Reliance, Aramco call off $15 bln deal amid valuation differences, sources say
3 years ago

Reliance, Aramco call off $15 bln deal amid valuation differences, sources say

The Hindu  

Reliance Industries and Saudi Aramco have called off a deal for the state oil giant to buy a stake in the oil-to-chemicals business of the Indian conglomerate due to valuation concerns, sources with knowledge of the matter said. Aramco, the world's top oil exporter, signed a non-binding agreement to buy a 20% stake in Reliance's O2C business for $15 billion in 2019. "Reliance has highlighted the difficulty of separating Jamnagar from the clean energy business as a reason to not complete the transaction, although we suspect business alignment and valuation were also key reasons," Bernstein wrote in arecent note, referring to Reliance's huge refining complex inGujarat state. Jefferies has cut its valuation of Reliance's energy business to $70 billion from $80 billion, while Kotak Institutional Equities has cut the enterprise value of O2C business to $61 billion.

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History of this topic

Saudi oil giant Aramco posts third-quarter profits of $27.5 billion, down 15% from a year earlier
1 month, 2 weeks ago

Saudi oil giant Aramco posts third-quarter profits of $27.5 billion, down 15% from a year earlier

The Independent  

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Reliance share price: UBS Research expects 10% further upside led by growth trends in Jio and retail
5 months, 3 weeks ago

Reliance share price: UBS Research expects 10% further upside led by growth trends in Jio and retail

Live Mint  

Stock Market Today: Reliance Industries share price having gained more than 20% year to date is poised for more upside believe analysts. UBS Research target price of ₹3420 indicates almost 10% more upside for Reliance Industries share price trading at close to ₹3110 levels Consumer business to drive earnings. UBS expects Reliance Q1 FY25 Ebitda at around ₹40,200 core, up …

Saudi Aramco’s $12 billion share sale: Dividends attract Indian, Chinese, and other foreign investors
6 months, 2 weeks ago

Saudi Aramco’s $12 billion share sale: Dividends attract Indian, Chinese, and other foreign investors

Hindustan Times  

Foreign investors have flocked to Saudi Aramco’s $12 billion share sale, mostly attracted by the dividends, sources who did not wish to be identified, told Bloomberg. This is a completely opposite situation from the oil giant’s 2019 IPO that ended up as a largely local affair, as investors weren’t happy with the valuation expectations, Bloomberg reported. Apart from Western institutions, …

Why Saudi Aramco stock is a tough sell on Wall Street
6 months, 3 weeks ago

Why Saudi Aramco stock is a tough sell on Wall Street

Live Mint  

Saudi Aramco’s generous dividends can only go so far in making up for an overpriced initial public offering. The Saudi government, which will still own more than 80% of Aramco at the end of the sale, will use the proceeds to fund the country’s cash-hungry Vision 2030 initiatives. Aramco shareholders missed out on the share-price rallies and bumper payouts delivered …

How Saudi Aramco plans to win the oil endgame
6 months, 3 weeks ago

How Saudi Aramco plans to win the oil endgame

Live Mint  

THE MANAGERS of Saudi Aramco could have the cushiest jobs in the energy business. During a visit to Saudi Arabia in May by Jennifer Granholm, America’s energy secretary, Aramco signed agreements with several American green startups. This could capture around 6m tonnes a year of Aramco’s own emissions, and another 3m from industrial customers, and either sequester them underground or …

Oil giant Saudi Aramco offers a second stock tranche worth billions of dollars
6 months, 3 weeks ago

Oil giant Saudi Aramco offers a second stock tranche worth billions of dollars

The Independent  

For free real time breaking news alerts sent straight to your inbox sign up to our breaking news emails Sign up to our free breaking news emails Sign up to our free breaking news emails SIGN UP I would like to be emailed about offers, events and updates from The Independent. Read our privacy policy Saudi Arabia said Friday it …

Oil giant Saudi Aramco offers a second stock tranche worth billions of dollars
6 months, 3 weeks ago

