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Oil boom may be the industry’s last hurrah

Biggest players in the game show signs of recovery but a low-carbon future may threaten fossil fuel The post Oil boom may be the industry’s last hurrah appeared first on The Mail & Guardian.
Tags: Business, Renewable Energy, ExxonMobil, Fossil Fuels, Bp, Brent Crude, Shell, Chevron, Saudi Aramco, International Energy Agency, Organisation of the Petroleum Exporting Countries, Dave Wright, Oil Companies, Amin Nasser, United Nations Climate Conference, COVID-19


Bahrain May Follow Gulf States by Selling Oil, Pipeline Assets - Bloomberg video

Bahrain May Follow Gulf States by Selling Oil, Pipeline Assets - Bloomberg Bahrain said it may follow other oil-rich states in the Persian Gulf by selling energy assets.“We’ve got a lot of infrastructure assets that can easily be” structured for private-equity funding, Oil Minister Mohammed bin Khalifa Al Khalifa said in an interview with Bloomberg Television.A pipeline connecting the island-nation to Saudi Arabia would be “ideal” for a private-equity deal, he said. Other infrastructure that c...
Tags: Travel, Saudi Arabia, Bloomberg, Abu Dhabi, Bahrain, Kuwait, Gulf, Saudi Aramco, Bloomberg Television, U S, Persian Gulf, ADNOC, Rupert Neil Bumfrey, Mohammed bin Khalifa Al Khalifa, United Arab Emirates Qatar Oman, Selling Oil Pipeline Assets Bloomberg Bahrain


#Saudi Aramco 1% Stake Is a Tough Sell - Bloomberg

Saudi Aramco 1% Stake Is a Tough Sell - Bloomberg Five years after Crown Prince Mohammed Bin Salman ventured that “in 2020 we can live without oil,” he is, once again, hawking Saudi Arabia’s oil champion to raise funds. In a recent, sweeping interview with Arab News, he teased the potential sale of 1% of Saudi Arabian Oil Co., or Saudi Aramco, to a “huge company” in an oil-importing country.Who would pay $19 billion for that sliver of the Saudi dream? The obvious candidates are in Asia, where ...
Tags: Travel, Asia, Saudi Arabia, Russia, India, Bloomberg, Reliance, Reuters, Aramco, Saudi Aramco, Mohammed bin Salman, BP Plc, Reliance Industries Ltd, David Fickling, Saudi Arabian Oil Co, Rupert Neil Bumfrey


Mideast Stocks: #Saudi index edges up as Aramco beats quarterly profit estimates | ZAWYA MENA Edition

Mideast Stocks: Saudi index edges up as Aramco beats quarterly profit estimates | ZAWYA MENA Edition Saudi Arabian stocks edged higher on Tuesday, after first-quarter profit from state oil producer Saudi Aramco beat forecasts, while other major Gulf markets closed mixed.Saudi Arabia's benchmark index ended up 0.1% as Al Rajhi Bank gained 0.4% and Aramco rose 0.7%.Aramco reported a 30% rise in first-quarter net profit to $21.7 billion, compared with analysts' expectations for $19.48 billion. Ar...
Tags: Travel, Saudi Arabia, Qatar, United Arab Emirates, Dubai, Abu Dhabi, Gulf, Aramco, Saudi Aramco, Mideast, Rupert Neil Bumfrey, Dubai Islamic Bank, Al Rajhi Bank, First Abu Dhabi Bank, Emirates NBD Bank, Riyad Bank Abu Dhabi


MIDEAST STOCKS #Saudi stocks gain as Aramco Q1 profit tops estimates | Reuters

MIDEAST STOCKS Saudi stocks gain as Aramco Q1 profit tops estimates | Reuters Major Gulf stock markets were little changed in early trade on Tuesday, with Saudi Arabia shares rising as state oil producer Saudi Aramco's (2222.SE) first-quarter profit topped analysts' estimates.Saudi Arabia's benchmark index (.TASI) was up 0.3% after falling for three straight days. Saudi Aramco rose 0.6% after it reported a 30% rise in first-quarter net profit to $21.7 billion, compared with analysts' expectati...
Tags: Travel, Saudi Arabia, Qatar, United Arab Emirates, Dubai, Abu Dhabi, Gulf, Reuters, Aramco, Saudi Aramco, IHS, Tasi, Rupert Neil Bumfrey, First Abu Dhabi Bank, Emirates Telecommunications Group Etisalat, Dhabi


