As part of a strategy to boost upstream business in an attempt to achieve energy security, Saudi Aramco has said it will increase crude and gas production over the next few years.&nbsp;

As per reports, Aramco has also planned to expand its liquids to chemicals capacity and is targeting investment in renewable energy and nature-based solutions.&nbsp;

As quoted by Upstream, Amin Nasser, who is the President and CEO of Aramco said: "Our investment plan aims to tap into rising long-term demand for reliable, affordable and ever more secure and sustainable energy."&nbsp;

He added, "We recognise that energy security is paramount for billions of people around the world, which is why we continue to make progress on increasing our crude oil production capacity, executing our gas expansion program and increasing our liquids to chemicals capacity."&nbsp;

On Sunday (March 20), Aramco posted a 124 per cent jump in 2021 net profit due to higher crude prices, as global economic growth recovered from the pandemic induced 2020 downturn.&nbsp;

The company said in a statement, "Aramco's net income increased by 124% to $110.0 billion in 2021, compared to $49.0 billion in 2020."&nbsp;

Aramco, Saudi Arabia's cash cow, achieved a net income of $88.2 billion in 2019 before the coronavirus (COVID-19) pandemic hit global markets, resulting in huge losses for the oil and aviation sectors, among others.&nbsp;

The announcement came hours after Yemen's Huthi rebels, against whom the kingdom is leading a military coalition, targeted an oil facility in southern Saudi Arabia and at a time of increased crude market volatility due to Russia's invasion of Ukraine.&nbsp;

Aramco floated 1.7 per cent of its shares on the Saudi bourse in December 2019, generating $29.4 billion in the world's biggest initial public offering.&nbsp;

As part of a strategy to boost upstream business in an attempt to achieve energy security, Saudi Aramco has said it will increase crude and gas production over the next few years.

As part of a strategy to boost upstream business in an attempt to achieve energy security, Saudi Aramco has said it will increase crude and gas production over the next few years. As per reports, Aramco has also planned to expand its liquids to chemicals capacity and is targeting investment in renewable energy and nature-based solutions. As quoted by Upstream, Amin Nasser, who is the President and CEO of Aramco said: "Our investment plan aims to tap into rising long-term demand for reliable, affordable and ever more secure and sustainable energy." He added, "We recognise that energy security is paramount for billions of people around the world, which is why we continue to make progress on increasing our crude oil production capacity, executing our gas expansion program and increasing our liquids to chemicals capacity." On Sunday (March 20), Aramco posted a 124 per cent jump in 2021 net profit due to higher crude prices, as global economic growth recovered from the pandemic induced 2020 downturn. The company said in a statement, "Aramco's net income increased by 124% to $110.0 billion in 2021, compared to $49.0 billion in 2020." Aramco, Saudi Arabia's cash cow, achieved a net income of $88.2 billion in 2019 before the coronavirus (COVID-19) pandemic hit global markets, resulting in huge losses for the oil and aviation sectors, among others. The announcement came hours after Yemen's Huthi rebels, against whom the kingdom is leading a military coalition, targeted an oil facility in southern Saudi Arabia and at a time of increased crude market volatility due to Russia's invasion of Ukraine. Aramco floated 1.7 per cent of its shares on the Saudi bourse in December 2019, generating $29.4 billion in the world's biggest initial public offering.

Saudi Aramco says annual profit more than doubled in 2021; plans to ramp up investment to boost production

Yemen's Iran-aligned Houthi group fired missiles and drones at Saudi energy and water desalination facilities, which oil firm Saudi Aramco said on Sunday (March 20) did not impact supplies or cause casualties.

Yehia Sarie, a spokesman for Yemen’s Iran-backed Houthis, said the rebels had launched “a wide and large military operation into the depth of Saudi Arabia” on Sunday, firing ballistic missiles and bomb-laden drones toward Saudi Aramco facilities and other “sensitive targets” in the country.

He described the assault as retaliation for the Saudi-led “aggression and blockade” that has turned much of Yemen into a wasteland.

<div class="videoWrapper trancodeVideo"><iframe allowfullscreen="" autoplay="1" class="includeVideo" frameborder="0" height="350" src="https://www.wionews.com/videos/who-are-the-houthis-know-their-history-250523/embed" style="width:100%;max-width:560px;" width="560"></iframe></div>

The salvo also came as Saudi Arabia’s state-backed oil giant Aramco announced that its profits surged 124 per cent&nbsp;in 2021 to $110 billion, a jump fueled by renewed anxieties about global supply shortages and soaring oil prices.

Aramco, also known as the Saudi Arabian Oil Co., released its earnings report after weeks of intense volatility in energy markets triggered by Russia’s invasion of Ukraine. Punitive sanctions on Russia, among the world’s largest exporters of crude and petroleum products, have added turmoil to an already-tight energy market.

<a href="https://www.wionews.com/photos/here-are-the-groups-fighting-in-yemens-war-439976">Also see |&nbsp;Here are the groups fighting in Yemen's war</a>

Aramco CEO Amin Nasser told a call about the company's earnings on Sunday: "There was ... a number of attacks early in the morning at our facilities. And thankfully there were no injuries or fatalities and no impact to the company's supply to its customers."

The international oil benchmark Brent crude hovered over $107 on Sunday after nearly touching a peak of $140 earlier this month. Saudi Arabia and the United Arab Emirates have so far resisted Western appeals to increase oil production to offset the loss of Russian oil as gasoline prices skyrocket.

Earlier this week, the Houthis rejected an invitation from the six-nation Gulf Cooperation Council to attend talks on the Yemen conflict, to be held in Riyadh from March 29.

<a href="https://www.wionews.com/photos/all-that-you-need-to-know-about-saudi-aramco-the-oil-colossus-259731">Also see |&nbsp;All that you need to know about Saudi Aramco, the oil colossus</a>

The Saudi-based Gulf Cooperation Council said it invited Yemen’s warring sides for talks in Riyadh aimed at ending the war, an offer dismissed out of hand by the Houthis, who demanded that negotiations take place in a “neutral” country.

Peace talks have floundered since the Houthis have tried to capture oil-rich Marib, one of the last remaining strongholds of the Saudi-backed Yemeni government in the country’s north.

Saudi Arabia is leading a military coalition in Yemen in support of the internationally recognized government, which has been engaged in a bloody conflict against the Huthis since mid-2014.

The war has cost hundreds of thousands of lives, directly or indirectly, and displaced millions, in what the United Nations has called the world's worst humanitarian crisis.

On Wednesday, the UN voiced disappointment after a donors' conference raised $1.3 billion, far short of the $4.27 billion target.

Huthi rebels often target airports and oil facilities in Saudi Arabia, one of the world's largest oil exporters, against the backdrop of the kingdom's leadership of the military coalition against them.

(With inputs from agencies)&nbsp;

Yemen's Iran-aligned Houthi group fired missiles and drones at Saudi energy and water desalination facilities, which oil firm Saudi Aramco said on Sunday (March 20) did not impact supplies or cause casualties.

Yemen's Iran-aligned Houthi group fired missiles and drones at Saudi energy and water desalination facilities, which oil firm Saudi Aramco said on Sunday (March 20) did not impact supplies or cause casualties. Yehia Sarie, a spokesman for Yemen’s Iran-backed Houthis, said the rebels had launched “a wide and large military operation into the depth of Saudi Arabia” on Sunday, firing ballistic missiles and bomb-laden drones toward Saudi Aramco facilities and other “sensitive targets” in the country. He described the assault as retaliation for the Saudi-led “aggression and blockade” that has turned much of Yemen into a wasteland. The salvo also came as Saudi Arabia’s state-backed oil giant Aramco announced that its profits surged 124 per cent in 2021 to $110 billion, a jump fueled by renewed anxieties about global supply shortages and soaring oil prices. Aramco, also known as the Saudi Arabian Oil Co., released its earnings report after weeks of intense volatility in energy markets triggered by Russia’s invasion of Ukraine. Punitive sanctions on Russia, among the world’s largest exporters of crude and petroleum products, have added turmoil to an already-tight energy market. Also see | Here are the groups fighting in Yemen's war Aramco CEO Amin Nasser told a call about the company's earnings on Sunday: "There was ... a number of attacks early in the morning at our facilities. And thankfully there were no injuries or fatalities and no impact to the company's supply to its customers." The international oil benchmark Brent crude hovered over $107 on Sunday after nearly touching a peak of $140 earlier this month. Saudi Arabia and the United Arab Emirates have so far resisted Western appeals to increase oil production to offset the loss of Russian oil as gasoline prices skyrocket. Earlier this week, the Houthis rejected an invitation from the six-nation Gulf Cooperation Council to attend talks on the Yemen conflict, to be held in Riyadh from March 29. Also see | All that you need to know about Saudi Aramco, the oil colossus The Saudi-based Gulf Cooperation Council said it invited Yemen’s warring sides for talks in Riyadh aimed at ending the war, an offer dismissed out of hand by the Houthis, who demanded that negotiations take place in a “neutral” country. Peace talks have floundered since the Houthis have tried to capture oil-rich Marib, one of the last remaining strongholds of the Saudi-backed Yemeni government in the country’s north. Saudi Arabia is leading a military coalition in Yemen in support of the internationally recognized government, which has been engaged in a bloody conflict against the Huthis since mid-2014. The war has cost hundreds of thousands of lives, directly or indirectly, and displaced millions, in what the United Nations has called the world's worst humanitarian crisis. On Wednesday, the UN voiced disappointment after a donors' conference raised $1.3 billion, far short of the $4.27 billion target. Huthi rebels often target airports and oil facilities in Saudi Arabia, one of the world's largest oil exporters, against the backdrop of the kingdom's leadership of the military coalition against them. (With inputs from agencies)

Yemen's Iran-aligned Houthi group claims responsibility for drone attack on Saudi Arabia

Houthi rebels said on Sunday (November 21) that they launched 14 bomb-laden drones to attack airports and Armco oil facilities in Saudi Arabia. The rebels said this was done in response to "Saudi-led coalition escalation in Yemen".

"We targeted the King Khalid Air Base in Riyadh city with four drones, hitting military targets at the King Abdullah International Airport and Aramco oil refineries in Jeddah city with four drones, striking a military target in Abha International Airport in Abha city with a drone, targeting other military sites in the cities of Jazan, Najran and Abha with five drones," Houthi military spokesman Yehya Sarea said in a statement.

Meanwhile, Saudi-owned Al-Arabiya TV has reported that the coalition intercepted an explosive-laden drone launched by the Houthis from Sanaa International Airport in Yemen toward Saudi Arabia, and "it is dealing with other Houthi threats", reports Xinhua news agency.

Houthi rebels fighting against the Yemen government are supported by Iran. Saudi Arabia leads a military coalition against Houthi rebels.

Houthi rebels have recently intensified cross-border missile and drone attacks.

In February, the rebel group began a major offensive against the Saudi-backed government army to capture the oil-rich province of Marib.

(With inputs from agencies) 
&nbsp;

Houthi rebels said on Sunday (November 21) that they launched 14 bomb-laden drones to attack airports and Armco oil facilities in Saudi Arabia. The rebels said this was done in response to "Saudi-led coalition escalation in Yemen".

Houthi rebels said on Sunday (November 21) that they launched 14 bomb-laden drones to attack airports and Armco oil facilities in Saudi Arabia. The rebels said this was done in response to "Saudi-led coalition escalation in Yemen". "We targeted the King Khalid Air Base in Riyadh city with four drones, hitting military targets at the King Abdullah International Airport and Aramco oil refineries in Jeddah city with four drones, striking a military target in Abha International Airport in Abha city with a drone, targeting other military sites in the cities of Jazan, Najran and Abha with five drones," Houthi military spokesman Yehya Sarea said in a statement. Meanwhile, Saudi-owned Al-Arabiya TV has reported that the coalition intercepted an explosive-laden drone launched by the Houthis from Sanaa International Airport in Yemen toward Saudi Arabia, and "it is dealing with other Houthi threats", reports Xinhua news agency. Houthi rebels fighting against the Yemen government are supported by Iran. Saudi Arabia leads a military coalition against Houthi rebels. Houthi rebels have recently intensified cross-border missile and drone attacks. In February, the rebel group began a major offensive against the Saudi-backed government army to capture the oil-rich province of Marib. (With inputs from agencies)

Houthi rebels claim launching 14 bomb-laden drones at Saudi targets

Energy giant Saudi Aramco committed to being a net zero enterprise by 2050, its chief said Saturday, shortly after the kingdom said it aimed to achieve zero carbon emissions by 2060.

Saudi Arabia, the world's top crude exporter, said it would also join a global effort to cut methane emissions by 30 per cent by 2030.

"Saudi Aramco will achieve an ambition of being also a net zero from our operation by 2050," Amin Nasser told the "Saudi Green Initiative" forum.

"We understand that the road will be complex, the transition will have its challenges, but we are confident we can meet them and accelerate our efforts to a low emission future."

Earlier, in recorded remarks, Saudi Crown Prince Mohammed bin Salman told the forum that the kingdom's target was to reach net zero emissions by 2060.&nbsp;

<a href="https://www.wionews.com/world/saudi-aramco-q2-profits-bounce-back-to-pre-pandemic-levels-404269">Also read |&nbsp;Saudi Aramco Q2 profits bounce back to pre-pandemic levels</a>

As the global COP26 global climate summit approaches, a string of countries have pledged to aim for net zero emissions by 2050, and global airlines and banks are also targeting the mid-century goal.

