Saudi Aramco to sell up to 0.05% shares to individual retail investors; prospectus flags risks, gives few details on IPO size
5 years, 2 months ago

Saudi Aramco to sell up to 0.05% shares to individual retail investors; prospectus flags risks, gives few details on IPO size

Firstpost  

Aramco cannot list additional shares for a period of six months after trading starts, and will also be restricted from issuing additional shares for 12 months Dubai: Saudi state oil giant Aramco will sell up to 0.5 percent of its shares to individual retail investors and will be restricted from issuing additional shares for a year after the initial public offering, its prospectus said on Saturday. If the government sells 2 percent of Aramco shares, the retail offering could account for 25 percent or $10 billion of the deal size at the top valuation of $2 trillion. “Valuation at the time of the IPO will depend on how much of demand is made up by subscribers who are prepared to overlook these factors in favour of Aramco’s low depletion rate … and its very low cost of extraction versus peers.” Aramco’s oil facilities were targeted on Sept. 14 in unprecedented attacks that temporarily shut 5.7 million barrels per day of output - more than 5 percent of global oil supply. “Aramco IPO is an opportunity that shouldn’t be missed, the largest company in the world….holding Aramco shares is an absolute gain,” a Saudi with a Twitter handle named Abdulrahman wrote.

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History of this topic

MobiKwik’s $67 million India IPO fully sold in first hour as retail investors rush in
1 month ago

MobiKwik’s $67 million India IPO fully sold in first hour as retail investors rush in

Live Mint  

-Indian digital payments firm MobiKwik's 5.72 billion-rupee initial public offering was fully subscribed within the first hour of sale on Wednesday, as investors bet on strong growth prospects in India's booming online payments market. Retail investors placed bids for nearly five times the shares reserved for them, while the portion for non-institutional investors was fully sold, exchange data showed. India's …

Vishal Mega Mart IPO: Price band set at ₹74-78 per share; check issue details, key dates, more
1 month, 1 week ago

Vishal Mega Mart IPO: Price band set at ₹74-78 per share; check issue details, key dates, more

Live Mint  

Vishal Mega Mart IPO price band: The Vishal Mega Mart IPO price band has been fixed in the range of ₹74 to ₹78 per equity share of the face value of ₹10. The Vishal Mega Mart IPO date of subscription is scheduled for Wednesday, December 11, and will close on Friday, December 13. The allocation to anchor investors for the …

IPO Frenzy Continues, 10 Firms Plan To Raise Rs 20,000 Crore Via Maiden Issues In Dec
1 month, 3 weeks ago

IPO Frenzy Continues, 10 Firms Plan To Raise Rs 20,000 Crore Via Maiden Issues In Dec

ABP News  

The IPO frenzy seems to not be ending any time soon. The primary market is expected to remain strong with at least 10 firms planning to raise a combined Rs 20,000 crore via maiden issues in the next month, merchant bankers revealed. The companies scheduled to launch their public offers include Vishal Mega Mart, NBFC Avanse Financial Services, International Gemmological …

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

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

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 Please enter a valid email address Please enter a valid email address SIGN UP I would like to be emailed about offers, events and updates from The Independent. Please try again later {{ …

IPO: Western Carriers India Sees Muted Response From Investors, Check GMP, Price Band And Other Details
3 months, 4 weeks ago

IPO: Western Carriers India Sees Muted Response From Investors, Check GMP, Price Band And Other Details

ABP News  

Western Carriers India saw a muted response from investors as the subscription window for the initial public offering continued on its second day of bidding. The company’s IPO includes a fresh issue of equity worth Rs 400 crore and an offer-for-sale of up to 54 lakh equity shares. However, the portion set aside for qualified institutional bidders remained the least …

Saudi Aramco’s $12 billion share sale: Dividends attract Indian, Chinese, and other foreign investors
7 months, 1 week 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
7 months, 1 week 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 …

Oil giant Saudi Aramco offers a second stock tranche worth billions of dollars
7 months, 2 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
7 months, 2 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
7 months, 2 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 says Q1 profit down 14.5 percent
8 months, 1 week 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 …

Saudi Arabia Is in Talks to Add Top Wall Street Banks to Aramco Share Sale
10 months ago

Saudi Arabia Is in Talks to Add Top Wall Street Banks to Aramco Share Sale

Hindustan Times  

Saudi Arabia is in talks to add top Wall Street banks for a secondary share sale in oil giant Aramco, as it pushes ahead with one of the largest stock offerings in recent years, people with knowledge of the matter said. It’s likely to be a marketed offering that’s open for a few days for investors to submit their orders, …

Saudi Aramco's profit drops to $121B in 2023 amid energy price decline
10 months 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
10 months 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 oil giant Aramco reports $30B in profits, down nearly 40% from last year due to lower prices
1 year, 5 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 …

Will Senco Gold IPO shine? Subscription, GMP, and everything else you need to know
1 year, 6 months ago

Will Senco Gold IPO shine? Subscription, GMP, and everything else you need to know

