Saudi Arabia will be setting up what is tipped to be the worlds largest and butanol plant. The US$517 million project will be built in the east coast of the kingdom in Jubail Industrial City and be operated by National Industrialization Company (Tasnee).
Saudi oil production reached 10.225 million bpd in September say industry sources.
Saudi Arabia’s state oil company said it is resolved to take an active role in the national transformation of the Kingdom’s economy as part of the recently announced economic blueprint set out in Saudi Vision 2030.
Gas production hit 11.6 billion standard cubic feet per day and the company’s total refining capacity reached 3.1 million barrels per day, according to figures released in the company's annual review.
Employee cull due to ongoing disputes between two countries includes Saudi nationals.
Saudi Aramco CEO, Amin Nasser, told reporters that the company intended to boost capacity at the Shaybah oil field by 33 percent, to a total of 1 million barrels a day in the coming weeks.
GE Oil & Gas has produced the first six high-efficiency gas compression trains to be manufactured in Saudi Arabia, which will be provided for Phase I of Saudi Aramco’s Master Gas System expansion project.
Heads of Agreement between two companies envisages joint operation and upgrading of Cilacap Refinery to process up to 370,000 bpd of higher quality fuel.
Saudi Arabias crude exports fell by 124,000 bpd to 7.154 million bpd its lowest for over a year, according to the Joint Data Initiative (JODI) which collates production and export data from the worlds oil and gas producers on a regular basis.
New Wood Mackenzie report says crudes from Iraq, West Africa and Russia putting downward pressure on pricing for shipments to Asia.
The heads of agreement contains key principles of cooperation that will form the basis for the companies to establish a joint venture, if the joint study reaches a positive conclusion.
The investment is part of a larger financial package that will see Saudi Arabia investing around $2.5 billion in the Egyptian economy.
Saudi Aramco President and CEO, Amin Nasser, wants closer collaboration with China as the opportunities for mutual growth between Saudi Arabia and China are vast.
Move seen as part of bigger drive by King Salman to replace various key serving members with new successors to throne.
Saudi Arabia’s Deputy Crown Prince Mohammed bin Salman confirmed that the government intends to sell a stake in its national oil giant Saudi Aramco which is expected to be valued at more than US$2 trillion.