UN chief Antonio Guterres said Friday the current climate situation was "a one-way ticket for disaster", stressing the need to "avoid a failure" at COP26 in Glasgow.

Held between October 31 and November 12, the gathering is seen as a crucial step in setting worldwide emissions targets to slow global warming.

Saudi Arabia is estimated to emit about 600 million tonnes of carbon dioxide per year,&nbsp;more than France and slightly less than Germany.

The year 2050 has become a focus for carbon neutrality, defined as achieving a balance between emitting carbon and absorbing carbon from the atmosphere.

Energy giant Saudi Aramco committed to being a net zero enterprise by 2050, its chief said Saturday, shortly after the kingdom said it aimed to achieve zero carbon emissions by 2060.

Energy giant Saudi Aramco committed to being a net zero enterprise by 2050, its chief said Saturday, shortly after the kingdom said it aimed to achieve zero carbon emissions by 2060. Saudi Arabia, the world's top crude exporter, said it would also join a global effort to cut methane emissions by 30 per cent by 2030. "Saudi Aramco will achieve an ambition of being also a net zero from our operation by 2050," Amin Nasser told the "Saudi Green Initiative" forum. "We understand that the road will be complex, the transition will have its challenges, but we are confident we can meet them and accelerate our efforts to a low emission future." Earlier, in recorded remarks, Saudi Crown Prince Mohammed bin Salman told the forum that the kingdom's target was to reach net zero emissions by 2060. Also read | Saudi Aramco Q2 profits bounce back to pre-pandemic levels As the global COP26 global climate summit approaches, a string of countries have pledged to aim for net zero emissions by 2050, and global airlines and banks are also targeting the mid-century goal. UN chief Antonio Guterres said Friday the current climate situation was "a one-way ticket for disaster", stressing the need to "avoid a failure" at COP26 in Glasgow. Held between October 31 and November 12, the gathering is seen as a crucial step in setting worldwide emissions targets to slow global warming. Saudi Arabia is estimated to emit about 600 million tonnes of carbon dioxide per year, more than France and slightly less than Germany. The year 2050 has become a focus for carbon neutrality, defined as achieving a balance between emitting carbon and absorbing carbon from the atmosphere.

Saudi Aramco sets 2050 zero carbon emissions target

Energy giant Saudi&nbsp;Aramco's second quarter profits for 2021 have bounced back to pre-pandemic levels due to higher oil prices, nearly quadrupling compared to the same period last year.

The company's success comes after its debts climbed last year, when Saudi Arabia was hammered by the double whammy of low prices and sharp cuts in production triggered by the coronavirus pandemic.

Aramco&nbsp;said on Sunday its net profit rose to $25.5 billion in the second quarter of the year, compared to $6.6 billion in the same quarter of 2020, owing to a stronger oil market and higher refining and chemicals margins, and with the easing of Covid-19 restrictions.

In the second quarter of 2019, before global economies were hit hard by Covid-19 restrictions, the company posted a net profit of $24.7 billion.

"Our second quarter results reflect a strong rebound in worldwide energy demand, and we are heading into the second half of 2021 more resilient and more flexible, as the global recovery gains momentum,"&nbsp;Aramco&nbsp;chief executive Amin Nasser said in a statement.

Aramco&nbsp;-- like other global oil giants, including ExxonMobil, Royal Dutch Shell and TotalEnergies -- has reported stronger profits this year, riding a wave of higher prices amid recovering demand.

It reported "a 288 percent increase in net income from the same quarter of last year to $25.5 billion and declaring a dividend of $18.8 billion", according to the statement.&nbsp;

Sunday's announcement comes approximately two months after the company said it raised $6 billion from its first dollar-denominated Islamic bond sale, posting earlier this year a 30 percent jump in first quarter profits.

Aramco, the kingdom's cash cow, said in May that its net profit rose to $21.7 billion in the first three months of the year.

The energy giant posted a 44.4 percent slump in 2020 net profit, piling pressure on government finances as Riyadh pursues its multi-billion dollar projects to diversify the economy.

The world's leading oil producers agreed last month to continue to modestly boost output from August reaching a compromise after the United Arab Emirates blocked a deal.&nbsp;

An OPEC+ meeting decided to raise output by 400,000 barrels per day (bpd) each month from August to help fuel a global economic recovery as the pandemic eases.

The results come a day ahead of a UN report on climate change, which will give the international community its clearest ever warning about the dangers of accelerating global warming, according to Britain's COP26 President Alok Sharma.

Aramco&nbsp;opens up&nbsp;

Long seen as the kingdom's economic "crown jewel",&nbsp;Aramco&nbsp;and its assets were once tightly government-controlled and considered off-limits to outside investment.&nbsp;

But with the rise of Crown Prince Mohammed bin Salman, Saudi Arabia's de facto ruler, who is accelerating efforts to implement his "Vision 2030" reform programme, the kingdom has shown readiness to cede some control.

Aramco&nbsp;previously sold a sliver of its shares on the Saudi bourse in December 2019, generating $29.4 billion for 1.7 percent of its shares.

In April, the company said it had struck a $12.4-billion deal to sell a minority stake in a newly formed oil pipeline business, to a consortium led by US-based EIG Global Energy Partners.

And in June,&nbsp;Aramco&nbsp;"successfully raised $6 billion, following the sale of US dollar-denominated sharia-compliant securities to leading institutional investors", the company said.&nbsp;

Earlier this year, Prince Mohammed said the kingdom would sell more&nbsp;Aramco&nbsp;shares.

Some analysts have raised concerns at past drone and missile attacks on&nbsp;Aramco's facilities in the kingdom -- claimed by Yemen's Huthi rebels.

Aramco&nbsp;reassured on Sunday that it achieved "100 percent reliability in the delivery of crude oil and other products in the second quarter of 2021".

There are also increased fears over cyber attacks, with Saudi&nbsp;Aramco&nbsp;confirming last month that company data had been leaked from one of it contractors. However, the company said it had "no impact" on operations.&nbsp;

When the coronavirus pandemic took hold early last year, oil prices plunged as demand for crude crashed.

They have since recovered, currently trading above $70 per barrel.

Energy giant Saudi Aramco's second quarter profits for 2021 have bounced back to pre-pandemic levels due to higher oil prices, nearly quadrupling compared to the same period last year.

Energy giant Saudi Aramco's second quarter profits for 2021 have bounced back to pre-pandemic levels due to higher oil prices, nearly quadrupling compared to the same period last year. The company's success comes after its debts climbed last year, when Saudi Arabia was hammered by the double whammy of low prices and sharp cuts in production triggered by the coronavirus pandemic. Aramco said on Sunday its net profit rose to $25.5 billion in the second quarter of the year, compared to $6.6 billion in the same quarter of 2020, owing to a stronger oil market and higher refining and chemicals margins, and with the easing of Covid-19 restrictions. In the second quarter of 2019, before global economies were hit hard by Covid-19 restrictions, the company posted a net profit of $24.7 billion. "Our second quarter results reflect a strong rebound in worldwide energy demand, and we are heading into the second half of 2021 more resilient and more flexible, as the global recovery gains momentum," Aramco chief executive Amin Nasser said in a statement. Aramco -- like other global oil giants, including ExxonMobil, Royal Dutch Shell and TotalEnergies -- has reported stronger profits this year, riding a wave of higher prices amid recovering demand. It reported "a 288 percent increase in net income from the same quarter of last year to $25.5 billion and declaring a dividend of $18.8 billion", according to the statement. Sunday's announcement comes approximately two months after the company said it raised $6 billion from its first dollar-denominated Islamic bond sale, posting earlier this year a 30 percent jump in first quarter profits. Aramco, the kingdom's cash cow, said in May that its net profit rose to $21.7 billion in the first three months of the year. The energy giant posted a 44.4 percent slump in 2020 net profit, piling pressure on government finances as Riyadh pursues its multi-billion dollar projects to diversify the economy. The world's leading oil producers agreed last month to continue to modestly boost output from August reaching a compromise after the United Arab Emirates blocked a deal. An OPEC+ meeting decided to raise output by 400,000 barrels per day (bpd) each month from August to help fuel a global economic recovery as the pandemic eases. The results come a day ahead of a UN report on climate change, which will give the international community its clearest ever warning about the dangers of accelerating global warming, according to Britain's COP26 President Alok Sharma. Aramco opens up Long seen as the kingdom's economic "crown jewel", Aramco and its assets were once tightly government-controlled and considered off-limits to outside investment. But with the rise of Crown Prince Mohammed bin Salman, Saudi Arabia's de facto ruler, who is accelerating efforts to implement his "Vision 2030" reform programme, the kingdom has shown readiness to cede some control. Aramco previously sold a sliver of its shares on the Saudi bourse in December 2019, generating $29.4 billion for 1.7 percent of its shares. In April, the company said it had struck a $12.4-billion deal to sell a minority stake in a newly formed oil pipeline business, to a consortium led by US-based EIG Global Energy Partners. And in June, Aramco "successfully raised $6 billion, following the sale of US dollar-denominated sharia-compliant securities to leading institutional investors", the company said. Earlier this year, Prince Mohammed said the kingdom would sell more Aramco shares. Some analysts have raised concerns at past drone and missile attacks on Aramco's facilities in the kingdom -- claimed by Yemen's Huthi rebels. Aramco reassured on Sunday that it achieved "100 percent reliability in the delivery of crude oil and other products in the second quarter of 2021". There are also increased fears over cyber attacks, with Saudi Aramco confirming last month that company data had been leaked from one of it contractors. However, the company said it had "no impact" on operations. When the coronavirus pandemic took hold early last year, oil prices plunged as demand for crude crashed. They have since recovered, currently trading above $70 per barrel.

Saudi Aramco Q2 profits bounce back to pre-pandemic levels

Saudi Aramco on Thursday said it raised $6 billion from its first dollar-denominated Islamic bond sale, as the energy giant seeks capital to fund its hefty dividend payments.

The three-tranche sukuk, or Islamic bonds compliant with the Muslim faith, are due in three, five and 10 years, the company said in a statement.

Aramco "successfully raised $6 billion, following the sale of US dollar-denominated sharia-compliant securities to leading institutional investors", the statement said.

The sale comes after two previous bond offerings that were not compliant with Islamic law,&nbsp;a debut $12 billion sale in 2019 and an $8 billion offering in November last year.

The company is raising money to help pay an annual dividend of $75 billion, a key revenue source for the Saudi government, Aramco's biggest shareholder.

Aramco, the kingdom's cash cow, pledged to pay the dividend when it sought to generate interest in its debut initial public offering on the Saudi bourse in December 2019.

But company finances came under pressure last year, when crude prices tanked as the coronavirus pandemic sapped global demand.

Last month, Aramco declared a 30 percent jump in first quarter profit, thanks to a recovery in oil prices, but the company's free cash flow fell short of the $18.75 billion dividend obligation for that period.

Aramco is pushing to raise cash as Riyadh faces a ballooning budget deficit and pursues multi-billion dollar projects to diversify its oil-reliant economy.

In April, Aramco said it had struck a $12.4-billion deal to sell a minority stake&nbsp;in a newly formed oil pipeline business to a consortium led by US-based EIG Global Energy Partners.

Saudi Aramco on Thursday said it raised $6 billion from its first dollar-denominated Islamic bond sale, as the energy giant seeks capital to fund its hefty dividend payments.

Saudi Aramco on Thursday said it raised $6 billion from its first dollar-denominated Islamic bond sale, as the energy giant seeks capital to fund its hefty dividend payments. The three-tranche sukuk, or Islamic bonds compliant with the Muslim faith, are due in three, five and 10 years, the company said in a statement. Aramco "successfully raised $6 billion, following the sale of US dollar-denominated sharia-compliant securities to leading institutional investors", the statement said. The sale comes after two previous bond offerings that were not compliant with Islamic law, a debut $12 billion sale in 2019 and an $8 billion offering in November last year. The company is raising money to help pay an annual dividend of $75 billion, a key revenue source for the Saudi government, Aramco's biggest shareholder. Aramco, the kingdom's cash cow, pledged to pay the dividend when it sought to generate interest in its debut initial public offering on the Saudi bourse in December 2019. But company finances came under pressure last year, when crude prices tanked as the coronavirus pandemic sapped global demand. Last month, Aramco declared a 30 percent jump in first quarter profit, thanks to a recovery in oil prices, but the company's free cash flow fell short of the $18.75 billion dividend obligation for that period. Aramco is pushing to raise cash as Riyadh faces a ballooning budget deficit and pursues multi-billion dollar projects to diversify its oil-reliant economy. In April, Aramco said it had struck a $12.4-billion deal to sell a minority stake in a newly formed oil pipeline business to a consortium led by US-based EIG Global Energy Partners.

Saudi Aramco raises $6 billion from its first dollar-denominated Islamic bond sale

Aramco is the biggest oil company in the world. The jewel in Saudi Arabia's crown. A nation could soon own 1 per cent of Aramco.

Saudi Crown Prince Mohammed Bin Salman has said that 'a huge country' was willing to buy a 1 per cent stake in Aramco. He did not take any names.

