Saudi Aramco Awards First Major Contract for $5 Billion Maritime Yard in Gulf

Saudi Aramco has signed the first major contract for Saudi Arabia's $5.2 billion maritime and shipbuilding complex planned for the Persian Gulf. The contract was awarded to a consortium of Saudi Archirodon Company Ltd and Huta Hegerfeld AG Saudia Company for dredging, reclamation and marine structures for the King Salman International Complex for Maritime Industries and … [Read more...]

Saudi Aramco Signs Deals to Build Persian Gulf’s Biggest Shipyard

By Reem Shamseddine KHOBAR, Saudi Arabia, May 31 (Reuters) - Saudi Aramco plans to build the Gulf's largest shipyard through a joint venture with three companies that it announced on Wednesday, a $5.2 billion project aimed at helping reduce the economy's reliance on oil. Low oil prices have drastically slowed Saudi Arabia's economy so it is trying to create manufacturing … [Read more...]

Saudi Shipping Firm Bahri Sees Huge Profit Jump

  DUBAI, Oct 8 (Reuters) - National Shipping Company of Saudi Arabia (Bahri), the exclusive oil-shipper for Saudi Aramco, reported a significant hike in third-quarter net profit on Thursday. The company's net profit for the three months to Sept. 30 was 510.3 million riyals ($136.1 million), up from 84.85 million riyals in the same period a year earlier, it said in a … [Read more...]

Saudi Aramco Said to Plan Up to $80 Billion in Spending Abroad

By Matthew Martin and Stefania Bianchi (Bloomberg) -- Saudi Arabian Oil Co., the world’s largest oil exporter, is planning to spend between $70 billion and $80 billion on overseas acquisitions and investments during the next five years, three people with knowledge of the matter said. The investment is part of the state-owned company’s target of spending $150 billion at home … [Read more...]

Saudis Splurging in Asia to Win Loyal Oil Customers for Decades

(Bloomberg) -- Saudi Arabia is spending generously now on Asian refiners to lock in its position as the region’s biggest supplier of oil for decades to come. The Saudi national oil company is part of a group that’s building a processing plant in China and it teamed with Asia’s biggest refiner on another in Fujian province. Oil Minister Ali al-Naimi traveled to Beijing last … [Read more...]