With earnings topping a whopping $300 billion over the past 12 months, Saudi Arabia’s state-controlled oil giant Aramco has once again beat Apple and US oil major Exxon Mobil to become the world’s most profitable company, according to the World of Statistics. In March 2023, Aramco reported a record net income of $161.1 billion for […]
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Update: Aramco clarifies stand on slowing down hydrogen plans
Saudi oil giant Aramco clarified it is not pausing its plans for blue hydrogen, adding that media reports with these “claims are inaccurate.” “The company’s goal of producing up to 11 million tons of blue ammonia, a carrier of blue hydrogen, by 2030 remains unchanged,” Aramco noted in a press release. In a call with […]
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Italian company wins $439 million contracts for Aramco’s Zuluf development
Italian company Fisia Italimpianti has announced winning two contracts worth $439 million for the construction and management of a water treatment plant for Aramco’s giant Zuluf development program. The contracts mark Fisia Italimpianti’s entry into the oil and gas industry and return to the operation and maintenance segment of the water sector. The first contract, […]
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‘Very expensive’: Aramco puts blue hydrogen plans on hold as high cost puts off buyers
Saudi oil major Aramco is putting its ambitious blue hydrogen plans on hold due to the high costs involved and the lack of off-takers, CEO Amin Nasser told analysts on Tuesday. Even though Aramco has already sent shipments of blue hydrogen (in the form of blue ammonia) to both Japan and South Korea, Nasser said […]
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Aramco’s Hawiyah gas expansion project to begin operations this year
Saudi Aramco has advanced multiple gas projects during the quarter in line with its strategic priority to meet the growing domestic gas demand. Aramco’s Hawiyah Gas Plant expansion, which is part of the Haradh gas increment program, has progressed with its commissioning activities and is expected to begin operations this year, Aramco noted in its […]
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Saudi Aramco’s first-quarter profits drop to $32 billion on lower crude prices
Saudi oil giant Aramco reported a first-quarter net profit of $31.88 billion, plummeting by 19% compared to the same period last year. Aramco said the drop was mainly driven by lower crude prices, although partially offset by lower taxes and Zakat and a rise in finance and other income. Commenting on the results, Aramco President and CEO […]
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SABIC’s Q1 earnings surge to $11 million despite market volatility
Saudi Basic Industries Corp (SABIC) has reported solid performance for the first quarter despite current market uncertainties, with its revenue surging to hit $10.6 billion. During the first quarter, SABIC announced several strategic agreements and developments that helped in continuing the company’s progression towards being the preferred world leader in chemicals. Last month, SABIC Agri-Nutrients […]
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Top 5 oil and gas contracts in the Middle East: April 2023
In case you missed the announcements, here is a list of the top five contracts secured for oil and gas projects in the region
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An inside look at Saudi Arabia’s push to produce cleaner oil
At the heart of an oil-rich kingdom pumping millions of crude oil per day is an ambitious vision to slash emissions and transition towards clean energy. Interestingly, the kingdom is injecting money in both. Saudi Arabia is transitioning to bridging solutions and shifting towards cleaner gas-burning instead of oil for its energy production, using gas […]
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Sinopec, TotalEnergies eyeing $10 billion investment in Aramco’s Jafurah project
Sinopec and TotalEnergies are among the companies holding talks to invest in Aramco’s Jafurah development, Bloomberg reported, citing people familiar with the matter. Saudi Arabia’s state-owned giant is seeking to exploit one of the world’s largest untapped gas fields. The Chinese and French energy giants are in separate discussions with Saudi Aramco about the plans that […]
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