<div class="videoWrapper trancodeVideo"><iframe allowfullscreen="" autoplay="1" class="includeVideo" frameborder="0" height="350" src="https://www.wionews.com/videos/gravitas-is-china-buying-a-1-stake-in-aramco-381523/embed" style="width:100%;max-width:560px;" width="560"></iframe></div>

Which country is the Crown Prince referring to? Is it China?

As per Reuters, Saudi Arabia is in talks with several Chinese national oil companies for investments. The most likely investor is China Investment Corporation or CIC.

It is currently in talks for the acquisition.

A stake of 1 per cent would amount to around 19 billion dollars based on Aramco's current capitalisation.

The deal has not been finalised yet. Mohammed Bin Salman has refused to divulge the details.

"Aramco selling shares will continue, but I can't announce details, but there might be something very soon, and there might be some other offering to international investors within the next year or two.I don't want to give promises but there's a discussion on the acquisition of one percent (of Aramco) by one of the world's leading energy companies, and this will be a very important deal to boost Aramco's sales in that country, which I can't name but it's a huge country. If it took the 1% it will boost Aramco's sales in both Saudi and that country itself," said Mohammed Bin Salman.

The deal is not surprising. Oil has always been the backbone of Saudi-China relationship. Beijing is the biggest buyer of Saudi crude.

In 2020 it imported more oil from the Kingdom than it did from any other country. And this year, the CEO of Aramco said that the company will ensure that China remains its biggest priority for the next 50 years &amp; beyond.

The Saudi Crown Prince says this does not mean other countries are any less of a priority.

"We are working on producing new partnerships with everyone, whether Russia, India, China, Latin America, Africa or others, for the interest of the kingdom of Saudi Arabia, without harming any other country in the world. Today, China announced that Saudi Arabia is a strategic partner, also India and Russia. Saudi Arabia is still a strategic partner for the united states of America. We are enhancing our interest with all countries for the sake of our interest, their interest and the international interest," he said.

Riyadh has economic diversification on its mind. By all means it is working in its own interest. but Beijing is known for its predatory partnerships, owning a tiny stake in a prized company of another country. So this is not just a financial deal. It is also a geopolitical one. 
&nbsp;

Aramco is the biggest oil company in the world. The jewel in Saudi Arabia's crown. A nation could soon own 1 per cent of Aramco. Saudi Crown Prince Mohammed Bin Salman has said that 'a huge country' was willing to buy a 1 per cent stake in Aramco.

Aramco is the biggest oil company in the world. The jewel in Saudi Arabia's crown. A nation could soon own 1 per cent of Aramco. Saudi Crown Prince Mohammed Bin Salman has said that 'a huge country' was willing to buy a 1 per cent stake in Aramco. He did not take any names. Which country is the Crown Prince referring to? Is it China? As per Reuters, Saudi Arabia is in talks with several Chinese national oil companies for investments. The most likely investor is China Investment Corporation or CIC. It is currently in talks for the acquisition. A stake of 1 per cent would amount to around 19 billion dollars based on Aramco's current capitalisation. The deal has not been finalised yet. Mohammed Bin Salman has refused to divulge the details. "Aramco selling shares will continue, but I can't announce details, but there might be something very soon, and there might be some other offering to international investors within the next year or two.I don't want to give promises but there's a discussion on the acquisition of one percent (of Aramco) by one of the world's leading energy companies, and this will be a very important deal to boost Aramco's sales in that country, which I can't name but it's a huge country. If it took the 1% it will boost Aramco's sales in both Saudi and that country itself," said Mohammed Bin Salman. The deal is not surprising. Oil has always been the backbone of Saudi-China relationship. Beijing is the biggest buyer of Saudi crude. In 2020 it imported more oil from the Kingdom than it did from any other country. And this year, the CEO of Aramco said that the company will ensure that China remains its biggest priority for the next 50 years & beyond. The Saudi Crown Prince says this does not mean other countries are any less of a priority. "We are working on producing new partnerships with everyone, whether Russia, India, China, Latin America, Africa or others, for the interest of the kingdom of Saudi Arabia, without harming any other country in the world. Today, China announced that Saudi Arabia is a strategic partner, also India and Russia. Saudi Arabia is still a strategic partner for the united states of America. We are enhancing our interest with all countries for the sake of our interest, their interest and the international interest," he said. Riyadh has economic diversification on its mind. By all means it is working in its own interest. but Beijing is known for its predatory partnerships, owning a tiny stake in a prized company of another country. So this is not just a financial deal. It is also a geopolitical one.

China makes geopolitical calculations through Aramco stake

Is China buying a 1% stake in Aramco? Saudi Crown Prince MBS has said a 'huge country is investing'. Aramco is the biggest oil company in the world. Will the deal be financial or geopolitical?

Gravitas: Is China buying a 1% stake in Aramco?

Debris from missiles fired by Yemen's Houthi rebels into Saudi Arabia caused a small fire on a university campus in the kingdom's south, the Riyadh-led military coalition operating in Yemen said.

Saudi air defence intercepted five ballistic missiles and four drones deployed by Yemeni rebels on Wednesday night and Thursday morning, according to the coalition.&nbsp;

The missiles were fired and drones sent from Yemen's Sa'ada province, a rebel stronghold in the north of the country, toward the Saudi city of Jizan, said coalition spokesman Turki al-Maliki.

"Debris fell on the campus of Jizan University, causing a small fire which was brought under control and there were no casualties," the spokesman said, according to the official Saudi news agency SPA.&nbsp;

Maliki condemned the escalating Huthi air campaign against "civilian targets", warning that these "hostile acts constitute war crimes".&nbsp;

A Houthi spokesman in the northern capital of Sanaa said that 11 missiles and drones had targeted facilities belonging to the Saudi oil giant Aramco.

Patriot anti-missile batteries and other "sensitive facilities" were also targeted by the Huthis in Jizan, a rebel military spokesman said according to the Huthis' Al-Masirah television.

On Monday, the Huthis claimed to have carried out other attacks against Saudi Arabia, saying they had launched 17 drones and missiles at various targets including Aramco facilities.&nbsp;

Saudi authorities did not confirm any attacks on oil facilities at the time. However, the coalition indicated that six drones launched from Yemen had been intercepted, without mentioning any casualties.&nbsp;

Saudi Arabia leads a military coalition that intervened in the Yemen conflict in 2015, to support the the internationally recognised government.

It has reported numerous attacks by the rebels on Aramco facilities, airports and other civilian targets in recent months.&nbsp;

Debris from missiles fired by Yemen's Houthi rebels into Saudi Arabia caused a small fire on a university campus in the kingdom's south, the Riyadh-led military coalition operating in Yemen said.

Debris from missiles fired by Yemen's Houthi rebels into Saudi Arabia caused a small fire on a university campus in the kingdom's south, the Riyadh-led military coalition operating in Yemen said. Saudi air defence intercepted five ballistic missiles and four drones deployed by Yemeni rebels on Wednesday night and Thursday morning, according to the coalition. The missiles were fired and drones sent from Yemen's Sa'ada province, a rebel stronghold in the north of the country, toward the Saudi city of Jizan, said coalition spokesman Turki al-Maliki. "Debris fell on the campus of Jizan University, causing a small fire which was brought under control and there were no casualties," the spokesman said, according to the official Saudi news agency SPA. Maliki condemned the escalating Huthi air campaign against "civilian targets", warning that these "hostile acts constitute war crimes". A Houthi spokesman in the northern capital of Sanaa said that 11 missiles and drones had targeted facilities belonging to the Saudi oil giant Aramco. Patriot anti-missile batteries and other "sensitive facilities" were also targeted by the Huthis in Jizan, a rebel military spokesman said according to the Huthis' Al-Masirah television. On Monday, the Huthis claimed to have carried out other attacks against Saudi Arabia, saying they had launched 17 drones and missiles at various targets including Aramco facilities. Saudi authorities did not confirm any attacks on oil facilities at the time. However, the coalition indicated that six drones launched from Yemen had been intercepted, without mentioning any casualties. Saudi Arabia leads a military coalition that intervened in the Yemen conflict in 2015, to support the the internationally recognised government. It has reported numerous attacks by the rebels on Aramco facilities, airports and other civilian targets in recent months.

Houthi missile debris sparks fire at Saudi university

Yemen's Iran-aligned Houthi movement said on Monday it had fired 17 drones and two ballistic missiles at targets in Saudi Arabia, including Saudi Aramco facilities in Jubail and Jeddah.&nbsp;

There was no immediate Saudi confirmation. Saudi Aramco, the state oil firm, said when contacted by reporters that it would respond at the earliest opportunity.&nbsp;

Houthi military spokesman Yahya Sarea said on Twitter the group's barrage included 10 Samad-3 drones fired at refineries in the Red Sea city of Jeddah and Jubail in the Eastern Province.&nbsp;

Aramco's refinery in Jeddah was decommissioned in 2017 but it has a petroleum products distribution plant there that the Houthis have previously targeted.&nbsp;

Sarea said on Monday, the movement also targeted military sites in the southern Saudi cities of Khamis Mushait and Jazan. &nbsp;

The Saudi-led coalition that intervened in Yemen's war in 2015 against the Houthis said late on Sunday, it had intercepted and destroyed six armed Houthi drones. &nbsp;

The coalition entered the war after the Houthis ousted the internationally recognised government from the capital Sanaa.&nbsp;

The movement, which holds most of north Yemen, has kept up cross border attacks on Saudi Arabia and a ground offensive in Yemen's Marib region at a time when the United States and the United Nations are pushing for a ceasefire agreement.&nbsp;

Riyadh and the Yemeni government have welcomed a truce but the Houthis want the full lifting of a sea and air blockade.&nbsp;

The conflict, seen in the region as a proxy war between Saudi Arabia and Iran, has killed tens of thousands of people and pushed the Arabian Peninsula nation to the brink of famine.&nbsp;

(With inputs from agencies)

Yemen's Iran-aligned Houthi movement said on Monday it had fired 17 drones and two ballistic missiles at targets in Saudi Arabia, including Saudi Aramco facilities in Jubail and Jeddah.

Yemen's Iran-aligned Houthi movement said on Monday it had fired 17 drones and two ballistic missiles at targets in Saudi Arabia, including Saudi Aramco facilities in Jubail and Jeddah. There was no immediate Saudi confirmation. Saudi Aramco, the state oil firm, said when contacted by reporters that it would respond at the earliest opportunity. Houthi military spokesman Yahya Sarea said on Twitter the group's barrage included 10 Samad-3 drones fired at refineries in the Red Sea city of Jeddah and Jubail in the Eastern Province. Aramco's refinery in Jeddah was decommissioned in 2017 but it has a petroleum products distribution plant there that the Houthis have previously targeted. Sarea said on Monday, the movement also targeted military sites in the southern Saudi cities of Khamis Mushait and Jazan. The Saudi-led coalition that intervened in Yemen's war in 2015 against the Houthis said late on Sunday, it had intercepted and destroyed six armed Houthi drones. The coalition entered the war after the Houthis ousted the internationally recognised government from the capital Sanaa. The movement, which holds most of north Yemen, has kept up cross border attacks on Saudi Arabia and a ground offensive in Yemen's Marib region at a time when the United States and the United Nations are pushing for a ceasefire agreement. Riyadh and the Yemeni government have welcomed a truce but the Houthis want the full lifting of a sea and air blockade. The conflict, seen in the region as a proxy war between Saudi Arabia and Iran, has killed tens of thousands of people and pushed the Arabian Peninsula nation to the brink of famine. (With inputs from agencies)

Houthis claim to attack Saudi Aramco facilities; no confirmation from Riyadh 

OPEC and its allies, including Russia, announced Thursday they would gradually increase oil production over the next three months.

In agreeing to modest output increases, Saudi Arabia appears to have yielded to pressure from Russia and other producers who are eager to raise output. They want to take advantage of what they see as a likely growing global thirst for oil as economies slowly expand after pandemic lockdowns.

The group, known as OPEC Plus, has been withholding 8 million barrels a day from the market.

On this occasion, the Saudis “decided to go with the consensus of the members,” said Helima Croft, a commodity strategist at RBC Capital Markets, an investment bank.

Under the agreement, OPEC Plus will increase production by 350,000 barrels a day in both May and June and by 441,000 barrels a day in July. Over the same period, Saudi Arabia will gradually unwind additional cuts of 1 million barrels a day that it has been making voluntarily.

Prince Abdulaziz said during a news conference after the meeting that OPEC Plus wanted to test out increased production but would still be able to change plans if demand failed to materialize.

“We can freeze; we can increase; we can decrease,” he said.

For now, the oil market has accepted the prospect of increases that would amount to less than 1% of global consumption per month. Larry Goldstein, an oil analyst at the Energy Policy Research Foundation, said that the approach to relaxing cuts was “very modest and conservative” and would tend to bolster prices over the coming months.

In addition, Croft said, OPEC’s willingness to increase output is seen as a vote of confidence in the global economic recovery.

OPEC and its allies, including Russia, announced Thursday they would gradually increase oil production over the next three months. In agreeing to modest output increases, Saudi Arabia appears to have yielded to pressure from Russia and other producers who are eager to raise output.

