Aramco announced on Sunday it will buy Royal Dutch Shell’s 50% interest in the SASREF refinery in Jubail Industrial City, Saudi Arabia, for $631 million. The sale is expected to complete later this year, subject to regulatory approval. According to the statement, Aramco will take full ownership of the 305,000 barrels per day refinery … Read more
Saudi Aramco, the world’s largest crude oil producer and refiner, is in serious discussions to acquire up to a 25 percent stake in Reliance Industries’ refining and petrochemicals businesses, as stated in local news report. The agreement on valuation could be reached around June, the Indian newspaper reported, citing people with knowledge of the development. … Read more
Saudi Aramco, Saudi Arabia’s state-controlled Oil & Gas giant has reached a $69.1 billion deal to purchase a majority stake in petrochemicals firm Sabic from the kingdom’s sovereign wealth fund. The deal will see Aramco buy the 70 percent stake in Sabic held in a share purchase agreement by the Public Investment Fund (PIF) of … Read more
During Crown Prince Mohammed bin Salman’s visit to Beijing, Saudi Aramco signed a deal for a refining and petrochemical complex in China worth more than $ 10 billion. By signing supply deals with non – state Chinese refiners, Aramco is set to boost its market share. Saudi Aramco has signed a $ 10-billion joint venture … Read more
Saudi Aramco to build a refinery and petrochemical complex worth $10 billion in Gwadar, Pakistan. Pakistan and Saudi Arabia signed investment deals worth more than $20 billion during Saudi Crown Prince Mohammed bin Salman’s visit to Islamabad last Sunday. The unprecedented Saudi investments are considered a “game – changer,” and a major boost for Pakistan’s struggling … Read more
Saudi Aramco and Air Products signed an agreement to jointly-build the first hydrogen fuel cell vehicle fueling station in Saudi Arabia. The collaboration between the two companies will combine Air Products’ technological know-how and experience in the field of hydrogen with Saudi Aramco’s industrial experience, facilities and R&D capabilities. Saudi Aramco and Air Products will … Read more