State-run Aramco seeks to become a “major player” in the gas industry and is looking for potential joint ventures and partnerships, Nasser said in Riyadh. “There is a lot of potentials to grow our gas in the kingdom. At the same time, we are looking at international gas.”
Aramco sold the shipment of liquefied natural gas from Singapore, Chief Executive Officer Amin Nasser told reporters, without giving additional details. Aramco’s trading subsidiary sold the cargo last month to an Indian buyer, according to a person with knowledge of the matter. – https://www.livemint.com
Saudi Aramco’s chief executive said on Thursday the company was in discussions with many partners around the world regarding potential joint ventures in gas, and that it has sold its first LNG cargo. https://www.nasdaq.com
Saudi Oil Company Makes More Than Apple and Exxon Combined
For the first time ever, Saudi Arabia on Monday unveiled the finances of Aramco, its national oil company, revealing that it brought in $111 billion in net income in 2018. [link] demonstrating that the cloistered kingdom is willing to undergo unprecedented scrutiny to tap international cash.[link]
Fitch gave the Saudi oil producer a credit rating of A+. It is the first ever credit rating for Aramco, and offers a glimpse into the company’s accounts, which have remained secret since its nationalization in the late 1970s.[link] By Buying and transferring the Sabic stake to Aramco, Saudi Arabia’s government will effectively be able to tap into Aramco’s oil earnings to boost its sovereign-fund investments and help diversify the economy after delaying the oil producer’s planned initial public offering.[link]
Saudi Aramco Plans to Invest $500 Billion over the next 10 years
Saudi Aramco aims to become a global refiner and chemical maker, seeking to profit from parts of the oil industry where demand is growing the fastest while also underpinning the kingdom’s economic diversification.
The delegation is being led by the secretary in the Ministry of External Affairs, Manoj Bharti.
The world’s biggest oil exporter is earmarking $500 billion to invest over the next 10 years, including $160 billion for natural gas developments and $100 billion for chemicals projects. The spending would come on top of the company’s planned purchase of a majority stake in Sabic, the Middle East’s largest chemical business, a deal that could be valued at about $70 billion.
Crown Prince Mohammed bin Salman is leading a strategy to build new industries and diversify the kingdom away from a decades-long reliance on sales of oil.
“We need a major acquisition for us to be in different markets quickly,” Nasser told Bloomberg referring to the Sabic acquisition. Petrochemicals demand is seen by many analysts as the primary crude oil demand driver of the future”
Saudi Arabia had announced these projects as part of its ‘Vision 2030’ plan, which is focused on turning the Kingdom from an oil-based economy to an industrial manufacturing-based productive economy.
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