PICTURES: How a Saudi Bedouin helped discover Saudi Arabia’s first oil well 80 years ago

Sunday, 4 March 2018

Exactly 80 years ago, in March of 1938, a Saudi Bedouin named Khamis bin Rimthan helped an American petroleum geologist to find the kingdom’s first oil well, known as ‘Dammam No. 7’.Max Steineke is largely credited for making the first discovery of oil in commercial quantities in Saudi Arabia. But Rathman played a major role in this discovery. He was an expert in desert navigation, using stars to find his way, and knew where the best locations were to find oil.Steineke became ...

Saudi crown prince named the ‘most powerful leader in Middle East’

Friday, 2 February 2018

With Saudi Arabia embarking on the ambitious NEOM project, recent reports highlighting discussions on creating a technology hub in the kingdom have turned the spotlight on Saudi crown prince Mohammed bin Salman’s growing stature in the Middle East. The hub would be established in a collaboration between energy giant ARAMCO and Google’s Alphabet. There also appear to be talks with Amazon for the establishment of three data centers. In a recent report by CNBC, Saudi crown prince ...

Nine important ways change will unfold in Saudi Arabia this year

Thursday, 4 January 2018

Change is approaching fast in several sectors in Saudi Arabia, ending their dependence on oil and bringing an economic overhaul from other sources, WTVA website reported. Here are nine ways that the Saudi Arabian government will bring a wave of change to the kingdom: Rise in oil prices Saudi Arabia decided to make a 127% increase in oil prices starting January 1st making it reach 2.04 Riyals per liter. The prices of most commercial goods and services have also risen with the application of a ...

Listing Aramco on Saudi Tadawul remains an option

Wednesday, 3 January 2018

While all eyes were firmly glued on speakers and the bold new mega project initiatives rolled out at the recent Future Investment Initiative organized by the Public Investment Fund (PIF) in Riyadh last year, Saudi Stock Exchange Tadawul’s CEO Khalid al-Hassan asserted that Tadawul aspired to be the main exchange in the region and to be the exclusive venue for the planned Aramco IPO listing. The Kingdom has not yet decided on a final venue for its dual Saudi-international listing, with ...

Dr. Mohamed A. Ramady

Saudi budget 2018: Worthy of Vision 2030

Monday, 1 January 2018

Saudi Arabia has announced a SR 978 billion budget for 2018, describing it as the largest budget in its history in terms of spending. Perhaps the most significant contribution to the budget this year was its adoption of an advanced method of financial engineering to expand the “tools” in the hands of the state in an unprecedented manner. The budget, which in the past has been 90 percent dependent on oil revenues, is this year not more than 50 percent based on revenue from oil. The ...

Hussein Shobokshi

CEO: Aramco plans to spend $300 bln over 10 years in upstream oil and gas

Monday, 13 November 2017

Saudi Aramco plans to spend close to $300 billion over 10 years in upstream oil and gas projects, Chief Executive Amin Nasser said on Monday.Speaking at the ADIPEC energy conference in Abu Dhabi, Nasser said: “This is mainly upstream, onshore, offshore and joint ventures in the kingdom and out of the kingdom.” He also said a decision would hopefully be made soon on the location for the listing of shares in the oil giant.Crown Prince Mohammad bin Salman said last month that ...

Aramco expects to boost capital expenditure by about 10 pct

Thursday, 9 November 2017

Oil giant Saudi Aramco expects to increase its capital spending budget by almost 10 percent in its next financial year, a senior vice president at the state-owned company said on Thursday. The plans to increase investment come as Aramco prepares for a much-vaunted international IPO as Saudi Arabia’s Crown Prince Mohammed bin Salman pushes reforms to make the kingdom less reliant on oil. Aramco’s senior vice president of technical affairs, Ahmad al-Sa’adi, told a business ...

Saudi Arabia eyes investments in Turkmenistan, including gas, says Falih

Wednesday, 8 November 2017

Saudi Arabia Minister of Energy, Industry and Mineral Resources Khalid Al-Falih expressed the Kingdom's invitation to Turkmenistan to join the Organization of Petroleum Exporting Countries (OPEC) and the latter's acceptance, adding that Turkmenistan would join OPEC as an observer and would join the World Energy Forum hosted by Riyadh. In an interview with Al Arabiya on the sidelines of the meetings of the Saudi-Turkmen Joint Committee, Al-Falih pointed out to the leading investment fields of ...

Russia’s Litasco oil trader to explore areas of cooperation with Saudi Aramco

Thursday, 5 October 2017

Russia’s Litasco oil trader has signed a memorandum with Saudi Aramco to explore various possible areas of further cooperation in oil supply trading, Tim Bullock, the head of Litasco, said.“We will supply Russian oil to one of their refineries, and they will supply Saudi oil to their refineries ... that type of thing,” Bullock told reporters in Moscow. 

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