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24 April 09:41 AM

Sector News

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22 April 03:34 PM Aramco eyes equity acquisition in Chinese Hengli’s petrochemical firm
Riyadh – Mubasher: Saudi Arabian Oil Company (Aramco) is currently in talks with China-based Hengli Group for a potential acquisition of a 10% stake in its controlled subsidiary Hengli Petrochemical Company. The equity acquisition is still subject …
Companies Investments
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4 April 03:01 PM Arabian Drilling renegotiates contract with Aramco
Riyadh – Mubasher: Arabian Drilling has announced that it is in talks with Saudi Arabian Oil Company (Aramco) concerning contract suspensions of three of its offshore rigs. The suspensions could last up to a year, according to a bourse filing. …
Companies Investments
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2 April 06:23 PM Aramco awards $7.7bn EPC contracts to expand Fadhili Gas Plant
Riyadh – Mubasher: Saudi Arabian Oil Company (Aramco) has awarded, on 2 April 2024, engineering, procurement, and construction (EPC) contracts worth $7.70 billion to carry out a major expansion of its Fadhili Gas Plant in the Eastern Province of …
Companies Investments
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28 March 11:11 AM TAQA, Japan’s JERA partner to build power plant in Saudi Arabia
Abu Dhabi – Mubasher Abu Dhabi National Energy Company (TAQA) and Japan’s energy giant JERA signed a power and steam purchase agreement with Saudi Aramco Total Refining and Petrochemical Company (SATORP) to develop a greenfield industrial steam …
Companies Investments
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27 March 11:56 AM EIC’s unit inks contract to supply transformers to Aramco
Riyadh – Mubasher: Saudi Power Transformers Company, a subsidiary of Electrical Industries Company (EIC), has signed a SAR 125.77 million contract with Larsen &Toubro Saudi Arabia. The agreement includes a purchase order for the supply of …
Companies Investments
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24 March 01:41 PM Petro Rabigh’s loss deepens 321% YoY in 2023
Riyadh – Mubasher: The net loss of Rabigh Refining and Petrochemical Company (Petro Rabigh) surged 320.90% year-on-year (YoY) to SAR 4.69 billion in 2023 from SAR 1.11 billion. Revenues declined by 20.28% YoY to SAR 44.60 billion last year from …
Financial Results
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19 March 01:25 PM Global energy transition efforts face hard realities – Aramco’s CEO
Riyadh – Mubasher: The global energy transition strategy has not succeeded in many aspects due to five hard realities that should be considered to adjust its path, stated Amin Nasser, President & CEO of Saudi Arabian Oil Company (Aramco). These …
Event
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19 March 12:06 PM Bahri’s board proposes SAR 406m dividends in 2023
Riyadh – Mubasher: The board of National Shipping Company of Saudi Arabia (Bahri) has recommended the distribution of SAR 406.05 million, or SAR 0.55, in cash dividends for 2023. The number of shares eligible for dividends amounts to 738.28 …
Cash Dividends
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18 March 12:07 PM Arabian Drilling’s net profit rises 8% YoY in 2023; dividends recommended
Riyadh – Mubasher: Arabian Drilling posted an 8.42% year-on-year (YoY) increase in net profit to SAR 605 million in 2023 from SAR 558 million. The company’s revenues soared 28.59% YoY to SAR 3.47 billion last year from SAR 2.70 billion, according …
Financial Results
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12 March 06:24 PM Aramco launches company’s 1st marine fueling station in Saudi Arabia
Riyadh – Mubasher: Saudi Arabian Oil Company (Aramco) has inaugurated Aramco Marina at the Jeddah Yacht Club on the Red Sea coast to be its first marine fueling station in Saudi Arabia, according to a press release. The marine fueling station …
Companies Investments
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10 March 11:06 AM Aramco’s net profit plunges 25% YoY in 2023; dividends approved
Riyadh – Mubasher: Saudi Arabian Oil Company (Aramco) posted a 24.71% year-on-year (YoY) drop in net profit to SAR 454.76 billion in 2023 from SAR 604.01 billion a year earlier. The company’s revenues plunged 17.62% YoY to SAR 1.65 trillion last …
Financial Results
Crown Prince and Prime Minister of Saudi Arabia, Prince Mohammed bin Salman bin Abdulaziz Al Saud
7 March 06:05 PM Saudi Crown Prince reveals transfer of 8% equity in Aramco to PIF
Riyadh – Mubasher: Crown Prince and Prime Minister of Saudi Arabia, Prince Mohammed bin Salman bin Abdulaziz Al Saud, who is the Chairman of both the Public Investment Fund (PIF) and the Council of Economic and Development Affairs, announced the …
Companies Investments
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6 March 09:35 AM CMA nods to capital hike of Bank Albilad, Aldrees
