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Trade Arabia
15-05-2025
- Business
- Trade Arabia
$90bn DEALS: Aramco signs 34 MoUs, agreements with US firms
Aramco, one of the world's leading integrated energy and chemicals companies, has announced the signing of 34 memoranda of understanding (MoUs) and agreements, with a potential total value of approximately $90 billion, with major US companies, through its Aramco Group Companies. The MoUs and agreements cover collaborations and partnerships relating to a range of Aramco's activities, including liquefied natural gas (LNG), fuels, chemicals, emission-reduction technologies, Artificial Intelligence (AI) and other digital solutions, manufacturing, asset management, short-term cash investments, and procurement of materials, equipment, and services. The MoUs and agreements aim to build on the longstanding relationship between Aramco and US companies, enhance shareholder value, and foster further collaboration and innovation in the energy sector and beyond, said Aramco. Amin H Nasser, Aramco President & CEO, said: 'Yesterday's announcements show the breadth and depth of Aramco's long history of partnerships with US companies since the first discovery of oil in the Kingdom more than 90 years ago. Our US-related activities have evolved over the decades, and now include multi-disciplinary R&D, the Motiva refinery in Port Arthur, start-up investments, potential collaborations in LNG, and ongoing procurement. As Aramco pursues an ambitious value-driven growth strategy, we believe that aligning with world-class partners supports further development of our operations, strategic diversification of our portfolio, industrial innovation, and ongoing capability development within the Kingdom.' The MoUs and agreements signed by Aramco, and its Aramco Group Companies, are as follows: Downstream • Honeywell UOP: MoU related to technology licensing for an aromatics project. • Motiva: MoU related to an aromatics project in Port Arthur, subject to a final investment decision. • Afton Chemical: MoUs related to development and supply of chemical fuel additives in pipelines and retail fuel offerings. • ExxonMobil: MoU related to evaluating a significant upgrade to the SAMREF refinery and expanding the facility into a world-class integrated petrochemical complex. Upstream • Sempra Infrastructure: MoU related to previously announced HOA regarding liquified natural gas (LNG) equity and offtake stake in Port Arthur LNG 2. • Woodside Energy: Collaboration Agreement to explore global opportunities, including an equity interest and LNG offtake from the Louisiana LNG project. Additionally, both companies are exploring opportunities for a potential collaboration in lower-carbon ammonia. • NextDecade: Final Agreement to purchase 1.2 million tonnes per annum of LNG for a 20-year term from Train 4 of the Rio Grande LNG Facility, subject to certain conditions, including a positive final investment decision of Train 4. Technology & Innovation • Amazon/AWS: Non-binding Strategic Framework agreement related to collaboration on digital transformation and lower-carbon initiatives. • NVIDIA: MoU related to developing advanced Industrial AI computing infrastructure, establishing an AI Hub and AI Enterprise platforms, an Engineering and Robotics Center of Excellence, training and upskilling, and collaborating with NVIDIA's startup ecosystem. • Qualcomm: MoU with Aramco Digital that aims to explore entry into a strategic collaboration that will focus on key digital transformation use cases, leveraging Aramco Digital's 450 MHz 5G industrial network to connect intelligent edge devices with on-device AI capabilities, including smartphones, rugged industrial devices, robots, drones, cameras, sensors, and other IoT devices. Technical Services • Procured Materials and Services: MoUs were signed to reflect the existing relationships with strategic US suppliers: SLB, Baker Hughes, McDermott, Halliburton, Nabors, Helmerich & Payne, Valaris, NESR, Weatherford, Air Products, KBR, Flowserve, NOV, Emerson, GE Vernova, and Honeywell. These suppliers provide high-standard materials and professional services that help support Aramco's projects and operations. Strategy & Corporate Development • Guardian Glass: MoU to localise specialty glass manufacturing for architectural applications in the Kingdom of Saudi Arabia. Finance • Wisayah asset management agreements with PIMCO, State Street Corporation, and Wellington. • Agreements for short-term cash investments through a unified investment fund, the 'Fund of One,' with BlackRock, Goldman Sachs, Morgan Stanley, and PIMCO. - TradeArabia News Service
Kuwait Times
12-05-2025
- Business
- Kuwait Times
Saudi Aramco net profits drop 4.6% in first quarter
