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

World's biggest share sale is underway. Day 5 of the Saudi Aramco's share sale has been concluded. IPO has been attracted 73 billion riyals in 5 days. Watch this complete video to find out more.

World's biggest share sale is underway, Day 5 of Saudi Aramco's share sale concludes

<a href="https://www.wionews.com/business-economy/saudi-aramco-will-not-market-ipo-in-the-united-states-report-262694">Saudi Aramco</a> — the state-owned oil giant has sought a valuation of up to 1.7 trillion US Dollars — which would make it the world’s biggest <a href="https://www.wionews.com/business-economy/saudis-scramble-to-raise-cash-for-aramco-share-sale-260106">initial public offering</a>.

Just to put it in perspective the target valuation will make Aramco the world’s biggest public company, overtaking Apple inc.&nbsp;

However, the valuation is below the $2 trillion target sought by Crown Prince Mohammad Bin Salman since he first mooted an initial public offering in 2016.

Watch: WION travels to Saudi Aramco's Khurais &amp; Abqaiq facilities

<div class="ui-state-default" contenteditable="false">
<div class="twitter-block" draggable="false">
<div class="videoWrapper trancodeVideo"><iframe allowfullscreen="" autoplay="1" class="includeVideo" frameborder="0" height="350" src="https://www.wionews.com/videos/wion-travels-to-saudi-aramcos-khurais-abqaiq-facilities-259560/embed" style="width:100%;max-width:560px;" width="560"></iframe></div>
</div>
<a class="close-mark close-div" href="#" id="jqclosemark">×</a></div>

Aramco will sell just 1.5% of its shares on the local stock exchange.

The offer falling short of a record coming in just below the $25 billion raised by Alibaba group holding ltd in 2014.

Interestingly, Aramco is slated to rely heavily on local investors after receiving a tepid response from international money managers.

The shares will not be marketed in the US and Canada as originally planned, Japan is also off the list.

This in total contrast to what Aramco Chairman Yasir Al-Rumayyan had said while the IPO was announced earlier this month.

Saudi Arabia has been pulling out all the stops to ensure the IPO is a success to a sceptical audience.

It’s cut the tax rate for Aramco three times promised the world’s largest dividend and offered bonus shares for retail investors and not to mention, the catastrophic drone attack suffered by Aramco at the hands of Iran-aligned Houthi rebels.

The Aramco IPO is a pet project of Mohammad bin Salman’s much-hyped vision 2030 plan to change the social and economic fabric of the Kingdom.

The plan, which relies heavily on attracting foreign investors into Saudi Arabia suffered a big setback after the assassination of journalist Jamal Ahmad Khashoggi in Saudi Arabia’s Istanbul consulate.

Aramco has also faced the challenge of the strengthening global movement against climate change that’s targeted the world’s largest oil and gas companies.

No matter what the final valuation, the share sale will create a public company of unmatched profitability. Aramco earned a net income of $111 billion in 2018 on revenue of $315 billion.

Saudi Aramco — the state-owned oil giant has sought a valuation of up to 1.7 trillion US Dollars — which would make it the world’s biggest initial public offering.

Saudi Aramco — the state-owned oil giant has sought a valuation of up to 1.7 trillion US Dollars — which would make it the world’s biggest initial public offering. Just to put it in perspective the target valuation will make Aramco the world’s biggest public company, overtaking Apple inc. However, the valuation is below the $2 trillion target sought by Crown Prince Mohammad Bin Salman since he first mooted an initial public offering in 2016. Watch: WION travels to Saudi Aramco's Khurais & Abqaiq facilities × Aramco will sell just 1.5% of its shares on the local stock exchange. The offer falling short of a record coming in just below the $25 billion raised by Alibaba group holding ltd in 2014. Interestingly, Aramco is slated to rely heavily on local investors after receiving a tepid response from international money managers. The shares will not be marketed in the US and Canada as originally planned, Japan is also off the list. This in total contrast to what Aramco Chairman Yasir Al-Rumayyan had said while the IPO was announced earlier this month. Saudi Arabia has been pulling out all the stops to ensure the IPO is a success to a sceptical audience. It’s cut the tax rate for Aramco three times promised the world’s largest dividend and offered bonus shares for retail investors and not to mention, the catastrophic drone attack suffered by Aramco at the hands of Iran-aligned Houthi rebels. The Aramco IPO is a pet project of Mohammad bin Salman’s much-hyped vision 2030 plan to change the social and economic fabric of the Kingdom. The plan, which relies heavily on attracting foreign investors into Saudi Arabia suffered a big setback after the assassination of journalist Jamal Ahmad Khashoggi in Saudi Arabia’s Istanbul consulate. Aramco has also faced the challenge of the strengthening global movement against climate change that’s targeted the world’s largest oil and gas companies. No matter what the final valuation, the share sale will create a public company of unmatched profitability. Aramco earned a net income of $111 billion in 2018 on revenue of $315 billion.

World's biggest initial public offering: Saudi Aramco seeks $1.71 trillion in valuation

Saudi Aramco seeks a valuation of $1.7 trillion. Saudi Aramco will not market IPO in the United States. Global oil demand peak flagged as a major risk for Aramco. Watch this video to find out more in details.