#Saudi Aramco beats quarterly profit forecast, maintains dividend | Reuters

Saudi Aramco beats quarterly profit forecast, maintains dividend | Reuters State-run oil producer Saudi Aramco (2222.SE) beat analysts' forecasts on Tuesday with a 30% rise in first-quarter net profit and maintained its dividend payout, helped by strong oil prices.Earnings by global energy companies such as Exxon Mobil (XOM.N) have climbed on the back of rising crude prices, which are up by about a third this year, as fuel demand recovers from the pandemic and as a global surplus of crude shri...
Tags: Travel, Exxon Mobil, Reuters, Aramco, Saudi Aramco, Reuters State, Rupert Neil Bumfrey, Amin Nasser


Saudi Aramco Beats Q1 Profit Forecast, Keeps Dividend as Oil Rebounds

By Hadeel Al Sayegh, Saeed Azhar and Alexander CornwellDUBAI (Reuters) -Saudi Arabian state oil producer Aramco on Tuesday beat analysts' forecasts...
Tags: Aramco, Alexander, Saudi Aramco, Hadeel Al Sayegh Saeed Azhar


Saudi Aramco Q1 Profit Rose 30% on Stronger Oil Market

DUBAI (Reuters) - Saudi Arabian state oil producer Aramco on Tuesday reported a 30% rise in first-quarter net profit boosted by a stronger oil...
Tags: Dubai, Reuters, Aramco, Saudi Aramco


Saudi Aramco Beats Quarterly Profit Forecast, Maintains Dividend

By Hadeel Al Sayegh, Saeed Azhar and Alexander CornwellDUBAI (Reuters) -State-run oil producer Saudi Aramco beat analysts' forecasts on Tuesday...
Tags: Reuters, Alexander, Saudi Aramco, Hadeel Al Sayegh Saeed Azhar


Oil giant Saudi Aramco beats estimates with 30% hike in first-quarter profit

Saudi Arabia's behemoth oil producer also maintained its dividend, with $18.8 billion due to be paid out in the second quarter.
Tags: Saudi Arabia, Saudi Aramco


#SaudiArabia Names Former Aramco Dealmaker as Economy Minister - Bloomberg

Saudi Arabia Names Former Aramco Dealmaker as Economy Minister - Bloomberg Saudi Arabia appointed a former deal-maker for oil giant Saudi Aramco as economy and planning minister, as officials try to rally the biggest Arab economy from the dual shock of the coronavirus pandemic and last year’s oil price rout.The new minister, Faisal Alibrahim, was named Monday in a series of royal orders. He had been vice minister of economy and planning since 2018, and was formerly head of a mergers and acquis...
Tags: Travel, Saudi Arabia, Bloomberg, International Monetary Fund, Mohammed, Saudi Aramco, Salman bin Abdulaziz, Rupert Neil Bumfrey, Prince Mohammed, Bloomberg Saudi Arabia, PrinceMohammed bin Salman, Aramco Dealmaker, Faisal Alibrahim, Alibrahim, Eiman Al Mutairi, Prince Sultan bin Salman


SABIC likely to see strong earnings in 2021 on higher petchem prices | ZAWYA MENA Edition

SABIC likely to see strong earnings in 2021 on higher petchem prices | ZAWYA MENA Edition Al Rajhi Capital has raised its target price on Saudi Basic Industries Corp (SABIC) to 120 Saudi riyals ($32) per share from the earlier 115 riyals per share following its robust first-quarter 2021 results and on potential synergies from the Aramco deal.In a report the Riyadh-based investment bank said given the upward movement in petrochemical prices over the past few quarters, the company is likely to w...
Tags: Travel, Riyadh, Aramco, Saudi Aramco, SABIC, Rupert Neil Bumfrey, Al Rajhi Capital, Saudi Basic Industries Corp SABIC, MENA Edition Al Rajhi Capital