Live Mint  

The Rs 405-crore initial public offering of jewellery maker Senco Gold kicked off for subscription on Tuesday, July 4, 2023, and will close on July 6. GMP: The company's shares traded at a premium of Rs 122 in the grey market on Tuesday, indicating a strong demand for the IPO as well as a robust listing. Anchor investors: A day …

Oil giant Saudi Aramco's 1st quarter profit down 20% to $31B
1 year, 8 months ago

Oil giant Saudi Aramco's 1st quarter profit down 20% to $31B

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 Oil giant Saudi Aramco reported …

Aramco Q1 PAT plummets 19% to $31.9 billion on lower crude prices
1 year, 8 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 prince announces transfer of 4% Aramco stake to public investment firm
1 year, 8 months ago

Saudi prince announces transfer of 4% Aramco stake to public investment firm

Hindustan Times  

Saudi Arabia's crown prince announced Sunday the transfer of a 4% stake of the oil giant Saudi Aramco to a subsidiary of the kingdom's sovereign wealth fund, further boosting its coffers as the kingdom tries to expand its economy beyond oil. Crown Prince Mohammed bin Salman's decision, announced by the state-run Saudi Press Agency, sends the stake to the Saudi …

Saudi prince gives 4% Aramco stake to public investment firm
1 year, 8 months ago

Saudi prince gives 4% Aramco stake to public investment firm

Associated Press  

DUBAI, United Arab Emirates — Saudi Arabia’s crown prince announced Sunday the transfer of a 4% stake of the oil giant Saudi Aramco to a subsidiary of the kingdom’s sovereign wealth fund, further boosting its coffers as the kingdom tries to expand its economy beyond oil. Crown Prince Mohammed bin Salman’s decision, announced by the state-run Saudi Press Agency, sends …

Saudi Aramco to invest billions in Chinese petrochemicals
1 year, 9 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, 10 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 has profits of $161B in 2022
1 year, 10 months ago

Oil giant Saudi Aramco has profits of $161B in 2022

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 Oil giant Saudi Aramco said …

High oil prices help Saudi Aramco earn $88B in first half
2 years, 5 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, 8 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 …

IPO watch: Investors must check 5 upcoming initial public offerings
2 years, 10 months ago

IPO watch: Investors must check 5 upcoming initial public offerings

India Today  

The Russia-Ukraine war is now threatening to delay the launch of the much awaited initial public offering of LIC. The company is aiming to raise around Rs 6,250 crore through a fresh issue of shares. DELHIVERY IPO The delivery and logistics firm is aiming to raise around Rs 7,460 crore through IPO. Out of the total, the company will offer …

Saudi Arabia gives 4% of Aramco worth $80B to fund
2 years, 11 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 …

Saudi Arabia transfers $80 billion Aramco stake to kingdom’s wealth fund
2 years, 11 months ago

Saudi Arabia transfers $80 billion Aramco stake to kingdom’s wealth fund

Hindustan Times  

Saudi Arabia transferred a stake worth about $80 billion in state oil giant Aramco to the kingdom’s wealth fund as part of plans to boost its assets under management to over $1 trillion in four years. Saudi Arabia said it will transfer 4% of its stock in the state-run oil giant Aramco to its state investment fund, a nearly $80 …

Saudi Aramco sees third-quarter income spike to $30.4 billion on surge in oil prices, recovery in demand
3 years, 2 months 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 sees third-quarter income rise to $30.4 billion
3 years, 2 months ago

Saudi Aramco sees third-quarter income rise to $30.4 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 The world’s largest oil company, …

Policybazaar IPO gets Sebi Approval; Check Dates, Price Band, Other Details
3 years, 2 months ago

Policybazaar IPO gets Sebi Approval; Check Dates, Price Band, Other Details

News 18  

New Delhi: PB Fintech, which operates online insurance platform Policybazaar and credit comparison portal Paisabazaar, on Wednesday fixed a price band of Rs 940-980 a share for its Rs 5,710-crore initial share sale, which will open on November 1. The Rs 5,710-crore IPO comprises a fresh issue of Rs 3,750 crore worth of equity shares and an offer for sale …

Saudi Aramco hits $2T valuation on back of higher oil prices
3 years, 3 months ago

Saudi Aramco hits $2T valuation on back of higher oil prices

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 oil company …

Saudi Aramco’s profits quadruple as oil giant unveils plans to increase production
3 years, 5 months ago

Saudi Aramco’s profits quadruple as oil giant unveils plans to increase production

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 The world’s largest oil company, …

Saudi oil giant Aramco sees half-year earnings climb to $47B
3 years, 5 months ago

Saudi oil giant Aramco sees half-year earnings climb to $47B

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 oil-producing company, Aramco …

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 …

​Kalyan Jewellers IPO to Open Today; Things to Know Before Bidding
3 years, 9 months ago

