Tuesday, December 11, 2018

Saudi Aramco News

Boskalis Inks Pact with Saudi Aramco

Image: Boskalis

Dutch offshore services provider Royal Boskalis Westminster has been selected as a contractor on Saudi Aramco's Long Term Agreement (LTA) for Offshore Facilities program.Boskalis acquired the agreement in consortium with the United Arab Emirates-based company Lamprell."The LTA is part of an ambitious offshore investment program and covers engineering, procurement, construction, transportation and installation (EPCI) contracts to support Saudi Aramco's Offshore Maintain Potential Program…

Saudi Aramco, ADNOC to Cooperate on LNG

Saudi Aramco and ADNOC MoU signing ceremony. Photo: Saudi Aramco

The state-owned energy giants of Saudi Arabia and the United Arab Emirates, Saudi Aramco and Abu Dhabi National Oil Company (ADNOC), signed a cooperation deal to explore potential areas for mutual collaboration in the LNG value chain aimed at bolstering gas production and revenue.The Saudi Arabian national petroleum and natural gas company based in Dhahran said in a press release that it has signed a framework agreement  with…

Saudi Aramco CEO says IPO will 'certainly' happen

Saudi Aramco CEO Amin Nasser (Photo: Saudi Aramco)

Saudi Aramco Chief Executive Officer Amin Nasser said the initial public offering of the state-oil producer will "certainly" happen when the conditions are right.Saudi Aramco said it is still in discussions to buy a stake in petrochemicals company Saudi Basic Industries Corp. (Sabic) from the kingdom's sovereigh wealth fund, the Public Investment Fund, he said at a conference in Abu Dhabi.(Reporting by Rania El Gamal; writing by Maher Chmaytelli)

Sinochem raises 2019 term oil supply from Saudi Aramco, Kuwait

China's Sinochem Group agreed to annual crude oil supply deals for 2019 with Saudi Aramco and Kuwait Petroleum Corp (KPC) with volumes from both suppliers more than 20 percent higher than in 2018, a senior Sinochem executive said on Friday.The Saudi volumes will be processed at Sinochem's wholly-owned Quanzhou refinery in southeast China's Fujian province, as well as at the Hongrun refinery in Shandong province and the West Pacific Petrochemical Corp (WEPEC) plant in Dalian…

Russian Energy Firms Discuss Cooperation Saudi Aramco Chief

 Saudi Aramco Chief Executive Amin Nasser (Photo: Saudi Aramco)

The head of Russian oil giant Rosneft, Igor Sechin, and Saudi Aramco Chief Executive Amin Nasser held talks in Moscow on Friday on areas for cooperation, Rosneft said.Rosneft, the world's largest-listed oil producer by output, said in a brief statement that they "discussed a wide range of issues related to mutual interests and prospects for cooperation between Rosneft and Saudi Arabia".Nasser had said in an earlier statement…

Saudi Aramco Signs Deals Worth USD 34 bln in Oil and Gas

Image: Saudi Aramco

Saudi Aramco signed 15 Memoranda of Understanding (MoUs)  and strategic and commercial collaborations valued at more than US$34 billion with 15 international partner companies and entities from eight countries in 3 continents.These collaborations reflect the range and ambition of Saudi Aramco’s business interests, reinforcing its position as the world’s preeminent energy and chemicals company.The MOUs reflect both Saudi Aramco’s…

Oil Falls by $2 After Saudi Arabia Reassures Market on Supply

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Oil prices fell more than 2 percent on Tuesday after Saudi Arabia said it could supply more crude quickly if needed, reassuring investors ahead of U.S. sanctions on Iran's crude exports that start next month.Benchmark Brent crude oil dropped $2.03 a barrel to a low of $77.80, down 2.5 percent at a one-month low and beneath its 50-day moving average for the first time in two months.U.S. light crude lost $1.77 a barrel to a low of $67.59 before recovering to $67.86…

Saudi Aramco to Invest in China

In the presence of senior Vice President of Downstream Abdulaziz al Judaimi and Governor Yuan Jiajun ( R5), Vice President of International Operations Said Hadrami and Vice Givernor Zhu Congjiu signed the memorandum of understanding between Saudi Aramco and People’s Government of Zhejiang to acquire a share of Zhejiang Petrochemical’s new refinery project on the International Petroleum and Natural Gas Enterprises Conference (IPEC) 2018 in Zhoushan, east China’s Zhejiang province. Photo:  Saudi A

Saudi Aramco recently signed an MoU with Chinese Zhejiang provincial government during the 2nd International Petroleum and Natural Gas Enterprises Conference (IPEC), to acquire a share of Zhejiang Petrochemical’s new refinery project.Abdulaziz Al Judaimi, Sr. VP Downstream, said: "We are exploring opportunities for new refining and petrochemicals facilities, making further investments in China. Saudi Aramco has recently signed a crude oil supply agreement with Zhejiang Petrochemical (Rongsheng).

Yanbu South Terminal Boost Export Capacity

The terminal consists of a tank farm and offshore facilities to receive, store, and load Arabian Light and Arabian Super Light crude oil. Image: Saudi Arabian Oil Co.

