China bolsters cooperation with Saudi companies in the energy sector
focusing on aligning initiatives with Saudi Vision 2030
Relations between China and Saudi Arabia are witnessing notable progress,
particularly in the energy sector,
as the National Development and Reform Commission of China fully supports mutual cooperation with Saudi companies.
This support is part of joint efforts to achieve long-term strategic objectives, including exploiting investment opportunities and exchanging expertise.
Cheng Shan Jie, the head of the commission, emphasizes the significant importance of this cooperation, especially amidst ongoing acquisitions and partnerships aimed at expanding the investment horizon between the two countries. During a meeting with Amin Nasser, CEO of Aramco, Cheng expressed his country’s welcome for Saudi investments, highlighting ongoing efforts to liberalize China’s economy and facilitate foreign investment.
On its part, Aramco is looking to enhance its presence in the Chinese market by developing its capabilities to convert crude oil into chemicals and is exploring new opportunities for partnership and acquisitions to support its global ambitions.
Vision 2030
The cooperation between the two countries also includes coordinating the “Belt and Road” initiative with Saudi Vision 2030, reaffirming the joint commitment to enhance strategic relations and cooperation in multiple fields, including renewable energy and bio-materials, with the aim of achieving mutual and sustainable interests.
In the framework of these partnerships, new agreements worth over $25 billion were signed, adding to a series of previous agreements that reflect the strategic depth and fruitful cooperation between the two nations, in their pursuit of comprehensive and sustainable development in all fields.
China bolsters cooperation with Saudi companies in the energy sector
Aramco and DHL Launch Asmo to Enhance Energy Supply Chains
“Saudi Aramco” and “DHL” have announced the establishment of “Asmo,”
aiming to enhance the efficiency of supply chains in the energy, chemicals, and industrial sectors.
The joint project aims to find sustainable solutions for modern supply chain challenges
according to statements by the Chairman of “Asmo,” Salem Al-Hareesh.
The new company seeks to promote the economic interests of “Saudi Aramco” and “DHL,”
contributing to industrial growth in Saudi Arabia, the Middle East, and North Africa.
The strategic goal of “Asmo” is to achieve a national vision that positions the Kingdom as a global logistics center,
as stated by the Executive Vice President for Technical Services at “Saudi Aramco,” Wael Al-Jafary.
This initiative aligns with the Kingdom’s efforts to strengthen its global trade position,
reflecting its initiatives aimed at developing the industrial sector.
In October 2022, Saudi Crown Prince Mohammed bin Salman launched a national initiative for global supply chains,
with the aim of enhancing the Kingdom’s role as a key hub in global supply chains.
The new project aims to break free from the constraints of traditional procurement and logistics services,
adapting to the evolving trends in global supply chains.
“Asmo” is considered the first center in the region to provide comprehensive and integrated supply chain services in the energy,
chemicals, and industrial sectors.
The company will redefine the processes of purchasing, storing, and transporting goods and services within the Kingdom,
the Middle East, and North Africa, aiming to enhance efficiency and provide economic savings.
Through its unique mediation model, “Asmo” will connect suppliers with customers,
potentially reducing the need for inventory retention and contributing to cost reduction and savings in procurement,
logistics, and inventory operations.
This allows customers to focus on their core business activities and alleviate operational burdens,
according to the company’s statement.
Aramco and DHL Launch Asmo to Enhance Energy Supply Chains
Aramco raises prices, raising concerns about rising costs and declining profits
Saudi companies have announced that they have received notifications from Saudi Aramco
of price increases for feedstocks and fuel products, effective January 1, 2024.
The increases affected companies in the petrochemicals, cement, paper, and energy sectors,
with percentages ranging from 0.2% to 136%.
These increases represent a new burden for Saudi companies, as they will lead to higher production and operating costs, which could lead to lower profits or higher product prices.
According to data released by Saudi companies, the financial impact of these increases ranged from 0.2% to 3.18% of total sales costs. For example, the Saudi Arabian Basic Industries Corporation (SABIC) announced that the impact of the increase would be approximately 3.18% of total sales costs, and it expects to see this impact begin to appear in the first quarter results of 2024.
Saudi Aramco explained that the price increases were due to rising global oil and gas prices, which in turn were affected by a variety of economic and political factors.
Analysis:
The increase in feedstock and fuel product prices by Saudi Aramco raises concerns
about rising costs and declining profits for Saudi companies.
According to economic experts, these increases will lead to higher operating costs for companies,
which could lead to lower profits or higher product prices.