Saudi Aramco seeks valuation of $1.7 trillion

Saudi Aramco announced in a prospectus Saturday that its much-anticipated initial public offering will begin on November 17, with a final share price to be determined on December 5, a day after subscriptions close.

After years of delay and false starts, the state-owned company last week said it will sell an unspecified number of shares on the Riyadh stock exchange in what is expected to be the biggest IPO in history.

Retail investors in Saudi Arabia 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.

In its newly released 658-page prospectus, Aramco 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.

The company said it will determine the percentage to be sold to institutional investors after consultations with its financial advisors and global coordinators consisting of major international banks.

Even though the size of the IPO has not yet been disclosed, it is expected to be the biggest ever, raising over $30 billion.

The prospectus said the offering period will start on Sunday, November 17, ending on November 28 for individual investors and on December 4 for institutional investors.

The company will set a price range for the shares on November 17 but the final price will only be determined on December 5, the day after all subscriptions close.

"Trading of the shares is expected to commence after all relevant legal requirements and procedures have been completed," the company said without setting a specific date.

Aramco is the world's most profitable company and last year posted $111.1 billion in net profit.

In the first nine months of this year, Aramco's net profit dropped 18 per cent to $68.2 billion.

At the end of last year, Saudi reserves in the fields the company operates consisted of 336.2 billion barrels of oil equivalent, including 261.5 billion barrels of crude oil and condensate, 36.1 billion barrels of NGLs and 233.8 trillion standard cubic feet of natural gas, Aramco said.

The IPO represents the cornerstone of powerful crown prince Mohammed bin Salman's "Vision 2030," aimed at leading the world's biggest crude exporter away from oil.

Saudi Aramco announced in a prospectus Saturday that its much-anticipated initial public offering will begin on November 17, with a final share price to be determined on December 5, a day after subscriptions close.

Saudi Aramco announced in a prospectus Saturday that its much-anticipated initial public offering will begin on November 17, with a final share price to be determined on December 5, a day after subscriptions close. After years of delay and false starts, the state-owned company last week said it will sell an unspecified number of shares on the Riyadh stock exchange in what is expected to be the biggest IPO in history. Retail investors in Saudi Arabia 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. In its newly released 658-page prospectus, Aramco 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. The company said it will determine the percentage to be sold to institutional investors after consultations with its financial advisors and global coordinators consisting of major international banks. Even though the size of the IPO has not yet been disclosed, it is expected to be the biggest ever, raising over $30 billion. The prospectus said the offering period will start on Sunday, November 17, ending on November 28 for individual investors and on December 4 for institutional investors. The company will set a price range for the shares on November 17 but the final price will only be determined on December 5, the day after all subscriptions close. "Trading of the shares is expected to commence after all relevant legal requirements and procedures have been completed," the company said without setting a specific date. Aramco is the world's most profitable company and last year posted $111.1 billion in net profit. In the first nine months of this year, Aramco's net profit dropped 18 per cent to $68.2 billion. At the end of last year, Saudi reserves in the fields the company operates consisted of 336.2 billion barrels of oil equivalent, including 261.5 billion barrels of crude oil and condensate, 36.1 billion barrels of NGLs and 233.8 trillion standard cubic feet of natural gas, Aramco said. The IPO represents the cornerstone of powerful crown prince Mohammed bin Salman's "Vision 2030," aimed at leading the world's biggest crude exporter away from oil.

Saudi Aramco stock offering to launch November 17

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, The Biggest Oil Company In The World, Is All Set To Go Public.

Gravitas: Saudi Arabia Launches Aramco IPO

Saudi Arabia's market regulator approved on Sunday Saudi Aramco's application to list on the domestic stock market as the kingdom seeks to diversify and create the world's most valuable listed company.&nbsp;

The statement did not give a time frame or say how much Aramco would sell, but sources have told Reuters the oil company could sell 1%-2% of its shares on the local bourse, raising as much $20 billion-$40 billion.

Confirmation of the share sale in Saudi Arabian Oil Co, or Aramco, as the oil giant is usually known, comes about seven weeks after crippling attacks on its oil facilities, underlining Saudi Arabia's determination to push on with the listing regardless. &nbsp; &nbsp;

The IPO of the world's most profitable company is designed to turbocharge Crown Prince Mohammed bin Salman's economic reform agenda by raising billions to diversify the kingdom, whose dependency on oil was highlighted by the production impact of the Sept. 14 attacks. &nbsp;&nbsp;

The Capital Market Authority said its board "has issued its resolution approving the Saudi Arabian Oil Company (Saudi Aramco) ... application for the registration and offering of part of its shares."

CMA said the approval would remain valid for six months.

The listing announcement had been expected on Oct. 20 but was delayed after advisers said they needed more time to lock in cornerstone investors, three sources told Reuters.

To help get the deal done, Saudi Arabia is relying on easy credit for retail investors and hefty contributions from rich locals.

Prince Mohammed gave the green light on Friday for the IPO to go ahead, Reuters reported, citing sources.

Although Crown Prince Mohammed put a $2 trillion valuation on the company in early 2016, bankers and company insiders say Aramco's value is closer to $1.5 trillion.

A growing movement to fight climate change and embrace new "green" technologies have put some fund managers, particularly in Europe and the United States, off the oil and gas sector.