The oil giant Saudi Aramco has competed the rehabilitation and upgrade project of the Yanbu South Terminal (YST), which adds an extra three million barrels per day of crude oil to its West Coast export capacity.Yanbu South Terminal, which is located south of Yanbu City on the West Coast of Saudi Arabia, consists of a tank farm and offshore facilities to receive, store and load Arab Light (AL) and Arab Super Light (ASL) crude…

Cepsa Float Fail Could Jeopardize Other Energy Listings

(Photo: Cepsa)

The shelving of Spanish energy company Cepsa's initial public offering (IPO) may damage prospects for a string of oil-related companies planning to go public.Returning Cepsa to the Madrid stock exchange this week in a flotation valuing the firm at up to 8 billion euros ($9.3 billion) had been expected to test investor appetite for energy listings amid resurgent oil prices.But the company, owned by Abu Dhabi's Mubadala, postponed…

Rowan Sells Two Jack-up Rigs to ARO Drilling

Image: Rowan Companies

Texas-based offshore drilling contractor Rowan Companies announced that it has concluded the sale of two LeTourneau TARZAN Class jack-up rigs, the Scooter Yeargain and the Hank Boswell, to ARO Drilling.The net economic impact of this transaction was that Rowan received approximately $90 million in cash and $176 million in shareholder notes from ARO Drilling as consideration for the two rigs.In addition to Rowan's 50% equity stake in ARO Drilling…

Total, Aramco Sign Deal to Start Jubail Petrochem Engineering Works

Photo: Saudi Aramco

French energy group Total and Saudi Aramco signed an agreement on Monday to start engineering studies for the $5 billion construction of a petrochemical complex at the Jubail Satorp refinery on the eastern coast of Saudi Arabia.Start-up of the complex, which will include a mixed-feed cracker with capacity of 1.5 million tons per year of ethylene and related high-added-value petrochemical units, is expected in 2024, the companies said."Satorp's second-phase expansion represents a quantum leap in Saudi Aramco’s downstream stra

Ensco to Buy Rowan in $2.38 Bln Deal

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Offshore driller Ensco Plc said on Monday it plans to buy smaller rival Rowan Cos Plc in an all-stock deal valued at $2.38 billion, as it looks to expand its fleet and benefit from a partnership with Saudi Aramco.This is Ensco's second deal since OPEC-led efforts boosted oil prices in the second half of 2016. Ensco bought rival Atwood Oceanics in a similar deal last year.Rowan shareholders will receive 2.215 Ensco shares for each share held.

Bill Allowing US to Sue OPEC Drawing Renewed Interest

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With oil prices hitting fresh four-year highs, long-dormant proposals to allow the United States to sue OPEC nations are getting a fresh look in Congress, though they were once considered a longshot to becoming law.A U.S. Senate subcommittee on Wednesday will hear testimony on the so-called No Oil Producing and Exporting Cartels Act, or NOPEC, which would revoke the sovereign immunity that has long shielded OPEC members from U.S. legal action.The bill would change U.S.

China Harbour Engineering to Build Berri Field in Saudi Arabia

Image: Saudi Arabian Oil Co.

Saudi Arabian oil giant Saudi Aramco has awarded a contract to China Harbour Engineering Arabia for the construction of two  drilling islands under the company’s Berri Increment Program (BIP).The objective of the BIP is to produce an additional 250,000 barrels per day of Arabian Light crude oil from the Berri Oil Field to reach 500,000 barrels per day to maintain Saudi Aramco’s maximum sustained capacity by early 2023.A signing ceremony to mark the contract award was held in Dhahran.

Saudi Aramco Still Committed to Meet Future Oil Demand- Energy

Saudi state oil giant producer Saudi Aramco is still committed to meeting future oil demand through continued investments, the kingdom's Energy Minister Khalid Al Falih said in a company report on Friday.Aramco, which is slated for a public share sale, "continued to prepare itself for the listing of its shares, a landmark event the companu and its board anticipate with excitement," Al Falih was quoted as saying.Reporting by Rania El Gamal, writing by Hadeel Al Sayegh

Cantium Contracts Rowan Jack-up

 Image: Rowan Companies plc

Rowan Companies plc announced that the Rowan EXL III, an EXL Class high specification jack-up rig, has been awarded a six-month contract from Cantium in the U.S. Gulf of Mexico.The contract is expected to commence in early November 2018. The EXL III is currently under contract with Cantium in the U.S. Gulf of Mexico through mid to late August 2018. Rowan is a global provider of contract drilling services with a fleet of 27 mobile offshore drilling units…

Sparrows Group to Operate in Saudi Arabia

Photo: Sparrows Group

Global specialist equipment and integrated engineering services company, Sparrows Group, has made a significant development in Saudi Arabia after being granted commercial registration to operate in the Kingdom.The commercial registration allows Sparrows Saudi Arabia LLC, a newly established entity in Dammam, to deliver services related to the extraction of oil and natural gas and associated support activities.A locally established…

Saudi Aramco, Petronas tap Banks for Jumbo Financing

Saudi Aramco and Malaysia's Petronas have approached banks to replace a short-term $8 billion loan raised earlier this year for a joint venture with long-term financing of approximately the same size, banking sources familiar with the matter said.The two state energy companies borrowed $8 billion from a large consortium of international banks in March for a refinery and petrochemical joint venture in the southern Malaysian state of Johor.The project…

Saudi Arabia Resumes Oil Exports through Red Sea Lane

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Top oil exporter Saudi Arabia said on Saturday it has resumed all oil shipments through the strategic Red Sea shipping lane of Bab al-Mandeb.Saudi Arabia halted temporarily oil shipments through the lane on July 25 after attacks on two oil tankers by Yemen's Iran-aligned Houthi movement.A statement by the Energy Ministry said shipments had resumed on Saturday."The decision to resume oil shipment through the strait of Bab…