Route Mobile Limited, an Indian cloud communication platform service provider, said that it has incorporated a subsidiary in Saudi Arabia called Route Mobile Arabia Telecom. According to Route Mobile, its Saudi Arabian subsidiary will be an omni-channel communication services provider, which will undertake the business of providing SMS services. Route Mobile said that the formation […]
EIG said that a consortium of investors led by it has closed its previously announced $12.4 billion acquisition of a 49% stake in Aramco Oil Pipelines Company from Saudi Aramco. The deal was announced in April 2021. Aramco Oil Pipelines Company is a newly created entity for holding the crude oil pipeline assets of Saudi […]
Larsen & Toubro (L&T) said that it has been given the go-ahead to start construction on the 300MW Jeddah solar power plant in Saudi Arabia. The Indian company’s power transmission and distribution business was given a turnkey engineering, procurement, and construction contract from the consortium of Masdar, EDF Renewables, and Nesma. The go-ahead to Larsen […]
Saudi Aramco has signed a deal worth around $12.4 billion with a consortium led by energy infrastructure investor EIG Global Energy Partners to sell a 49% stake in Aramco Oil Pipelines Company, which will hold its crude oil pipeline assets. The Saudi Arabian national oil company said that the deal further consolidates its balance sheet […]
Saudi Aramco and Baker Hughes have launched a 50:50 joint venture (JV) called Novel Non-Metallic Solutions Manufacturing (Novel) for developing and commercializing a variety of non-metallic products for multiple applications in the energy industry. The parties inked a memorandum of understanding (MOU) for creating the non-metallics JV in July 2019. Ahmad Al Sa’adi – Saudi […]
Crédit Agricole Corporate & Investment Bank (Crédit Agricole CIB) has completed the sale of its remaining 4% stake in Banque Saudi Fransi (BSF) for SAR1.45 billion (€332m) to a couple of Saudi Arabian government-related institutional investors. The deal was closed after the French bank secured all the regulatory approvals. The two Saudi investors paid SAR30 […]
McDermott International has won a propane dehydrogenation (PDH) technology contract from Advanced Global Investment Company, a fully-owned subsidiary of Advanced Petrochemical (APC) for a new petrochemical complex in Jubail in Saudi Arabia. As per the contract, McDermott’s Lummus Technology will give the license and basic engineering package of a C3 CATOFIN unit to the new […]
OPEC meeting April 2020 : OPEC and other oil producing nations have reached a consensus on cutting production of crude oil by 10 million barrels per day (mb/d) for the next couple of months owing to the low demand for oil resulting from the recent coronavirus crisis. The countries, which took part in an extraordinary […]
Saudi Aramco has obtained unconditional approval from the European Commission (EC) for its previously announced acquisition of a 70% stake in Saudi Basic Industries Corporation (SABIC) from the Public Investment Fund (PIF) of Saudi Arabia for SAR 259.12 billion ($69 billion). The acquisition, which was announced a year ago, has all the unconditional approvals in […]
Italian oilfield services company Saipem said that it has bagged various engineering, procurement, construction, and installation (EPCI) contracts worth over $500 million in various parts of the world. The first of the EPCI contracts was given by Saudi Aramco in Saudi Arabia as part of the long-term agreement signed by the parties, which will be […]