Experts believe that Saudi companies will need to take steps to mitigate the impact of these increases,
such as seeking cheaper alternatives to fuel and energy, or improving operational efficiency.
Conclusion:
It is likely that Saudi Aramco will continue to raise prices of its products in the future, amid rising global oil and gas prices. These increases represent a new burden for Saudi companies, which could impact the overall performance of the Saudi economy.
Aramco raises prices, raising concerns about rising costs and declining profits
Saudi Aramco’s Bid for FIFA Sponsorship: A Game-Changing Move
In the dynamic world of football, an exhilarating development is unfolding as Saudi Aramco, the colossal Saudi oil giant, inches closer to clinching the coveted position of the main sponsor for the International Federation of Association Football (FIFA). This strategic move aligns seamlessly with Saudi Arabia’s ambitious bid to host the 2034 FIFA World Cup, with the partnership’s annual value potentially soaring to a staggering £84 million. Delve into the economic implications and the Kingdom’s chance to boost its non-oil sectors.
As negotiations between Saudi Aramco and FIFA near their finalization stage, reports from “Al-Times” suggest that the annual value of the sponsorship deal could skyrocket to £84 million, marking it as one of FIFA’s most substantial sponsorships to date. This potential collaboration carries substantial weight, emphasizing a long-term commitment between the two entities, extending possibly until 2034.
Advanced Negotiations
The ongoing negotiations between Saudi Aramco and FIFA have progressed to an advanced stage, intensifying the anticipation surrounding this monumental deal.
The magnitude of Aramco’s sponsorship underscores the strategic importance of aligning with a global sports giant like FIFA, fostering a mutually beneficial partnership.
Seeking Confirmation
While “Al-Times” has provided valuable insights into this impending deal, attempts to seek official confirmation from Aramco outside regular working hours have been inconclusive.
The lack of response adds an air of suspense to the unfolding narrative, leaving enthusiasts eagerly awaiting an official announcement.
Saudi Arabia’s World Cup Aspirations
Sole Candidate for 2034 World Cup
In an unexpected turn of events, Saudi Arabia emerges as the sole candidate to host the 2034 FIFA World Cup.
This revelation follows Australia’s decision not to bid for the championship, leaving the Kingdom as the exclusive country to submit a letter of intent to host this prestigious global event.
Economic Impact of Hosting
Sports, often hailed as a fundamental pillar for economic growth, position Saudi Arabia on the global stage.
Winning the hosting rights for the 2034 World Cup holds the promise of contributing significantly to the Kingdom’s non-oil economy. The focus, particularly, will be on sectors like tourism, a vital component of Saudi Arabia’s economic diversification efforts.
Insights and Expectations
Economic Growth and Prosperity
The collaboration between Saudi Aramco and FIFA, coupled with the Kingdom’s potential as the 2034 World Cup host, underscores the multifaceted role of sports in fostering economic growth and prosperity.
Beyond the thrill of football matches, the economic ripple effects promise to support various aspects of Saudi Arabia’s non-oil sectors.
Tourism Sector Boost
Among the non-oil sectors poised for growth, the tourism sector takes center stage. With the World Cup acting as a magnet for global attention, Saudi Arabia anticipates a surge in tourism, presenting an opportunity to showcase its cultural richness and modern developments.
Saudi Aramco is nominated as the main sponsor for FIFA
As excitement builds around Saudi Aramco’s nomination as FIFA’s main sponsor,
the Kingdom stands on the cusp of a transformative era in sports and economic development.
The potential £84 million annual sponsorship agreement and the bid to host the 2034 World Cup position Saudi Arabia as a key player on the global stage.
Conclusion
In conclusion, the potential collaboration between Saudi Aramco and FIFA,
coupled with Saudi Arabia’s bid to host the 2034 World Cup,
sets the stage for an era of unprecedented opportunities.
The economic impact, particularly in non-oil sectors like tourism,
underscores the transformative power of sports sponsor.
Aramco and Hyundai’s Game-Changing $2.4 Billion Gas Station in Al Jafurah
In a groundbreaking move that promises to redefine the energy landscape, Aramco and Hyundai have entered into a historic agreement to construct a $2.4 billion gas station in Al Jafurah. This colossal undertaking revolves around Al Jafurah, the largest non-associated unconventional gas field in Saudi Arabia, boasting an estimated 200 trillion cubic feet of natural gas reserves. The collaboration between these industry giants represents a monumental investment in the development of this vast gas field, and it holds the potential to significantly contribute to the growth of the energy sector in the region.