Mukesh Ambani Doesn't Have Much Need for a 1% Stake in #Saudi Aramco - Bloomberg

Mukesh Ambani Doesn't Have Much Need for a 1% Stake in Saudi Aramco - Bloomberg Could one of the energy industry’s longest-running on-again, off-again romances be catching fire again? Saudi Arabian Crown Prince Mohammed Bin Salman seems to think so. “There are discussions happening right now about a 1% acquisition by one of the leading energy companies in the world” in state-owned Saudi Arabian Oil Co., he said in a local television interview Tuesday.Prince Mohammed didn’t disclose which compa...
Tags: Travel, Jane Austen, Financial Times, Mohammed, Reliance, Aramco, Saudi Aramco, Mohammed bin Salman, Reliance Industries Ltd, Saudi Arabian Oil Co, Mukesh Ambani, Rupert Neil Bumfrey, Saudi Aramco Bloomberg


Chemicals Maker Sabic’s Profit Surges as Global Economy Reopens - Bloomberg

Chemicals Maker Sabic’s Profit Surges as Global Economy Reopens - Bloomberg Chemicals maker Saudi Basic Industries Corp. returned to a first-quarter profit as the reopening of the global economy led to higher demand for its products.Net income was 4.86 billion riyals ($1.3 billion) compared with a loss of 1.05 billion a year ago, and more than double the level of the previous three-month period.“The first quarter saw rising oil prices and a tight supply and demand balance,” said Chief Executiv...
Tags: Travel, Riyadh, Saudi Aramco, Saudi Basic Industries Corp, Rupert Neil Bumfrey, Yousef al Benyan, Chemicals Maker Sabic, Global Economy Reopens Bloomberg, Global Economy Reopens Bloomberg Chemicals


Exclusive: Major Chinese Investors in Talks to Take Aramco Stake - Sources

By Kane Wu, Tom Arnold and Alex LawlerHONG KONG (Reuters) - Major Chinese investors are in talks to buy a stake in Saudi Aramco, several sources...
Tags: Reuters, Saudi Aramco, Kane Wu Tom Arnold, Alex LawlerHONG


Saudi Arabia in talks to sell 1% of oil giant Aramco to global energy firm, report says

Crown Prince Mohammed bin Salman. ALEXEY NIKOLSKY/SPUTNIK/AFP via Getty Images Saudi Arabia is talking to a "leading global energy company" about selling a 1% stake in oil producer Aramco, according to a CNBC report Wednesday. Saudi Arabia's Crown Prince Mohammed bin Salman says the unnamed company is from a 'huge' country. Saudi Aramco went public in December 2019 in the world's largest IPO. See more stories on Insider's business page. Saudi Arabia is in talks to se...
Tags: Energy, Saudi Arabia, Oil, Trends, Markets, Crude Oil, Cnbc, Aramco, Saudi Aramco, Tadawul, Mohammed bin Salman, Carla Mozee, Getty Images Saudi Arabia, Deal talks, MI Exclusive, Mohammed bin Salman ALEXEY NIKOLSKY


#Saudi Aramco and India’s Reliance discuss cash and share stake deal | Financial Times

Saudi Aramco and India’s Reliance discuss cash and share stake deal | Financial Times Saudi Arabia has held talks with Mukesh Ambani’s Reliance Industries about a cash and share deal for a stake in the Indian company’s refining and petrochemicals arm, as the world’s largest crude oil exporter seeks to deepen ties with the fastest-growing energy consumer.   Three people familiar with the matter said talks were revived in recent weeks to finalise state energy giant Saudi Aramco’s acquis...
Tags: Travel, Saudi Arabia, India, Reliance, Saudi Aramco, Reliance Industries, Mukesh Ambani, Rupert Neil Bumfrey, Ambani, | Financial Times


Saudis in Talks to Sell Aramco Stake to Global Energy Firm - Bloomberg

Saudis in Talks to Sell Aramco Stake to Global Energy Firm - Bloomberg Saudi Arabia’s crown prince said the kingdom is in talks to sell a 1% stake in state oil giant Saudi Aramco to a “leading global energy company” as he forecast an economic rebound after the coronavirus pandemic.The kingdom is looking at the potential sale -- which could be worth about $19 billion, based on the company’s market value -- as a way to lock in customer demand for the country’s crude, Crown Prince Mohammed Bin Sa...
Tags: Travel, India, Bloomberg, Mohammed, Aramco, Saudi Aramco, Mohammed bin Salman, Japan South Korea, Rupert Neil Bumfrey, Bloomberg Saudi Arabia, Global Energy Firm Bloomberg, China Aramco


