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OIL AND GAS

Sinopec launches sustainability report in Saudi Arabia
August 17, 2019

China Petroleum & Chemical Corporation (Sinopec) has officially launched its Sinopec in Saudi Arabia: Sustainability Report on Serving the Construction of the Belt and Road in Dammam, Saudi Arabia.

The report showcases how Sinopec is fulfilling its economical, safety, environmental and social responsibilities in Saudi Arabia. It is the first sustainability report issued by a Chinese company in Saudi Arabia, said a statement from the company.
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Fossil fuels? Plastic? Trump says more is better
August 15, 2019

MONACA, PENNSYLVANIA - President Donald Trump has seen the future and it is oil. And plastic.

Where most environmental scientists and most US allies fear that overuse of fossil fuels is driving the planet into crisis, the US president spies only opportunity.

In a speech on Tuesday to hundreds of workers building a new Shell petrochemical factory near Pittsburgh, Trump did not bother paying even lip service to environmental concerns. He just"...

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Saudi oil company Aramco valuation gap persists as IPO talks resume
August 10, 2019

LONDON/RIYADH/DUBAI: Saudi Crown Prince Mohammed bin Salman is insisting on a $2 trillion valuation of oil firm Aramco, even though some bankers and company insiders say the kingdom should trim its target to around $1.5 trillion, industry and banking sources said.
With Aramco talking again to banks about an initial public offering (IPO), its board is meeting later this week and will probably hold a discussion about the company’s value, a source close"...

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Exclusive: Saudi Aramco valuation gap persists as IPO talks resume - sources
August 8, 2019

LONDON/RIYADH/DUBAI (Reuters) - Saudi Crown Prince Mohammed Bin Salman is insisting on a $2 trillion valuation of oil firm Aramco, even though some bankers and company insiders say the kingdom should trim its target to around $1.5 trillion, industry and banking sources said.

With Aramco talking again to banks about an initial public offering (IPO), its board is meeting later this week and"...

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Oil built Saudi Arabia – will a lack of water destroy it?
August 8, 2019

Bottles of water twirl on the conveyor belts of the Berain water factory in Riyadh, as a puddle of water collects on the concrete floor. In a second warehouse, tanks emit a low hum as water brought in from precious underground aquifers passes through a six-stage purification process before bottling.

“In Saudi Arabia there are only two sources of water: the sea and deep wells,”"...

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Saudi Arabia invites bids for Round Two of National Renewable Energy Program
August 3, 2019

RIYADH, 1st of August 2019 (WAM) - The Renewable Energy Project Development Office (REPDO) of Saudi Arabia’s Ministry of Energy, Industry and Mineral Resources (MEIM) has issued the request for proposals, RFPs, for Round Two of the Kingdom’s National Renewable Energy Programme (NREP).

The RFP for two ‘Category A’ projects was issued on Thursday, following the issuance"...

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Maersk wins Saudi Ports licence
July 31, 2019

Saudi Ports Authority (Mawani) has issued a licence to Maersk (Saudi Arabia), part of Maersk International, to operate in all nine Saudi ports.

This new shipping licence to Maersk is the fourth of its kind to be issued to foreign investors in the kingdom.

Maersk joins other major lines such as Barwil, Hapag-Lloyd and the Mediterranean Shipping Company, already operating.

Saad Abdul Aziz Al-Khalb, president, Mawani, said: “We"...

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Saudi chemical giant profits nosedive over low prices
July 29, 2019

RIYADH: Saudi petrochemicals giant SABIC said yesterday its net profits for the second quarter and first half of this year dived due to a sharp decline in product prices. SABIC net profit for the three months to June 30 slid by 68 percent to 2.1 billion riyals ($560 million) from a year earlier, the company said in a statement.


Profit for the first six months of the year plunged"...

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ES market to mark next clean energy
July 28, 2019

JEDDAH — Energy Storage (EV) to herald next clean energy phase, 50% cost reduction by 2025 vs 2018, Bank of America Merrill Lynch’s Thematic Investing report disclosed.

Four reasons why Energy Storage will win:

• Falling electric vehicle battery costs to help deliver affordable energy storage: Electric vehicle battery costs are expected to fall significantly, helped by scale from electric vehicles. Battery packs used in"...

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Saudi Arabia to expand oil pipeline
July 27, 2019

Saudi Arabia aims to raise the capacity of its east-west pipeline by 40 per cent in two years so more of its oil exports can avoid passing through the Strait of Hormuz, the energy minister said.

Khalid Al Falih also told Reuters that importers should, as a first immediate step, secure shipments through the strategic waterway at the mouth of Gulf, after attacks on oil tankers in the area"...

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