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Aramco

Saudi Aramco Notifies Companies of Fuel Price Increases in 2024: Impact on Cement and Chemical Industries

by Chief editor of world-today-news.com January 4, 2024

written by Chief editor of world-today-news.com

Al-Marsad newspaper: A number of companies announced in media statements that they had received a notification from Saudi Aramco to amend the prices of fuel products starting from January 1, 2024.

Najran Cement, Al-Jouf Cement, Southern Region Cement, Northern Cement, Tabuk Cement, Madinah Cement, Riyadh Cement, Hail Cement, Umm Al-Qura Cement, Yanbu Cement, and Saudi Cement companies explained that the rise in fuel prices will lead to an increase in the cost of production, noting that work is underway to calculate the expected financial impact and an announcement will be made. About it as soon as it is completed.

For its part, the Saudi Basic Industries Corporation – SABIC said in a media statement: It is expected that the financial impact of Aramco’s notification of an increase will be approximately 1.7% of the total cost of sales, according to the company’s latest audited annual financial statements. Noting that the financial impact of this amendment will appear starting from the financial results for the first quarter of 2024.

SABIC Agricultural Nutrients also expected, in a separate statement on Tadawul, that the financial impact of this notice would be an approximate increase equivalent to 3.8% of the total cost of sales, according to the company’s latest audited annual financial statements.

2024-01-04 09:40:57
#SABIC #cement #companies #announce #received #notification #Aramco #rise #fuel #prices

January 4, 2024 0 comments

Business

Al-Marsad Newspaper: Al-Ekhbariya Channel Report on Aramco’s Profits and Tax Payments in 2023

by Chief editor of world-today-news.com November 7, 2023

written by Chief editor of world-today-news.com

Al-Marsad newspaper: A media report by Al-Ekhbariya channel revealed the state’s profits from Aramco since the beginning of 2023 AD, and the total zakat and tax it paid during the third quarter of this year.

The news broadcaster explained: The cash dividends announced by Saudi Aramco for the third quarter of the current year amounted to 110 billion and 180 million riyals, and they are in two parts: basic distributions amounting to 73 billion, and performance-related dividends amounting to 37 billion riyals, with a value of 45 halalas per share.

He continued: While the total cash distributions since the beginning of this year amounted to 297 billion and 520 million riyals, especially since Aramco decided to distribute profits linked to performance since the second quarter of this year.

He pointed out that zakat and taxes on Aramco during the third quarter of the current year amounted to 116 billion and 185 million riyals, while the total zakat and taxes paid by Aramco to the state amounted to 330 billion and 770 million riyals.

He added that the state’s total profits or income since the beginning of this year amounted to 599 billion and 100 million riyals, including cash distributions and taxes.

2023-11-07 20:48:43
#Video #economic #report #reveals #states #profits #Aramco #beginning

November 7, 2023 0 comments

News

Thailand-Saudi Arabia Trade and Investment Expansion: PIF, ARAMCO, and SABIC Meet with Prime Minister

by Chief editor of world-today-news.com October 21, 2023

written by Chief editor of world-today-news.com

The Prime Minister discussed with leaders of major Saudi companies PIF, ARAMCO and SABIC, ready to expand trade and investment with Thailand in areas in which Saudi Arabia and Thailand have expertise, with ARAMCO ready to expand cooperation in energy with PTT, while PIF gave its support. Interested in Land Bridge?

Today (21 Oct.) at 10:00 a.m. (local time in Riyadh which is 4 hours later than Thailand) at the Ritz Carlton Hotel, Riyadh, Saudi Arabia, Mr. Settha Thavisin, Prime Minister and Minister of Finance Meet with the Saudi private sector including:

1) Mr. Yasir bin Othman Al-Rumayyan, Chairman of the Board of Directors of the Public Investment Fund (PIF).

2) Mr. Amin Hassan Ali Nasser, Chairman and CEO of the state enterprise Saudi Arabian Oil Company (Saudi ARAMCO) of Saudi Arabia.

3) Mr. Abdulrahman Al-Fageeh, Executive Chairman and Member of the Board of Directors, Saudi Arabia Basic Industries Corporation (SABIC).

Mr. Chai Watcharong, Spokesman of the Prime Minister’s Office Reveal important information as follows:

The Prime Minister and the three Saudi private sector companies agreed on the importance of strengthening cooperation between the Thai and Saudi private sectors. Both countries have economic potential. and are willing to expand and promote trade and investment with each other Including being willing to facilitate trade and investment cooperation between each other to increase even more. In areas where both sides have potential and mutual interest, such as services and tourism, clean energy, food and agriculture, petroleum and fertilizer.

For SABIC Company, we wish to enhance trade and investment cooperation with Thailand. in petrochemicals which the company has expertise

ARAMCO is pleased that PTT Public Company Limited of Thailand and ARAMCO have signed a memorandum of understanding between them. to increase energy cooperation last year and hopes that energy cooperation can be further enhanced in the future

Saudi private sector It is also ready to promote investment cooperation in additional fields, including infrastructure construction. Clean energy cooperation This is in line with the government’s policy of promoting economic growth along with giving importance to the environment. The Saudi private sector hopes that Thailand and Saudi Arabia will Will promote and have more investment cooperation in the future.

The Prime Minister expressed the government’s readiness to drive energy investment. Ready to emphasize Thailand’s economic potential and can be a link in the region for Saudi Arabia and invite the Saudi private sector Visit Thailand to study and discuss About the potential and possibility of promoting cooperation between each other in various fields to be more concrete.