​Kalyan Jewellers IPO to Open Today; Things to Know Before Bidding

News 18  

Kalyan Jewellers will open its three-day initial public offering worth Rs 1,175 crore on Tuesday and will conclude it on Thursday. The public offering consists of a fresh issue worth Rs 800 crore and an offer for sale worth Rs 375 crore. Public Issue: The IPO comprises a fresh issue worth Rs 800 crore and an offer for sale of …

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 …

Aramco turns to bonds to help fund $75 billion dividend
4 years, 1 month ago

Aramco turns to bonds to help fund $75 billion dividend

Live Mint  

Saudi Aramco, the world’s biggest oil company, is set to return to the bond markets for the first time since April of last year as it seeks to fund a $75 billion dividend commitment. “But low oil prices for longer, which means lower cash generation, must surely be reflected in tougher pricing for Aramco.” The yield on Aramco’s $3 billion …

Saudi Aramco profits dive in coronavirus-hit Q3
4 years, 2 months ago

Saudi Aramco profits dive in coronavirus-hit Q3

Live Mint  

Energy giant Saudi Aramco on Tuesday posted a 44.6% slump in third-quarter profit, as the coronavirus pandemic weighs heavily on the global demand for crude oil. The world's most valuable listed company said it was committed to a bumper dividend even as third quarter net profits dropped to 44.21 billion Saudi riyals, compared to $21.3 billion in the same period …

Ant plans $17.5 billion Hong Kong IPO, no cornerstone investors
4 years, 3 months ago

Ant plans $17.5 billion Hong Kong IPO, no cornerstone investors

Live Mint  

Jack Ma’s Ant Group Co. is aiming to raise $17.5 billion in its Hong Kong share sale and won’t seek to lock in cornerstone investors, confident there will be plenty of demand for one of the largest equity deals in the financial hub, according to people familiar with the matter. The fintech giant has assessed investor interest, betting it can …

Saudi Arabia’s financial woes mean it’s squeezing cash cow Saudi Aramco
4 years, 4 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 …

Saudi Aramco profits plunge 73 per cent as coronavirus causes oil demand to plummet
4 years, 5 months ago

Saudi Aramco profits plunge 73 per cent as coronavirus causes oil demand to plummet

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 Aramco is to push …

Premarket stocks: Saudi Aramco sees reasons for optimism despite 73% profit drop
4 years, 5 months ago

Premarket stocks: Saudi Aramco sees reasons for optimism despite 73% profit drop

CNN  

A version of this story first appeared in CNN Business’ Before the Bell newsletter. London CNN Business — Saudi Aramco said Sunday that its net profit plunged 73.4% in the second quarter to $6.6 billion. It was the second consecutive quarter of falling earnings at the world’s top oil producer — net profit in the January-March period slumped 25%. Stay …

Saudi Aramco Profits Slump 73% on Low Oil Price as Covid-19 Undercuts Global Demand
4 years, 5 months ago

Saudi Aramco Profits Slump 73% on Low Oil Price as Covid-19 Undercuts Global Demand

News 18  

Energy giant Saudi Aramco said Sunday its net profit for the second quarter plunged a massive 73 percent due to sharply lower oil prices as the coronavirus crisis undercuts global demand. Aramco's net profit for the first half of the year also dived, by 50 percent to $23.2 billion, compared to $46.9 billion over the same period last year. Following …

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 …

Oil giant Saudi Aramco sees 2019 profits drop 20% to 88.2 Billion Dollars
4 years, 10 months ago

Oil giant Saudi Aramco sees 2019 profits drop 20% to 88.2 Billion Dollars

India TV News  

Oil giant Saudi Aramco said Sunday its profits dropped 20% in 2019 to $88.2 billion, a sharp decline coming as the kingdom stands ready to flood an already-weakened global energy market amid the new coronavirus pandemic. The announcement by the firm formally known as the Saudi Arabian Oil Co. did not address the kingdom’s plans to crank up production to …

Saudi Aramco profit falls 21% on lower oil, cuts 2020 capex guidance
4 years, 10 months ago

Saudi Aramco profit falls 21% on lower oil, cuts 2020 capex guidance

Live Mint  

Saudi Aramco, the spearhead of the kingdom’s oil price war, posted a 21% drop in full-year profit and cut planned 2020 capital expenditure. Key 2019 numbers: Net income including minority interests: 330.7 billion riyals vs 416.5 billion riyals a year ago Revenue: 1.11 trillion riyals vs 1.19 trillion riyals Analysts’ estimate: 1.2 trillion riyals Operating profit: 674.9 billion riyals vs …

Reliance, Saudi Aramco accelerate refinery stake sale talks
4 years, 10 months ago

Reliance, Saudi Aramco accelerate refinery stake sale talks

Live Mint  

Reliance Industries Ltd.’s talks to sell a minority stake in its oil-to-chemical division to Saudi Aramco have been gathering pace in recent weeks, according to people familiar with the matter. Indian billionaire Mukesh Ambani’s Reliance is keen to sign a binding agreement before the next annual shareholders meeting, which is due to take place before the end of September, one …

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