Oil giant Saudi Aramco offers a second stock tranche worth billions of dollars

Associated Press  

DUBAI, United Arab Emirates — Saudi Arabia said Friday it will sell a second sliver of stock in its state oil giant Aramco worth billions of dollars, its first tranche since its initial public offering back in 2019. Saudi Aramco, formally known as the Saudi Arabian Oil Co., acknowledged the stock sale in a corporate disclosure online. The Saudi government …

Saudi Arabia may announce landmark Aramco share sale soon: Report
6 months, 3 weeks ago

Saudi Arabia may announce landmark Aramco share sale soon: Report

Hindustan Times  

Saudi Arabia may announce a landmark secondary share offering in oil giant Aramco later on Thursday, pending final approval from Crown Prince Mohammed bin Salman, people with knowledge of the matter said. Aramco share sale: The Saudi Aramco logo is pictured at Hyvolution exhibition in Paris, France. The share offering on Riyadh's Saudi Exchange, which the sources said is expected …

Saudi Aramco swears by long-term potential in Chinese market
7 months, 1 week ago

Saudi Aramco swears by long-term potential in Chinese market

China Daily  

Visitors gather at Saudi Aramco's booth during an expo in Abu Dhabi, the United Arab Emirates. Saudi Aramco, the world's largest oil exporter, said it is fairly optimistic about China's long-term growth potential and the abundant opportunities arising from the country's focus on high-quality development. The company will continue supporting China's long-term energy security and economic growth, eyeing greater investment …

Saudi Aramco says Q1 profit down 14.5 percent
7 months, 2 weeks ago

Saudi Aramco says Q1 profit down 14.5 percent

Hindustan Times  

Oil giant Saudi Aramco said Tuesday its first-quarter net profit dipped 14.5 percent on year to $27.27 billion as the Gulf kingdom kept production cuts in place. The world's biggest crude exporter, whose profits dropped by a quarter last year, is currently producing roughly nine million barrels per day, well below its capacity of 12 million bpd. Deficits expected The …

Aramco mulls expansion on China demand
9 months, 1 week ago

Aramco mulls expansion on China demand

China Daily  

Saudi Aramco logo is pictured at the oil facility in Abqaiq, Saudi Arabia Oct 12, 2019. Saudi Aramco, the world's largest oil and gas producer, is looking at further opportunities to invest in China, where oil demand has been robust and is growing, according to the company's top executive. The scale of the industrial footprint and China's demand growth present …

Saudi Aramco's profit drops to $121B in 2023 amid energy price decline
9 months, 2 weeks ago

Saudi Aramco's profit drops to $121B in 2023 amid energy price decline

Hindustan Times  

Saudi oil giant Aramco on Sunday reported it made $121 billion in profit last year, down from its 2022 record due to lower energy prices. The results still marked the company's second highest ever result, Aramco said, as members of the OPEC alliance continue to cut their production to try to boost global energy prices. “The decrease mainly reflects the …

Saudi oil giant Aramco announces $121 billion profit last year, down from 2022 record
9 months, 2 weeks ago

Saudi oil giant Aramco announces $121 billion profit last year, down from 2022 record

Associated Press  

DUBAI, United Arab Emirates — Saudi oil giant Aramco on Sunday reported it made $121 billion in profit last year, down from its 2022 record due to lower energy prices. The results still marked the company’s second highest ever result, Aramco said, as members of the OPEC+ alliance continue to cut their production to try to boost global energy prices. …

Saudi Arabia's Aramco Q2 profit drops 40% due to lower oil prices
1 year, 4 months ago

Saudi Arabia's Aramco Q2 profit drops 40% due to lower oil prices

Hindustan Times  

Saudi Arabia's state-run oil giant Aramco made $30 billion in profit in the second quarter, a nearly 40% decline from the same period the previous year, which it attributed to lower crude oil prices. An Aramco employee walks near an oil tank at Saudi Aramco's Ras Tanura oil refinery and oil terminal in Saudi Arabia. In an earnings report filed …

