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Saudi Oil Group Aramco Sponsors Formula One

11Mar By PriyankaNo Comments

BUSINESS

Saudi Oil Group Aramco Sponsors Formula One

Saudi oil giant Aramco has signed on as a global sponsor of Formula One, the firm said, in a move seen as part of the conservative kingdom's drive to soften its international image. "Aramco, the world's largest integrated oil and gas company, today announced a long term global sponsorship with Formula 1," the company said, announcing its first ever major sports sponsorship deal. Under the deal Aramco will have trackside branding rights at most races, title rights to the US, Spanish and Hungarian Grands Prix in 2020 as well as brand exposure through broadcast and digital platforms. Saudi Arabia, under fire over human rights abuses, has accelerated investment in glitzy sports and entertainment events in a bid to improve its reputation and boost jobs and investment in the sectors. ...

Saudi Aramco Shares Sinks Amid Iran-US tensions

6Jan By AdityaNo Comments

Market

Saudi Aramco Shares Sinks Amid Iran-US tensions

Saudi Aramco shares hit the lowest level since their market debut on Sunday, as Gulf bourses were hit by a panicky sell-off amid Iranian vows of retaliation over the US killing of a top general. All seven bourses in the Gulf Cooperation Council (GCC) states closed in the red, on the first trading day since the death of powerful military commander Qasem Soleimani. All six member states Bahrain, Kuwait, Oman, Qatar, Saudi Arabia, and the United Arab Emirates are US allies and lie on the opposite side of the narrow Gulf, making them easy targets for the Islamic republic. Some of the GCC members, notably Kuwait, Qatar and Bahrain, are home to major US military bases while Washington maintains hundreds of troops in Saudi Arabia. Kuwait's Boursa led the slide, shedding 3.7 percent as...

Saudi Aramco Launched World’s biggest IPO

5Dec By PriyankaNo Comments

Market

Saudi Aramco Launched World’s biggest IPO

Saudi Oil company Aramco launched its initial public offering (IPO), which will be the biggest in history. Aramco priced its IPO at 32 riyals ($8.53) per share, raising $25.6 billion and beating Alibaba’s record of $25 billion NYSE listing in 2014. However, the IPO valuation is still significantly short of $2 trillion valuations sought by Saudi Crown Prince Mohammed bin Salman. Aramco has declined to comment on the IPO pricing until the article is going live. Aramco market valuation of $1.7 trillion overtaking Apple as the world’s most valuable listed firm. As per the news, Saudi Arabia relied on domestic and regional investors to sell its 1.5% stake because of climate change concerns, political risk and a lack of corporate transparency put foreign investors off the offerin...

Aramco declares USD 1.71 trillion valuation of its IPO, Will Sell 1.5 Percent Stake

18Nov By AdityaNo Comments

Market

Aramco declares USD 1.71 trillion valuation of its IPO, Will Sell 1.5 Percent Stake

Saudi Arabia put a value of up to USD 1.71 trillion on energy giant Aramco in what could be the world's biggest IPO, but missed Crown Prince Mohammed bin Salman's initial target of USD 2 trillion. Aramco said it would sell 1.5 percent of the company in a blockbuster initial public offering worth USD 24-25.6 billion, scaling down Saudi Arabia's initial plan to sell up to five percent of the firm. "The base offer size will be 1.5 percent of the company's outstanding shares," the state-owned energy giant said as it began taking bids from investors in a price range of 30-32 Saudi riyals per share (USD 8-8.5). The much-delayed offering, a cornerstone of Prince Mohammed's ambitious plan to diversify the oil-reliant economy, rivals the world's biggest listing -- the USD 25 billion float ...

