Tag: Saudi Aramco

Saudi Aramco Offers Some Details on Coming Stock Offering

Saudi Aramco, the world’s largest oil company, took another step on its lengthy path to a stock market listing on Saturday, saying that it would announce a price for its shares on Dec. 5, with trading expected to start in mid-December. The company announced last week that it planned to list on the local Saudi […]

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The Promise and the Peril of Aramco

Saudi Arabia’s Capital Market Authority on Sunday announced that the kingdom had approved plans for turning Saudi Aramco, its hugely profitable national oil company, into a publicly traded corporation. An initial public offering of 1 percent to 3 percent shares is expected in December, but may come later. Prince Mohammed bin Salman touted a valuation […]

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Is Aramco Worth $2 Trillion? And Other Crucial I.P.O. Questions

LONDON — Saudi Aramco is undoubtedly huge and very profitable. But what’s the company worth? That question was one of many left unanswered Sunday when the company, the world’s dominant oil producer, announced it would sell a stake to investors. Just about everything about the initial public offering remains to be determined in the coming […]

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Saudi Aramco I.P.O. Is Announced

LONDON — Saudi Arabia said on Sunday that it had approved plans for the giant state-owned oil producer, Saudi Aramco, to go public, taking the country’s crown jewel and what is probably the world’s most profitable enterprise close to its long-awaited goal: becoming a publicly traded company. The country’s Capital Market Authority said that Aramco […]

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Stars Return to Saudi Investment Conference a Year After Khashoggi

RIYADH, Saudi Arabia — World leaders and business executives converged upon the palatial Ritz-Carlton hotel on Tuesday, putting concerns about Saudi Arabia’s role in the 2018 murder of a dissident journalist behind them and returning unabashedly to deal-making. The brutal killing of Jamal Khashoggi, a Washington Post columnist, prompted many companies and executives to shun […]

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Aramco’s I.P.O. Will Be Less Gigantic Than Promised

When Mohammed bin Salman announced in 2016 that he would list one of his country’s crown jewels — the state-owned oil giant Saudi Aramco — on the stock market, he set some audacious goals. Aramco would be valued at about $2 trillion, easily making it the world’s biggest publicly traded company. Even though the stock […]

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The Saudis Are Keeping the Oil Flowing, but It’s Not Easy

On Tuesday evening, the top officials of the Saudi oil industry held a news conference and delivered a very upbeat message. Saudi Arabia’s production capacity, which had been crippled by last weekend’s aerial attack, would be “fully restored” by the end of September, according to Saudi Aramco, the national oil company. If that pace of […]

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​Job One for Saudis’ New Energy Chief: Picking Up the Pieces

A little over a week ago, Prince Abdulaziz bin Salman finally attained the job for which he had long prepared: energy minister of Saudi Arabia, one of the most crucial positions in the country. Any sense of accomplishment probably did not last long. A daring aerial attack on the kingdom’s oil industry over the weekend […]

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Attack on Saudi Oil Facility Is Seen as Short-Term Disruption

HOUSTON — The drone attack on one of Saudi Arabia’s most important oil facilities could cripple a portion of Saudi petroleum exports for days or even weeks and send energy prices higher. But experts say that a severe shock to energy markets and the world economy is unlikely. The attack on the Abqaiq processing facility, […]

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Drones Strike Big Saudi Refineries, and Houthis Claim Responsibility

The war that has devastated Yemen reached into Saudi Arabia early Saturday, with drone strikes on two major Saudi oil refineries, and a claim of responsibility from Yemen’s Houthi rebel faction. There were no reports of casualties and the extent of the damage was unclear, but the attacks struck deep within Saudi territory, at the […]

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Saudi King Appoints a Son, Prince Abdulaziz, as Energy Minister

BEIRUT, Lebanon — King Salman of Saudi Arabia on Sunday named his son Prince Abdulaziz bin Salman as energy minister, putting a member of the royal family for the first time in one of the kingdom’s most important roles, as part of a wider shake-up of top energy-sector jobs. The appointment of Prince Abdulaziz, an […]

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Houthis in Yemen Claim Drone Attack on Saudi Oil Facilities

DUBAI, United Arab Emirates — Yemen’s Houthi movement said on Saturday that it had launched 10 drones in the “biggest attack” on oil facilities in Saudi Arabia since the Saudi-led coalition intervened in Yemen in 2015, but a Saudi official said it had caused only a “minor” fire and no casualties. Speaking to Houthi-run television […]

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As Saudis and Indians Grow Closer, a $15 Billion Deal Blooms

MUMBAI, India — Underscoring its desire for stronger ties to India and the country’s 1.3 billion people, Saudi Arabia’s state-owned oil giant is buying 20 percent of the petroleum-related businesses of Reliance Industries, one of India’s biggest companies. The $15 billion investment, which Reliance announced on Monday, is a vote of confidence by the Saudis […]

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Saudi Aramco Reports $47 Billion Earnings in First Half of 2019

Saudi Aramco reported Monday that the company earned $47 billion in the first half of 2019. The earnings report was a first in the secretive company’s long history and reflected a challenging market: The company said the profits represented a decline from $53 billion in the period a year earlier, when oil prices were higher. […]

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Why Is There So Much Saudi Money in American Universities?

One spring afternoon last year, protesters gathered on a sidewalk alongside a busy street in Cambridge, Mass. City buses rolled past. Car horns sounded. A few pedestrians paused briefly before continuing on their way. The location was 77 Massachusetts Avenue, in front of a limestone-and-concrete edifice that serves as the gateway into the Massachusetts Institute […]

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Saudi Oil Infrastructure at Risk as Small Attacks Raise Potential for Big Disruption

Updated June 13, 2019: On Thursday, two oil tankers were attacked in the Gulf of Oman, raising fears of wider conflict. Across the Arabian peninsula, thousands of miles of pipes run above and below the desert in one of the world’s most sophisticated production lines for pumping oil from the ground and distributing it around […]

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