At a valuation of $1.5 trillion, Aramco would still be worth at least 50% more than the world's most valuable companies, Microsoft and Apple, which each have a market capitalisation of about $1 trillion.

But a 1% sale would 'only' raise around $15 billion for Saudi coffers, less than the $25 billion generated by Chinese e-commerce giant Alibaba in its record-breaking IPO in 2014.

It would rank Aramco as the 11th biggest IPO of all time, Refinitiv data show. (For a graphic on the top 10 largest global IPOs.

A sale of 2% of Aramco shares at a $1.5 trillion valuation would make it the biggest IPO of all time, beating Alibaba's.

The prospect of the world's largest oil company selling a piece of itself has had Wall Street on tenterhooks since Crown Prince Mohammed flagged it three years ago.

Initial hopes for a blockbuster international listing of about 5% were dashed when the share sale was halted last year amid debate over where to list Aramco overseas.

Aramco said the IPO timetable was delayed because it began a process to acquire a 70% stake in petrochemicals maker Saudi Basic Industries Corp.

IPO preparations were revived over the summer after Aramco attracted huge interest in its first international bond sale, seen as a pre-IPO relationship-building exercise with investors.

The bond sale forced the secretive company to reveal its finances for the first time, including net income of $111 billion, over a third bigger than the combined net income of the five supermajors Exxon Mobil, Royal Dutch/Shell, BP, Chevron and Total.

Oil majors have been raising payouts to shareholders to counter rising pressure from climate activism.

Aramco has said it will pay a base dividend of $75 billion, which at a valuation of $1.5 trillion would mean a dividend yield of 5%, below those offered by competitors such as Exxon Mobil Corp and Royal Dutch Shell.

Shell's dividend yield is over 6% and Exxon's over 5%, according to Refinitiv data.

Adverse impact

The September attacks on Aramco's largest oil plant, which shut off about 5% of global supply, raised questions about the vulnerability of Aramco's oil fields, plants and exports amid deepening regional tensions.

In its April bond prospectus, Aramco noted that any disruption to its processing facilities could harm its business.

The potential threat to the company's valuation presents a challenge for Yasser al-Rumayyan, head of the kingdom's sovereign wealth fund, who became Aramco chairman in September.

Al-Rumayyan replaced former energy minister Khalid al-Falih in a move to separate Aramco from the ministry ahead of an IPO.

Aramco hired nine banks as joint global coordinators to lead the IPO, including JPMorgan, Morgan Stanley and Saudi Arabia's National Commercial Bank. It added a number of banks as book-runners.

Saudi Arabia's market regulator approved on Sunday Saudi Aramco's application to list on the domestic stock market as the kingdom seeks to diversify and create the world's most valuable listed company.

Saudi Arabia's market regulator approved on Sunday Saudi Aramco's application to list on the domestic stock market as the kingdom seeks to diversify and create the world's most valuable listed company. The statement did not give a time frame or say how much Aramco would sell, but sources have told Reuters the oil company could sell 1%-2% of its shares on the local bourse, raising as much $20 billion-$40 billion. Confirmation of the share sale in Saudi Arabian Oil Co, or Aramco, as the oil giant is usually known, comes about seven weeks after crippling attacks on its oil facilities, underlining Saudi Arabia's determination to push on with the listing regardless. The IPO of the world's most profitable company is designed to turbocharge Crown Prince Mohammed bin Salman's economic reform agenda by raising billions to diversify the kingdom, whose dependency on oil was highlighted by the production impact of the Sept. 14 attacks. The Capital Market Authority said its board "has issued its resolution approving the Saudi Arabian Oil Company (Saudi Aramco) ... application for the registration and offering of part of its shares." CMA said the approval would remain valid for six months. The listing announcement had been expected on Oct. 20 but was delayed after advisers said they needed more time to lock in cornerstone investors, three sources told Reuters. To help get the deal done, Saudi Arabia is relying on easy credit for retail investors and hefty contributions from rich locals. Prince Mohammed gave the green light on Friday for the IPO to go ahead, Reuters reported, citing sources. Although Crown Prince Mohammed put a $2 trillion valuation on the company in early 2016, bankers and company insiders say Aramco's value is closer to $1.5 trillion. A growing movement to fight climate change and embrace new "green" technologies have put some fund managers, particularly in Europe and the United States, off the oil and gas sector. At a valuation of $1.5 trillion, Aramco would still be worth at least 50% more than the world's most valuable companies, Microsoft and Apple, which each have a market capitalisation of about $1 trillion. But a 1% sale would 'only' raise around $15 billion for Saudi coffers, less than the $25 billion generated by Chinese e-commerce giant Alibaba in its record-breaking IPO in 2014. It would rank Aramco as the 11th biggest IPO of all time, Refinitiv data show. (For a graphic on the top 10 largest global IPOs. A sale of 2% of Aramco shares at a $1.5 trillion valuation would make it the biggest IPO of all time, beating Alibaba's. The prospect of the world's largest oil company selling a piece of itself has had Wall Street on tenterhooks since Crown Prince Mohammed flagged it three years ago. Initial hopes for a blockbuster international listing of about 5% were dashed when the share sale was halted last year amid debate over where to list Aramco overseas. Aramco said the IPO timetable was delayed because it began a process to acquire a 70% stake in petrochemicals maker Saudi Basic Industries Corp. IPO preparations were revived over the summer after Aramco attracted huge interest in its first international bond sale, seen as a pre-IPO relationship-building exercise with investors. The bond sale forced the secretive company to reveal its finances for the first time, including net income of $111 billion, over a third bigger than the combined net income of the five supermajors Exxon Mobil, Royal Dutch/Shell, BP, Chevron and Total. Oil majors have been raising payouts to shareholders to counter rising pressure from climate activism. Aramco has said it will pay a base dividend of $75 billion, which at a valuation of $1.5 trillion would mean a dividend yield of 5%, below those offered by competitors such as Exxon Mobil Corp and Royal Dutch Shell. Shell's dividend yield is over 6% and Exxon's over 5%, according to Refinitiv data. Adverse impact The September attacks on Aramco's largest oil plant, which shut off about 5% of global supply, raised questions about the vulnerability of Aramco's oil fields, plants and exports amid deepening regional tensions. In its April bond prospectus, Aramco noted that any disruption to its processing facilities could harm its business. The potential threat to the company's valuation presents a challenge for Yasser al-Rumayyan, head of the kingdom's sovereign wealth fund, who became Aramco chairman in September. Al-Rumayyan replaced former energy minister Khalid al-Falih in a move to separate Aramco from the ministry ahead of an IPO. Aramco hired nine banks as joint global coordinators to lead the IPO, including JPMorgan, Morgan Stanley and Saudi Arabia's National Commercial Bank. It added a number of banks as book-runners.