Saudi oil giant Aramco reports $30B in profits, down nearly 40% from last year due to lower prices
1 year, 4 months ago

Saudi oil giant Aramco reports $30B in profits, down nearly 40% from last year due to lower prices

Associated Press  

DUBAI, United Arab Emirates — Saudi state-run oil giant Aramco on Monday reported $30 billion in second quarter profit, a nearly 40% decline from the same period the previous year that it attributed to lower oil prices. In an earnings report filed with the Saudi stock exchange, Aramco said the decrease “mainly reflected the impact of lower crude oil prices …

Aramco Q1 PAT plummets 19% to $31.9 billion on lower crude prices
1 year, 7 months ago

Aramco Q1 PAT plummets 19% to $31.9 billion on lower crude prices

Live Mint  

On Tuesday, the Saudi oil giant Aramco reported a first-quarter net profit of 119.54 billion riyals, a drop of around 19% from the same period of the previous year. Aramco said the drop was mainly driven by lower crude prices, although partially offset by lower taxes and zakat and a rise in finance and other income. As per Refinitiv data, …

Saudi Aramco to invest billions in Chinese petrochemicals
1 year, 8 months ago

Saudi Aramco to invest billions in Chinese petrochemicals

The Independent  

For free real time breaking news alerts sent straight to your inbox sign up to our breaking news emails Sign up to our free breaking news emails Sign up to our free breaking news emails SIGN UP I would like to be emailed about offers, events and updates from The Independent. Read our privacy policy Saudi Arabia's state-owned oil giant …

Oil giant Saudi Aramco makes a historic $161B profit in 2022
1 year, 9 months ago

Oil giant Saudi Aramco makes a historic $161B profit in 2022

Associated Press  

DUBAI, United Arab Emirates — Oil giant Saudi Aramco reported Sunday earning $161 billion last year, claiming the highest-ever recorded annual profit by a publicly listed company and drawing immediate criticism from activists. The monster profit by the firm, known formally as the Saudi Arabian Oil Co., came off the back of energy prices rising after Russia launched its war …

Oil giant Saudi Aramco reports 46% jump in profits for 2022
1 year, 9 months ago

Oil giant Saudi Aramco reports 46% jump in profits for 2022

Firstpost  

Riyadh: Saudi Aramco reported on Sunday that profits jumped 46 per cent last year, highlighting how a surge in oil prices after Russia invaded Ukraine spurred growth in the world’s biggest crude exporter. Aramco’s results are consistent with record profits for 2022 reported by the five oil majors –- Shell, Chevron, ExxonMobil, BP and TotalEnergies – which surpassed $150 billion …

High oil prices help Saudi Aramco earn $88B in first half
2 years, 4 months ago

High oil prices help Saudi Aramco earn $88B in first half

Associated Press  

DUBAI, United Arab Emirates — Saudi energy company Aramco said Sunday its profits jumped 90% in the second quarter compared to the same time last year, helping its half-year earnings reach nearly $88 billion. Prices have dipped below the $100 mark in past weeks amid slowed-down economic growth in China and the U.S. Aramco President CEO Amin Nasser said he …

Saudi oil giant Aramco’s first-quarter profits surge 80%
2 years, 7 months ago

Saudi oil giant Aramco’s first-quarter profits surge 80%

Associated Press  

DUBAI, United Arab Emirates — Oil giant Saudi Aramco said Sunday its profits soared more than 80% in the first three months of the year, as the state-backed company cashes in on the volatility in global energy markets and surging oil prices following Russia’s invasion of Ukraine. The bumper first-quarter earnings by the firm formally known as the Saudi Arabian …

Aramco profit hits $110 billion as Saudis seek to expand investments
2 years, 9 months ago

