Aramco said it had been evaluating a number of acquisition opportunities, both local and global, in line with its strategy of rebalancing its portfolio by moving further into downstream, particularly the petrochemical sector.
Picture taken May 23, Diversify the national economy; 3. The complexity of the listing, legal worries and conflicting recommendations from different advisers have delayed decision-making, they added. His optimism is based on history. Boosting its petrochemicals portfolio further could help attract investors for the IPO.
New applications for fertilizer, aluminum, and iron have already been discovered, said Al-Ghamdi, and one of the challenges for the industry is to seek even more innovative, non-traditional applications for natural gas.
Sincenearly patent applications have been filed in the U. In his keynote address to conference participants at the Gulf International Convention Center, Al-Ghamdi said the increasing demand for gas worldwide reinforces the need for innovation and technology advancement and he expressed confidence that the industry — with Saudi Aramco continuing to play a key role — is prepared to face that test.
The oil giant is expanding its footprint globally by signing downstream deals and boosting the capacity of its plants. Aramco invited the banks to pitch for a potential SABIC deal last month, the sources told Reuters on Wednesday, declining to be identified due to commercial sensitivities.
Energy efficiency practices and technologies such as zero gas flaring, clean fuels, and carbon capture and sequestration, are just a few examples of the innovations that are driving the industry forward on environmental stewardship, and Al-Ghamdi said the challenge now is to maintain the momentum gained by those advances.
Over the years, the Master Gas System led to significant developments such as seeing gas produced in association with crude oil captured, processed and provided to a wide array of industries and utilities that would otherwise consume petroleum products.
With research and development facilities located around the world, along with established collaborations with top tier national and international universities and institutions, the company continues to be a leader in the development of scientific advances.
Significant progress, he noted, has also been made in expanding the use of gas to the chemical sector, and more synergies are being looked at to expand even beyond the traditional petrochemical value chain with other natural resources.
It has no plans to acquire any publicly held shares, it said.
Reuters reported on Wednesday that Saudi Aramco had invited banks to pitch for an advisory role on the potential acquisition of a strategic stake in Saudi Basic Industries Corp SABICciting two sources with direct knowledge of the matter.
Preparations for the IPO, which may be the biggest in history, have slowed with some sources close to the process say the plans for a domestic and international listing might be pushed further into next year or even beyond.
Add value to natural gas resources and its products; 4. Additionally, said Al-Ghamdi, sales gas production has increased steadily over the past two decades, with average yearly growth of 5. The size of the stake Aramco is interested in acquiring is not known.
Develop a foundation for an industrial base; 2.Jul 19, · Saudi Aramco said on Thursday it is looking to buy a stake in Saudi petrochemical maker SABIC, a move that could boost the state oil giant's market valuation ahead of Author: Reuters.
Saudi Aramco is well positioned to help the gas industry develop and utilize effective technology solutions to meet the challenges that lie ahead, Abdullah M. Al-Ghamdi, executive director of Gas Operations, said at the Gas Processors Association’s 23rd.
Saudi Aramco: Looking Ahead Armco is a unique company which is the only one in the world which funds 86% percent of their country’s budget.
No other energy sector entity in the world can come any closer to them In sheer size. Watch video · As Saudi Arabia prepares to sell a part of its national oil company, doubts are growing about whether it will take place this year.
The kingdom says its determined to move ahead. Jun 05, · As Saudi Arabia prepares to sell a part of its national oil company, doubts are growing about whether it will take place this year. The kingdom says its determined to move ahead with an initial public offering of Aramco, which could be the largest IPO ever.
Reuters Nawied Jabarkhyl has been given a very rare look inside the firm.
Saudi Aramco is looking ahead. Headquartered in Dhahran, Saudi Arabia, the scope of Saudi Aramco’s operations is vast, comprising almost the entire oil output of Saudi Arabia.
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