Saudi Arabia has called off both the domestic and international stock listing of state oil giant Aramco, billed as the biggest such deal in history, four senior industry sources said on Wednesday.
Saudi Aramco, the world’s biggest oil company, and its partner Abu Dabhi National Oil Co (ADNOC) will have marketing rights for half of the fuel produced by the planned USD 44-billion refinery in Maharashtra but cannot export them without first offering to local companies.
The new formula will be based on the average monthly prices of Oman crude futures traded on the Dubai Mercantile Exchange (DME) and the average cash price for Dubai assessed by pricing agency S&P Global Platts, instead of the average of Oman and Dubai prices assessed by Platts, the sources said.
Saudi Arabian state-owned oil company Saudi Aramco wants to be present in the entire “value chain” of India’s energy sector, its Chief Executive Officer Amin Nasser said on Monday in New Delhi.
Saudi Aramco and ADNOC on Monday signed an MoU today to jointly develop and build an integrated refinery and petrochemicals complex at Ratnagiri in Maharashtra.
Saudi Aramco plans to boost investments in refining and petrochemicals to secure new markets for its crude, and sees growth in chemicals as central to its downstream strategy to lessen the risk of a slowdown in oil demand.
Saudi Aramco has named six new heads of departments including its finance unit after a government reshuffle last week saw several executives at the oil giant moving to other state posts, the company and industry sources said on Tuesday.
AT the International Energy Forum in Delhi in April, the world’s top oil producer Saudi Aramco inked a preliminary deal to partner with a consortium of Indian players to build a US$44 billion refinery and petrochemical project on India’s west coast.
At the International Energy Forum in Delhi in April, the world’s top oilNSE 1.79 % producer Saudi Aramco inked a preliminary deal to partner with a consortium of Indian players to build a $44 billion refinery and petrochemical project in Maharashtra’s Ratnagiri.
Saudi Aramco, the world’s top oil company which is preparing to go public, said on Sunday it has appointed new members to its board including a female executive, a milestone for Saudi Arabia and the oil industry where there are few women executives.