Aramco profit hits $110 billion as Saudis seek to expand investments

Live Mint  

DUBAI : State oil giant Saudi Aramco said Sunday its 2021 net profit more than doubled to $110 billion, a boon to the Middle East’s largest economy as it seeks to use its hefty profits for investment opportunities domestically and abroad. Aramco’s income jumped 124% in 2021 from $49 billion a year earlier, due to higher crude oil prices, stronger …

Saudi Arabia gives 4% of Aramco worth $80B to fund
2 years, 10 months ago

Saudi Arabia gives 4% of Aramco worth $80B to fund

The Hindu  

Saudi Arabia said Sunday it will transfer 4% of the stock in the state-run oil giant Aramco to a sovereign wealth fund, an infusion valued at nearly $80 billion as the kingdom tries to overhaul its energy-dependent economy. Saudi Crown Prince Mohammed bin Salman, the assertive son of King Salman, made the decision to transfer the stock, the state media …

Reliance re-evaluates $15 billion deal with Saudi Aramco as it moves towards a hydrogen economy: Details
3 years, 1 month ago

Reliance re-evaluates $15 billion deal with Saudi Aramco as it moves towards a hydrogen economy: Details

Op India  

Reliance Industries Ltd and Saudi Aramco have mutually decided to re-evaluate the investment deal involving the O2C business of the RIL considering the recent developments, according to reports. The November 19 statement of RIL read, “Due to the evolving nature of Reliance’s business portfolio, Reliance and Saudi Aramco have mutually determined that it would be beneficial for both parties to …

Reliance, Saudi Aramco to re-evaluate investment proposal
3 years, 1 month ago

Reliance, Saudi Aramco to re-evaluate investment proposal

The Hindu  

Reliance Industries Ltd and Saudi Aramco have mutually decided to re-evaluate a major investment proposal concerning the O2C business of RIL. “Due to the evolving nature of Reliance’s business portfolio, Reliance and Saudi Aramco have mutually determined that it would be beneficial for both parties to re-evaluate the proposed investment in O2C business in light of the changed context,” RIL …

Saudi Aramco sees third-quarter income spike to $30.4 billion on surge in oil prices, recovery in demand
3 years, 1 month ago

Saudi Aramco sees third-quarter income spike to $30.4 billion on surge in oil prices, recovery in demand

Firstpost  

Aramco declared a dividend of $18.8 billion in the third quarter, in line with its target, which will be paid in the fourth quarter Dubai: The world’s largest oil company, Saudi Aramco, reported $30.4 billion in third-quarter net income on Sunday, bolstered by a surge in oil prices and recovery in demand as the coronavirus pandemic eases. Saudi Arabia’s majority …

Saudi Aramco closes near $2T valuation as oil prices rally
3 years, 2 months ago

Saudi Aramco closes near $2T valuation as oil prices rally

Associated Press  

DUBAI, United Arab Emirates — Saudi Arabia’s oil company Aramco closed on Wednesday just shy of a $2 trillion valuation the kingdom’s crown prince has long sought, buoyed by high oil prices and increased demand for energy as economies recover from last year’s pandemic lockdowns. Aramco, which produces Saudi Arabia’s oil and gas, is closely watched by energy traders and …

Reliance's O2C, new energy biz may be valued over USD 100 bn: Report
3 years, 5 months ago

Reliance's O2C, new energy biz may be valued over USD 100 bn: Report

India TV News  

Billionaire Mukesh Ambani-led Reliance Industries Ltd's plans for investing Rs 75,000 crore in solar, batteries, fuel cells and hydrogen could create valuation of USD 36 billion for the new energy business, Wall Street brokerage Bernstein Research said in a report. "Based on capex for clean energy, we see a route to Reliance building a clean energy business, which could be …

RIL said to invest in Abu Dhabi petrochemicals hub: Report
3 years, 5 months ago

RIL said to invest in Abu Dhabi petrochemicals hub: Report

Live Mint  

Reliance Industries Ltd. is set to invest in petrochemical facilities in Abu Dhabi, according to people familiar with the matter, as it strengthens energy ties with the Middle East. The Indian conglomerate plans to join projects at Abu Dhabi National Oil Co.’s Ruwais refining hub, the people said. Reliance, the operator of the world’s biggest refining complex, and Adnoc signed …