OPEC and its allies, including Russia, announced Thursday they would gradually increase oil production over the next three months. In agreeing to modest output increases, Saudi Arabia appears to have yielded to pressure from Russia and other producers who are eager to raise output. They want to take advantage of what they see as a likely growing global thirst for oil as economies slowly expand after pandemic lockdowns. The group, known as OPEC Plus, has been withholding 8 million barrels a day from the market. On this occasion, the Saudis “decided to go with the consensus of the members,” said Helima Croft, a commodity strategist at RBC Capital Markets, an investment bank. Under the agreement, OPEC Plus will increase production by 350,000 barrels a day in both May and June and by 441,000 barrels a day in July. Over the same period, Saudi Arabia will gradually unwind additional cuts of 1 million barrels a day that it has been making voluntarily. Prince Abdulaziz said during a news conference after the meeting that OPEC Plus wanted to test out increased production but would still be able to change plans if demand failed to materialize. “We can freeze; we can increase; we can decrease,” he said. For now, the oil market has accepted the prospect of increases that would amount to less than 1% of global consumption per month. Larry Goldstein, an oil analyst at the Energy Policy Research Foundation, said that the approach to relaxing cuts was “very modest and conservative” and would tend to bolster prices over the coming months. In addition, Croft said, OPEC’s willingness to increase output is seen as a vote of confidence in the global economic recovery.

OPEC and its allies agree to gradual increases in oil production

Saudi&nbsp;Arabia announced Tuesday&nbsp;investments worth&nbsp;oil firm&nbsp;Aramco&nbsp;and petrochemical firm SABIC would lead investments of 5 trillion riyals ($1.3 trillion) by the local private sector by 2030 under a programme announced on Tuesday for economic diversification.

The announcement by de facto ruler Crown Prince Mohammed bin Salman underscores an effort to jumpstart the domestic economy as the top crude exporter battles high youth unemployment and a coronavirus-triggered downturn.

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"The total investment injected... into the national economy is expected to reach 12 trillion riyals ($3.2 trillion) by 2030," Prince Mohammed said in a speech carried by state television.

The move aims to mobilise the Gulf Arab state's private sector to help wean the economy off its reliance on oil exports, which still account for more than half the state's income, and develop new sectors to help create jobs for millions of&nbsp;Saudis.

The total amount would rise to 27 trillion riyals with government spending and domestic consumption.

"The new Shareek (Partner) programme will help the private sector create hundreds of thousands of new jobs and will boost the contribution of the private sector to GDP by up to 65 per cent&nbsp;by the end of the decade," the prince said.

He later told journalists in a virtual briefing that&nbsp;Aramco&nbsp;and&nbsp;Saudi&nbsp;Basic Industries Corp (SABIC) would represent 60 per cent&nbsp;of the 5 trillion riyal investment.

Prince Mohammed said the government has asked the biggest participating firms to lower their dividends in order to raise capital spending.

"That will lead to growth of the company so stakeholders will own more money. In exchange the&nbsp;Saudi&nbsp;government will help them with regulations, more subsidies and other incentives."

The prince said dividends for those owning shares in&nbsp;Aramco, which listed on the local bourse in 2019, would remain stable.

"We promised them that and we will keep that promise," he said. The&nbsp;Saudi&nbsp;government still owns 98 per cent&nbsp;of the firm.

The programme is part of a mammoth 27 trillion-riyal ($7 trillion) investment plan over the next decade, which will include huge government spending to spur the domestic economy, the prince said.

It is designed to "promote the development and diversification of the national economy", the state-run SPA news agency said, adding that it will "strengthen cooperation between public and private sectors".

The crown prince said the government planned to offload its shares in companies in coming years and to IPO projects it is launching.

"We will recycle the money. We shouldn't keep our shares forever. Whatever mature investment we have we have to IPO. So for example if you own 70 per cent&nbsp;of a company, PIF should maintain majority at 30 per cent&nbsp;and sell 40 per cent," he told journalists.

The prince has said that&nbsp;Aramco&nbsp;would sell more shares as part of plans to bolster sovereign wealth fund PIF, the main vehicle for boosting&nbsp;Saudi&nbsp;investments at home and abroad.

The prince said on Tuesday that PIF is working with other sovereign wealth funds in the region on a fund called "Invest In&nbsp;Saudi" that would be sized at 500 billion riyals to 1 trillion riyals.

PIF is backing domestic mega-projects such as the flagship tourism project at the Red Sea, planned $500 billion Neom economic zone and the entertainment hub at Qiddya.

Saudi Arabia announced Tuesday investments worth oil firm Aramco and petrochemical firm SABIC would lead investments of 5 trillion riyals ($1.3 trillion) by the local private sector by 2030 under a programme announced on Tuesday for economic diversification.

Saudi Arabia announced Tuesday investments worth oil firm Aramco and petrochemical firm SABIC would lead investments of 5 trillion riyals ($1.3 trillion) by the local private sector by 2030 under a programme announced on Tuesday for economic diversification. The announcement by de facto ruler Crown Prince Mohammed bin Salman underscores an effort to jumpstart the domestic economy as the top crude exporter battles high youth unemployment and a coronavirus-triggered downturn. "The total investment injected... into the national economy is expected to reach 12 trillion riyals ($3.2 trillion) by 2030," Prince Mohammed said in a speech carried by state television. The move aims to mobilise the Gulf Arab state's private sector to help wean the economy off its reliance on oil exports, which still account for more than half the state's income, and develop new sectors to help create jobs for millions of Saudis. The total amount would rise to 27 trillion riyals with government spending and domestic consumption. "The new Shareek (Partner) programme will help the private sector create hundreds of thousands of new jobs and will boost the contribution of the private sector to GDP by up to 65 per cent by the end of the decade," the prince said. He later told journalists in a virtual briefing that Aramco and Saudi Basic Industries Corp (SABIC) would represent 60 per cent of the 5 trillion riyal investment. Prince Mohammed said the government has asked the biggest participating firms to lower their dividends in order to raise capital spending. "That will lead to growth of the company so stakeholders will own more money. In exchange the Saudi government will help them with regulations, more subsidies and other incentives." The prince said dividends for those owning shares in Aramco, which listed on the local bourse in 2019, would remain stable. "We promised them that and we will keep that promise," he said. The Saudi government still owns 98 per cent of the firm. The programme is part of a mammoth 27 trillion-riyal ($7 trillion) investment plan over the next decade, which will include huge government spending to spur the domestic economy, the prince said. It is designed to "promote the development and diversification of the national economy", the state-run SPA news agency said, adding that it will "strengthen cooperation between public and private sectors". The crown prince said the government planned to offload its shares in companies in coming years and to IPO projects it is launching. "We will recycle the money. We shouldn't keep our shares forever. Whatever mature investment we have we have to IPO. So for example if you own 70 per cent of a company, PIF should maintain majority at 30 per cent and sell 40 per cent," he told journalists. The prince has said that Aramco would sell more shares as part of plans to bolster sovereign wealth fund PIF, the main vehicle for boosting Saudi investments at home and abroad. The prince said on Tuesday that PIF is working with other sovereign wealth funds in the region on a fund called "Invest In Saudi" that would be sized at 500 billion riyals to 1 trillion riyals. PIF is backing domestic mega-projects such as the flagship tourism project at the Red Sea, planned $500 billion Neom economic zone and the entertainment hub at Qiddya.

Saudi Arabia announces $1.3 trillion investment for economic diversification

Saudi Prince Mohammad Bin Salman has announced radical investment to pump up the nation's economy. In a major push, Prince Salman has announced $1.3 trillion investment that would diversify economy. The investment drive will be led by Oil-producing giant Aramco and chemical manufacturing firm SABIC.

Saudi Arabia announces $1.3 trillion private sector investment

Saudi Arabian energy ministry on Friday said that a drone attack in capital Riyadh sparked a fire at an oil refinery. The attack has been claimed by Yemen's Houthi rebels.

"The Riyadh oil refinery was attacked by drones, resulting in a fire that has been brought under control," the ministry said in a statement.

It added that no casualties were reported and oil supplies were not disrupted..

Houthi rebels on Friday claimed that they targetted energy giant Aramco with six drones.

Houthi rebels are fighting Saudi Arabian-led military coalition in Yemen. The Houthis are backed by Iran.

Saudi Arabian energy ministry on Friday said that a drone attack in capital Riyadh sparked a fire at an oil refinery. The attack has been claimed by Yemen's Houthi rebels.

Saudi Arabian energy ministry on Friday said that a drone attack in capital Riyadh sparked a fire at an oil refinery. The attack has been claimed by Yemen's Houthi rebels. "The Riyadh oil refinery was attacked by drones, resulting in a fire that has been brought under control," the ministry said in a statement. It added that no casualties were reported and oil supplies were not disrupted.. Houthi rebels on Friday claimed that they targetted energy giant Aramco with six drones. Houthi rebels are fighting Saudi Arabian-led military coalition in Yemen. The Houthis are backed by Iran.

Saudi Arabian oil refinery on fire due to drone attack, says ministry

The attack comes after the Saudi led-coalition fighting the Houthis intercepted ten drones launched by the Iran-backed rebels on Sunday.

Yemen's Houthi rebels target Saudi Arabia's Aramco oil facilities

For decades, the relationship between India and the Gulf has been defined by oil. However, for firmer influence, the country is ready to its&nbsp;interests in West Asia beyond oil and&nbsp;gas.

India imports 53 per cent&nbsp;of its oil and 41 per cent of its gas from West Asia and over 8.5 million Indians work in the region.

In 2018, India's total remittances was around 78.6 billion dollars. Out of this,&nbsp;48.6 billion dollars had come from the 6 Gulf Cooperation Council countries (GCC).

Also read:&nbsp;<a href="https://www.wionews.com/india-news/how-a-structural-shift-in-west-asia-has-opened-up-opportunities-for-india-345388" hreflang="en">How a structural shift in West Asia has opened up opportunities for India</a>

While these numbers are big, India's ties with West Asia cannot be anchored on oil and diaspora alone. And because of the coronavirus pandemic it&nbsp;is the perfect opportunity to tap&nbsp;avenues and newer opportunities.

The pandemic has triggered a lot of turbulence in this region.&nbsp;While new alliances are being built&nbsp;Gulf nations are looking within too.

As per an estimate,&nbsp;Arab states of the Gulf could have a deficit of about 490 billion dollars between 2020 and 2023. Their government debt could surge&nbsp;by a record 100 billion this year.

Sovereign wealth funds

India should invest in&nbsp;sovereign wealth funds, which are worth billions. In such an investment&nbsp;government invests its surplus reserves in the country and outside.

The Abu Dhabi investment authority is worth 579.6 billion dollars and the Kuwait investment authority- 533.6 billion dollars.

While&nbsp;West Asia has spending capacity, India on the other hand&nbsp;has investment opportunities and unmatched potential.

Saudi Arabia's 347 billion dollars sovereign wealth fund is very crucial to crown prince- Mohammad bin Salman's vision 2030.

As India eyes a 5 trillion dollar economy, it can attract sovereign wealth funds in several just growing companies-- across sectors&nbsp;

India can expand its cooperation with West Asia with trade.&nbsp;The total bilateral trade between India and the GCC&nbsp;stood at 121.34 billion dollars in 2018-19.

At 60 billion dollars, the United Arab Emirates was India's third-biggest trade partner in the year 2018-19.

Saudi Arabia was the fourth biggest trade partner with bilateral trade amounting to 34.03 billion dollars.

Energy trade

Energy trade&nbsp;is&nbsp;the anchor of India-West Asia economic relations but&nbsp;the&nbsp;trade basket needs to be diversified especially due to the Wuhan virus&nbsp;and the fall in energy demands.

Goods like precious metals, food and agriculture products, chemicals, gems and jewellery, textile must all be included in the trade basket.

Sector-specific investment

Major oil companies of West Asia are already developing a strategic partnership with the Indian companies both in the public and private sector.

A 15 billion dollar deal was announced between Saudi Aramco and Reliance industry.&nbsp;India's ONGC Videsh has acquired a 10 per cent stake in offshore oil concession in Abu Dhabi.

Sebacic Oman, which is an Indo-Oman venture, is setting up West Asia largest sebacic acid plant for 1.2 billion dollars.

A senior official from India's ministry of external affairs said&nbsp;India and the Gulf can explore forging of partnerships to develop oil and gas reserves in various parts of the country.

The official named- Kutch, Cauvery basin, Mahanadi basin, and offshore locations in the bay of Bengal as possible venues for joint hydrocarbon production.

The topic of expanding cooperation came up during the discussion between India's external affairs minister- s. Jaishankar, and his counterpart in Bahrain.

They agreed to further strengthen Bahrain-India ties in the areas of defence and maritime security, space technology, trade and investment, infrastructure, it, fin-tech, health, hydrocarbon and renewable energy. 
&nbsp;

For decades, the relationship between India and the Gulf has been defined by oil. However, for firmer influence, the country is ready to its interests in West Asia beyond oil and gas.

