Tag: Saudi Aramco
Advanced drilling rigs to be made in Saudi Arabia under new joint venture
NOV will own 70% interest in joint venture, while Saudi Aramco will own 30% National Oilwell Varco, Inc. announced entering into an agreement with Saudi Aramco to form a joint venture in Saudi Arabia, according to a press release. Through its state-of the art manufacturing and fabrication facilities and NOV’s market-leading drilling technologies, the joint […]
Saudi Arabia to conserve oil at home to meet demands abroad during supply cut
Saudi Arabia moves to natural gas in power stations Oil-rich Saudi Arabia is hoping to reduce its crude consumption this summer by shifting some of its power plants from oil to natural gas. The move would free up more crude for export, and not force the kingdom to push output to the record high of 10.67 million b/d reached […]
Saudi Arabia cuts light crude prices to Asia, looking to shore up demand
Saudi Arabia fights for market share In a bid to shore up demand in an oversupplied market, for the first time in three months, Saudi Arabia cut April prices of light crude that it sells to Asia. For two months, Saudi Arabia increased prices to Asia after production cuts agreed to by OPEC members and some […]
Saudi Aramco to invest $7 billion in Petronas RAPID oil refinery
Aramco to provide up to 50 per cent for RAPID oil refinery KUALA LUMPUR, Feb 27 (Reuters) – Malaysia’s Prime Minister Najib Razak announced on Monday that Saudi Arabia’s state oil company Saudi Aramco will invest $7 billion into the RAPID oil refinery and petrochemical project in Malaysia’s southern state of Johor. Najib said the decision […]
Hong Kong pins Aramco IPO hopes on China’s deep pockets
Aramco IPO expected to be a five per cent stake in state-owned company By Michelle Price HONG KONG, Feb 27 (Reuters) – Hong Kong’s stock exchange will bank on its role as a gateway to mainland China’s deep-pocketed investors to take on other leading venues and win the coveted $100 billion listing of Saudi Arabia’s […]
Saudi favors New York for Aramco IPO, also considers Toronto, London -WSJ
Aramco IPO brings in investment, diversify economy Feb 20 (Reuters) – Saudi Arabia is favoring New York to list state oil giant Saudi Aramco, while also considering London and Toronto for the prospect of floating the firm, the Wall Street Journal reported on Monday. Saudi officials also talked to exchanges in Singapore, Hong Kong, Tokyo […]
Shell expects to split Motiva assets with Saudi Aramco in Q2
Motiva JV operates three refineries HOUSTON, Feb 6 (Reuters) – Shell Oil Co, the U.S. unit of Royal Dutch Shell Plc, said on Monday it expects to divide the refineries and other assets of the Motiva Enterprises joint venture with co-owner Saudi Aramco in the second quarter of 2017. “We are pleased with the progress […]
Saudi Aramco CEO says expects oil price rise in H1 2017
Oil price up, demand healthy RIYADH, Nov 1 (Reuters) – Saudi Aramco expects oil prices to rebound in the first half of 2017 and for demand to remain healthy following two years of painfully low prices, the state-owned producer’s CEO Amin Nasser said on Tuesday. “The gap between supply and demand is closing … Our […]
Opinion: Is Saudi Arabia back in the oil market share game?
Saudi Arabia recently slashed oil prices to Asian customers By Clyde Russell LAUNCESTON, Australia, Aug 1 (Reuters) – Sometimes actions really do speak louder than words, with Saudi Arabia’s slashing of crude oil prices to customers in Asia contrasting with recent comments from the kingdom’s top oil executive that chasing market share isn’t a priority. […]
New technology produces ethylene directly from crude oil, cutting refining costs – IHS
Exxon Mobil process completely bypasses refinery and feeds crude oil to cracking furnaces HOUSTON – Two new steam-cracking processes developed by Exxon Mobil and Saudi Aramco will allow petrochemical producers to essentially skip the refining process in converting crude oil directly to light olefins, according to consultancy IHS Inc. “In 2014, Exxon Mobil commissioned a […]
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