The partnership between Aramco, a global leader in the energy industry, and Hyundai, a renowned conglomerate, is a pivotal moment in the history of energy production. This alliance underscores their commitment to advancing the energy sector and leveraging the vast resources of Al Jafurah.
Unlocking the Potential of Al Jafurah
Al Jafurah is a true natural wonder. It stands as the largest non-associated unconventional gas field in Saudi Arabia. With an astonishing 200 trillion cubic feet of gas reserves, it offers a colossal opportunity for growth and development.
To harness the potential of Al Jafurah, Aramco and Hyundai have committed a staggering $2.4 billion. This investment reflects their shared vision of capitalizing on the enormous gas reserves in this region.
The collaboration between these two industry giants isn’t just about creating a gas station; it’s about reshaping the energy sector in the region. By tapping into Al Jafurah’s reserves, this project will significantly contribute to the growth and sustainability of the energy sector.
Fueling Economic Growth
Aramco and Hyundai’s investment in the gas station will have far-reaching economic implications. It is poised to generate employment opportunities, stimulate local economies, and drive economic growth.
This partnership is aligned with global efforts to promote sustainable energy solutions. It emphasizes the responsible development and utilization of energy resources, minimizing environmental impact.
The gas station in Al Jafurah won’t only impact the global energy landscape but will also have a profound effect on the local community. It’s expected to bring about positive changes, such as improved infrastructure, education, and healthcare facilities.
As this monumental project progresses, it’s important to keep an eye on how it unfolds. It’s an exciting journey that promises to revolutionize the energy sector.
Conclusion
Aramco and Hyundai’s agreement to construct a $2.4 billion gas station in Al Jafurah is a momentous leap forward in the energy industry. With Al Jafurah’s immense gas reserves, this partnership holds the promise of transforming the energy sector, driving economic growth, and benefiting the local community. It’s a step towards a sustainable and prosperous energy future.
Full Contracted Oil Volumes for North Asian Refineries in November Ensuring Stability in North Asian Oil Supply,
In the dynamic realm of the oil industry, maintaining equilibrium between supply and demand is of paramount importance.
Saudi Aramco has recently made waves by committing to deliver the entire contractual volume of crude oil in November to its North Asian buyers.
This significant announcement arrives against a backdrop of supply reductions and escalating prices.
In this in-depth exploration, we unravel the intricacies of Saudi Aramco’s decision
and its repercussions on the North Asian oil market.
Saudi Aramco, a dominant player in the global oil market (TADAWUL: 2222), has taken a momentous stride by ensuring at least four North Asian buyers that it will uphold its contractual obligations by providing the full quotas of crude oil throughout November. This declaration has piqued curiosity and sparked inquiries into the motives driving this commitment.
This bold affirmation underscores Aramco’s unwavering devotion to its clientele and the stability of the oil market. Amidst industry challenges, Saudi Aramco’s determination offers much-needed reassurance.
A Strategic Reduction in Supply
One facet of Saudi Aramco’s decision to furnish the full contracted oil volumes in November lies in its dedication to diminishing oil supplies by one million barrels daily until the close of 2023. This reduction strategy, designed to harmonize supply and demand, serves as a proactive maneuver to stabilize oil prices and ensure an unswerving flow of oil to its consumers.
Chinese Refineries: A Steady Course
Chinese refineries, renowned as the largest procurers of Saudi crude oil, have stood firm in their planned production volumes for November.
They are poised to receive approximately 47 million barrels, a slight reduction from the preceding month’s 50 million barrels. This steadfastness in production reflects the confidence Chinese refineries have in Saudi Aramco’s commitment to providing the requisite oil.
Stability Amidst Escalating Prices
In the face of soaring oil prices, the constancy in the demand and supply of Saudi oil is a heartening sight.
An industry insider remarked, “The demand and supply for Saudi oil appear stable presently, despite rising prices.
” This stability underscores Saudi Aramco’s adeptness in navigating the challenges of the global oil market.
Price Adjustment for Arab Light Crude
Saudi Aramco has taken additional steps to ensure the contentment of its Asian customers by increasing the price of its flagship Arab light crude for November.
This price hike mirrors the company’s confidence in the market’s stability and its unwavering commitment to supplying top-quality oil to its Asian clientèle.
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Anghami
The Melodious Investment
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Aramco
Fueling Your Portfolio
Saudi Aramco, the energy giant, is a cornerstone of the Gulf stock market. Its prominence in the global oil industry makes it a solid choice for investors seeking stability and long-term growth. With Aramco stocks in your portfolio, you can tap into the resilience of the energy sector and enjoy the potential for substantial returns.