#Saudi crown prince says he will further centralise policy making | Reuters

Saudi crown prince says he will further centralise policy making | Reuters Saudi Arabia’s de facto ruler, Crown Prince Mohammed bin Salman, said in a televised interview that he will further centralise policymaking, to ensure the success of his drive to diversify the economy.In the interview, aired on Saudi TV late on Tuesday, he said the kingdom had set up a Budget Bureau to take over setting the state budget from the finance ministry, and would by the end of this year launch a new Policies O...
Tags: Travel, Saudi Arabia, Mohammed, Reuters, Saudi Aramco, Mohammed bin Salman, Salman, Supreme Council, Rupert Neil Bumfrey, Prince Mohammed, Council of Economic and Development Affairs, Budget Bureau


Saudi crown prince says the kingdom's in talks to sell 1% of Aramco to a 'leading global energy' firm

Saudi Aramco was the world's biggest IPO when it went public in December 2019, and listed around 1.5% of its shares on the local stock...
Tags: Saudi Aramco


#Saudi Aramco to Review Upstream Assets for Potential Stake Sales: Sources - Bloomberg

Saudi Aramco to Review Upstream Assets for Potential Stake Sales: Sources - BloombergSaudi Aramco is conducting a strategic review of its upstream business, in a move that could potentially see the state-owned firm bring in external investors to some of its oil and gas assets, people with knowledge of the matter said.The world’s biggest energy company is in preliminary discussions with advisers to evaluate its options, the people said, asking not to be identified as the matter is private. Aramco...
Tags: Travel, Saudi Arabia, Bloomberg, Aramco, Saudi Aramco, Saudi Arabian Oil Co, Rupert Neil Bumfrey, BloombergSaudi Aramco


#Saudi Aramco to refinance $10 billion revolving loans - sources | Reuters

Saudi Aramco to refinance $10 billion revolving loans - sources | ReutersSaudi Aramco (2222.SE) is expected to refinance a $10 billion debt facility raised in 2015, two sources said, in what would be the oil giant's third major foray into the loan market this year.Aramco, the world's largest oil company, raised the revolving credit facility in 2015 with a wide group of international and local banks.That financing included two five-year loans, one in U.S. dollars and one in riyal, and two annuall...
Tags: Travel, Reuters, Aramco, Saudi Aramco, Rupert Neil Bumfrey


#SaudiArabia to Speed Privatizations to Ease Budget Deficit - Bloomberg

Saudi Arabia to Speed Privatizations to Ease Budget Deficit - BloombergSaudi Arabia is hoping to speed up privatizations to narrow a budget deficit that ballooned last year due to the pandemic and a slump in oil revenue.The kingdom aims to strike around 15 billion riyals ($4 billion) worth of infrastructure deals with private investors this year, the head of the National Center for Privatization, Rayyan Nagadi, said in an interview. That would be the most since the body was established to accele...
Tags: Travel, Saudi Arabia, Saudi Aramco, Mohammed bin Salman, Finance Ministry, HSBC Holdings Plc, NCP, Rupert Neil Bumfrey, National Center for Privatization, Ease Budget Deficit Bloomberg, Rayyan Nagadi, Nagadi


Mideast Stocks: Oil price fall hurts major Gulf markets | ZAWYA MENA Edition

Mideast Stocks: Oil price fall hurts major Gulf markets | ZAWYA MENA EditionMajor stock markets in the Gulf ended lower on Wednesday, as oil prices were weighed down by concerns that surging COVID-19 cases in India would pressure fuel demand in the world's third-biggest oil importer.India on Wednesday reported another record increase in the daily death toll from COVID-19. Brent crude futures for June declined $1.15, or 1.7%, to $65.42 a barrel at 0100 GMT.The movement in oil prices is a key cata...
Tags: Travel, Saudi Arabia, India, Qatar, United Arab Emirates, Dubai, Brent, Abu Dhabi, Gulf, Mena, Saudi Aramco, Emirates NBD, Riyad Bank, Emaar Properties, Etisalat, EFG Hermes


