Oil giant Saudi Aramco reported a sharp rise in first-quarter profit on Sunday, citing strong operational resilience and the ability to maintain exports despite disruptions to shipping through the Strait of Hormuz.
Petro Rabigh, a leading petrochemical company jointly owned by oil giant Aramco and Japan's Sumitomo Chemical, has announced that it has cut its accumulated losses to 14.77% of share capital, dropping below a key regulatory threshold after a capital reduction and a return to profit.
Saudi Arabia's Ministry of Investment has signed an investment agreement with SATORP to develop the "Amiral" project, a joint venture between Saudi Aramco and TotalEnergies.
Sulzer signed a long-term corporate procurement agreement (CPA) with Aramco for centrifugal pumps, spare parts, and aftermarket services over five years, extendable by three.
Attacks on Saudi energy facilities have cut the kingdom's oil production capacity by around 600,000 barrels per day and throughput on its East-West Pipeline by about 700,000 bpd, Saudi Press Agency reported, citing an official source at the Ministry of Energy.
Aramco and Algeria's Sonatrach have raised official selling prices for liquefied petroleum gas in April by between 38 per cent and 80 per cent due to limited global supply, traders said.
Sadara Chemical, a joint venture between Saudi oil giant Aramco and US chemicals firm Dow, has announced that it has temporarily shut down production at its parent-operated plant. Sadara Chemical operates a complex in Jubail with an annual production capacity of 3 million MT of chemicals and plastics.
Aramco offered over 2 million barrels of Saudi crude, including 2 million Arab Heavy and 650,000 Arab Light, in rare tenders as US-Iran tensions disrupted Middle East exports, trade sources reported.
Saudi Arabia’s air defences today (March 7) stopped a new wave of airstrikes, this time targeting Aramco’s Shaybah field, one of the kingdom's most vital 'super-giant' fields, said a report, citing the kingdom's ministry of defence.
SATORP, a joint venture between Saudi oil giant Aramco and French multinational integrated energy TotalEnergies, has signed up KBR, a leading technology and engineering solutions company, to provide comprehensive maintenance services for its petrochemical complex in Jubail for the next seven years.