For decades, the relationship between India and the Gulf has been defined by oil. However, for firmer influence, the country is ready to its interests in West Asia beyond oil and gas. India imports 53 per cent of its oil and 41 per cent of its gas from West Asia and over 8.5 million Indians work in the region. In 2018, India's total remittances was around 78.6 billion dollars. Out of this, 48.6 billion dollars had come from the 6 Gulf Cooperation Council countries (GCC). Also read: How a structural shift in West Asia has opened up opportunities for India While these numbers are big, India's ties with West Asia cannot be anchored on oil and diaspora alone. And because of the coronavirus pandemic it is the perfect opportunity to tap avenues and newer opportunities. The pandemic has triggered a lot of turbulence in this region. While new alliances are being built Gulf nations are looking within too. As per an estimate, Arab states of the Gulf could have a deficit of about 490 billion dollars between 2020 and 2023. Their government debt could surge by a record 100 billion this year. Sovereign wealth funds India should invest in sovereign wealth funds, which are worth billions. In such an investment government invests its surplus reserves in the country and outside. The Abu Dhabi investment authority is worth 579.6 billion dollars and the Kuwait investment authority- 533.6 billion dollars. While West Asia has spending capacity, India on the other hand has investment opportunities and unmatched potential. Saudi Arabia's 347 billion dollars sovereign wealth fund is very crucial to crown prince- Mohammad bin Salman's vision 2030. As India eyes a 5 trillion dollar economy, it can attract sovereign wealth funds in several just growing companies-- across sectors India can expand its cooperation with West Asia with trade. The total bilateral trade between India and the GCC stood at 121.34 billion dollars in 2018-19. At 60 billion dollars, the United Arab Emirates was India's third-biggest trade partner in the year 2018-19. Saudi Arabia was the fourth biggest trade partner with bilateral trade amounting to 34.03 billion dollars. Energy trade Energy trade is the anchor of India-West Asia economic relations but the trade basket needs to be diversified especially due to the Wuhan virus and the fall in energy demands. Goods like precious metals, food and agriculture products, chemicals, gems and jewellery, textile must all be included in the trade basket. Sector-specific investment Major oil companies of West Asia are already developing a strategic partnership with the Indian companies both in the public and private sector. A 15 billion dollar deal was announced between Saudi Aramco and Reliance industry. India's ONGC Videsh has acquired a 10 per cent stake in offshore oil concession in Abu Dhabi. Sebacic Oman, which is an Indo-Oman venture, is setting up West Asia largest sebacic acid plant for 1.2 billion dollars. A senior official from India's ministry of external affairs said India and the Gulf can explore forging of partnerships to develop oil and gas reserves in various parts of the country. The official named- Kutch, Cauvery basin, Mahanadi basin, and offshore locations in the bay of Bengal as possible venues for joint hydrocarbon production. The topic of expanding cooperation came up during the discussion between India's external affairs minister- s. Jaishankar, and his counterpart in Bahrain. They agreed to further strengthen Bahrain-India ties in the areas of defence and maritime security, space technology, trade and investment, infrastructure, it, fin-tech, health, hydrocarbon and renewable energy.

India’s interests in West Asia to go beyond oil, gas for firmer influence

Why is fuel known as the 'liquid gold'? Fuel for long has been known as the 'liquid gold' because of its high value globally. It also serves as a direct or indirect source for many products produced for commercial needs, hence making it an extremely important commodity.

Why is fuel known as the 'liquid gold'? Fuel for long has been known as the 'liquid gold' because of its high value globally. It also serves as a direct or indirect source for many products produced for commercial needs, hence making it an extremely important commodity. Like gold, it is expensive and difficult to find, making it precious for humans. The following report is a glimpse of how the oil-dependent Gulf nations producing the 'liquid gold' is the biggest loser in Covid-19 crisis and what does it mean for India. How COVID-19 took away the 'liquid gold' status from Fuel? The coronavirus pandemic took a major toll on the oil-driven economies earnings. The global consumption of oil is down by 30% with storage capacity nearing its maximum. Oil prices further lowered down last Friday amid fear of slower recovery of demand than expected from COVID-91 lockdowns. The oil even touched its lowest in April, when WTI briefly turned negative. OPEC and allies including Russia, a group known as OPEC+, have cut output since May by around 10% of pre-pandemic global demand to support the market. The decline in output and slow recovery in demand has resulted in a steep fall in oil prices, taking the 'liquid gold' status away from petroleum. How are Gulf Economies reeling under the COVID-19 crisis? A recent Reuters Poll forecasts how oil-dependent Gulf Economies are expected to contract in 2020 before rebounding in 2021. The Reuters Poll was conducted by industry analysts. Saudi Arabia, the biggest economy among Gulf Nations is expected to shrink by 5.2 per cent in 2020. The analysts also expect the Saudi economy to grow by 3.1 per cent in 2021. Kuwait, another Gulf nation is expected to suffer the strongest blow, according to analysts. The poll suggests Kuwait's economy is seen shedding as much as 6.1 per cent in 2020 before it rebounds to 2.5 per cent positive growth. The United Arab Emirates will suffer a contraction comparable with Saudi Arabia’s, at 5.1 per cent, and enjoy a rebound to 2.6 per cent in 2021, according to the polled analysts. An earlier forecast courtesy IMF’s director of the Middle East and Central Asia department, said the six members of the Gulf Cooperation Council will contract by a combined 7.6 per cent this year because of the oil price slump and the coronavirus pandemic. Bahrain and Oman continue to remain the weakest links with the vulnerability ratings in the GCC (Gulf Cooperation Council) with breakeven oil prices of 81.1 and 72.2 respectively and external debt to GDP of 192.9 and 105.6 respectively. A recent IMF report on Gulf Arab states suggested how the world's richest economies could see their financial wealth depleted in the next 15 years if they don't step up the fiscal reforms. The six-nation Gulf Cooperation Council (GCC) - whose net financial wealth the IMF estimates at $2 trillion - accounts for over one-fifth of global oil supply, but economies in the region have been hit hard by a drop in oil prices in 2014 and 2015, reported news agency Reuters. While lower crude prices have put pressure on governments to generate non-oil revenues and fix their finances, “the effect of lower hydrocarbon revenue is yet to be fully offset,” the IMF said in a report. “At the current fiscal stance, the region’s existing financial wealth could be depleted in the next 15 years,” it said. Saudi Aramco recently announced that its profit fell by 73% as oil demand shrank never like before. Saudi Aramco which is the world's largest oil company reflects the kind of hard it the sector faces. The profits plunge amid lockdowns imposed to curb the spread of the virus, further continuing the cut in demand for oil, resulting in slamming the prices globally. Plunging oil prices and the deepening fallout from the coronavirus pandemic is a double blow to Gulf governments as they seek to protect their energy-dependent economies. What does the Pandemic mean for Indians and Asians in the Gulf? The COVID-19 pandemic is being seen as one of the key factors in the demographic changes it will bring in the Gulf Countries or GCC (Gulf Cooperation Council). Kuwait in a recent move introduced a bill to put a cap on migrant labourers. The bill proposed by the National Assembly in June seeks to limit the number of Indian residents and workers to 15 per cent of the country’s population. The move will result in the return to the home of about 800,000 Indians. Kuwait’s total population is 4.3 million which includes at least 1.45 million Indians. Though other Gulf Nations have not announced any such measures to be taken in their respective states, the idea cannot be ruled out in an attempt to secure their economy for their nationals. How have Indian and Asian Workers changed the Gulf Demography and its economy? Demographic Impact: According to a recent report, Non-resident Indians (NRIs) constitute up to 35 per cent of the GCC’s foreign population. Around 8.5 million Indians live and work in the Gulf countries, one of the largest concentrations of migrants in the world. According to the Organization for Economic Cooperation and Development (OECD), India is one of the two top sources of origin countries (apart from the Philippines) of migrants to the Gulf countries. According to the UNDESA Migration Report 2017, out of the total 28 million foreign workers in the Gulf countries, 16.9 million (60 %) comprise workers from South Asia. In total, 31.5 % of migrants are from India, followed by Bangladesh (11 %), Pakistan (10.8 %), Sri Lanka, Nepal and Afghanistan. Other than these South Asian countries, the Philippines is another major source of foreign workers. According to a report by GLMM (Gulf Labour Markets and Migration), the population of GCC states has grown 12 times during the past six decades, from 4 million in 1950 to 50.1 million in 2016. A majority of the massive rise can be seen because of the inflow of foreign workers. Economic Impact: Over the decades, nationals have developed an unwillingness to perform manual work or to engage in the private sector, although they have been very attracted to jobs in the public sector. This has led to large-scale migration in the Gulf Nations in sectors employing mostly non-nationals. Overall, the deepening economic crisis will hurt migrations from India in the GCC nations. How will it impact the Indian Economy? According to a recent World Bank Report, India will be taking a 23% hit on remittances in 2020 to $64 billion. This is also the sharpest fall in recent history due to the loss of employment and wages for migrant workers in Gulf countries. The drop in remittances from Gulf Countries will be a significant contributor to the sharp decline in overall remittances for India. In 2019, India recorded a 5.5% growth in remittance receipts to $83 billion. Another report by Swiss Banking Group UBS suggested India's remittances to decline by 25% in the year 2020. The banking group said, that it expects private transfers to slow to $55-60 billion in FY21 on a year-on-year basis.

Explained: COVID-19 impact on oil, Gulf economies, Indians and India's remittance

State oil giant Saudi Aramco's profit plunged 73% in the second quarter of the year, as a slump in energy demand and prices due to the coronavirus crisis hit sales at the world's biggest oil exporter.

But the company stuck with plans to pay $75 billion in dividends this year and CEO Amin Nasser said global oil demand was recovering.

Also read |&nbsp;<a href="https://www.wionews.com/world/grounded-mauritius-ship-operator-apologises-for-oil-leak-319226">Grounded Mauritius ship operator apologises for oil leak</a>

All major oil companies have taken a hit in the second quarter as lockdowns to contain the coronavirus limited travel, which reduced oil consumption and sent prices tumbling to levels not seen in nearly two decades.

Aramco, which listed in Riyadh last year in a record $29.4 billion flotation, said the rapid spread of COVID-19 globally had significantly reduced demand for crude oil, natural gas and petroleum products.

Nasser told reporters he had seen a partial recovery in the energy market and a pick up in demand as economies gradually open after the easing of coronavirus lockdowns.

"Look at China, their gasoline and diesel demand is almost at pre-COVID 19 levels. We are seeing that Asia is picking up and other markets (too)," he told reporters after announcing the company's quarterly results.

"As countries ease the lockdown, we expect the demand to increase."

Nasser said Aramco was committed to its 2020 dividend.

"We intend to pay the $75 billion, subject to board approval and market conditions," he said.

The group's dividends play a critical role in helping the Saudi government to manage its fiscal deficit.

Aramco reported a 73.4% fall in second-quarter net profit, a steeper drop than analysts had forecast, and said it expected capital expenditure for 2020 to be at the lower end of a $25 billion to $30 billion range.

Net profit fell to 24.6 billion riyals ($6.57 billion) for the quarter to June 30 from 92.6 billion riyals a year earlier.

Analysts had expected net profit of 31.3 billion riyals, according to the mean estimate from three analysts, provided by Refinitiv.

"Aramco figures are healthy compared to other global peers," Mazen al-Sudairi, head of research at Al Rajhi Capital, said. "This was the worst quarter in the modern history of oil industry, and surviving it with healthy figures points to a very positive outlook."

Aramco shares were up about 0.4% in early trade. The group is currently the world's second most valuable publicly traded company after Apple.

Aramco said it will pay a dividend of $18.75 billion for the second quarter of this year, in line with plans for a $75 billion dividend for 2020.

BP earlier this month cut its dividend for the first time in a decade after a record second-quarter loss, while Royal Dutch Shell in April cut its dividend for the first time since World War Two.

Aramco's free cash flow stood at $6.1 billion in the second quarter and $21.1 billion for the first half of 2020, respectively, compared with $20.6 billion and $38.0 billion for the same periods in 2019.

Aramco's gearing ratio was 20.1% at the end of June, mainly reflecting the deferred consideration for the acquisition of Saudi Basic Industries Corp and the consolidation of SABIC’s net debt on to Aramco’s balance sheet.

State oil giant Saudi Aramco's profit plunged 73% in the second quarter of the year, as a slump in energy demand and prices due to the coronavirus crisis hit sales at the world's biggest oil exporter.