#Saudi Crown Prince’s Latest Economic Plan Comes With Big Risks - Bloomberg

Saudi Crown Prince’s Latest Economic Plan Comes With Big Risks - BloombergSaudi Arabia’s latest economic plan comes with a big risk: while it might help boost investment, it could also hit the government’s finances.Crown Prince Mohammed bin Salman wants the kingdom’s biggest companies -- including oil giant Saudi Aramco and chemical maker Sabic -- to reduce their dividends, most of which are paid to the state, and spend the money locally.The idea is that their expenditure on new infrastructure a...
Tags: Travel, Washington, Saudi Aramco, Mohammed bin Salman, SABIC, American Enterprise Institute, Rupert Neil Bumfrey, Karen Young


Exclusive: Aramco pipeline investors to refinance loans with bonds next year - sources | Reuters

Exclusive: Aramco pipeline investors to refinance loans with bonds next year - sources | ReutersEIG Global Energy Partners will lead a yet-unnamed consortium to issue billions of dollars in bonds across two or three transactions to replace bank debt backing an investment in Saudi Aramco’s oil pipeline assets, two sources said.The Washington, D.C.-based firm’s consortium will issue bonds to replace $10.5 billion in so-called staple financing that was arranged by Aramco for potential suitors to ta...
Tags: Travel, Washington, Reuters, Aramco, Saudi Aramco, EIG, Rupert Neil Bumfrey, ReutersEIG Global Energy Partners, Aramco Oil Pipelines


#Qatar stocks outperform as cap on foreign ownership removed | Reuters

Qatar stocks outperform as cap on foreign ownership removed | ReutersQatari shares rose sharply early on Thursday, following approval of a bill by the Gulf state’s cabinet that will allow non-Qatari investors to own up to 100% of listed companies’ capital.In Qatar, the benchmark advanced 2.5%, its biggest intraday gain since April last year, with banks leading the gains.Qatar Islamic Bank gained 6%, while Commercial Bank surged 10%, to become the top gainer on the index.The cabinet also decided ...
Tags: Travel, Saudi Arabia, Qatar, Iran, United Arab Emirates, Dubai, Abu Dhabi, Yemen, Gulf, Reuters, Saudi Aramco, Jazan, Emaar Properties, Commercial Bank, Qatar Islamic Bank, Air Arabia




#UAE Fund Mubadala May Join $12 Billion Aramco Oil Pipelines Deal - Bloomberg

UAE Fund Mubadala May Join $12 Billion Aramco Oil Pipelines Deal - BloombergMubadala Investment Co. may join a group investing $12.4 billion in Saudi Aramco’s oil pipelines, according to a spokesperson for the Abu Dhabi wealth fund.The $232 billion fund is in talks with U.S. investor EIG Global Energy Partners LLC, the lead member of the consortium, the spokesperson said, adding that a final agreement has yet to be reached between the two parties.Washington-based EIG and Aramco, the world’s larg...
Tags: Travel, Washington, Bloomberg, Abu Dhabi, Aramco, Saudi Aramco, EIG, Rupert Neil Bumfrey, EIG Global Energy Partners LLC, Aramco Oil Pipelines Co


Mideast Stocks: Most major Gulf markets fall; #Dubai gains | ZAWYA MENA Edition

Mideast Stocks: Most major Gulf markets fall; Dubai gains | ZAWYA MENA EditionStock markets in the Gulf slipped on Sunday after oil prices fell at the end of last week, although Dubai bucked the trend to trade higher.Oil prices settled lower on Friday and lost around 2% on the week as production increases and renewed COVID-19 lockdowns in some countries offset optimism about a recovery in fuel demand.The movement in oil prices is a key catalyst for the Gulf region's financial markets.Saudi Arabi...
Tags: Travel, Saudi Arabia, Qatar, Middle East, Dubai, Abu Dhabi, Gulf, Saudi Aramco, Mideast, Emaar Properties, Rupert Neil Bumfrey, EIG Global Energy Partners, Al Rajhi Bank, Abu Dhabi National Oil Company Adnoc, Qatar Electricity and Water, Gulf Pharmaceutical Industries