Saudi regulator approves Aramco share offering

In this segment of WION, watch WION's exclusive report from Riyadh.

WION travels to Saudi Aramco's Khurais & Abqaiq facilities

Saudi Arabia has restored its oil production capacity to 11.3 million barrels per day, three sources briefed on Saudi Aramco's operations told Reuters, maintaining a faster than expected recovery after the September 14 attacks on its oil facilities.

Crude output from the Khurais field is now at 1.3 million bpd and the Abqaiq plant is currently at about 4.9 million bpd, the sources said. On Monday, sources had said Abqaiq production was about 3 million bpd.

The September 14 attacks on the two plants caused a spike in oil prices, fires and damage that halved the crude output of the world's top oil exporter, by shutting down 5.7 million bpd of production.

Saudi Energy Minister Prince Abdulaziz bin Salman and the chief executive of state oil company Aramco, Amin Nasser, have said output will be fully back online by the end of September.

The attacks initially sent oil prices up 20 per cent although they dropped soon after as the kingdom pledged to bring back output swiftly. On Wednesday, crude was down over $1 a barrel to around $62.

The kingdom has managed to maintain supplies to customers at levels prior to the attacks by drawing from its huge oil inventories and offering other crude grades from other fields, Saudi officials said.

Saudi Arabia has restored its oil production capacity to 11.3 million barrels per day, three sources briefed on Saudi Aramco's operations told Reuters, maintaining a faster than expected recovery after the September 14 attacks on its oil facilities.

Saudi Arabia has restored its oil production capacity to 11.3 million barrels per day, three sources briefed on Saudi Aramco's operations told Reuters, maintaining a faster than expected recovery after the September 14 attacks on its oil facilities. Crude output from the Khurais field is now at 1.3 million bpd and the Abqaiq plant is currently at about 4.9 million bpd, the sources said. On Monday, sources had said Abqaiq production was about 3 million bpd. The September 14 attacks on the two plants caused a spike in oil prices, fires and damage that halved the crude output of the world's top oil exporter, by shutting down 5.7 million bpd of production. Saudi Energy Minister Prince Abdulaziz bin Salman and the chief executive of state oil company Aramco, Amin Nasser, have said output will be fully back online by the end of September. The attacks initially sent oil prices up 20 per cent although they dropped soon after as the kingdom pledged to bring back output swiftly. On Wednesday, crude was down over $1 a barrel to around $62. The kingdom has managed to maintain supplies to customers at levels prior to the attacks by drawing from its huge oil inventories and offering other crude grades from other fields, Saudi officials said.

Saudi Aramco restores oil output earlier than expected: sources

Saudi Aramco has emerged from attacks on its oil facilities "stronger than ever", Chief Executive Amin Nasser told employees in a message, adding that full oil production would resume by the end of this month.