RIL AGM 2021: RIL-Saudi Aramco deal likely this year; Yasir Al-Rumayyan joins board
3 years, 6 months ago

RIL AGM 2021: RIL-Saudi Aramco deal likely this year; Yasir Al-Rumayyan joins board

Firstpost  

Ambani had in August 2019 announced talks for the sale of a 20 percent stake in the oil-to-chemicals business to the world’s largest oil exporter Reliance Industries announced that the proposed deal with Saudi Aramco will likely be finalised this year during the 44th Annual General Meeting on Thursday. “As an important part of this vision of achieving accelerated growth, …

RIL-Saudi Aramco deal to close this year: Ambani
3 years, 6 months ago

RIL-Saudi Aramco deal to close this year: Ambani

Live Mint  

Mumbai: Mukesh Ambani, chairman and managing director of Reliance Industries Ltd, on Thursday said he expects the company's deal with Saudi Aramco to materialise this year. Speaking at the company's annual general meeting, Ambani said "As an important part of this vision of achieving accelerated growth, we look forward to welcoming Saudi Aramco as a strategic partner in our O2C …

RIL AGM 2021: RIL-Saudi Aramco Deal Likely this Year; Yasir Al-Rumayyan Joins Board
3 years, 6 months ago

RIL AGM 2021: RIL-Saudi Aramco Deal Likely this Year; Yasir Al-Rumayyan Joins Board

News 18  

Reliance Industries announced that the proposed deal with Saudi Aramco will likely be finalised this year during the 44th annual general meeting on Thursday. “As an important part of this vision of achieving accelerated growth, we look forward to welcoming Saudi Aramco as a strategic partner in our O2C business,” Mukesh Ambani, chairman and managing director of Reliance Industries shared …

RIL AGM 2021: Saudi Aramco chairman Yasir Al-Rumayyan to join Reliance board
3 years, 6 months ago

RIL AGM 2021: Saudi Aramco chairman Yasir Al-Rumayyan to join Reliance board

Live Mint  

Reliance Industries Limited named Yasir Al-Rumayyan, chairman of Saudi Aramco and governor of the kingdom’s wealth fund Public Investment Fund, as a director on its board during the AGM. Ambani said Yasir Al-Rumayyan's joining the RIL board is the start of internationalisation of Reliance. "I am sure that we will immensely benefit from his rich experience with one of the …

Oil giant Saudi Aramco sees 2020 profits drop to $49 billion
3 years, 9 months ago

Oil giant Saudi Aramco sees 2020 profits drop to $49 billion

The Independent  

For free real time breaking news alerts sent straight to your inbox sign up to our breaking news emails Sign up to our free breaking news emails Sign up to our free breaking news emails SIGN UP I would like to be emailed about offers, events and updates from The Independent. Read our privacy policy Saudi Arabia’s state-backed oil giant …

Aramco may have to sell assets, borrow more to maintain Saudi dividend
4 years ago

Aramco may have to sell assets, borrow more to maintain Saudi dividend

Live Mint  

Oil giant Aramco, whose dividend remains vital to helping Saudi Arabia contain a huge deficit, may have to sell assets and borrow more to fulfil its fiscal role amid uncertainty in oil prices, market specialists said. With oil prices at $50 per barrel or above, Aramco should be able to fund the $75 billion dividend and capex from operating cash …

World’s biggest oil firm Saudi Aramco kicks off bond sale
4 years, 1 month ago

World’s biggest oil firm Saudi Aramco kicks off bond sale

Live Mint  

Saudi Aramco kicked off a jumbo bond sale Tuesday to help fund a $75 billion dividend, returning to the debt markets for the first time since April of last year. Aramco, the world’s biggest oil company, is selling tranches maturing in three, five, 10, 30 and 50 years, according to a person with knowledge of the matter. But the spreads …

