The state remains the largest shareholder in Aramco after the transfer, as it retains more than 90 per cent of the company’s shares
The state-owned oil giant will supply up to 210,000 bpd of crude oil feedstock to the complex, which is being built in China’s Liaoning province
The company’s declared a dividend of $19.5bn for the final quarter of 2022, a 4 per cent increase compared to the previous three-month period
The deal comes amid expectations of lucrative business opportunities in Saudi Arabia and the Middle East
Domestic deals represented 34 per cent of the total M&A value at $28.4bn while outbound deals led in value at $40.1bn
Aramco will be a minority stakeholder in the venture while Geely and Renault are expected to retain equal equity stakes
SABIC, which is majority-owned by Saudi Aramco, said average sale prices dropped 9 per cent from the previous quarter.
Luberef, as the refiner is known, dropped as much as 6.6 per cent in Riyadh to SAR92.5 ($24.61), valuing the company at SAR15.9bn
The facility is set to start operations in 2027
Luberef becomes the latest billion-dollar plus IPO in the Gulf
The purchase agreements with local and global manufacturers are valued at $11bn, and will reinforce supply chain resilience
Much of the gas for Aramco’s blue hydrogen will come from Saudi Arabia’s massive Jafurah field
Aramco’s net income was $41.6bn in the third quarter, slightly above analysts’ expectations
The programme will provide SMEs a wide range of support from capability building and strategy development to training, market access, advisory services and business planning
Analysts say there’s only about 2 million barrels a day of capacity that could be brought online quickly should there be a supply shutdowns
The company will increase its presence in Saudi Arabia by opening an office in Dhahran to develop industrial vision-based solutions
Oil and gas investments slumped from $700bn in 2014 to $300bn in 2021, according to Aramco’s chief executive officer, Amin Nasser
By 2026, all FIA Championships will be required to power their cars with 100 per cent sustainable fuels
Aramco posted a 90 per cent year-on-year increase in net income in Q2 2022 to 48.4bn and declared a dividend of $18.8bn to be paid in Q3
Saudi Aramco plans to begin permanently storing carbon dioxide from 2026 in one of the largest facilities of its kind, as the state oil giant seeks to reach its goal of net-zero emissions by 2050
State producer Saudi Aramco increased its Arab Light grade for next month’s shipments to Asia to $9.80 a barrel
Aramco will benefit from VGP’s robust manufacturing and distribution network, significant R&D capabilities, strong partnerships with major OEMs
Powered by advanced cloud solutions and industrial software, the joint venture will support industrial digitalisation on a nationwide scale and across the MENA region
Sheila Alrowaily is among a growing number of women taking on leadership roles in finance across the Gulf region
West Texas Intermediate futures climbed toward $111 a barrel after rising 0.5 per cent on Wednesday
Aramco’s output averaged 10.2 million barrels a day between January and March, up 20 per cent year-on-year
The stock is on track for a seventh straight weekly drop, which would represent its longest such streak since November 2018
Demand for products from plastics to paint has soared in the past year with economies recovering from the coronavirus pandemic
Saudi Arabia sends more than 60 per cent of its crude exports to Asia
Luberef would be joining several Aramco subsidiaries already listed on the Saudi stock exchange