State oil giant Saudi Aramco's profit plunged 73% in the second quarter of the year, as a slump in energy demand and prices due to the coronavirus crisis hit sales at the world's biggest oil exporter. But the company stuck with plans to pay $75 billion in dividends this year and CEO Amin Nasser said global oil demand was recovering. Also read | Grounded Mauritius ship operator apologises for oil leak All major oil companies have taken a hit in the second quarter as lockdowns to contain the coronavirus limited travel, which reduced oil consumption and sent prices tumbling to levels not seen in nearly two decades. Aramco, which listed in Riyadh last year in a record $29.4 billion flotation, said the rapid spread of COVID-19 globally had significantly reduced demand for crude oil, natural gas and petroleum products. Nasser told reporters he had seen a partial recovery in the energy market and a pick up in demand as economies gradually open after the easing of coronavirus lockdowns. "Look at China, their gasoline and diesel demand is almost at pre-COVID 19 levels. We are seeing that Asia is picking up and other markets (too)," he told reporters after announcing the company's quarterly results. "As countries ease the lockdown, we expect the demand to increase." Nasser said Aramco was committed to its 2020 dividend. "We intend to pay the $75 billion, subject to board approval and market conditions," he said. The group's dividends play a critical role in helping the Saudi government to manage its fiscal deficit. Aramco reported a 73.4% fall in second-quarter net profit, a steeper drop than analysts had forecast, and said it expected capital expenditure for 2020 to be at the lower end of a $25 billion to $30 billion range. Net profit fell to 24.6 billion riyals ($6.57 billion) for the quarter to June 30 from 92.6 billion riyals a year earlier. Analysts had expected net profit of 31.3 billion riyals, according to the mean estimate from three analysts, provided by Refinitiv. "Aramco figures are healthy compared to other global peers," Mazen al-Sudairi, head of research at Al Rajhi Capital, said. "This was the worst quarter in the modern history of oil industry, and surviving it with healthy figures points to a very positive outlook." Aramco shares were up about 0.4% in early trade. The group is currently the world's second most valuable publicly traded company after Apple. Aramco said it will pay a dividend of $18.75 billion for the second quarter of this year, in line with plans for a $75 billion dividend for 2020. BP earlier this month cut its dividend for the first time in a decade after a record second-quarter loss, while Royal Dutch Shell in April cut its dividend for the first time since World War Two. Aramco's free cash flow stood at $6.1 billion in the second quarter and $21.1 billion for the first half of 2020, respectively, compared with $20.6 billion and $38.0 billion for the same periods in 2019. Aramco's gearing ratio was 20.1% at the end of June, mainly reflecting the deferred consideration for the acquisition of Saudi Basic Industries Corp and the consolidation of SABIC’s net debt on to Aramco’s balance sheet.

Saudi Aramco's profit plunges, sees signs of oil market recovery

Saudi Arabia's state oil giant Aramco said on Sunday its 2019 profit fell almost 21% due to lower crude oil prices and a drop in production volumes, reported news agency Reuters.

Saudi Arabia's state oil giant Aramco said on Sunday its 2019 profit fell almost 21% due to lower crude oil prices and a drop in production volumes, reported news agency Reuters. Aramco posted a net profit of 330.69 billion Saudi riyal ($88.11 billion) after zakat and tax in the period ended Dec. 31, down from 416.52 billion riyals a year earlier, the report added. Analysts expected Aramco to post a net profit of 346.6 billion riyals ($92.35 billion) in 2019, according to an estimate of 15 analysts polled by Refinitiv. Aramco, the world's top oil-producing company, raised $29.4 billion in a record initial public offering in December last year. (With inputs from Reuters)

Saudi Aramco reports 21 per cent drop in 2019 profits

After a <a href="https://www.wionews.com/business-economy/saudi-aramco-shares-surge-maximum-10-on-market-debut-267696">10 per cent surge</a> on Wednesday, Aramco shares rose 9.7 per cent to $10.3 (38.60 riyals) on Thursday morning in the second day of trading ensuring the oil giant's valuation to shoot over $2 trillion.

Saudi Arabia's Crown Prince Mohammed bin Salman had earlier sought a $2 trillion valuation before the IPO but had to settle for a lesser figure. Prince Salman earlier had planned to raise $100 billion in a blockbuster IPO but the figure fell well short as the oil giant opened for trading.

However, Aramco's capitalisation went up over $2 trillion on Thursday from a $1.7 trillion valuation set during its IPO.

Reports said at least 400 million Aramco shares worth over $4 billion changed hands in a hectic day of trading on Thursday morning. The shares were trading at 37.10 riyals at 1026 GMT, a rise of 5.5 per cent from Wednesday's close.

On Wednesday, Aramco shares surged ten per cent over the IPO price&nbsp;during its debut in the Riyadh stock market. The shares of the oil giant went up $9.39(35.2 riyals) up from the initial public offering (IPO) price of 32 riyals crossing the daily limit under the Tadawul exchange.

The rally on Wednesday saw Aramco's valuation jump&nbsp;to $1.88 trillion, which was surpassed on Thursday at the Saudi stock exchange. The state-owned Saudi oil giant had&nbsp;received subscription orders for around 5.9 billion shares so far from institutions in the first 17 days of the IPO.&nbsp;

Armco had pledged to sell 1.5 per cent of the company in the IPO, setting the price range at 30-32 Saudi riyals per share ($8-8.5).

Aramco had said it will sell a part of its shares to institutional investors, including foreign companies, as well as to individual Saudis and other Gulf nationals.

The company said it has decided to sell up to 0.5 per cent of its shares to individual investors while it will decide on the percentage for larger investors later.

After a 10 per cent surge on Wednesday, Aramco shares rose 9.7 per cent to $10.3 (38.60 riyals) on Thursday morning in the second day of trading ensuring the oil giant's valuation to shoot over $2 trillion.

After a 10 per cent surge on Wednesday, Aramco shares rose 9.7 per cent to $10.3 (38.60 riyals) on Thursday morning in the second day of trading ensuring the oil giant's valuation to shoot over $2 trillion. Saudi Arabia's Crown Prince Mohammed bin Salman had earlier sought a $2 trillion valuation before the IPO but had to settle for a lesser figure. Prince Salman earlier had planned to raise $100 billion in a blockbuster IPO but the figure fell well short as the oil giant opened for trading. However, Aramco's capitalisation went up over $2 trillion on Thursday from a $1.7 trillion valuation set during its IPO. Reports said at least 400 million Aramco shares worth over $4 billion changed hands in a hectic day of trading on Thursday morning. The shares were trading at 37.10 riyals at 1026 GMT, a rise of 5.5 per cent from Wednesday's close. On Wednesday, Aramco shares surged ten per cent over the IPO price during its debut in the Riyadh stock market. The shares of the oil giant went up $9.39(35.2 riyals) up from the initial public offering (IPO) price of 32 riyals crossing the daily limit under the Tadawul exchange. The rally on Wednesday saw Aramco's valuation jump to $1.88 trillion, which was surpassed on Thursday at the Saudi stock exchange. The state-owned Saudi oil giant had received subscription orders for around 5.9 billion shares so far from institutions in the first 17 days of the IPO. Armco had pledged to sell 1.5 per cent of the company in the IPO, setting the price range at 30-32 Saudi riyals per share ($8-8.5). Aramco had said it will sell a part of its shares to institutional investors, including foreign companies, as well as to individual Saudis and other Gulf nationals. The company said it has decided to sell up to 0.5 per cent of its shares to individual investors while it will decide on the percentage for larger investors later.

Aramco shares surge for second day, oil giant's valuation shoots over $2 trillion

Saudi Arabia's Armco shares surged ten per cent over the IPO price on Wednesday during in its debut in the Riyadh stock market.

The shares of the oil giant went up $9.39(35.2 riyals) up from the initial public offering (IPO) price of 32 riyals crossing the daily limit under the Tadawul exchange

Aramco&nbsp;raised a record $25.6 billion in its IPO last week which is Crown Prince Salman's attempt to boost funds in order to help the economy step away from oil. Prince Salman hopes to fund his "Vision 2030" to take the Saudi economy into a new era.

The astronomical rally saw the oil giants valuation soar to $1.88 trillion. The Kingdom had earlier hoped for a $2 trillion but settled below it.&nbsp;

The state-owned Saudi oil giant has received subscription orders for around 5.9 billion shares so far from institutions in the first 17 days of the IPO. The biggest IPO in Saudi Arabia, before Aramco, was for the National Commercial Bank (NCB) in 2013, which sought to raise $6 billion.

According to reports, the Armco IPO was oversubscribed three times receiving orders worth $50.4 billion.

Aramco had said that it would sell 1.5 per cent of the company in an IPO worth at least $24 billion which values it up to $1.71 trillion. Wednesday's surge saw its valuation break the record set by the company earlier.

In a 658-page prospectus, Aramco had said it will sell a part of its shares to institutional investors, including foreign companies, as well as to individual Saudis and other Gulf nationals.

The company said it has decided to sell up to 0.5 per cent of its shares to individual investors while it will decide on the percentage for larger investors later.

"The targeted percentage of Offer Shares allocable to individual investors will be up to 0.5 per cent of the shares," the prospectus said.

Saudi Arabia's Armco shares surged ten per cent over the IPO price on Wednesday during in its debut in the Riyadh stock market. The shares of the oil giant went up $9.

Saudi Arabia's Armco shares surged ten per cent over the IPO price on Wednesday during in its debut in the Riyadh stock market. The shares of the oil giant went up $9.39(35.2 riyals) up from the initial public offering (IPO) price of 32 riyals crossing the daily limit under the Tadawul exchange Aramco raised a record $25.6 billion in its IPO last week which is Crown Prince Salman's attempt to boost funds in order to help the economy step away from oil. Prince Salman hopes to fund his "Vision 2030" to take the Saudi economy into a new era. The astronomical rally saw the oil giants valuation soar to $1.88 trillion. The Kingdom had earlier hoped for a $2 trillion but settled below it. The state-owned Saudi oil giant has received subscription orders for around 5.9 billion shares so far from institutions in the first 17 days of the IPO. The biggest IPO in Saudi Arabia, before Aramco, was for the National Commercial Bank (NCB) in 2013, which sought to raise $6 billion. According to reports, the Armco IPO was oversubscribed three times receiving orders worth $50.4 billion. Aramco had said that it would sell 1.5 per cent of the company in an IPO worth at least $24 billion which values it up to $1.71 trillion. Wednesday's surge saw its valuation break the record set by the company earlier. In a 658-page prospectus, Aramco had said it will sell a part of its shares to institutional investors, including foreign companies, as well as to individual Saudis and other Gulf nationals. The company said it has decided to sell up to 0.5 per cent of its shares to individual investors while it will decide on the percentage for larger investors later. "The targeted percentage of Offer Shares allocable to individual investors will be up to 0.5 per cent of the shares," the prospectus said.

Saudi Aramco shares surge maximum 10% on market debut

&nbsp;Non-Saudi&nbsp;investors were allocated&nbsp;23 per cent&nbsp;of the&nbsp;institutional&nbsp;tranche&nbsp;of&nbsp;Saudi&nbsp;<a href="https://www.wionews.com/business-economy/saudi-energy-minister-talks-opec-unity-backs-aramco-to-soar-266793">Aramco's initial public offering</a> (IPO), an executive at one of the lead banks on the deal told the Al Arabiya news channel on Monday.

Wassim Al Khatib, head of investment banking at National Commercial Bank&nbsp;also said the&nbsp;Saudi&nbsp;Public Pension Agency received an allocation equivalent to 11.5 per cent&nbsp;of the&nbsp;Aramco&nbsp;IPO&nbsp;institutional&nbsp;tranche.

State-owned&nbsp;Aramco&nbsp;is expected to list 1.5 per cent&nbsp;of its shares on the&nbsp;Saudi&nbsp;exchange later this week in a deal worth $25.6 billion.

Non-Saudi investors were allocated 23 per cent of the institutional tranche of Saudi Aramco's initial public offering (IPO), an executive at one of the lead banks on the deal told the Al Arabiya news channel on Monday.

Non-Saudi investors were allocated 23 per cent of the institutional tranche of Saudi Aramco's initial public offering (IPO), an executive at one of the lead banks on the deal told the Al Arabiya news channel on Monday. Wassim Al Khatib, head of investment banking at National Commercial Bank also said the Saudi Public Pension Agency received an allocation equivalent to 11.5 per cent of the Aramco IPO institutional tranche. State-owned Aramco is expected to list 1.5 per cent of its shares on the Saudi exchange later this week in a deal worth $25.6 billion.

Non-Saudi buyers got 23% of Aramco IPO institutional tranche

OPEC and its allies would only ease supply curbs and pump more oil once global crude inventories fall and pricing reflects a tighter market, Saudi Arabia's energy minister told Reuters.

Saudi Arabia spearheaded a deal on Friday with Russia and the other so-called OPEC+ oil producers to deepen output cuts through the first quarter of 2020.

In his first interview with Reuters since he became energy minister in September, Prince Abdulaziz bin Salman said he expected OPEC+ producers to continue cooperating beyond March.

"The jury is still out where will we be in March," he said regarding the level of supply the market will need then.

OPEC+ producers pump more than 40% of the world's oil and have constrained output since 2017 in an effort to balance rapidly rising output from the United States.

While all oil producers would like to increase output, Saudi Arabia would only do so when it saw global inventories fall, he said. Saudi Arabia would like to see stocks within the range of the last five years and the average of 2010-2014, he added.

"The more we are inside this contour, the better..." he said, adding another indicator would be prompt oil prices moving higher than longer-dated ones, known as backwardation, which reflects a tighter market.

He said the steeper the structure was for later months, the better as it would indicate OPEC+ was doing a good job in destocking.

The OPEC+ cuts agreed on Friday run until March, while some watchers had expected them to last until June or even December 2020. Russia opposed a longer deal which some analysts interpret as a sign it may want to leave the pact soon.

Prince Abdulaziz said that was not the case and cooperation with Russia would continue. He said OPEC+ simply wanted to be more flexible in adjusting output and reacting to market needs.

"We as producers all wish for a good room to increase production... With Russia we (Saudi Arabia) are committed to a huge joint cooperation programme (besides oil)," he said.

The minister also stressed the need for producers such as Iraq and Nigeria to improve their compliance with promised cuts.

