by WorldTribune Staff, May 20, 2016 Saudi Arabia continues to suffer from a massive cash-flow problem amid the ongoing slump in oil prices and has been forced to consider handing out IOUs to contractors. Bloomberg reports that contractors “may receive financial instruments similar to a treasury bond which they could hold until maturity or sell on […]
Special to WorldTribune.com Saudi Arabia is intent on drowning its competition in a sea of cheap oil. “There have been no conversations here that say we should cut production now that we’ve seen the pain,” Saudi Aramco Chairman Khalid al-Falih told the Financial Times. “The only thing to do now is to let the market […]
Special to WorldTribune.com ABU DHABI — Saudi Arabia plans to invest $40 billion a year in the kingdom’s energy sector over the next decade. The state-owned monopoly Saudi Aramco said the money would help develop energy resources in the Gulf Cooperation Council state. A senior official said the investment sought to double natural gas production […]
Special to WorldTribune.com ABU DHABI — As new global shale oil resources continue to emerge, Saudi Arabia plans to increase its crude oil reserves by 20 percent. Saudi Aramco said it would add 160 billion barrels to the kingdom’s crude reserves. Aramco president Khalid Al Falih cited efforts to discover oil and gas reserves throughout […]
Special to WorldTribune.com ABU DHABI — Saudi Arabia plans to produce shale gas in competition with the United States. [Related story: Number one: U.S. becomes world’s top oil producer, thanks to shale boom, Oct. 18] The state-owned Saudi Aramco said it intends to move toward exploration and production of shale gas in the Gulf Cooperation […]
Special to WorldTribune.com ABU DHABI — Saudi Arabia’s energy sector has been damaged by a cyber attack. Officials said the kingdom’s state-owned Saudi Aramco was the target of a major cyber strike on Aug. 15. The officials said the attack damaged tens of thousands of computers but failed to hamper crude oil production. “The [computer] […]
Special to WorldTribune.com ABU DHABI — China, which has also signed a nuclear cooperation accord with Riyad, will play a key role in Saudi Aramco’s oil refinery plans. Aramco and China’s Sinopec Group have signed a $10 billion refinery agreement to develop the 400,000 barrel per day refinery in Yanbu on the Red Sea coast. […]