Mahdi Aladel, who formerly led the state energy producer’s base oils and lubricants division, will take over
The moves come as Aramco adjusts to the reality of oil at $40 a barrel
The oil-price crash and the virus’s impact on energy demand have changed the calculations for energy companies’ projects
Saudi Aramco may keep capex, most of which is spent on exploration and production, at a similar level until at least 2023
A deal with Reliance would help the world’s biggest crude exporter join the ranks of the top oil refiners and chemical makers
Aramco will pay a dividend of $18.75bn for the quarter
Amazon riding an e-commerce and cloud computing wave as people shelter-in-place due to Covid-19
Aramco will push back the bulk of installments until after 2022 and delay the final one by three years until 2028
Fabrice Francois will join Goldman’s mid-market advisory franchise, known as the cross markets group
Aramco will pay $24.8bn this week as a first installment in the deal
Globally, 235 IPOs raised $28.5bn in Q1 2020, compared to $15.1bn in Q1 2019
Wahed Invest got the financing from Saudi Aramco Entrepreneurship Ventures unit as part of a $25m funding round
In this year’s Forbes list of the Middle East’s Top 100 Companies 2020, Saudi Arabia led the pack with 33 entries
Brent crude, down 36 per cent this year, has clawed back some of its losses and ended trading on Friday at more than $40 a barrel
Aramco’s recovery has been achieved on much smaller share volumes than its international counterparts
Aramco is weighing pushing out payments for the 70 per cent holding in SABIC and reducing the size of the initial installment to PIF
The company’s first-quarter sales dropped 18 per cent to SAR30.83bn
Benchmark Brent has plunged by more than half since the start of the year
Benchmark Brent crude has plunged 48 per cent this year
The kingdom needs an oil price of $84 to balance this year’s budget
Brent crude averaged $64.12 a barrel in 2019 compared with $71.67 the previous year
It puts Aramco supply above its maximum sustainable capacity, indicating that the kingdom is even tapping its strategic inventories
On Friday, oil prices plunged the most since 2008 on signs of a breakdown in the global OPEC+ alliance that helped underpin crude’s recovery since 2014
Bahrain, where oil and gas are also central to the economy, wants to balance its budget by 2022
The highest ranked Arabs originating from Saudi Arabia in Gulf Business’ annual Arab power list
In August, Reliance valued its oil-to-chemicals division at $75bn including debt, implying a $15bn valuation for a 20 per cent stake
The oil giant raised $29.4bn in the world’s biggest-ever initial public offering, selling shares at 32 riyals each
Goldman Sachs Group, one of the underwriters of the deal, exercised the over-allotment option and increased the offering
On the second day of trading on Riyadh’s stock exchange, Saudi Aramco briefly soared past the target
Saudi Aramco is producing more than 9.9 million barrels a day of crude