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Saudi Aramco raises domestic fuel prices
August 11, 2020

JEDDAH — Saudi Aramco on Monday announced an increase in fuel prices, Saudi Press Agency (SPA) reported.

Gasoline 91 will be priced at SR1.43 per liter, up from SR1.29 per litter. Gasoline 95 is now priced at SR1.60 per liter as compared to SR1.44 in the month of July, according to SPA.

From the month of February this year, local fuel prices are being updated on the 10th day of each month, rather than each quarter.


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Saudi Aramco expects oil demand to recover to 90m bpd by year-end
August 11, 2020

Saudi Aramco is anticipating a pick-up in global demand for crude to 90 million barrels per day by the end of the year, as the company continues to prioritise sales to Asia, where consumption is reviving following the easing of Covid-19-related lockdowns.

The world’s largest exporter of oil places around 70 to 75 per cent of its crude in Asia, where centres such as China and India"...

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Aramco to pay $18.75bn dividend even as second-quarter net profit slides
August 10, 2020

Saudi Aramco will pay a second-quarter dividend of $18.75 billion (Dh68.87bn) despite a 73.4 per cent fall in net profit due to lower oil prices and declining refining and chemicals margins during the coronavirus crisis.

The payout, which is scheduled for August 31, is more than the $13.4bn paid during the same period last year.


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Aramco faces grilling as oil heads into ‘eye of the storm’
August 9, 2020

DUBAI: Saudi Aramco, the world’s biggest oil company, will submit itself to two days of intense scrutiny by global investors after the biggest shock to global energy markets in decades.

The company is set to announce its financial results for the second quarter of 2020 — which witnessed the collapse of oil prices in April as global demand collapsed because of the COVID-19 pandemic"...

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Islamabad seeks renewal of $3.2B Saudi oil deal, repays $1B early
August 9, 2020

Pakistan has not received the oil on deferred payments from Saudi Arabia since May as a deal signed between the two sides for provision of $3.2 billion worth of the fuel under the arrangement expired two months ago.

However, Islamabad is still waiting for a response from Riyadh over its request to extend the facility. Petroleum division spokesperson Sajid Qazi said the agreement expired"...

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Saudi chemical giant registers $500m in losses
August 8, 2020

Saudi Basic Industries Corporation (SABIC) yesterday said it had suffered quarterly losses for the third time “due to low sales and impairments”.

SABIC, the world’s fourth largest chemical company, said recently it had incurred a loss of 2.22 billion riyals ($592 million) in the April to June quarter, compared to a net profit of 2.03 billion riyals ($541 million) in the"...

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Oil falls as rising virus cases overshadow demand recovery
August 5, 2020

LONDON: Oil prices eased on Tuesday on concerns that a fresh wave of COVID-19 infections will hamper a global demand recovery just as major producers ramp up output.

US West Texas Intermediate (WTI) crude futures were down 67 cents, or 1.6 percent, at $40.34 a barrel, while Brent crude dropped 71 cents, or 1.6 percent, to $43.44.
The declines come after WTI rose 1.8 percent and Brent"...

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Saudi Arabia Books $29-Bln Deficit In Q2
July 30, 2020

Saudi Arabia booked a deficit of $29 billion for the second quarter of the year because of the continued slump in oil prices and oil demand, which affected revenues.

Reuters reports the Kingdom’s oil revenues for April to June were down 45 percent on the year, with total budget revenues down 49 percent from a year earlier.


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SABIC to build world’s first renewable power chemical plant
July 30, 2020

LONDON: SABIC plans to build a chemical plant in Spain fully powered by renewable energy in what is the first project of its kind anywhere in the world.

The polycarbonate facility in Cartegena is expected to be fully operational by 2024, powered by a 100MW PV solar plant.

The deal will see Iberdrola, one of the"...

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Saudi Arabia was top oil exporter to China last month
July 28, 2020

Saudi Arabia’s oil exports to China increased by 15 per cent in June compared with the same month last year, RT reported on Sunday. Chinese refineries recorded an increased demand in March and April when the oil prices fell.

According to data from the Chinese Customs Authorities, oil imports from Saudi Arabia increased to 8.88 million tons in June, or 2.16 million barrels per day.


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