RIYADH: Oil giant Saudi Aramco on Sunday reported a drop of 4.6 percent in its first-quarter net profits as lower sales and higher operating costs hit the lynchpin of the kingdom's ambitious economic reform plans. Profits fell due to 'lower revenue and other income related to sales as well as higher operating costs', read a statement published by the Saudi stock exchange. 'Global trade dynamics affected energy markets in the first quarter of 2025, with economic uncertainty impacting oil prices,' said Aramco president Amin H Nasser in a separate statement. Net income for the first quarter of the year came in at 97.54 billion riyal ($26.01 billion), compared to 102.27 billion riyal ($27.27 billion) for the same period in 2024. 'Aramco's robust financial performance once again demonstrated the company's unique scale, its reliability and flexibility, the value of its low-cost operations, and its emphasis on efficiency and advanced technology,' added Nasser. Saudi Arabia remains the world's largest crude oil exporter and is currently producing around 9.2 million barrels per day—which is below its full production capacity of 12 million barrels, according to Jadwa Saudi, a Riyadh-based think tank. Oil prices have suffered steep declines in recent weeks over concerns that US President Donald Trump's tariffs will hit global demand hard and stifle international trade. Prices have also come under pressure following the eight OPEC+ member countries' decision earlier this month to increase oil production in June, at the risk of driving down already low prices. Under this plan, Saudi Arabia, Russia, and six other countries in the alliance will produce an additional 411,000 barrels per day in June. The original plan called for the increase of production by 137,000 barrels per day. 'The market has been under pressure, and its performance began to decline in the first quarter of 2025, due to weak supply and demand fundamentals: slowing Chinese demand for crude, the US trade war, and the OPEC+ production policy adjustment,' Ibrahim Abdul Mohsen, an Abu Dhabi based energy analyst, told AFP. The Saudi government currently owns 81.5 percent of Aramco's shares and relies on its revenues to finance the 'Vision 2030' projects launched by Crown Prince Mohammed bin Salman. Saudi Arabia, eyeing a post-oil future, is in the midst of a lavish spending plan aimed at attracting tourists and investment to the Middle East's biggest economy. — AFP Chief among an array of flashy projects are NEOM—a $500 billion futuristic new city in the desert—as well as the 2034 World Cup and a major new airport for Riyadh. Aramco reported record profits in 2022 after Russia's invasion of Ukraine sent oil prices soaring, allowing Saudi Arabia to record its first budget surplus in nearly a decade. But the Saudi cash cow has seen its profits drop in recent years with a slide in oil prices. The Saudi finance ministry in September said it expects a budget deficit of 2.3 percent of GDP in 2025, with the deficit continuing until 2027. — AFP
Arabian Business
12-05-2025
- Business
- Arabian Business
Lower crude price drags Aramco profits down to $26.01bn
An 8 per cent drop in average realised crude oil price – from US$83 per barrel in Q1 2024 to US$76.3 in Q1 2025 – led to Saudi Aramco reporting a 4.6 per cent drop in its first-quarter profit for 2025. The Saudi oil giant reported net profit of US$26.01 billion, which beat a company-provided median estimate from 16 analysts of US$25.36 billion. Net profit in Q1 2024 stood at US$27.27 billion. Aramco profit down Capital expenditures increased to $12.55 billion, up nearly 16 per cent from $10.83 billion in the corresponding quarter last year. The company has outlined capex and external investments of between US$52 billion and US$58 billion this year, up from US$50.4 billion in 2024. Aramco confirmed total dividends of US$21.36 billion for the first quarter, $219 million of which was performance-linked dividends, a mechanism introduced after a windfall from oil prices in 2022 following Russia's invasion of Ukraine. The dividend was up 4.2 per cent year-on-year, but the performance-linked dividend, which was at US$43.1 billion last year, was lower as announced by the Aramco board earlier this year. The board said in March it expected these to total US$900 million for the full year, a 98 per cent decline from 2024. Cash flow from operating activities was at US$31.7 billion, down from US$33.6 billion, while free cash flow was US$19.2 billion, from US$22.8 billion. Global crude benchmark Brent closed at US$63.91 on Friday. Amin H Nasser, Aramco President & CEO, commented: 'Global trade dynamics affected energy markets in the first quarter of 2025, with economic uncertainty impacting oil prices. In this context, Aramco's robust financial performance once again demonstrated the company's unique scale, its reliability and flexibility, the value of its low-cost operations, and its emphasis on efficiency and advanced technology. 'Such periods also highlight the importance of disciplined capital planning and execution while we continue to take a long-term view. In volatile times, Aramco's resilience underpins both our financial performance and our sustainable and progressive base dividend. 'With all forms of energy key to meeting energy demand, we continue to advance our growth strategy across Upstream, Downstream and New Energies, while working to reduce emissions. Our ambition is reflected in milestones already announced in 2025, including progress towards our gas production growth target, our global retail expansion, the advancement of our petrochemicals strategy, headway in blue hydrogen business development, and further innovation in carbon capture.' The Saudi government directly owns approximately 81.5 per cent of Aramco, while the Public Investment Fund (PIF) controls an additional 16 per cent stake.