Even if their compliance did not improve, however, he said Riyadh would not raise output unilaterally but instead would wait for consultations with OPEC+ at its next meeting in early March.

"I won't take unilateral measures. I would still consult and review... It will be the group versus those who have not performed."

Brent oil&nbsp;rose 2% to more than $64 a barrel on Friday after he said that cuts agreed by OPEC+ could be as much as 2.1 million barrels per day (bpd) including Riyadh continuing to cut 400,000 bpd more than its quota.

He also said that he expected a resumption of production from oilfields jointly operated by Saudi Arabia and Kuwait "very soon."

"But it would not affect both our countries' commitments (with OPEC+ cuts)," he said.

The two countries halted output from the Khafji and Wafra oilfields in the so-called Neutral Zone more than three years ago, cutting some 500,000 bpd of supply.

Aramco value

The minister said he believed state-run oil giant Saudi Aramco is worth more its $1.7 trillion (£1.33 trillion) valuation ahead of its initial public offering set for Dec. 11.

"We believe that the value of the company is way higher than $1.7 trillion," he told Reuters, adding Aramco had fallen victim to a wider industry downturn which had dropped its valuation below the $2 trillion that Saudi Crown Prince Mohammed bin Salman had targeted.

"We believe too that once those shares are floating it would hopefully evolve that people (see) we were not wrong in terms of what we think this company is worth."Even with the lower valuation, it is the world's biggest IPO, raising $25.6 billion and topping Alibaba Group's&nbsp;$25 billion listing in 2014.

The IPO involves a stake of 1.5% and is aimed at raising funds to help diversify the kingdom away from its reliance on oil and to create jobs for a growing population.

Domestic and regional investors bid for the bulk of the shares and original plans to also list on an international stock exchange were shelved.

"I cannot wait to see the faces of people who missed that opportunity and how they will be chewing their thumbs," the minister said, calling those who invested "friends and family" set to benefit from any future rise in its value.

OPEC and its allies would only ease supply curbs and pump more oil once global crude inventories fall and pricing reflects a tighter market, Saudi Arabia's energy minister told Reuters.

OPEC and its allies would only ease supply curbs and pump more oil once global crude inventories fall and pricing reflects a tighter market, Saudi Arabia's energy minister told Reuters. Saudi Arabia spearheaded a deal on Friday with Russia and the other so-called OPEC+ oil producers to deepen output cuts through the first quarter of 2020. In his first interview with Reuters since he became energy minister in September, Prince Abdulaziz bin Salman said he expected OPEC+ producers to continue cooperating beyond March. "The jury is still out where will we be in March," he said regarding the level of supply the market will need then. OPEC+ producers pump more than 40% of the world's oil and have constrained output since 2017 in an effort to balance rapidly rising output from the United States. While all oil producers would like to increase output, Saudi Arabia would only do so when it saw global inventories fall, he said. Saudi Arabia would like to see stocks within the range of the last five years and the average of 2010-2014, he added. "The more we are inside this contour, the better..." he said, adding another indicator would be prompt oil prices moving higher than longer-dated ones, known as backwardation, which reflects a tighter market. He said the steeper the structure was for later months, the better as it would indicate OPEC+ was doing a good job in destocking. The OPEC+ cuts agreed on Friday run until March, while some watchers had expected them to last until June or even December 2020. Russia opposed a longer deal which some analysts interpret as a sign it may want to leave the pact soon. Prince Abdulaziz said that was not the case and cooperation with Russia would continue. He said OPEC+ simply wanted to be more flexible in adjusting output and reacting to market needs. "We as producers all wish for a good room to increase production... With Russia we (Saudi Arabia) are committed to a huge joint cooperation programme (besides oil)," he said. The minister also stressed the need for producers such as Iraq and Nigeria to improve their compliance with promised cuts. Even if their compliance did not improve, however, he said Riyadh would not raise output unilaterally but instead would wait for consultations with OPEC+ at its next meeting in early March. "I won't take unilateral measures. I would still consult and review... It will be the group versus those who have not performed." Brent oil rose 2% to more than $64 a barrel on Friday after he said that cuts agreed by OPEC+ could be as much as 2.1 million barrels per day (bpd) including Riyadh continuing to cut 400,000 bpd more than its quota. He also said that he expected a resumption of production from oilfields jointly operated by Saudi Arabia and Kuwait "very soon." "But it would not affect both our countries' commitments (with OPEC+ cuts)," he said. The two countries halted output from the Khafji and Wafra oilfields in the so-called Neutral Zone more than three years ago, cutting some 500,000 bpd of supply. Aramco value The minister said he believed state-run oil giant Saudi Aramco is worth more its $1.7 trillion (£1.33 trillion) valuation ahead of its initial public offering set for Dec. 11. "We believe that the value of the company is way higher than $1.7 trillion," he told Reuters, adding Aramco had fallen victim to a wider industry downturn which had dropped its valuation below the $2 trillion that Saudi Crown Prince Mohammed bin Salman had targeted. "We believe too that once those shares are floating it would hopefully evolve that people (see) we were not wrong in terms of what we think this company is worth."Even with the lower valuation, it is the world's biggest IPO, raising $25.6 billion and topping Alibaba Group's $25 billion listing in 2014. The IPO involves a stake of 1.5% and is aimed at raising funds to help diversify the kingdom away from its reliance on oil and to create jobs for a growing population. Domestic and regional investors bid for the bulk of the shares and original plans to also list on an international stock exchange were shelved. "I cannot wait to see the faces of people who missed that opportunity and how they will be chewing their thumbs," the minister said, calling those who invested "friends and family" set to benefit from any future rise in its value.

Saudi energy minister talks OPEC+ unity, backs Aramco to soar

Oil edged lower on Friday as investors awaited a meeting of OPEC and its allies later in the day which is expected to formally agree to more output curbs in early 2020.

Despite the new cuts, <a href="https://www.wionews.com/business-economy/opec-gearing-up-for-deeper-oil-cuts-russia-yet-to-agree-266198">OPEC</a> stopped short of pledging action beyond March and analysts questioned the impact of the latest curbs.

Brent futures were down 10 cents, or 0.2 per cent, at $63.29 by 0730 GMT.

West Texas Intermediate oil futures fell 7 cents, or 0.1 per cent, to $58.36 a barrel. They hit $59.12 a barrel on Thursday, the highest since the end of September.

The Organization of the Petroleum Exporting Countries (OPEC) and allies including Russia - a grouping known as OPEC+ - agreed on Thursday to more output cuts to avert oversupply early next year as economic growth stagnates amid the <a href="https://www.wionews.com/world/china-says-in-close-communication-with-us-over-trade-deal-266442">US-China trade war</a>.

The agreement, which needs to be formally adopted later on Friday, will cut an extra 500,000 barrels per day (bpd) of production, through tighter compliance and some adjustments. The group has been withholding 1.2 million bpd and the increased amount represents about 1.7 per cent&nbsp;of global oil output.

"The key question is whether these reported cuts will actually reflect fresh cuts and so help to reduce the surplus in 1Q20, or whether they will just formalise the over-compliance that we have seen from the group as a whole," ING Economics said in a note.

A panel of ministers representing OPEC and non-OPEC producers led by Russia recommended the cuts, according to Russian Energy Minister Alexander Novak.

Details need to be hammered out at Friday's OPEC+ meeting in Vienna.

Any price gains from the OPEC+ output cut are likely to benefit American producers not party to any supply curbing agreement. American drillers have been breaking production records even as they cut the number of oil rigs in operation, filling gaps in global supplies.

"North American shale supply will continue growing even in an environment with lower oil prices," Rystad Energy said in a note.

Higher oil prices are also supporting the initial public offering of Saudi Arabia's state-owned oil company, Saudi Aramco, which priced its shares on Thursday at the top of an indicated range.

The sale was the world's biggest IPO, beating Alibaba Group Holdings' $25 billion listing in 2014, but fell short of valuing <a href="https://www.wionews.com/business-economy/saudi-aramco-ipo-institutional-tranche-295-times-oversubscribed-266097">Aramco</a> at $2 trillion, a target sought by Saudi Crown Prince Mohammed bin Salman.

Foreign investors stayed away and the sale was restricted to Saudi individuals and regional investors.

Oil edged lower on Friday as investors awaited a meeting of OPEC and its allies later in the day which is expected to formally agree to more output curbs in early 2020.

Oil edged lower on Friday as investors awaited a meeting of OPEC and its allies later in the day which is expected to formally agree to more output curbs in early 2020. Despite the new cuts, OPEC stopped short of pledging action beyond March and analysts questioned the impact of the latest curbs. Brent futures were down 10 cents, or 0.2 per cent, at $63.29 by 0730 GMT. West Texas Intermediate oil futures fell 7 cents, or 0.1 per cent, to $58.36 a barrel. They hit $59.12 a barrel on Thursday, the highest since the end of September. The Organization of the Petroleum Exporting Countries (OPEC) and allies including Russia - a grouping known as OPEC+ - agreed on Thursday to more output cuts to avert oversupply early next year as economic growth stagnates amid the US-China trade war. The agreement, which needs to be formally adopted later on Friday, will cut an extra 500,000 barrels per day (bpd) of production, through tighter compliance and some adjustments. The group has been withholding 1.2 million bpd and the increased amount represents about 1.7 per cent of global oil output. "The key question is whether these reported cuts will actually reflect fresh cuts and so help to reduce the surplus in 1Q20, or whether they will just formalise the over-compliance that we have seen from the group as a whole," ING Economics said in a note. A panel of ministers representing OPEC and non-OPEC producers led by Russia recommended the cuts, according to Russian Energy Minister Alexander Novak. Details need to be hammered out at Friday's OPEC+ meeting in Vienna. Any price gains from the OPEC+ output cut are likely to benefit American producers not party to any supply curbing agreement. American drillers have been breaking production records even as they cut the number of oil rigs in operation, filling gaps in global supplies. "North American shale supply will continue growing even in an environment with lower oil prices," Rystad Energy said in a note. Higher oil prices are also supporting the initial public offering of Saudi Arabia's state-owned oil company, Saudi Aramco, which priced its shares on Thursday at the top of an indicated range. The sale was the world's biggest IPO, beating Alibaba Group Holdings' $25 billion listing in 2014, but fell short of valuing Aramco at $2 trillion, a target sought by Saudi Crown Prince Mohammed bin Salman. Foreign investors stayed away and the sale was restricted to Saudi individuals and regional investors.

Oil slips as OPEC+ gears up to confirm supply cut

Two facilities of the world's largest oil company Saudi Aramco were attacked by drones on September 14.

Saudi Arabia was forced to cut down its oil production by half. Over two months later, new details have emerged about the conspiracy behind the attack.

A special report by Reuters quotes four Iranian officials describing how Iran planned the attack against Saudi Aramco.

Since May, Iranian officials held about 5 meetings in a heavily guarded complex in Tehran.

The top brass of the Islamic revolutionary guard corps was also present including Major General Hossein Salami.

The whole purpose was to decide how to punish the United States for pulling out of the 2015 nuclear treaty.

They said: 'It's time to take out our swords and teach them a lesson'.

But, Iran realized that they would have devastating consequences and so, they decided to attack America's ally, Saudi Arabia.

They wanted to deliver a strong message to the United States.

Agreement on attacking Aramco was reached almost unanimously.

Officials wanted to display the might of Iran's military capabilities.

Iran's supreme leader Ayatollah Ali Khamenei, who attended one of the gatherings, approved the operation.

He only had one condition 'Don't hit any civilians or Americans.'

Iran ensured that its missiles and drone took different, circuitous paths to the oil facilities to hide its involvement.

But, the attack was launched from Iranian soil.

(With inputs from Reuters)

Two facilities of the world's largest oil company Saudi Aramco were attacked by drones on September 14. Saudi Arabia was forced to cut down its oil production by half.

Two facilities of the world's largest oil company Saudi Aramco were attacked by drones on September 14. Saudi Arabia was forced to cut down its oil production by half. Over two months later, new details have emerged about the conspiracy behind the attack. A special report by Reuters quotes four Iranian officials describing how Iran planned the attack against Saudi Aramco. Since May, Iranian officials held about 5 meetings in a heavily guarded complex in Tehran. The top brass of the Islamic revolutionary guard corps was also present including Major General Hossein Salami. The whole purpose was to decide how to punish the United States for pulling out of the 2015 nuclear treaty. They said: 'It's time to take out our swords and teach them a lesson'. But, Iran realized that they would have devastating consequences and so, they decided to attack America's ally, Saudi Arabia. They wanted to deliver a strong message to the United States. Agreement on attacking Aramco was reached almost unanimously. Officials wanted to display the might of Iran's military capabilities. Iran's supreme leader Ayatollah Ali Khamenei, who attended one of the gatherings, approved the operation. He only had one condition 'Don't hit any civilians or Americans.' Iran ensured that its missiles and drone took different, circuitous paths to the oil facilities to hide its involvement. But, the attack was launched from Iranian soil. (With inputs from Reuters)

Officials describe how Iran planned the attack against Saudi Aramco: Report

Saudi Aramco said Sunday it would sell 1.5 per cent of the company in a blockbuster IPO worth at least $24 billion which values it at up to $1.71 trillion.

