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 […]
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 […]
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 […]
ARO Drilling has awarded a couple of contracts to International Maritime Industries (IMI) for the construction of two LETOURNEAU Super 116E Class offshore jack-up drilling units. The offshore drilling contractor, which is a 50:50 joint venture between Saudi Arabian Oil Company (Saudi Aramco) and Valaris, said that the delivery of the first rig is likely […]
Saudi Aramco and Reliance Industries (RIL) have signed a non-binding letter of intent (LOI) for a proposed investment by the former for a 20% stake in the Indian conglomerate’s Oil to Chemicals (O2C) division in a deal worth $15bn. The deal is considered to be one of the largest foreign direct investments in India. The […]
Saudi Aramco and Total have signed a joint venture (JV) agreement to develop a retail fuel network in Saudi Arabia with an investment of about $1 billion. The 50: 50 JV plans to invest the amount over the next six years in the Saudi retail fuel market to offer motorists premium fuels and retail services. […]
Saudi Aramco, the Saudi Arabian national petroleum and natural gas company, will form a joint venture with Chinese entities NORINCO Group and Panjin Sincen, called Huajin Aramco Petrochemical, to build a $10 billion worth petrochemical project in China. Huajin Aramco Petrochemical will develop what will be a fully integrated refining and petrochemical complex in the […]