Saudi Arabian state-owned oil giant Aramco expects to pay $31 billion in dividends to the Saudi government and its shareholders despite reporting lower earnings for the first quarter on Tuesday, hit by lower oil prices and volumes sold.
Saudi Aramco has raised the official selling price of all the grades it exports to Asia, with flagship Arab Light for delivery in June set to become $0.90 more expensive, Bloomberg reported citing a pricing list it had seen.
Global Data: Aramco is leading oil companies in AI investment.
Saudi Aramco spent $3.5 billion on research and development last year.
As for AI itself, the technology was deployed in areas such as oil exploration, fault monitoring, and cyber threat detection.
Aramco is negotiating a 10% stake in Chinese petrochemical company Hengli.
The deal strengthens Aramco’s downstream presence in China, a key export market.
Saudi Arabia’s strategy is to secure long-term crude oil supply agreements while also boosting Aramco’s chemical production goals.
Pointing to the still paltry share of renewable energy in global supply, the head of Saudi Aramco described the current energy transition strategy as a misguided failure on Monday.
East Pipes Integrated Company for Industry has agreed to cancel its SAR 153 million ($40.8 million) contract with Saudi Arabian Oil Company (Aramco).
Geopolitics and supply chain dynamics will dictate the oil and gas outlook in 2024.
Aramco’s 2023 profit, down from a record $161.1bn in 2022, was constrained by lower oil prices, a fall in production and weaker refining margins. But it was still the second-highest ever, Aramco said today.
LONDON: Saudi state oil company Aramco has started trading a US crude oil grade that underpins the global Brent benchmark in a process run by S&P Global Commodity Insights, the publisher said on Monday, according to Reuters.
The Saudi state has ordered energy major Aramco to stop work on expanding its maximum sustainable capacity to 13 million barrels daily, instead keeping it at 12 million bpd.