Saudi Aramco has emerged from attacks on its oil facilities "stronger than ever", Chief Executive Amin Nasser told employees in a message, adding that full oil production would resume by the end of this month. The September 14 attacks on the Abqaiq and Khurais plants, some of the kingdom's biggest, caused raging fires and significant damage that halved the crude output of the world's top oil exporter, by shutting down 5.7 million barrels per day of production. "The fires that were intended to destroy Saudi Aramco had an unintended consequence: they galvanized 70,000 of us around a mission to rebound quickly and confidently, and Saudi Aramco has come out of this incident stronger than ever," Nasser said in the internal message, on the occasion of the Saudi national day, to be celebrated on Sept. 23. "Every second counts in moments like these, and had we not acted quickly to contain the fires and undertake rapid restoration efforts, the impact on the oil market and the global economy would have been far more devastating." Six days after the assault, which hit at the heart of the Saudi energy industry and intensified a decades-long struggle with arch-rival Iran, the state oil giant Aramco invited reporters on Friday to observe the damage and the repair efforts. Thousands of employees and contractors have been pulled from other projects to work around the clock to bring production back. Aramco is shipping equipment from the United States and Europe to rebuild the damaged facilities, Aramco officials told reporters. Aramco already brought back part of the lost production and will return to pre-attacks level end of September, Nasser said. "Not a single shipment to our international customers has been missed or cancelled as a result of the attacks, and we will continue to fulfil our mission of providing the energy the world needs," he said in the message, seen by Reuters. Energy Minister Prince Abdulaziz bin Salman said on Tuesday that Saudi Arabia had used its reserves to maintain oil supply flows to customers abroad and inside the kingdom. Yemen's Houthi group claimed responsibility for the attacks but a U.S. official said they originated from southwestern Iran. Tehran, which support the Houthis, has denied any involvement in the attacks. Saudi Arabia says 18 drones and three missiles were fired at Abqaiq, the world's largest oil processing facility, while the Khurais facility was hit by four missiles. No casualties were reported at either site even though thousands of workers and contractors work and live in the area.

Saudi Aramco has emerged from attacks 'stronger than ever': CEO

&nbsp;Saudi Aramco has emerged from attacks on its oil facilities "stronger than ever", Chief Executive Amin Nasser told employees in a message, adding that full oil production would resume by the end of this month.

The September 14 attacks on the Abqaiq and Khurais plants, some of the kingdom's biggest, caused raging fires and significant damage that halved the crude output of the world's top oil exporter, by shutting down 5.7 million barrels per day of production.

"The fires that were intended to destroy Saudi Aramco had an unintended consequence: they galvanized 70,000 of us around a mission to rebound quickly and confidently, and Saudi Aramco has come out of this incident stronger than ever," Nasser said in the internal message, on the occasion of the Saudi national day, to be celebrated on September 23.

"Every second counts in moments like these, and had we not acted quickly to contain the fires and undertake rapid restoration efforts, the impact on the oil market and the global economy would have been far more devastating."

Six days after the assault, which hit at the heart of the Saudi energy industry and intensified a decades-long struggle with arch-rival Iran, the state oil giant Aramco invited reporters on Friday to observe the damage and the repair efforts.

Thousands of employees and contractors have been pulled from other projects to work around the clock to bring production back. Aramco is shipping equipment from the United States and Europe to rebuild the damaged facilities, Aramco officials told reporters.

Aramco already brought back part of the lost production and will return to the pre-attacks level end of September, Nasser said.

"Not a single shipment to our international customers has been missed or cancelled as a result of the attacks, and we will continue to fulfill our mission of providing the energy the world needs," he said in the message, seen by Reuters. Energy Minister Prince Abdulaziz bin Salman said on Tuesday that Saudi Arabia had used its reserves to maintain oil supply flows to customers abroad and inside the kingdom.

Yemen's Houthi group claimed responsibility for the attacks but a US official said they originated from southwestern Iran. Tehran, which supports the Houthis, has denied any involvement in the attacks.

Saudi Arabia says 18 drones and three missiles were fired at Abqaiq, the world's largest oil processing facility, while the Khurais facility was hit by four missiles.

No casualties were reported at either site even though thousands of workers and contractors work and live in the area.

Saudi Aramco has emerged from attacks on its oil facilities "stronger than ever", Chief Executive Amin Nasser told employees in a message, adding that full oil production would resume by the end of this month. The September 14 attacks on the Abqaiq and Khurais plants, some of the kingdom's biggest, caused raging fires and significant damage that halved the crude output of the world's top oil exporter, by shutting down 5.7 million barrels per day of production. "The fires that were intended to destroy Saudi Aramco had an unintended consequence: they galvanized 70,000 of us around a mission to rebound quickly and confidently, and Saudi Aramco has come out of this incident stronger than ever," Nasser said in the internal message, on the occasion of the Saudi national day, to be celebrated on September 23. "Every second counts in moments like these, and had we not acted quickly to contain the fires and undertake rapid restoration efforts, the impact on the oil market and the global economy would have been far more devastating." Six days after the assault, which hit at the heart of the Saudi energy industry and intensified a decades-long struggle with arch-rival Iran, the state oil giant Aramco invited reporters on Friday to observe the damage and the repair efforts. Thousands of employees and contractors have been pulled from other projects to work around the clock to bring production back. Aramco is shipping equipment from the United States and Europe to rebuild the damaged facilities, Aramco officials told reporters. Aramco already brought back part of the lost production and will return to the pre-attacks level end of September, Nasser said. "Not a single shipment to our international customers has been missed or cancelled as a result of the attacks, and we will continue to fulfill our mission of providing the energy the world needs," he said in the message, seen by Reuters. Energy Minister Prince Abdulaziz bin Salman said on Tuesday that Saudi Arabia had used its reserves to maintain oil supply flows to customers abroad and inside the kingdom. Yemen's Houthi group claimed responsibility for the attacks but a US official said they originated from southwestern Iran. Tehran, which supports the Houthis, has denied any involvement in the attacks. Saudi Arabia says 18 drones and three missiles were fired at Abqaiq, the world's largest oil processing facility, while the Khurais facility was hit by four missiles. No casualties were reported at either site even though thousands of workers and contractors work and live in the area.