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Salik Emirates
Navigating Success
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Arabian Drilling is Sealing the deal with Saudi Aramco,
Today, Arabian Drilling is proud to announce that it will be supplying an offshore jack-up unit equipped
with a full crew to perform offshore drilling services across Saudi Arabia.
Unlocking Greater Efficiency and Environmental Protection
This marks a major milestone for the company as they continue
its mission of providing reliable and efficient drilling solutions in the region.
The new jack-up unit will provide greater flexibility and efficiency
when performing operations on both shallow water wells and deeper water wells.
It features state-of-the-art technology such as advanced positioning systems,
real-time data acquisition systems, automated pipe handling equipment,
high-capacity mud pumps, and more – all designed to help ensure safety
while also improving operational performance levels.
In addition to its technical capabilities, this new jack-up unit has been designed with environmental protection in mind;
its hull design minimizes fuel consumption while still providing excellent stability
during operation at sea or in port conditions so that operators can work safely
without risking damage from environmental factors like strong currents or waves.
The entire team at Arabian Drilling is excited about this development
which further reinforces our commitment to becoming one of the leading providers
of quality oilfield services throughout Saudi Arabia’s energy sector landscape for years to come!
Impressive Growth of Arabian Drilling Company
The Arabian Drilling Company and Aramco have seen impressive growth in the first nine months of 2022.
Arabian Drilling posted a 171.09% year-on-year leap in net profit after Zakat and tax to SAR 421 million, compared to SAR 155.30 million for the same period last year – an incredible increase that highlights their success as a business over this time frame.
This result is especially impressive considering the challenging economic climate due to Covid-19, which has impacted many sectors worldwide including oil & gas production companies like Arabian Drilling.
Aramco also achieved great results with a net profit after Zakat and tax worth SAR 488.78 billion during 9M22, higher by 67.97% than what was recorded during the same period one year earlier at SAR 291 billion – another testament to their strength as an industry leader despite difficult circumstances globally throughout 2020/2021.
These positive figures demonstrate that both businesses are well placed for continued growth into 2022/23 – something investors will undoubtedly be pleased about! It’s clear that energy demand remains strong across Saudi Arabia despite pandemic restrictions still being in place; something these two companies are capitalizing on with great success so far this financial year.
Positioning Saudi Aramco for Long-term success
The world is rapidly transitioning away from traditional energy sources, and Saudi Aramco is positioning itself as the last oil major.
As part of its commitment to sustainability, the company recently announced a $110 billion investment in renewable energy over the next decade as well as plans for carbon capture and storage technology.
This move demonstrates that Saudi Aramco understands that it must adapt
or risk becoming irrelevant in an increasingly green-focused economy.
The company’s embrace of renewable energies shows a willingness to recognize changing trends while still maintaining its core business model – producing oil and gas – by investing heavily in research into clean technologies such as hydrogen fuel cells, solar power plants, electric vehicle batteries, and more.
Furthermore, this shift towards renewables will not only help reduce emissions but also create new jobs within the industry; according to estimates from McKinsey & Company, there are currently 12 million people employed worldwide directly or indirectly related to fossil fuels production but only 1 million working on renewables so far – meaning 11 million potential positions could open due to this transition alone!
This strategic move by Saudi Aramco indicates their confidence in being able to weather any storms ahead for big oil companies’ thanks largely due to their diversification efforts across both traditional fossil fuels production plus newer areas such as alternative energies — making them well positioned o remain competitive long term even after other majors have fallen away.
US crudeinventories also lost about 77 million barrels since the beginning of 2021 and 20 million barrels since the beginning of 2020 Last week, API announced that there was an increase in crude oil inventories amounted to 3.754 million barrels after analysts expected a drop of 1.867 million barrels
Oil prices fell on Tuesday as the European Union is unlikely to reach an agreement to prohibit Russian oil and gas imports
In the middle of the day, the West Texas broker was traded down 0.73% at $111.3 a barrel on a day-an increase of $15 a barrel a week
Brent Crude was trading down 0.42% a day at $115.10 a barrel on the day – also higher by $15 a barrel
At the end of the day, West Texas mediator was traded at $111.30 (-0.73%),
with Brent Crude trading at $114.90 (-61%)
Oil production rates this week
Over 6 consecutive weeks, US Crude oil production, including last week, did not rise.