"The base offer size will be 1.5 per cent of the company's outstanding shares," the state-owned energy giant said in a statement that set the price range at 30-32 Saudi riyals per share ($8-8.5).

The offering is scaled down from original plans which had aimed for a $2.0 trillion valuation, but it could still rival the world's biggest listing so far,&nbsp;the $25 billion float of Chinese retail giant Alibaba in 2014.

Saudi Aramco said Sunday it would sell 1.5 per cent of the company in a blockbuster IPO worth at least $24 billion which values it at up to $1.71 trillion. "The base offer size will be 1.

Saudi Aramco said Sunday it would sell 1.5 per cent of the company in a blockbuster IPO worth at least $24 billion which values it at up to $1.71 trillion. "The base offer size will be 1.5 per cent of the company's outstanding shares," the state-owned energy giant said in a statement that set the price range at 30-32 Saudi riyals per share ($8-8.5). The offering is scaled down from original plans which had aimed for a $2.0 trillion valuation, but it could still rival the world's biggest listing so far, the $25 billion float of Chinese retail giant Alibaba in 2014.

Aramco says to sell 1.5% in IPO worth at least $24 billion

Saudi Aramco does not plan to market its domestic initial public offering (IPO) in the United States, two sources familiar with the matter said.

Aramco had said in its IPO prospectus earlier this month that the offering of shares would rely on the 144A rule of the US&nbsp;Securities Act, which allows a non-US&nbsp;issuer to tap the US&nbsp;market.

The sources said Aramco will no longer rely on that rule, meaning it will not market the shares in the United States.

Aramco did not immediately respond to a comment request.

Saudi Aramco does not plan to market its domestic initial public offering (IPO) in the United States, two sources familiar with the matter said. Aramco had said in its IPO prospectus earlier this month that the offering of shares would rely on the 144A rule of the US Securities Act, which allows a non-US issuer to tap the US market.

Saudi Aramco does not plan to market its domestic initial public offering (IPO) in the United States, two sources familiar with the matter said. Aramco had said in its IPO prospectus earlier this month that the offering of shares would rely on the 144A rule of the US Securities Act, which allows a non-US issuer to tap the US market. The sources said Aramco will no longer rely on that rule, meaning it will not market the shares in the United States. Aramco did not immediately respond to a comment request.

Saudi Aramco will not market IPO in the United States: Report

Saudi state oil giant Aramco will sell up to 0.5% of its shares to individual retail investors and will be restricted from issuing additional shares for a year after the initial public offering (IPO), its prospectus said on Saturday.

Saudi Aramco prospectus flags risks, gives few details on IPO size

Saudi Aramco has approached Malaysian state energy company Petronas&nbsp;to participate in Aramco's initial public offering (IPO), Petronas said on Wednesday, as the Middle Eastern oil giant seeks cornerstone investors for the listing.

The Saudi government plans to sell 2 per cent&nbsp;of state-run <a href="http://13.235.153.162/business-economy/saudis-scramble-to-raise-cash-for-aramco-share-sale-260106">Aramco</a>, the world's most profitable company, in a domestic listing on December&nbsp;11, three sources familiar with the matter told Reuters.

The approach comes as Petronas, officially known as Petroliam Nasional Bhd, nears the start of commercial operations at a $27 billion refinery and the petrochemical project built jointly with Aramco in southern Malaysia.

"We have been recently approached by representatives of Saudi Aramco to consider Petronas' participation in its initial public offering exercise," Petronas, the Malaysian government's cash cow, told Reuters.

"However, we will not be providing any further comments on this matter at this time."

Aramco's much-vaunted IPO was delayed as deal advisers said they needed more time to lock in cornerstone or anchor, investors such as sovereign wealth funds. In 2016, state-owned Postal Savings Bank of China&nbsp;sold 77 percent&nbsp;of its $7.4 billion&nbsp;IPO to such backers.

Reuters reported in September that Aramco had approached Abu Dhabi Investment Authority, Singapore's GIC and other sovereign wealth funds to invest in the domestic leg of its listing.

Abu Dhabi's state investor Mubadala Investment Co has also been approached by Aramco's advisers.

Asked about its interest in the Aramco IPO, Malaysian sovereign wealth fund Khazanah Nasional Bhd told Reuters it "does not have any investments in the oil and gas sector".

Saudi Aramco has approached Malaysian state energy company Petronas to participate in Aramco's initial public offering (IPO), Petronas said on Wednesday, as the Middle Eastern oil giant seeks cornerstone investors for the listing.

Saudi Aramco has approached Malaysian state energy company Petronas to participate in Aramco's initial public offering (IPO), Petronas said on Wednesday, as the Middle Eastern oil giant seeks cornerstone investors for the listing. The Saudi government plans to sell 2 per cent of state-run Aramco, the world's most profitable company, in a domestic listing on December 11, three sources familiar with the matter told Reuters. The approach comes as Petronas, officially known as Petroliam Nasional Bhd, nears the start of commercial operations at a $27 billion refinery and the petrochemical project built jointly with Aramco in southern Malaysia. "We have been recently approached by representatives of Saudi Aramco to consider Petronas' participation in its initial public offering exercise," Petronas, the Malaysian government's cash cow, told Reuters. "However, we will not be providing any further comments on this matter at this time." Aramco's much-vaunted IPO was delayed as deal advisers said they needed more time to lock in cornerstone or anchor, investors such as sovereign wealth funds. In 2016, state-owned Postal Savings Bank of China sold 77 percent of its $7.4 billion IPO to such backers. Reuters reported in September that Aramco had approached Abu Dhabi Investment Authority, Singapore's GIC and other sovereign wealth funds to invest in the domestic leg of its listing. Abu Dhabi's state investor Mubadala Investment Co has also been approached by Aramco's advisers. Asked about its interest in the Aramco IPO, Malaysian sovereign wealth fund Khazanah Nasional Bhd told Reuters it "does not have any investments in the oil and gas sector".

Aramco approaches Malaysia's Petronas to participate in IPO

From tapping lenders to selling personal assets, Saudis are scrambling to raise cash to invest in <a href="https://www.wionews.com/business-economy/saudi-regulator-approves-aramco-share-offering-259594">Aramco</a> stocks after the oil giant announced its blockbuster market debut even as it offered few listing details.

After years of delay and false starts, the state-owned company said on Sunday it plans to sell an unspecified number of shares on the Riyadh stock exchange, but no date was set and the firm's valuation remains shrouded in mystery.

But retail investors in Saudi Arabia still appear to be salivating at the prospect of owning a piece of the world's most profitable company, seen as the kingdom's crown jewel, amid calls to make the initial public offering (IPO) a success.

"Some (Saudis) have started to sell other stocks in preparation to buy Aramco (shares)," said Ibrahim Ahmed, a Saudi energy industry analyst who is also considering investing his savings.

"People look at it as a sound investment. (But) I'm aware that it is a long-term investment that is good to have in a portfolio and not some kind of lottery ticket."

The IPO, billed by the company as a "historic milestone", forms the lynchpin of Crown Prince Mohammed bin Salman's ambitious plan to transform the petro-state by generating much-needed cash to fund mega projects and non-oil industries.

The government has reportedly pressed wealthy Saudi business families and institutions to invest in the IPO, and many nationalists have labelled it a patriotic duty.

Fahad Hashemi, portfolio manager at the Riyadh-based Middle East Financial Investment Co, told AFP his firm had a "strong intention" to participate despite the lack of listing information.

Saudi Arabia has sought to ease lending restrictions for ordinary citizens to buy a stake in the company, a strategy deemed risky by observers.&nbsp;

Eid al-Shamri, chief executive of investment bank Ithraa Capital, said some Saudis were considering selling their homes or borrowing money to purchase shares.

"This is definitely a serious event that will be recorded in the history of Saudi Arabia," Shamri told Bloomberg News.

"A lot of people are talking about it. But what is the extent of people's participation? We are tightening our belts."

'Unique investment'

<a href="https://www.wionews.com/business-economy/saudi-aramco-to-keep-46-million-barrels-of-oil-in-indian-storage-report-258774">Aramco</a> said its final offer price and the number of shares to be sold "will be determined at the end of the book-building period".

In a 21-page document released by the company, the company called the IPO&nbsp; a "unique investment proposition".

Aramco chief executive Amin Nasser said the company was committed to offer shareholders "long-term value creation".

To promote participation by all sections of Saudi society, divorced women or widows with minors will be eligible to receive bonus shares, local media reported.

But amid scant information about the listing, it is difficult to determine the payoff.

It is unclear whether Aramco will get the $2 trillion valuations Prince Mohammed had hoped for, with investment research firm Bernstein estimating that a "fair value range" for the company is between $1.2 and $1.5 trillion.

There are also reports the firm is struggling to get institutional investors on board amid a bearish outlook for the energy sector and questions over the company's transparency and governance.

Norway's sovereign wealth fund, the largest in the world, has said it does not plan to invest in Aramco, a Norwegian official told AFP.

Investors are also concerned about geopolitical risks weighing on the stock.

The news of the listing comes just weeks after crippling attacks on the heart of Aramco's facilities briefly halved its output amid a spike in tensions with Iran.

But the company, a cash cow that catapulted the kingdom to become the Arab world's biggest economy, holds enormous appeal for local retail investors.

"I do think there is significant local demand among retail investors, though large family businesses might be more sceptical," said Steffen Hertog, an associate professor at the London School of Economics.

"Aramco will be a blue-chip company producing fairly reliable dividends."

Its 2018 net profit of $111.1 billion is higher than the combined profits of Apple, Google and Exxon Mobil.

"We are excited and fascinated by the IPO," said analyst Ahmed.&nbsp;

"We always looked at the company as a semi-national company. To see it float on the stock exchange is a new era for us."

From tapping lenders to selling personal assets, Saudis are scrambling to raise cash to invest in Aramco stocks after the oil giant announced its blockbuster market debut even as it offered few listing details.

From tapping lenders to selling personal assets, Saudis are scrambling to raise cash to invest in Aramco stocks after the oil giant announced its blockbuster market debut even as it offered few listing details. After years of delay and false starts, the state-owned company said on Sunday it plans to sell an unspecified number of shares on the Riyadh stock exchange, but no date was set and the firm's valuation remains shrouded in mystery. But retail investors in Saudi Arabia still appear to be salivating at the prospect of owning a piece of the world's most profitable company, seen as the kingdom's crown jewel, amid calls to make the initial public offering (IPO) a success. "Some (Saudis) have started to sell other stocks in preparation to buy Aramco (shares)," said Ibrahim Ahmed, a Saudi energy industry analyst who is also considering investing his savings. "People look at it as a sound investment. (But) I'm aware that it is a long-term investment that is good to have in a portfolio and not some kind of lottery ticket." The IPO, billed by the company as a "historic milestone", forms the lynchpin of Crown Prince Mohammed bin Salman's ambitious plan to transform the petro-state by generating much-needed cash to fund mega projects and non-oil industries. The government has reportedly pressed wealthy Saudi business families and institutions to invest in the IPO, and many nationalists have labelled it a patriotic duty. Fahad Hashemi, portfolio manager at the Riyadh-based Middle East Financial Investment Co, told AFP his firm had a "strong intention" to participate despite the lack of listing information. Saudi Arabia has sought to ease lending restrictions for ordinary citizens to buy a stake in the company, a strategy deemed risky by observers. Eid al-Shamri, chief executive of investment bank Ithraa Capital, said some Saudis were considering selling their homes or borrowing money to purchase shares. "This is definitely a serious event that will be recorded in the history of Saudi Arabia," Shamri told Bloomberg News. "A lot of people are talking about it. But what is the extent of people's participation? We are tightening our belts." 'Unique investment' Aramco said its final offer price and the number of shares to be sold "will be determined at the end of the book-building period". In a 21-page document released by the company, the company called the IPO a "unique investment proposition". Aramco chief executive Amin Nasser said the company was committed to offer shareholders "long-term value creation". To promote participation by all sections of Saudi society, divorced women or widows with minors will be eligible to receive bonus shares, local media reported. But amid scant information about the listing, it is difficult to determine the payoff. It is unclear whether Aramco will get the $2 trillion valuations Prince Mohammed had hoped for, with investment research firm Bernstein estimating that a "fair value range" for the company is between $1.2 and $1.5 trillion. There are also reports the firm is struggling to get institutional investors on board amid a bearish outlook for the energy sector and questions over the company's transparency and governance. Norway's sovereign wealth fund, the largest in the world, has said it does not plan to invest in Aramco, a Norwegian official told AFP. Investors are also concerned about geopolitical risks weighing on the stock. The news of the listing comes just weeks after crippling attacks on the heart of Aramco's facilities briefly halved its output amid a spike in tensions with Iran. But the company, a cash cow that catapulted the kingdom to become the Arab world's biggest economy, holds enormous appeal for local retail investors. "I do think there is significant local demand among retail investors, though large family businesses might be more sceptical," said Steffen Hertog, an associate professor at the London School of Economics. "Aramco will be a blue-chip company producing fairly reliable dividends." Its 2018 net profit of $111.1 billion is higher than the combined profits of Apple, Google and Exxon Mobil. "We are excited and fascinated by the IPO," said analyst Ahmed. "We always looked at the company as a semi-national company. To see it float on the stock exchange is a new era for us."

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