Oil prices were little changed on Wednesday, steadying after Saudi Arabia said it will restore by the end of the month production lost in weekend attacks on its facilities.

Prices plummeted 6 per cent on Tuesday after Saudi Arabia's energy minister said the country had managed to restore oil supplies to customers to where they stood before the <a href="https://www.wionews.com/world/saudi-aramco-pursues-ipo-planning-despite-attack-damage-doubts-250228">attacks</a> on its facilities that shut 5 per cent of global oil output by drawing from its huge inventories.

But tension in the region remained elevated after the United States said it believed the attacks on the world's top oil exporter originated in southwestern Iran. Iran has denied involvement in the strikes.

Brent crude oil futures were flat at $64.55 a barrel by 0732 GMT. US West Texas Intermediate (WTI) crude futures were down 15 cents, or 0.1 per cent, to $59.19 a barrel, after sinking 5.7 per cent on Tuesday.

"Considering limited spare (production) capacity outside Saudi Arabia and risks of renewed attacks on Saudi energy infrastructure, a risk premium is likely to stay on oil prices in the foreseeable future," UBS analysts said in a note.

Energy Minister Prince Abdulaziz bin Salman said on Tuesday that average oil production in September and October would be 9.89 million barrels per day and that the world's top oil exporter would ensure full oil supply commitments to its customers this month.

<a href="https://www.wionews.com/world/saudi-aramco-trading-arm-wants-refined-products-after-attacks-sources-250148">Saudi Aramco</a> has informed some Asian refiners that it will supply full allocated volumes of crude oil in October, albeit with some changes.

Relations between the United States and Iran have deteriorated since US President Donald Trump pulled out of the Iran nuclear accord last year and reimposed sanctions on its oil exports.

Tehran on Tuesday ruled out talks with Trump.

"The oil market is facing challenging times. Recent attacks on oil facilities in Saudi Arabia have painfully demonstrated the risks to oil supply, which is why short-term price spikes are possible at any time," Commerzbank analyst Carsten Fritsch said.

Still, fundamental supply and demand balances in the oil market are deteriorating, Fritsch added, forecasting Brent oil prices of $60 a barrel next year.

"Demand growth is weakening, oil supply outside OPEC is rising significantly and OPEC+'s production discipline has recently faded," he said.

The Organization of the Petroleum Exporting Countries and a number of other producing nations including Russia agreed last year to cut output by 1.2 million bpd to reduce global stocks and prop up prices.

US crude inventories rose by 592,000 barrels in the week ended Sept. 13 to 422.5 million, data from industry group the American Petroleum Institute showed on Tuesday. Analysts had expected a decrease of 2.5 million barrels.

Official US government data will be released later on Wednesday.

Oil prices were little changed on Wednesday, steadying after Saudi Arabia said it will restore by the end of the month production lost in weekend attacks on its facilities.

Oil prices were little changed on Wednesday, steadying after Saudi Arabia said it will restore by the end of the month production lost in weekend attacks on its facilities. Prices plummeted 6 per cent on Tuesday after Saudi Arabia's energy minister said the country had managed to restore oil supplies to customers to where they stood before the attacks on its facilities that shut 5 per cent of global oil output by drawing from its huge inventories. But tension in the region remained elevated after the United States said it believed the attacks on the world's top oil exporter originated in southwestern Iran. Iran has denied involvement in the strikes. Brent crude oil futures were flat at $64.55 a barrel by 0732 GMT. US West Texas Intermediate (WTI) crude futures were down 15 cents, or 0.1 per cent, to $59.19 a barrel, after sinking 5.7 per cent on Tuesday. "Considering limited spare (production) capacity outside Saudi Arabia and risks of renewed attacks on Saudi energy infrastructure, a risk premium is likely to stay on oil prices in the foreseeable future," UBS analysts said in a note. Energy Minister Prince Abdulaziz bin Salman said on Tuesday that average oil production in September and October would be 9.89 million barrels per day and that the world's top oil exporter would ensure full oil supply commitments to its customers this month. Saudi Aramco has informed some Asian refiners that it will supply full allocated volumes of crude oil in October, albeit with some changes. Relations between the United States and Iran have deteriorated since US President Donald Trump pulled out of the Iran nuclear accord last year and reimposed sanctions on its oil exports. Tehran on Tuesday ruled out talks with Trump. "The oil market is facing challenging times. Recent attacks on oil facilities in Saudi Arabia have painfully demonstrated the risks to oil supply, which is why short-term price spikes are possible at any time," Commerzbank analyst Carsten Fritsch said. Still, fundamental supply and demand balances in the oil market are deteriorating, Fritsch added, forecasting Brent oil prices of $60 a barrel next year. "Demand growth is weakening, oil supply outside OPEC is rising significantly and OPEC+'s production discipline has recently faded," he said. The Organization of the Petroleum Exporting Countries and a number of other producing nations including Russia agreed last year to cut output by 1.2 million bpd to reduce global stocks and prop up prices. US crude inventories rose by 592,000 barrels in the week ended Sept. 13 to 422.5 million, data from industry group the American Petroleum Institute showed on Tuesday. Analysts had expected a decrease of 2.5 million barrels. Official US government data will be released later on Wednesday.