Zawya
11-05-2025
- Business
- Zawya
Aramco announces first quarter 2025 results
Robust financial performance highlights reliability, efficiency and low-cost operations Net income: $26.0 billion (Q1 2024: $27.3 billion) Cash flow from operating activities: $31.7 billion (Q1 2024: $33.6 billion) Free cash flow: $19.2 billion (Q1 2024: $22.8 billion) Gearing ratio: 5.3% as at March 31, 2025, compared to 4.5% at end of 2024 Board declares Q1 2025 base dividend of $21.1 billion, up 4.2% year-on-year, and performance-linked dividend of $0.2 billion, to be paid in the second quarter Capital expenditures of $12.5 billion in Q1 support long-term strategic growth Ministry of Energy announcement of new oil and gas discoveries reflects sustained advantage in exploration Definitive agreements to acquire 25% equity stake in Unioil Petroleum Philippines support strategic growth in downstream value chain Completed acquisition of 50% equity interest in Blue Hydrogen Industrial Gases Company aims to capitalize on emerging opportunities for lower-carbon energy Launch of CO2 Direct Air Capture pilot plant paves way for further scale up of innovative emission-reduction technology Commenting on the results, Aramco President & CEO Amin H. Nasser said: 'Global trade dynamics affected energy markets in the first quarter of 2025, with economic uncertainty impacting oil prices. In this context, Aramco's robust financial performance once again demonstrated the Company's unique scale, its reliability and flexibility, the value of its low-cost operations, and its emphasis on efficiency and advanced technology. 'Such periods also highlight the importance of disciplined capital planning and execution while we continue to take a long-term view. In volatile times Aramco's resilience underpins both our financial performance and our sustainable and progressive base dividend. 'With all forms of energy key to meeting energy demand we continue to advance our growth strategy across Upstream, Downstream and New Energies, while working to reduce emissions. Our ambition is reflected in milestones already announced in 2025, including progress towards our gas production growth target, our global retail expansion, the advancement of our petrochemicals strategy, headway in blue hydrogen business development, and further innovation in carbon capture.' About Aramco As one of the world's leading integrated energy and chemicals companies, our global team is dedicated to creating impact in all that we do, from providing crucial oil supplies to developing new energy technologies. We focus on making our resources more dependable, more sustainable and more useful, helping to promote growth and productivity around the world.
Jordan Times
11-05-2025
- Business
- Jordan Times
Saudi Aramco net profits drop 4.6 percent in first quarter — statement
By AFP - May 11,2025 - Last updated at May 11,2025 This picture shows Aramco tower at the King Abdullah Financial District (KAFD) in Riyadh on April 16, 2023 (AFP photo) RIYADH, Saudi Arabia — Oil giant Saudi Aramco on Sunday reported a drop of 4.6 in its first-quarter net profits as lower sales and higher operating costs hit the lynchpin of the kingdom's ambitious economic reform plans. Profits fell due to "lower revenue and other income related to sales as well as higher operating costs," read a statement published by the Saudi stock exchange. "Global trade dynamics affected energy markets in the first quarter of 2025, with economic uncertainty impacting oil prices," said Aramco president Amin H. Nasser in a separate statement. Net income for the first quarter of the year was 97.54 billion riyal ($26.01 billion), compared to 102.27 billion riyal ($27.27 billion) for the same period in 2024. Oil prices have suffered steep declines in recent weeks over concerns that US President Donald Trump's tariffs will hit demand hard and stifle international trade. The Saudi government currently owns 81.5 per cent of Aramco's shares and relies on its revenues to finance the "Vision 2030" projects launched by Crown Prince Mohammed bin Salman. Saudi Arabia, eyeing a post-oil future, is in the midst of a lavish spending plan aimed at attracting tourists and investment to the Middle East's biggest economy. Chief among an array of flashy projects are NEOM, a $500 billion futuristic new city in the desert, the 2034 football World Cup and a major new airport for Riyadh. Aramco reported record profits in 2022 after Russia's invasion of Ukraine sent oil prices soaring, allowing Saudi Arabia to record its first budget surplus in nearly a decade. But the Saudi cash cow has seen its profits drop in recent years with a slide in oil prices. The Saudi Ministry of Finance in September said it expects a budget deficit of 2.3 per cent of GDP in 2025, with the deficit continuing until 2027.