Riyadh – Mubasher: The Capital Market Authority (CMA) has approved the requests of Bank Albilad and Aldrees Petroleum and Transport Services Company to increase their capital. The Saudi lender will raise its capital by granting one bonus share for …
Banking and Finance
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5 March 01:11 PM Aramco unveils AI model aramcoMETABRAIN at LEAP 2024
Riyadh – Mubasher: The President and CEO of Saudi Arabian Oil Company (Aramco), Amin Nasser, unveiled the company’s new large language AI model, aramcoMETABRAIN, according to a press release. During his speech on the Digital Leadership in the …
Event
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3 March 01:23 PM Saudi Aramco completes acquisition of Chile’s Esmax
Riyadh – Mubasher: Saudi Arabian Oil Company (Aramco)has fully acquired Esmax Distribución SpA, a leading diversified downstream fuels and lubricants retailer in Chile. The transaction, which was first announced in September 2023, marks Aramco’s …
Mergers and Acquisitions
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27 February 03:44 PM Aramco inks 40 agreements worth $6bn with local suppliers
Riyadh – Mubasher: Saudi Arabian Oil Company (Aramco) has signed 40 purchase agreements worth $6 billion with local suppliers in the kingdom. The recent agreements are aimed at supporting Aramco’s local supply chains, bolstering its ability to …
Companies Investments
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27 February 01:24 PM Gas Arabian Services to execute SAR 761m works for Aramco
Riyadh – Mubasher: Gas Arabian Services Company has received two non-binding letters of intent (LoI) from Saudi Arabian Oil Company (Aramco) to carry out engineering, procurement, and construction (EPC) works for a total of SAR 760.87 million. The …
Companies Investments
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13 February 05:17 PM United Mining Industries unveils financial impact of Aramco’s gas prices
Riyadh – Mubasher: United Mining Industries Company has announced that the increase in gas prices by Saudi Arabian Oil Company (Aramco) is expected to raise the cost of goods sold (COGS) by 4.50%. The increased COGS will come into effect starting …
Corporate Actions
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5 February 03:20 PM Arabian Pipes awarded SAR 108m contract from Aramco
Riyadh – Mubasher: Arabian Pipes Company secured a new order from Saudi Arabian Oil Company (Aramco) at a value of nearly SAR 108 million on 4 February 2024. Under the deal, the company will provide Aramco with steel pipes for 11 months, according …
Companies Investments
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4 February 02:47 PM Group Five Pipe Saudi, Aramco ink supply deal
Riyadh – Mubasher: Group Five Pipe Saudi Company and Saudi Arabian Oil Company (Aramco) signed a contract at a value of more than SAR 30 million on 1 February 2024. Group Five Pipe Saudi will manufacture and supply spiral-welded steel pipes …
Companies Investments
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1 February 05:23 PM Aramco maintains MSC, not to hit 13 MMBD upon gov’t directives
Riyadh – Mubasher: Saudi Arabian Oil Company (Aramco) has received a directive from the Ministry of Energy to maintain its maximum sustainable capacity (MSC) and not to continue increasing it to 13 million barrels per day (MMBD). Based on the …
Global Economy
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31 January 02:10 PM SARCO announces 3 new key appointments
Riyadh – Mubasher: Saudi Arabia Refineries Company (SARCO) has appointed Obaid Saad Al Subaie as the Chairman of the board for three years. Abdulaziz Abdulmohsen Al Bakr was named as the Deputy Chairman, according to a bourse filing. In addition, …
Board of Directors
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31 January 12:23 PM Bahri’s profits surge 55% in 2023 initial financials
Riyadh – Mubasher: The net profits of the National Shipping Company of Saudi Arabia (Bahri) reached SAR 1.61 billion in 2023, higher by 55% than SAR 1.04 billion in 2022. Revenues hiked by 2.27% to SAR 8.77 billion last year from SAR 8.58 billion …
Financial Results
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28 January 10:00 AM Aldrees delivers growth in 2023 financials; dividends, capital raise proposed
Riyadh – Mubasher: Aldrees Petroleum and Transport Services Company posted net profits worth SAR 280.80 million in 2023, higher by 16.12% than SAR 241.80 million in 2022. Revenues hiked by 20.05% to SAR 14.83 billion last year from SAR 12.35 …
Financial Results
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22 January 03:42 PM SABIC to develop $6.4bn project in China; Aramco’s unit related party
Riyadh – Mubasher: Saudi Basic Industries Corporation (SABIC) unveiled plans to build a world-scale Petrochemical complex in southeastern China at an estimated value of $6.40 billion, according to a bourse filing. Located in the Fujian province, …
Companies Investments