Oil steadies after Saudi pledges to restore output lost in attacks

NATO chief Jens Stoltenberg said Monday he was "extremely concerned" about escalating tensions following strikes on Saudi oil facilities at the weekend, accusing Iran of "destabilising" the region.

Stoltenberg's comments in an interview with AFP in Baghdad were his first on the strikes on two major Saudi oil facilities that were claimed by Yemen's Huthi rebels but which both Washington and Riyadh have blamed on Tehran.&nbsp;

The weekend strikes on Abqaiq -&nbsp;the world's largest oil processing facility -&nbsp;and the&nbsp;<a href="https://www.wionews.com/world/saudi-arabia-shuts-pipeline-to-bahrain-after-aramco-attacks-sources-250013">Khurais oil field</a>&nbsp;in eastern Saudi Arabia have roiled global energy markets with prices spiking Monday to record highs.

Yemen's Iran-aligned Huthi rebels claimed responsibility for the strikes but Washington has squarely blamed Iran, with President Donald Trump saying the US is "locked and loaded" to respond.

Saudi's energy infrastructure has been hit before, but this strike was of a different order, abruptly halting 5.7 million barrels per day (bpd) or about six per cent of the world's oil supply.

The Saudi-led coalition, which is bogged down in a five-year war in neighbouring Yemen, reiterated the assessment that the Huthis were not behind it, pointing the finger at Iran for providing the weapons.

Russia urged "all countries to avoid hasty steps or conclusions that could exacerbate the situation" while the European Union stressed all sides should show "maximum restraint".

NATO chief Jens Stoltenberg said Monday he was "extremely concerned" about escalating tensions following strikes on Saudi oil facilities at the weekend, accusing Iran of "destabilising" the region.

NATO chief Jens Stoltenberg said Monday he was "extremely concerned" about escalating tensions following strikes on Saudi oil facilities at the weekend, accusing Iran of "destabilising" the region. Stoltenberg's comments in an interview with AFP in Baghdad were his first on the strikes on two major Saudi oil facilities that were claimed by Yemen's Huthi rebels but which both Washington and Riyadh have blamed on Tehran. The weekend strikes on Abqaiq - the world's largest oil processing facility - and the Khurais oil field in eastern Saudi Arabia have roiled global energy markets with prices spiking Monday to record highs. Yemen's Iran-aligned Huthi rebels claimed responsibility for the strikes but Washington has squarely blamed Iran, with President Donald Trump saying the US is "locked and loaded" to respond. Saudi's energy infrastructure has been hit before, but this strike was of a different order, abruptly halting 5.7 million barrels per day (bpd) or about six per cent of the world's oil supply. The Saudi-led coalition, which is bogged down in a five-year war in neighbouring Yemen, reiterated the assessment that the Huthis were not behind it, pointing the finger at Iran for providing the weapons. Russia urged "all countries to avoid hasty steps or conclusions that could exacerbate the situation" while the European Union stressed all sides should show "maximum restraint".

Extremely concerned over escalating tensions after drone strike: NATO

Yemen's Houthi movement said on Monday that Saudi Aramco's oil processing plants were still a target and could be attacked at "any moment", warning foreigners to leave the area. Watch this video to know more.

WION Dispatch: Houthis warns Saudi to stop its aggression on Yemen

Union Minister of Petroleum, Dharmendra Pradhan on Monday said, top executives of Aramco have been contacted to ensure a steady supply to India,&nbsp;after an <a href="https://www.wionews.com/world/yemens-houthis-say-aramco-plants-still-a-target-report-249938">attack on Saudi Arabia's crude oil facilities</a> over the weekend.

"Following the attacks on the oil stabilisation centres of Saudi Aramco, top executives of Aramco have been contacted. Indian ambassador in Riyadh contacted the senior management of Aramco to ensure a steady supply to India," Pradhan said in a press conference.&nbsp;

"We are confident there would be no supply disruption to India. We are closely monitoring the evolving situation," Pradhan added.

Saudi Arabia is the world's biggest oil exporter and the attack on state-owned producer Saudi Aramco's crude-processing facilities at Abqaiq and Khurais has cut output by 5.7 million barrels per day. The company has not given a timeline for the resumption of full output.

Watch: Saudi Drone Attacks - how will the oil cut impact the world?

<div class="ui-state-default" contenteditable="false">
<div class="twitter-block" draggable="false">
<div class="videoWrapper trancodeVideo"><iframe allowfullscreen="" autoplay="1" class="includeVideo" frameborder="0" height="350" src="https://www.wionews.com/videos/saudi-drone-attacks-how-will-the-oil-cut-impact-the-world-249951/embed" style="width:100%;max-width:560px;" width="560"></iframe></div>
</div>
<a class="close-mark close-div" href="#" id="jqclosemark">×</a></div>

Saudi Arabia is also India's top oil supplier after Iraq. In January-July, it supplied 788,200 barrels per day of oil to India.

Yemen's Iran-aligned Houthi group claimed responsibility for the drone attack, but the US has pointed the finger directly at Iran.

(With inputs from agencies)

Union Minister of Petroleum, Dharmendra Pradhan on Monday said, top executives of Aramco have been contacted to ensure a steady supply to India, after an attack on Saudi Arabia's crude oil facilities over the weekend.

