Saudi Aramco joins World Bank ‘zero flaring’ initiative
November 7, 2019

JEDDAH: Saudi Aramco announced on Wednesday that it is joining the “Zero Routine Flaring by 2030” World Bank Initiative.

The company has a strong focus on flaring reduction, which remained at less than 1 percent of its total raw gas production in the first half of 2019.

Ahmad A. Al-Saadi, Saudi Aramco"...

cippe2020 -- The Springboard to China’s Petroleum and Petrochemical Market
November 6, 2019

The 20th China International Petroleum & Petrochemical Technology and Equipment Exhibition (cippe2020) will be held at the New China International Exhibition Center in Beijing on March 26-28, 2020. Featuring 1,800 exhibitors, 120,000 professional visitors from 65 countries and regions, and 7 exhibiting halls of 90,000sqm, cippe2020 is a can't-miss event for anyone who wants to explore China’s petroleum and petrochemical market.

cippe"...

Saudi Aramco delays payment on Sabic deal by four years
November 5, 2019

Saudi Aramco will delay fully paying for the acquisition of a 70 percent stake in petrochemicals company Sabic by four years until September 2025 under terms of a new deal agreed on last month.

Aramco will also only pay the kingdom’s sovereign wealth fund about a third of the $69.1 billion price tag in cash, down from half previously, the oil firm said in its intention-to-float announcement"...

MHPS stresses hydrogen role in the transition to a clean energy system
November 2, 2019

RIYADH — Talking to senior industry stakeholders at the Future Investment Initiative (FII) panel on ‘Fueling the Future’, Akimasa Muyama, director, senior executive vice president and chief technology officer at Mitsubishi Hitachi Power Systems (MHPS) said, “We clearly believe in the ‘Hydrogen Society,’ a future in which hydrogen, a carbon free fuel, will be a significant part of the world’s energy mix.”

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Sabic reports 86 per cent third quarter profit fall after writing down Clariant stake
October 28, 2019

Saudi Basic Industries reported an 86 per cent decline in third quarter income after writing down the value of its investment in Swiss chemicals giant Clariant.

The company reported a net profit of 830 million riyals (Dh812.8m) for the three months to September 30, down from 6.1 billion riyals in the same period last year. Revenue for the period dropped 23 per cent to 33.69bn riyals as"...

Sinopec rolls out world's largest crawler crane in Saudi Arabia
October 26, 2019

China Petroleum & Chemical Corporation (Sinopec) has introduced the XGC88000, 4,000-tonne crawler crane at the Sabic Unite EOEG III project construction site in Jubail Industrial City, Saudi Arabia.

The XGC88000 currently holds the world record as the highest capacity crawler crane.

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Saudi's ACWA inks $3bn deal for Bangladesh power projects
October 23, 2019

Saudi-based ACWA Power has signed an agreement with the Bangladesh Power Development Board (BPDB) for a LNG-based power plant and terminal in the South Asian country.

As part of the agreement, ACWA Power will target the development of 3,600MW gas fired independent power plants representing a total investment amount of about $2.5 billion, that will help meet the country’s growing power"...

Saudi Aramco pushes to complete giant IPO by year-end
October 23, 2019

Saudi Aramco is pushing to complete its initial public offering this year and is considering making a formal announcement as soon as the next few weeks, people with knowledge of the matter said.

The kickoff, originally scheduled for October 20, was delayed after Aramco got mixed feedback from international investors.

Aramco"...

Saudi Arabia cuts domestic gasoline prices
October 22, 2019

For the fourth quarter in a row, Saudi Aramco yesterday announced a reduction in domestic gasoline prices.

The state-official Saudi Press Agency (SPA) that Aramco reduced the “Gasoline 91” prices to 1.50 Saudi riyals ($0.40) per litre, compared to 1.53 Saudi riyals per litre ($0.41) in the current year’s third quarter. It also reduced the prices of the “Gasoline"...

Ownership, strategy can impact NOC ratings
October 21, 2019

JEDDAH — National oil companies (NOCs) have some of the world's strongest credit ratings, but politics and strategy mean they also appear across the credit spectrum. NOCs typically have a privileged position in terms of access to reserves, and the lifting costs for many are also among the lowest globally. Nevertheless, this doesn't necessarily translate into a strong financial or credit profile for every NOC, S&P

Global Ratings said"...