World’s largest oil Company, Aramco merges with petrochemical giant, SABIC

The long-awaited Saudi Aramco’s acquisition of Saudi Basic Industries Corporation (SABIC) is finally almost done. With a statement to the press, Aramco CEO Amin Nasser reported that Aramco has acquired a 70 per cent stake in SABIC, with an estimated value of $69.1 billion. Aramco’s CEO Nasser reiterated that the “deal is a major step […]

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Saudi Arabia to open $22.7 billion mining project; to increase non-oil GDP by 3%

Saudi Arabia’s King Salman inaugurated last week the Waad Al-Shamaal project, a 440-square-km city for mining industries in the country’s northern region, Al Arabiya TV said, quoting energy minister Khalid al-Falih. The mining project is expected to boost the kingdom’s gross domestic product by 24 billion riyals ($6.4 billion) and its non-oil GDP by around […]

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Saudi Arabia’s Aramco said to call off what would have been the world’s largest IPO

Saudi Arabia has reportedly called off plans to take its state-owned oil giant public in what would have been the largest initial public offering in history – worth $100 billion. Reports said Saudi Arabia decided it will not move forward with plans for a domestic or international Aramco stock listing, according to four senior industry sources, […]

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Aramco’s Saudi oil facilities safe, despite reports of Yemen missile

All oil and gas facilities, plants, and refineries in Saudi Arabia are operating normally, the state oil giant Saudi Aramco said. The clarification came after the Yemeni Houthi movement declared that it had fired a ballistic missile targeting Aramco in the southern Saudi province of Najran. According to a news agency controlled by the Houthi rebels, […]

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