Saudi Aramco says customers unaffected by Houthi attack on Jeddah facility

An official from the Saudi Aramco oil company on Tuesday said customers were unaffected by an attack that came from Yemen‘s Houthi group at a petroleum products distribution plant in the north of Jeddah city. One of the facilities’ 13 tanks is currently out of action. The official described the site as a “critical facility” … Read more

G-20 summit opens with Saudi urging united response to virus

DUBAI: Saudi Arabia‘s King Salman opened on Saturday the Group of 20 summit as the coronavirus pandemic overshadows this year’s gathering of heads of state, transforming it from an in-person two-day meeting of the world’s most powerful leaders to a virtual gathering of speeches and declarations. The pandemic, which has claimed more than 1.37 million … Read more

BPCL privatisation gets multiple bids; Reliance skips, no supermajor in race

The government on Monday received ‘multiple’ bids for buying out its stake in India’s second-biggest fuel retailer BPCL but billionaire Mukesh Ambani‘s Reliance Industries as well as supermajors Saudi Aramco, BP and Total did not make a bid. Tuhin Kanta Pandey, Secretary, Department of Investment and Public Asset Management (DIPAM), which is handling the sale, … Read more

Egyptian billionaire Naguib Sawiris says Turkey’s Erdogan wants to be ‘new Ottoman emperor’

Egyptian billionaire Naguib Sawiris leveled strongly worded criticism at Turkey’s President Recep Tayyip Erdogan this week, accusing the leader of making a “very big mess” in the Middle East. “We have Mr. Erdogan’s new ambitions to become the new Ottoman emperor of the region,” he told CNBC’s Hadley Gamble on Tuesday, referring to the former … Read more

State investors help plug Saudi Arabia’s yawning deficit

Saudi Arabia is increasingly relying on state-owned investors to finance itself amid the coronavirus pandemic, a strategy that raises questions about how exposed ordinary Saudis could be to a sovereign shock. The government-backed institutions – namely the pension fund and insurance agency – have seen their domestic debt holdings nearly double in the first six … Read more

Aramco’s net profit drops 45% in the third quarter

Oil tanks at an oil processing facility of Saudi Aramco, a Saudi Arabian state-owned oil and gas company, at the Abqaiq oil field. Stanislav Krasilnikov | TASS via Getty Images Saudi Aramco’s net profit fell 44.6% in the third quarter of 2020 compared to the same period last year, reflecting continued damage to oil demand … Read more

Biden energy plan may be more similar to Trump policy than expected

Democratic U.S. presidential nominee and former Vice President Joe Biden speaks at the Get Out The Vote event in Cleveland, Ohio, U.S., November 2, 2020. Kevin Lemarque | Reuters American presidents have long wanted the U.S. to be self-sufficient when it comes to oil, and if former Vice President Joe Biden wins the presidency, he … Read more

Haj 2021 will depend on national, international COVID-19 protocols: Naqvi

NEW DELHI: A decision on Haj 2021 will be taken after the Saudi Arabian government’s final call on the pilgrimage and the national as well as international COVID-19 guidelines will have to be kept in mind to ensure the well-being of the pilgrims, Minority Affairs Minister Mukhtar Abbas Naqvi said on Monday. While chairing a … Read more

Yemen’s warring parties swap prisoners for second day

Planes carrying prisoners to be exchanged by Yemen’s warring parties took off on Friday on the second day of an operation to return about 1,000 men home and help build momentum for a new push to end a catastrophic war. A Saudi-led military coalition, which supports the internationally recognised Yemeni government, and Yemen’s Iran-aligned Houthi … Read more

Business leaders call for urgent reforms as global economy faces its ‘worst state in a century’

A “Store Closing” sign is displayed in the window of a store at the Elephant And Castle Shopping Centre in London, U.K., on Sept. 24, 2020. The shopping center is being closed to make way for a Qatari Diar Real Estate Investment’s venture to build almost 1,000 homes, a new college campus and stores. Simon … Read more