Thursday, February 21, 2019

Saudi Aramco News

Saudi Aramco Lauches Arabian Rig Manufacturing

This artist rendition and those at the top of the page show what the facility — which will span 500,000 square meters — will look like. Image: Saudi Aramco

Saudi Aramco and National Oilwell Varco Incorporated (NOV) recently held the first Arabian Rig Manufacturing (ARM) Board of Managers meeting.ARM is a newly formed company, a joint venture (JV) between NOV (owning 70% of the JV’s shares) and Saudi Aramco. Highlights of the meeting included the appointment of senior officials and the approval of the company’s branding strategy.The JV partnership will establish a world-class onshore rig and equipment manufacturing and aftermarket facility in Ras al-Khair…

Saudi Aramco, Total in USD1bln Pact

Group photo of Saudi Aramco management and Total management

Saudi Aramco and Total hasve signed a joint venture agreement to develop a network of fuel and retail services in Saudi Arabia.The 50:50 JV plans to invest around $1 billion over the next six years in the Saudi fuel retail market and start providing motorists with premium fuels and retail services in the Guf kingdom.“This is a major milestone which will help establish a quality retail fuel network in the Kingdom. We look…

Woodside Raises Dividend

(Photo: Woodside Petroleum)

Australia's Woodside Petroleum Ltd surprised investors with a fat dividend on Thursday after reporting a 36-percent percent rise in annual profit, underpinned by stronger oil prices.The higher-than-expected payout came after shareholders stumped up $2.5 billion to buy new shares a year ago at a time when Australia's biggest independent oil and gas producer expected oil prices to average $65 a barrel.By the end of the year…

Aramco reportedly seeks advisers for SABIC Debt Financing

Saudi Aramco is seeking advisers to arrange debt financing needed for the acquisition of a stake in Saudi Arabian Basic Industries Corp (SABIC), banking sources familiar with the matter said on Thursday.The Saudi oil giant could borrow as much as $50 billion from international investors to fund the acquisition, sources previously told Reuters.A request for proposals was sent on Wednesday and banks are expected to make submissions by Monday…

Russia: Japan's Mitsubishi Interested in Arctic LNG 2 Project

Photo courtesy of Total

Russia's energy ministry said on Monday that Japan's Mitsubishi Corp has expressed interest in participation in the Arctic LNG 2 project, which is due to start producing liquefied natural gas in the next decade.Novatek owns a 90 percent stake in the project, with France's Total holding the other 10 percent. Novatek intends to keep a 60 percent stake in Arctic LNG 2, offering 30 percent to other investors.Energy ministry officials have met representatives from Mitsubishi…

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

© chalermchai k / Adobe Stock

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

©  Lukasz Z / Adobe Stock

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

© doganmesut / Adobe Stock

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.