Minister Al Falih, head of Aramco, has expressed intention for investment in India’s oil industry. The intention has been revealed following its earlier decision for selling less than 5% stake of Aramco through IPO. All the moves have been analyzed as parts of Saudi bid to diversify its economy while reducing dependence on oil prices.
Saudi Aramco, the Saudi Arabian oil company, has emerged as the most valuable company in the world. Talks about a potential public offering have created quite a stir in the stock market, as the investors wait for more details from the oil kingdom.
Oil Minister Ali al-Naimi says Saudi Arabia is producing near record levels of crude in April, underscoring the kingdom's willingness to defend market share at a time when oil markets have staged a fragile recovery.
Saudi Arabia has reduced contractual crude supplies to some customers in Japan and South Korea since March by trimming the volumes of oil loaded, six industry sources familiar with the matter said on Monday.
Saudi Arabia's subtle change of energy policymaker line-up since the accession of new King Salman in late January appears to give the monarch's inner circle a firmer hand on the kingdom's oil strategy than previous rulers have enjoyed.
The largest U.S. refinery strike in 35 years entered its fourth week on Sunday as workers at 12 refineries accounting for one-fifth of national production capacity were walking picket lines.
The U.S. refinery strike widened as workers at the nation's largest refinery walked off their jobs at 12 a.m. CST (0600 GMT) on Saturday, according to the United Steelworkers union (USW).
State oil giant Saudi Aramco [SDABO.UL] has put on hold its deepwater oil and gas exploration and drilling activities in the Red Sea because of high costs as it economizes in an environment of low crude prices, industry sources said on Sunday.
Still haunted by its failed attempt to prevent a steep drop in oil prices by slashing production by almost three quarters in the 1980s, the world's top oil exporter Saudi Arabia is determined not to make the same mistake again.
Saudi Arabia-based development and investment firm Technology Development & Investment Co (TAQNIA) picked up a 50% stake in Sun & Life, the solar energy unit of power and water company Acwa.
An unnamed official from South Korea's S-Oil Corp said Saudi Arabian Oil Co or Saudi Aramco, the largest crude exporter in the world, will be buying a $2 billion stake in S-Oil, Bloomberg reported.
Solar Frontier, a wholly owned subsidiary of Japanese petroleum company Showa Shell Sekiyu, will be investing ¥13 billion ($125 million) to construct a solar panel plant in Japan's Miyagi prefecture.
The Saudi Aramco board, according to unconfirmed news reports, would be joined by BG Group Chairman Andrew Gould.
By utilizing shale gas reserves in the country, Saudi Arabia can use the now popular energy resource for local purposes and use its oil for exclusively for export purposes.
Sources told Bloomberg that the joint venture firm of Saudi Aramco and Total, Satorp, would be putting its first fuel up for sale this month.