Musaab Al Mulla, vice president of energy and economic insights at Saudi Aramco, outlined at the B20 Summit in São Paulo how the company intends to achieve its planned reduction of greenhouse gas emissions. Increased efficiency in energy generation and emissions offsetting are part of the strategy.
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The government indicated that the transfer to the sovereign wealth fund aims to boost the national economy by diversifying its resources and creating more investment opportunities.
Jean Paul Prates met with executives of the Gulf’s major energy firms earlier this week. He mentioned negotiations with them in a variety of fronts, including the opening a branch of Kuwait’s KUFPEC in Brazil.
The Saudi oil company had a significant drop in profit in the second quarter of this year due to lower oil prices. Still, gains in the period surpassed USD 30 billion.
The 46% net income growth in 2022 was due to surging oil prices after Russia invaded Ukraine.
The Saudi company’s earnings totaled USD 48.4 billion, surpassing forecasts of USD 46.2 billion.
Gamers8 started on July 14 and runs until the beginning of September in the Saudi capital. Rodrigo Terra will lecture on August 8.
State-owned energy major had a market cap of USD 2.43 on Wednesday (11), surpassing Apple, whose shares dropped.
The Saudi Arabian state-run oil company’s initial public offering outdid that of China’s Alibaba. At an estimated market value of USD 1.7 trillion, Aramco is worth more than Apple.
Saudi state-owned oil company IPO received approval by the financial regulatory authority and is set to run next December in what’s expected to be the biggest share sale in history.
Saudi Arabia’s state-run oil company released its first-half results for the first time. Net income was down 13%; free cash flow went up.
For the first time, the Saudi national petroleum company disclosed its public financial report and will make an unheard-of conference to present results in August.
The country has 268.5 billion barrels of proven reserves. Following auditing by DeGolyer and MacNaughton, the previous estimate was raised by 2.2 billion barrels.
The aim of these investments throughout the next few years is to maintain and even expand the country’s spare oil production capacity.
