Saudi Aramco’s oil production capacity expansion by a million barrels per day to 13 million barrels by 2027 will strengthen China’s long-term energy security, company President and CEO Amin H Nasser told China Development Forum 2023. In addition, the oil major will increase its gas production by more than 50% by 2030, which should release an additional […]
Aramco
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Aramco announces construction of major refinery and petrochemical complex
Aramco and joint venture partners NORINCO Group and Panjin Xincheng Industrial Group plan to start construction of a major integrated refinery and petrochemical complex in northeast China, Aramco announced today. Huajin Aramco Petrochemical Co (HAPCO), which is a joint venture between Aramco (30%), NORINCO Group (51%) and Panjin Xincheng Industrial Group (19%), is developing the complex […]
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Aramco signs deal with Samsung for industrial 5G networks
Aramco announced on March 24 that it has signed a non-binding agreement with Samsung Electronics Ltd., which sets forth preliminary plans for a strategic collaboration that would localise an industrial 5G technology ecosystem, starting with private networks, in Saudi Arabia. The proposed collaboration aims to contribute to the digital transformation of various industrial sectors in […]
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Aramco, DHL to build procurement and logistics hub for the energy sector
Saudi Aramco announced on Monday a new end-to-end procurement and logistics hub joint venture with logistics firm DHL Supply Chain. The new venture, which is expected to be operational in 2025, aims to provide top-notch integrated procurement and logistics services to further enhance supply chain efficiency as well as sustainability in the region, Aramco noted in a press release.   The JV, which the […]
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Saudi Aramco, Almar Water Solutions partner for Zuluf Water Project
Saudi Aramco has partnered with Almar Water Solutions, water infrastructure and services company and Al Jomaih Energy and Water Co (AEW) to develop a water project which consists of a water treatment plant with a 185,000 m3/day capacity of water injection for the Zuluf mega-project. The contract was signed last December, while the financial closing materialised by […]
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Aramco, Linde to jointly develop ammonia cracking technology
Saudi energy giant Aramco will partner with global industrial gases and engineering company Linde Engineering to jointly develop a new ammonia cracking technology. The collaboration between the two companies will combine Linde Engineering and Aramco’s experience and capabilities in industrial research and development, lower-carbon hydrogen, and ammonia cracking technology, Aramco said in a press release. […]
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Aramco’s Shaheen Project update: South Korea’s DL E&C takes over construction stake
South Korea’s DL E&C announced that it has taken over a 26% stake in package 1 construction of Shaheen Project from Hyundai E&C consortium. The construction period is 42 months, and the project is scheduled to be completed in 2026.  In November 2022, Aramco announced its biggest-ever investment in South Korea to develop one of the […]
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Aramco targets $55 billion investments; eyes increased oil and gas production
Aramco, the world’s most profitable energy company forecast its capital expenditure for 2023 between $45 to $55 billion in its largest spending exercise to date as it looks to increase its output capacity to 13 million b/d by 2027, the Saudi giant said in its full year financial results on March 12. Aramco continues to […]
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Aramco reports record net income of $161.1 billion on higher oil prices
Saudi energy giant Aramco today announced its full-year 2022 financial results, reporting a record net income of $161.1 billion — its highest annual profits as a listed company. Aramco also declared a fourth quarter dividend of $19.5 billion, to be paid in the first quarter of 2023. The exceptional financial performance was underpinned by stronger […]
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Aramco breaks ground on $7 billion Shaheen project
Saudi Aramco President and CEO Amin Nasser and South Korean President Yoon today attended the groundbreaking ceremony for the $7 billion Shaheen petrochemical project in Ulsan, South Korea. Ministers and senior officials from both countries also attended the milestone event. The Shaheen project, which was announced in November 2022, is being developed by Aramco affiliate S-OIL and is […]
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