Tuesday, April 25, 2017

Tag: Aramco

Saudi Central Bank Systems Said to Be Struck by Iran Malware

State-sponsored hackers who unleashed a digital bomb in key parts of Saudi Arabia's computer networks over the last two weeks damaged systems at the country’s central bank, known as the Saudi Arabian Monetary Agency, according to two people briefed on an ongoing investigation of the breach. The central bank said...

Saudi Arabia Said to Weigh Canceling $20 Billion of Projects

Saudi Arabia is intensifying efforts to shrink the highest budget deficit among the world’s biggest 20 economies, aiming to cancel more than $20 billion of projects and slash ministry budgets by a quarter, people familiar with the matter said. The government is reviewing thousands of projects valued at about 260...

The Future of U.S.-Saudi Relations

The Kingdom and the Power. The relationship between the United States and Saudi Arabia has come under unprecedented strains in recent years. U.S. President Barack Obama has openly questioned Riyadh’s value as an ally, accusing it of provoking sectarian conflict in the region. According to The Atlantic’s Jeffrey Goldberg, when...

The Untold Story Behind Saudi Arabia’s 41-Year U.S. Debt Secret

t was July 1974. A steady predawn drizzle had given way to overcast skies when William Simon, newly appointed U.S. Treasury secretary, and his deputy, Gerry Parsky, stepped onto an 8 a.m. flight from Andrews Air Force Base. On board, the mood was tense. That year, the oil crisis had hit home. An embargo by OPEC’s Arab nations - payback for U.S. military aid to the Israelis during the Yom Kippur War - quadrupled oil prices.

The Desperate Plight of Petro-States

With a Busted Business Model, Oil Economies Head for the Unknown. Pity the poor petro-states. Once so wealthy from oil sales that they could finance wars, mega-projects, and domestic social peace simultaneously, some of them are now beset by internal strife or are on the brink of collapse as oil...

Saudi Arabia’s Oil Strategy in a Time of Glut

Why the Kingdom Wants to Pump More. The world is already awash in oil, and yet there may soon be more Saudi crude flowing to market. This month, just after scuttling a “production freeze” among major oil exporters, the Saudis fired long-serving oil minister Ali Naimi, who was a rare,...

Iran, Saudi in oil price war

It’s war, then. Iran on Wednesday blamed its biggest rival Saudi Arabia for the “collapse” of the recent Doha talks on capping oil output but the Kingdom appeared to shrug off the allegation and instead said it would boost production in 2016. Iran, which did not attend the talks amid a...

Saudi Shakeup: Ali Naimi Out, Al-Falih In, Market Share Battle Continues

Saudi Arabian King Salman dismissed oil minister Ali Naimi on Saturday. The move comes a month after the Royal Kingdom announced plans to decrease its economy's reliance on oil in an economic plan called "Vision 2030". Al-Naimi has been named an adviser to the royal court. Khalid & The Deputy...

Saudi’s New Oil Boss Vows to Maintain Policy

Saudi Arabia will probably keep producing crude at near-record levels under its newly appointed oil minister, Khalid Al-Falih, as the world’s largest exporter sticks with his predecessor’s policy of defending market share against higher-cost shale. Al-Falih, also chairman of the state producer Saudi Arabian Oil Co., said on his first...

Oil Shocker: Saudi Arabia Fires Powerful Oil Minister al-Naimi In Dramatic Power Reshuffle

For years, Ali al Naimi was the most important person in the world of oil: the former CEO of Saudi Aramco ascended to the post of Saudi oil minister in 1995, and over the past 21 years had the power to send the price of oil soaring or plunging...

Saudi Arabia is suddenly facing a serious catastrophe – here’s why

Saudi Arabia is in serious trouble. The BinLadin Group, the kingdom’s largest construction company, has terminated the employment of fifty thousand foreign workers. They have been issued exit visas, which they have refused to honor. These workers will not leave without being paid back wages. Angry with their employer,...

The $2 Trillion Gamble That Saudi Arabia Cannot Win

Prince Muhammad Bin Salman, 30, the deputy crown prince of Saudi Arabia laid out his vision for Saudi Arabia on Monday in a plan called “Vision 2030.” He wants to get Saudi Arabia off its oil dependence in only 4 years, by 2020, and wants to diversify the economy...

Kingdom of Saudi Arabia’s Vision 2030

The Council of Ministers of the Kingdom of Saudi Arabia endorsed during its session today (Monday) under the chairmanship of the Custodian of the Two Holy Mosques King Salman bin Abdulaziz Al Saud the Kingdom of Saudi Arabia's Vision 2030. Today's meeting was devoted to discuss the vision which was...

Saudi Arabia Plans to Break Its Addiction to Oil

Riyadh has an ambitious plan to transform and diversify its oil-dependent economy. Saudi Arabia's new leadership desperately needs it to work. Saudi Arabia on Monday unveiled a sweeping plan to diversify its economy and wean its excessive reliance on crude oil exports by 2030, a blueprint that represents the most...

Saudi Arabia’s Deputy Crown Prince Outlines Plans: Transcript

Bloomberg’s Editor-in-Chief John Micklethwait and five other Bloomberg journalists spent five hours talking to Saudi Deputy Crown Prince Mohammed bin Salman in his palace compound in Riyadh. In the wide-ranging interview, Prince Mohammed discussed selling shares of Saudi Aramco, the National Transformation Program, energy markets and U.S.-Saudi relations. Below is...