30Sep By PriyankaNo Comments

INDIA

Saudi Arabia to Invest $100 Bn in India; Identifies 40+ Investment Opportunities

Saudi Arabia is looking to invest $100 billion in India in areas of petrochemicals, infrastructure and mining among others. Considering future growth potential of India Saudi Ambassador Dr Saud bin Mohammed Al Sati has said, “The future belongs to India and Saudi Arabia is looking to tap this opportunity and making investments in India potentially worth $100 billion in the areas of energy, refining, petrochemicals, infrastructure, agriculture, minerals and mining,”. In this month, Saudi Arabia’s biggest oil company Aramco acquired 20% stake in India's biggest oil refinery Reliance Industries Ltd reflected the strategic nature of the growing energy ties between the two countries. The envoy said investing in India’s value chain from oil supply, marketing, refining to petrochemicals...

Aramco could delay IPO after Drone Attacks

17Sep By PriyankaNo Comments

Market, MIDDLE EAST

Aramco could delay IPO after Drone Attacks

New York, Sept 16 (AFP)- Saudi authorities are considering whether to delay an IPO for oil giant Aramco after this weekend's attack on its oil facilities shut down much of its production, people with knowledge of the matter said. "They're in the process of assessing the damage. It's a possibility but it's still very early," said one of the persons who spoke on condition of anonymity. Aramco had planned to debut in November on a local stock market before listing on an international one next year, sources had told AFP last week. The IPO could be the largest ever, with the company's valuation poised to top USD 1 trillion. The company's plans appeared to have accelerated in recent weeks after it chose JPMorgan to lead the initial public offering, sources said. Goldman Sachs and Ba...

The reason behind the Drone attack on Aramco? Saudi Family!

16Sep By PriyankaNo Comments

MIDDLE EAST

The reason behind the Drone attack on Aramco? Saudi Family!

The weekend drone attack on one of the world's largest crude oil processing plants that dramatically cut into global oil supplies is the most visible sign yet of how Aramco's stability and security are directly linked to that of its owner the Saudi government and its ruling family. The strikes, which US Secretary blamed on Iran despite staunch denials by Tehran, led to the suspension of more than 5 percent of the world's daily crude oil production, bringing into focus just how vulnerable the company is to Saudi Arabia's conflicts outside the country's borders, particularly with regional rival Iran. That matters greatly because Aramco produces and exports Saudi Arabia's more than 9.5 million barrels of oil per day to consumers around the world, primarily in Asia. It also comes as t...

Saudi Aramco’s H1 2019 net income slips to $46.9 bn

12Aug By PriyankaNo Comments

BUSINESS

Saudi Aramco’s H1 2019 net income slips to $46.9 bn

Saudi state-owned energy giant Aramco said its first half net income for 2019 had slipped to $46.9 billion, a first such disclosure for the secretive company ahead of its debut earnings call. "The company's net income was $46.9 billion for the first half (of) 2019, compared to $53.0 billion for the same period last year," the company said in a statement. The fall in income, owing to lower oil prices, comes amid renewed speculation the company was preparing for its much-delayed overseas stock listing. "Despite lower oil prices during the first half of 2019, we continued to deliver solid earnings and strong free cash flow," Aramco CEO Amin Nasser was quoted as saying in the statement. It is the first time the company has published half-year financial results and comes after Aramc...

Saudi Arabia committed to Aramco IPO: Saudi Crown Prince

17Jun By PriyankaNo Comments

MIDDLE EAST

Saudi Arabia committed to Aramco IPO: Saudi Crown Prince

AP- Saudi Arabia remains committed to selling shares in national oil conglomerate Aramco through an initial public offering but only at the right time, Crown Prince Mohammed bin Salman has said. "We are committed to the IPO of Saudi Aramco based on appropriate conditions and at the right time," Prince Mohammed told the pan-Arab daily Asharq al-Awsat in an interview published on Sunday. He reiterated his earlier expectations that the IPO of Saudi Aramco "will take place in (late) 2020 or the start of 2021," almost two years later than expected. Saudi Arabia plans to sell up to five percent of the world's largest energy firm and hopes to raise up to USD 100 billion. Prince Mohammed said it was still premature to announce where the IPO will be held, adding that many requirements f...