Saudi Aramco signs preliminary gas deal with Shell

Thursday, 8 March 2018

State oil giant Saudi Aramco signed a preliminary deal to pursue international gas opportunities with Royal Dutch Shell on Thursday as part of top crude exporter Saudi Arabia’s diversification drive before the listing of Aramco. The memorandum of understanding (MoU) signed in London between the two companies was during the official visit of Saudi Crown Prince Mohammed bin Salman to Britain, and would include gas upstream and liquefaction projects. “It is a discussion that began ...

India, Saudi Arabia discuss oil price, energy investment opportunities

Friday, 23 February 2018

India is seeking a reasonable price for crude oil from Saudi Arabia, Oil Minister Dharmendra Pradhan said on Friday, in a move that could help Riyadh regain top spot in supplying the world’s third largest oil consumer. “Some instrument can be developed so that the pricing is suitable for both of us,” Pradhan said after a meeting with Saudi Arabian counterpart Khalid al-Falih. “We must get a reasonable price for crude oil and LPG (liquefied petroleum gas),” he said ...

Saudi to establish $8 bln export bank for industry, mining

Wednesday, 13 December 2017

Saudi Arabia will establish an export bank with capital of $8 billion to support overseas sales by its industrial and mining projects, energy, industry and mineral resources minister Khalid al-Falih said on Wednesday. “A bank for exports with a capital of 30 billion (riyals) will be established to encourage and support exports, and 5 billion riyals have been allocated as a first instalment this year,” he said in a speech.

Russia offers to sell gas to Saudi Arabia from Yamal LNG

Friday, 8 December 2017

President Vladimir Putin said on Friday that Russia was ready to sell gas to Saudi Arabia after he launched the first loading of liquefied natural gas (LNG) at the Novatek-led Yamal LNG project in the Arctic. Russia is the world’s biggest gas producer, but most of its exports are via pipeline rather than LNG, a super-cooled fuel that can be transported by ship. It is the world’s seventh biggest LNG exporter. “Buy our gas and you’ll save oil,” Putin told Saudi ...

Saudi Arabia’s SABIC looking at investing in US

Wednesday, 6 December 2017

Petrochemicals company Saudi Basic Industries Corp is considering several possible investments in the United States, while state oil giant Saudi Aramco is looking at gas prospects abroad, Saudi energy minister said on Wednesday. However, Saudi Aramco’s interest in gas investments is closer to home, probably in Africa or the Mediterranean, Khalid al-Falih told reporters on the sidelines of an industry conference in Abu Dhabi. “SABIC ... is looking at multiple investments in the US, ...

Russia’s Novak: Saudi’s Falih to oversee launch of Arctic LNG plant

Wednesday, 6 December 2017

Saudi Energy Minister Khalid al-Falih will travel to the Russian Arctic to oversee the launch of a liquefied natural gas plant, Russian Energy Minister Alexander Novak said on Wednesday. The two energy ministers will visit the plant this week. The Yamal LNG plant, controlled by Russia’s largest private gas producer Novatek, is expected to eventually produce 17.5 million tons of gas per year. Novak said in July that energy cooperation with Saudi Arabia was ...

IN PICTURES: US energy minister wears traditional Saudi dress on sightseeing trip

Tuesday, 5 December 2017

Saudi Minister of Energy, Industry and Mineral Resources Khalid al-Falih published photos of himself with US Secretary of Energy Rick Perry while he accompanied the latter on a sightseeing trip during his recent visit to the Saudi kingdom.In the photos, Perry is seen sitting on the sand, holding a hawk and eating traditional food. A photo of Perry also showed him wearing traditional Saudi dress and a shemagh and holding a sword.Perry met with the Saudi king on Monday at Yamamah Palace in Riyadh ...

Saudi Arabia reasserts oil market leadership role with deal in Vienna

Friday, 1 December 2017

Saudi Arabia has reasserted its leadership of the oil market on Thursday after brokering its desired extension of output cuts with OPEC and non-OPEC partners through to the end of 2018. The deal -- agreed after nearly nine hours of negotiations in Vienna -- kept its new ally Russia onside and prevented a sell-off that many analysts had feared, according to S&P Global Platts. OPEC agreed on Thursday to extend oil output cuts until the end of 2018 as it tries to finish clearing a global glut ...

OPEC agrees oil cut extension to end of 2018

Thursday, 30 November 2017

OPEC agreed on Thursday to extend oil output cuts until the end of 2018 as it tries to finish clearing a global glut of crude while signaling it could exit the deal earlier if the market overheats. Non-OPEC Russia, which this year reduced production significantly with OPEC for the first time, has been pushing for a clear message on how to exit the cuts so the market doesn’t flip into a deficit too soon, prices don’t rally too fast and rival US shale firms don’t boost output ...

Saudi energy minister says oil market should wait for OPEC Vienna meeting

Tuesday, 28 November 2017

Saudi energy minister Khalid al-Falih said on Tuesday that the oil market should wait to see the result of this week’s OPEC meeting in Vienna. He was replying to a question about how long global oil producers might extend their system of output cuts. Falih was speaking to reporters at an industry event in Dubai. The Organization of the Petroleum Exporting Countries will meet in Vienna on Nov. 30. “I haven’t reached Vienna - it is too early to talk about a disagreement, ...

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