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Saudi Aramco IPO starts Trading, Gains 10%

11Dec By PriyankaNo Comments

Market

Saudi Aramco IPO starts Trading, Gains 10%

Saudi Arabia's oil company Aramco began trading, gaining 10% in its debut at the Saudi Tadawul stock exchange. The initial launch pushed it's growth 10% valued to USD 1.88 trillion, higher than any other listed company in the world. Trading for Aramco shares began at 10:30 am in Riyadh. The state-owned oil giant started a mammoth USD 25.6 billion IPO that set the record as the biggest ever in history. The company had announced a sale of 1.5 percent of its shares at 32 Saudi riyals a share, or what is $8.53. At a pre-trading auction earlier in the morning, bids for Aramco's shares reached the 10 percent limit on stock price fluctuation allowed by the Tadawul stock exchange. That pushed the price of Aramco shares to 35.2 riyals, or USD 9.39 a share. This makes Aramco more ...

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...

India to give 50% stake to Saudi Aramco in Mega Refinery

12Apr By Lavina TolaniNo Comments

BUSINESS

India to give 50% stake to Saudi Aramco in Mega Refinery

Saudi Aramco, an alliance of India state refineries has agreed to build a mega refinery based petrochemical project on India's west coast for an estimated $44 billion, as per the sources involved in the oil deal. The move will grant 50 percent stake to Saudi Aramco, in a planned 1.2 billion barrel per day amount granting the oil kingdom a new outlet for its oil. Khalid al-Falih, Saudi oil minister is expected to visit Delhi for International Energy Forum post which the preliminary agreement on the deal will be announced by Wednesday. We see India as a priority for investments and for our crude supplies,” Saudi Arabia Energy Minister Khalid al-Falih said. "We see India as a priority for investment as well as crude oil.We are very much interested in retail and want to be consumer...

Saudi Arabia Lifts Oil Prices for Asian Buyers

7Apr By Lavina TolaniNo Comments

MIDDLE EAST

Saudi Arabia Lifts Oil Prices for Asian Buyers

State-owned Saudi Arabian Oil Corporation which is better known as "Saudi Aramco" has plunged the official selling price of its "Arab Light Crude" by 10 percent a barrel making it cost $1.20 a barrel, much above the Middle East benchmark as per reports gathered on Tuesday.The move has been regarded bullishly by future traders. The oil prices in Saudi Arabia are considered to be key markers for producers from the Middle East as it largely impacts what refineries globally pay for crude from the world's largest export region. Other prices alter moves from Saud Arabia were mixed.Thirteen out of 21 were increased, 7 were completely slacked while other's remain unchanged. Saudi Arabia sells 4 different grades of oil to Asia which are Super Light, Extra Light, Medium and Heavy. These wer...