As Saudi Arabia pushes ahead with its ambitious Vision 2030 plan to build huge futuristic cities and resorts, the world’s top crude oil exporter will need to borrow more money on the debt markets as oil prices continue to linger at levels of about $20 per barrel lower than the Saudi fiscal breakeven oil price.
Orascom Construction and 50-50 joint venture partner Técnicas Reunidas have been awarded an EPC contract for the Qurayyah IPP Expansion Project in Saudi Arabia’s Eastern Province, Orascom announced on Monday.
The contract is valued at more than USD 2.6 billion and the companies have already received the limited notice to proceed with execution. The commissioning consortium is comprised of ACWA Power, Saudi Electricity Company and industrial services company Haji Abdullah Alireza & Co.
Saudi Aramco has launched Saudi Arabia’s first carbon dioxide direct air capture (DAC) test unit, the company announced on Thursday.
The pilot plant has been developed in collaboration with Siemens Energy and is designed to remove up to 12 tonnes per year (tpy) of carbon dioxide from the atmosphere. Aramco intends to use the facility to test carbon capture materials and develop capture methods that can lower operational costs and accelerate the deployment of DAC in the region.
Operations at Saudi Arabia’s Jafurah shale gas field – the country’s largest unconventional non-oil associated gas site and arguably one of the biggest outside the U.S. – will begin this year, according to a comment last week from Saudi Aramco’s president and chief executive officer, Amin Nasser.
Pakistan has been experiencing an economic crisis since 2022, characterized by high inflation, high debt, job cuts, and a struggling fiscal position. At some point the country was facing a severe shortage of foreign exchange reserves and risked defaulting on its debt obligations. Three years ago, Pakistan set a target for cheap Russian crude to make up two-thirds of its oil imports, but has been unable to achieve it hampered by a shortage of foreign currency and limitations at its refineries and ports. The cash-strapped South Asian nation became Russia’s latest customer after Russia started offering discounted urals following sanctions by the west.
Top oil exporter Saudi Arabia may raise crude prices for Asian buyers in March to their highest in more than a year after benchmark prices spiked on higher demand from China and India as U.S. sanctions disrupted Russian supply, traders said on Monday.
Subsea 7 has been awarded a contract worth up to USD 300 million for works offshore Saudi Arabia as part of a long-term agreement, the company said on Thursday.
The new President has long made his dislike well known — privately and/or publicly — of the OPEC organisation, of several Saudi Arabian policies, and of China’s increased influence over both. In Saudi Arabia’s case, this effectively stems from the breaking of the core agreement made between it and the U.S. on 14 February 1945 between the then-U.S. President, Franklin D. Roosevelt, and the then-Saudi King, Abdulaziz bin Abdul Rahman Al Saud.
Saudi Arabian Oil Co. (Aramco) has signed a shareholder agreement with two companies to build a carbon capture and storage (CCS) hub in Saudi Arabia with an initial capacity of nine million metric tons per annum (MMtpa).
There are two vital reasons, to begin with, why the Trump Oil Price Range so rigorously enforced in his first presidency is so critical to the interests of Trump personally, his Republican Party, and the U.S. more broadly, as fully analysed in my latest book on the new global oil market order