US oil production declined to 11.6 million barrels a day and is still 1.5 million barrels a day from pre-epidemic times
Latest Decisions of Movable Companies for Oil Market
Rockcliff Energy, an American gas exploration company, is said to be seeking $4 billion in a sale
where Haynesville’s production base has already exceeded a billion cubic feet of production recently
US Oil Company Exxon Mobil (New York Stock Exchange under Code: NYSE: XOM) has reinforced its portfolio
in the Mediterranean region by discovering another marine water for Cyprus,
as the company found another “high quality” gas tank in Block No 10,
it is the same as the cluster that has seen the capacity of 7 billion cubic feet in 2019
The Greater Italian Energy Company (NYSE: E) has registered an important discovery of oil and gas in the Algerian Birkin basin,
as it was reported that the Zamla Al Arabi concession contains 140 million barrels of crude oil and unspecified quantities of natural gas
Oil and gas producers in the Middle East returned to the vogue as a major disorder in Russian supplies puts the oil market in a state of tension
Germany is assigned to Qatar
for energy supplies, and Japan asked from the United Arab Emirates to increase its exports,
while the British Prime Minister travelled to Riyadh and Dubai
asking from Heavyweight countries in OPEC to increase their productions
Saudi Aramco has doubled its net income
for 2021 more vulnerable, with $110 billion,
dramatically, reducing its net profit and allowing it to issue free shares
Expecting an unexpected increase in profits in 2020, Saudi Aramco plans to increase its capital
expenditure in the area of excavation and production by about 40-50 billion dollars,
strengthening its position as a world-rested global product
Updates of Oil Sector
Members of the European Union are torn due to increased sanctions on Russia.
Internal pressure on members of the European Union is increasing, as many members called for a ban on oil imports on Russia.
Germany quickly reduced this initiative, where it claimed that any reduction of accreditation should be gradual
Saudi Arabia expects more Houthi attacks
Saudi Arabia has declared that it will not bear any responsibility for oil shortage in global markets
if other attacks from Al Houthi militias in Yemen cause damage, as the last attack on Sunday
caused a fire at an oil storage facility in Jeddah
Grand Petroleum Services companies are ashamed of full exit from Russia
The New York Oil Field Services (NYSE:HAL) and Schlumberger (listed on the New York Stock Exchange under the NYSE:SLB)
announced that they will call their future operations in Russia
while maintaining their current portfolio in line with international laws and sanctions
Germany wants a Qatari LNG deal
The German government indicated that it was about to cut a deal to a long-term supply of LNG with Qatar
This news comes on the background of Germany’s commitment to building 2 new LNG stations.
Qatar has not reached a limit that an agreement was concluded
Saudi Arabia and Kuwait agree on a joint gas project
Riyadh and Kuwait signed an agreement to develop the Durra gas field jointly,
which was discovered in 1960 but wasn’t used so far because it is located in a disputed border area.
It is expected to produce one billion cubic feet of gas daily and 84,000 barrels a day from capacitors at maximum production rates
Shell tries again with Al Gourap Field
After the initial development plan was rejected in the North Sea in the UK for environmental reasons last year.
British oil major Shell (LON:SHELL) has presented an offsetting scheme for the field
hoping that the current gas price environment will facilitate the decision
Oil Rock raises Argentine oil production
Increased production from the Vaka Rocky Factory in Argentina, which was already 222,000 barrels a day,
pushed total oil production in Latin America to the highest levels in 11 years last month, an increase of 14% on an annual basis at 570,000 barrels a day
Belgium was stalled at the deadline for nuclear turnover for 2025
Fearing of higher fossil fuel prices, the Belgian government declared that it will extend nuclear power plants currently operating in the country,
DOEL 4 and TIHANGE 3, for another 10 years so as not to be turned off in 2025
Saudi Arabia expects the growth of reserve production capacity by 2025
Saudi Aramco seeks to increase its backup production capacity to 13 million barrels a day by 2027,
with growth in the first place of marine fields in Morgan, Bryan and Ceros.
The expected growth of about 1 million barrels a day indicates that current hopes in increased supply may be removed
Britain wants to nationalise its subsidiary company in the United Kingdom
British government is said to be instructed to nationalize the UK retail supply arm, Gazprom for marketing and retail.
This company is an entity that provides nearly 20% of the volume of commercial gas in Britain
It is difficult to extinguish the rail strike in Canada
The Canadian government has called for a rapid end of the strike in the second largest CAD in the country
(CP) as large quantities of wheat and potential fertilisers risk stumbling in the country at high prices