Rosneft, Aramco unlikely to bid for Bharat Petroleum stake: Report
4 years, 2 months ago

Rosneft, Aramco unlikely to bid for Bharat Petroleum stake: Report

Live Mint  

Rosneft and Saudi Aramco are unlikely to bid in the privatisation of Indian refiner Bharat Petroleum Corp, sources familiar with the matter said, as low oil prices and weak demand curb their investment plans. Russia's Rosneft had expressed an interest in buying the federal government's 53.29% stake in Bharat Petroleum when its chief executive Igor Sechin visited New Delhi in …

Russia's Rosneft, Saudi Aramco Unlikely to Bid for BPCL Privatisation: Report
4 years, 2 months ago

Russia's Rosneft, Saudi Aramco Unlikely to Bid for BPCL Privatisation: Report

News 18  

Oil majors Rosneft and Saudi Aramco are unlikely to bid in the privatisation of Indian refiner cCorp, sources familiar with the matter said, as low oil prices and weak fuel demand curb their investment plans. “This is not the time to invest in refining… demand would be there for oil to chemicals and not conventional products,” one of the sources …

Saudi Arabia’s financial woes mean it’s squeezing cash cow Saudi Aramco
4 years, 3 months ago

Saudi Arabia’s financial woes mean it’s squeezing cash cow Saudi Aramco

Live Mint  

The world’s biggest oil company is getting squeezed by its main shareholder, the Saudi Arabian government. “It will limit how much they can invest in things like maintaining the oil fields and developing new technologies.” Dividend Promise The government has previously leveraged Aramco’s balance sheet to bolster its own finances. Gearing could reach 30% by 2023 if crude prices remain …

Reliance unveils details of oil-to-chemical business spinoff plan
4 years, 3 months ago

Reliance unveils details of oil-to-chemical business spinoff plan

Live Mint  

Reliance Industries Ltd's new oil-to-chemical business unit will hold its oil refinery and petrochemical assets and retail fuel business but not upstream oil and gas producing fields such as KG-D6 and textiles business, the firm said detailing hiving-off plans. Reliance O2C Ltd will house oil refining and petrochemical plants and manufacturing assets, bulk and wholesale fuel marketing, and RIL's 51% …

Saudi Aramco suspends $10 billion China oil refinery venture
4 years, 4 months ago

Saudi Aramco suspends $10 billion China oil refinery venture

Live Mint  

Saudi Arabia’s state oil company has suspended a deal to build a $10 billion refining and petrochemicals complex in China, according to people familiar with the matter, as the company slashes spending to cope with low oil prices. Saudi Arabian Oil Co., or Aramco, decided to stop investing in the facility in China’s Northeastern province of Liaoning after negotiations with …

Reliance Industries’ $15 billion stake sale deal with Saudi Aramco stalled: Report
4 years, 5 months ago

Reliance Industries’ $15 billion stake sale deal with Saudi Aramco stalled: Report

Live Mint  

NEW DELHI: Talks about selling a 20% stake in Reliance Industries Ltd's oil-to-chemical business to Saudi Aramco have stalled over the valuation, four sources familiar with the matter said, as the energy market has been hit by COVID-19. Aramco wants India's Reliance to review its price for the oil-to-chemical business as the global valuation of oil assets has tumbled due …

Despite major announcements, RIL stock tanks 6% over Saudi Aramco deal
4 years, 5 months ago

Despite major announcements, RIL stock tanks 6% over Saudi Aramco deal

Live Mint  

Mumbai: Shares of Reliance Industries Ltd fell 6.18% intraday on Wednesday after hitting record high at ₹1978.50 in early trade. Addressing the annual general meeting Ambani said that due to unforeseen circumstances in the energy market and the covid-19 situation, the Saudi Aramco deal has not progressed as per the original timeline. The stock was holding gains while Ambani made …

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