On this occasion, the Prime Minister Presented the Thai Landbridge project, which PIF saw as a good project with potential. and expressed interest in the project as well

Public investment funds are among the largest in the world. Under the supervision of the Saudi government To invest in projects that are strategically important to the country’s economy. and carry out missions in accordance with the Saudi Arabia Vision 2030 policy, which has the objective of diversifying investment and make the fund Can invest in foreign companies

For Saudi ARAMCO, it is an energy and chemicals company owned by the Saudi government. is a major shareholder and is a large source of crude oil reserves and the world’s largest oil producer, with a market value of more than 2 trillion US dollars in 2023. In addition, last year, PTT and Saudi ARAMCO signed a memorandum of understanding between them. To increase cooperation in the entire energy system including cooperation in clean energy and electric vehicle business

SABIC is a Saudi chemical manufacturing company. It was founded in 1976 to use crude oil by-products to produce petrochemical products, polymers, fertilizers, etc. Today, SABIC is one of the world’s largest petrochemical companies, with Aramco as a major shareholder. They do business in more than 50 countries around the world.

2023-10-21 11:54:00
#Prime #Minister #discusses #giant #Saudi #company #PIF #interested #ARAMCO #land #bridge #ready #expand #energy #cooperation #PTT

October 21, 2023 0 comments

Business

Financial Performance of Saudi Public Investment Fund in 2022: Revenues Increase but Net Loss Incurred

by Chief editor of world-today-news.com July 13, 2023

written by Chief editor of world-today-news.com

Despite the jump in revenues of the Saudi Public Investment Fund by more than 31% last year, it turned into a loss due to book losses in some of its investment activities of more than 41 billion riyals, under pressure from the decline in global stock prices.

By the end of 2022, the revenues of the sovereign fund of the Kingdom increased to more than 206 billion riyals, from about 157 billion riyals a year ago. However, the fund concluded the year with a net loss of 14.7 billion riyals (the US dollar is equivalent to 3.75 Saudi riyals), according to its consolidated financial statements submitted to green bond holders. which was reviewed by the “East Economy”.

The fund was making profits from investment activities worth 71 billion riyals in 2021 when stock markets rebounded in the wake of the Corona pandemic, achieving a return on investment of 25%, largely in line with the return achieved by the US “Standard & Poor’s 500” index for the same period.

The fund manages a portfolio of $35.6 billion in US stocks, including stakes in “Lucid” for electric cars, the popular transportation application “Uber”, and “Active Blizzard” for electronic games, which Microsoft is finalizing to acquire for more than $ 68 billion.

headwind

According to the data, the fund’s revenues from financial services and banks grew by about 33% on an annual basis, to reach 47.6 billion riyals. While the telecommunications sector represented the highest item in terms of revenues, with 66 billion riyals. While the mining activities witnessed the most prominent performance, increasing by more than 50% to reach 40 billion riyals.

It was also remarkable that the revenues of the information technology sector, which represents a strategic focus for the Fund, jumped by about 300% to 4 billion riyals.

Analysis: The influence of Saudi investors is increasing globally

However, unrealized book losses in continuing operations had a negative impact on net revenues, which declined by about 27.5%, on an annual basis, to 165 billion riyals, which is a reflection of the difficult global market conditions that faced the fund in the second year of its new strategy, which extends between 2021 and 2025.

2023-07-13 14:48:53
#Saudi #public #investments #turn #losses #jump #revenues #East #Economy #Bloomberg

July 13, 2023 0 comments

News

“The Most Acceptable Majors in Aramco: Insights from Former Director Abdul Rahman Al-Fadhel”

by Chief editor of world-today-news.com May 6, 2023

written by Chief editor of world-today-news.com

Al-Marsad newspaper: The former director of the “Saudi Aramco” refinery in Riyadh, Eng. Abdul Rahman Al-Fadhel is the most accepted major in Aramco.

Al-Fadhel said, during his hosting of the “Podcast Message” program, that Aramco, since its establishment, knows what it needs of specializations and fills it by itself, so it sent high school students in the specializations it needed.

He added that it was an experiment that proved effective, so the Saudization rate in Aramco is very high.

Regarding the most acceptable majors, he explained that chemical engineering is the most requested because it is the core of operation in laboratories.

2023-05-06 21:14:22
#video #Aramco #official #reveals #acceptable #majors #company

May 6, 2023 0 comments

News

Details of the 2019 terrorist attack on Abqaiq and Khurais factories recounted by Aramco’s head in a video.

by Chief editor of world-today-news.com March 26, 2023

written by Chief editor of world-today-news.com

Al-Marsad Newspaper: Eng. Amin Al-Nasser, President of Aramco, narrated the details of a brutal terrorist attack on Aramco facilities in Abqaiq and Khurais on September 14, 2019, at 3:30 in the morning, which stopped half of Saudi production.

He said during an interview on the “Story of Promise” program: “At nine or ten o’clock at night, most Aramco workers sleep, and they wake up at five in the morning, and if you receive a call at night, this means that there is a serious matter or serious event.”

He continued, “I received a call at 3:45 a.m. on Saturday, and I felt that something dangerous had happened, and I learned that there had been a missile attack on the Khurais and Abqaiq factories,” indicating that he went and found the area dark, dealt with matters calmly, and went to the control management center in Dhahran. .

And he added, “What I was concerned about was that the attack did not result in casualties,” adding that he saw burning fires on more than one side, and there were more than 13 large and small fires, and we learned after that that 25 missiles and drones hit the factories.

He pointed out that the fire was contained, with the efforts of civil defense and firefighters, and the fires were brought under control. And that within 7 hours.

He added: I remember the saying of His Highness Sir (the Saudi is not afraid), pointing out that in any other place people can escape, but everyone was dealing and the safety valves were closed.

March 26, 2023 0 comments

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