Biggest Ever Saudi Overhaul Targets $100 Billion of Revenue

The biggest economic shake-up since the founding of Saudi Arabia would accelerate subsidy cuts and impose more levies, a plan to spread the burden of lower crude prices among a population more accustomed to government largess. Outlining his vision in a five-hour interview with Bloomberg News last week, Deputy Crown...
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Saudi Arabia Plans $2 Trillion Megafund for Post-Oil Era: Deputy Crown Prince

Saudi Arabia is getting ready for the twilight of the oil age by creating the world’s largest sovereign wealth fund for the kingdom’s most prized assets. Over a five-hour conversation, Deputy Crown Prince Mohammed bin Salman laid out his vision for the Public Investment Fund, which will eventually control more...

Shell, Saudi Aramco Plan to Break Up Motiva Partnership

Ownership of biggest refinery in the U.S. will shift to Saudi Arabia’s hands. Oil giants Royal Dutch Shell PLC and Saudi Arabian Oil Co. plan to end their long-standing fuel partnership, putting ownership of the biggest refinery in the U.S. in Saudi Arabia’s hands. Shell and Saudi Aramco formed their Motiva...

We just got another massive sign of how badly Saudi Arabia is suffering from...

Saudi Arabia, whose economy has taken a beating in recent months thanks to the crash in oil prices, just got another terrible piece of news. On Monday, HSBC economists Simon Williams and Razan Nasser dropped a note on the country's foreign-exchange holdings, and things look pretty dire for the oil-reliant...

Start Preparing for the Collapse of the Saudi Kingdom

For half a century, the Kingdom of Saudi Arabia has been the linchpin of U.S. Mideast policy. A guaranteed supply of oil has bought a guaranteed supply of security. Ignoring autocratic practices and the export of Wahhabi extremism, Washington stubbornly dubs its ally “moderate.” So tight is the trust...

Saudi War for Yemen Oil Pipeline is Empowering al-Qaeda, IS

Secret cable and Dutch government official confirm that Saudi Arabia’s war on Yemen is partly motivated by an ambitious US-backed pipeline fantasy. Nearly 3,000 civilians have been slaughtered and a million displaced in Saudi Arabia’s noble aerial bombardment of Yemen, which is backed by the United States and Britain. Over 14...

Russia’s Oil Industry Not Designed for Swing Production

New rumors have surfaced regarding the potential for OPEC collaboration with other major producers—namely Russia—as oil prices continue to languish around $30 per barrel. This afternoon, fresh reports said that the head of Russia’s Transneft was in discussions with Saudi Arabia, and that both producers had sent signals of greater interest in...

What’s Really Going on With Oil?

If there is any single price of any commodity that determines the growth or slowdown of our economy, it is the price of crude oil. Too many things don’t calculate today in regard to the dramatic fall in the world oil price. In June 2014 major oil traded at...

Saudi Arabia’s Secret Holdings of U.S. Debt Are Suddenly a Big Deal

It’s a secret of the vast U.S. Treasury market, a holdover from an age of oil shortages and mighty petrodollars: Just how much of America’s debt does Saudi Arabia own? But now that question -- unanswered since the 1970s, under an unusual blackout by the U.S. Treasury Department -- has...

Why a Saudi Aramco IPO Makes Absolutely No Sense for Saudi Arabia

The Saudi royal family’s total control of Arabia’s oil wealth is the root of all of its power, influence, and success. If Saudi Aramco goes public, Saudi Arabia will face an enormous existential dilemma. The Saudi royal family’s total control of Arabia’s oil wealth is the root of all of its...

Saudi Aramco IPO More About Geopolitics Than Finance

In the first week of 2016, Saudi deputy crown prince Mohammed bin Salman, in an interview with the Economist, revealed that the Saudi government is considering selling shares in government-owned Saudi Aramco and/or its downstream assets through an IPO. He indicated that a decision on the IPO and its...

Crude oil is collapsing

Crude oil is crashing. On Monday, West Texas Intermediate crude oil, the US benchmark, fell more than 6% to trade as low as $30.99 a barrel, the lowest since at least December 2003. Brent crude, the international benchmark, was off over 6% on Monday to as low as $31.90 a barrel,...

Saudi Arabia Could List Production Assets in Aramco IPO

Many of the assets are with joint-venture partners and so agreements will need to be reviewed. RIYADH—Saudi Arabia’s potential sale of shares in its state-owned oil giant could include listing at least part of its exploration and production assets, the company’s chairman said in an interview Monday, countering speculation that...

The IPO to End All IPOs?

Oil is at its lowest price in a decade. So why is Saudi Arabia selling off part of its trillion-dollar oil company? $10 trillion. That’s the top-end estimate for how much Saudi Aramco, the world’s biggest oil company, could be worth when shares in the energy giant finally go on...

In Saudi Aramco IPO, Global Refining Empire May Be the Prize

Investors hoping a Saudi Arabian Oil Co. IPO will provide a chance to buy a stake in the world’s largest crude producer may have to wait. The company says one option is to sell shares in its refining assets rather than the parent. While that would lock private capital out...

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