Union Minister of Petroleum, Dharmendra Pradhan on Monday said, top executives of Aramco have been contacted to ensure a steady supply to India, after an attack on Saudi Arabia's crude oil facilities over the weekend. "Following the attacks on the oil stabilisation centres of Saudi Aramco, top executives of Aramco have been contacted. Indian ambassador in Riyadh contacted the senior management of Aramco to ensure a steady supply to India," Pradhan said in a press conference. "We are confident there would be no supply disruption to India. We are closely monitoring the evolving situation," Pradhan added. Saudi Arabia is the world's biggest oil exporter and the attack on state-owned producer Saudi Aramco's crude-processing facilities at Abqaiq and Khurais has cut output by 5.7 million barrels per day. The company has not given a timeline for the resumption of full output. Watch: Saudi Drone Attacks - how will the oil cut impact the world? × Saudi Arabia is also India's top oil supplier after Iraq. In January-July, it supplied 788,200 barrels per day of oil to India. Yemen's Iran-aligned Houthi group claimed responsibility for the drone attack, but the US has pointed the finger directly at Iran. (With inputs from agencies)

'No supply disruption to India': Union Minister Dharmendra Pradhan after attack on Saudi's oil facilities

Yemen's Houthi movement said on Monday that Saudi Aramco's oil processing plants were still a target and could be attacked at "any moment", warning foreigners to leave the area.

Yemen's Houthis say Saudi Aramco's oil processing plants still a target

The drone strikes on the world's biggest oil exporter come as state oil giant Saudi Aramco has accelerated plans for an initial public offering to as early as this year, and follow earlier cross-border attacks on Saudi oil installations and on oil tankers in Gulf waters. Watch this video to know more.

Saudi oil facilities hit by drone strikes

<a href="https://www.wionews.com/business-economy/sensex-nifty-reverse-course-to-close-lower-reliance-industries-banks-drag-239500">Reliance Industries</a> shares saw their biggest intraday rise in a more than a decade on Tuesday after it set a target to reach zero net debt within 18 months and vowed to reward shareholders with higher dividends and periodic bonus issues.

The group's billionaire chairman, Mukesh Ambani, also unveiled plans to launch cut-price home internet services across India next month, threatening to disrupt the telco market with offers of free voice calls for life, television and movie streaming, and even TV sets to go with some subscription plans.

The announcements drove Reliance shares up as much as 12 per cent its biggest such move since January 14, 2009.&nbsp;

The spike has put the company within touching distance of becoming the highest-valued Indian company again.

&nbsp;Currently, it trails Tata Consultancy Services by slightly more than $1 billion.

But shares of telecom majors Bharti Airtel fell 4per cent and Vodafone Idea slid almost 5per cent as the announcements spurred worries of a repeat of what happened just three years ago when Reliance's Jio burst on to the scene.

<a href="https://www.wionews.com/business-economy/reliance-mobile-operator-jio-to-focus-on-subscriber-numbers-not-tariffs-report-237503">Jio, with cheap data plans and freebies</a>, has managed to become India's top mobile operator by subscribers and the second-biggest globally over the three years.

Ambani said, at Reliance's annual general meeting (AGM) on Monday, that customers of Reliance's Premium Jiofiber broadband services "will be able to watch movies in their living rooms the same day these movies are released in theatres".

Shares of multiplex chain operators PVR and Inox Leisure fell as much as 8per cent and 10per cent, respectively, on the news, after trading resumed following a holiday on Monday.

Shares in Dish TV India were also down.

As of 0606 GMT, Reliance shares were up about 10per cent, while the broader market was down slightly.

Reliance shares were also buoyed by the news that Saudi Aramco plans to invest roughly $15 billion for a 20per cent stake in its oil-to-chemicals business.

Reliance Industries shares saw their biggest intraday rise in a more than a decade on Tuesday after it set a target to reach zero net debt within 18 months and vowed to reward shareholders with higher dividends and periodic bonus issues.

Reliance Industries shares saw their biggest intraday rise in a more than a decade on Tuesday after it set a target to reach zero net debt within 18 months and vowed to reward shareholders with higher dividends and periodic bonus issues. The group's billionaire chairman, Mukesh Ambani, also unveiled plans to launch cut-price home internet services across India next month, threatening to disrupt the telco market with offers of free voice calls for life, television and movie streaming, and even TV sets to go with some subscription plans. The announcements drove Reliance shares up as much as 12 per cent its biggest such move since January 14, 2009. The spike has put the company within touching distance of becoming the highest-valued Indian company again. Currently, it trails Tata Consultancy Services by slightly more than $1 billion. But shares of telecom majors Bharti Airtel fell 4per cent and Vodafone Idea slid almost 5per cent as the announcements spurred worries of a repeat of what happened just three years ago when Reliance's Jio burst on to the scene. Jio, with cheap data plans and freebies, has managed to become India's top mobile operator by subscribers and the second-biggest globally over the three years. Ambani said, at Reliance's annual general meeting (AGM) on Monday, that customers of Reliance's Premium Jiofiber broadband services "will be able to watch movies in their living rooms the same day these movies are released in theatres". Shares of multiplex chain operators PVR and Inox Leisure fell as much as 8per cent and 10per cent, respectively, on the news, after trading resumed following a holiday on Monday. Shares in Dish TV India were also down. As of 0606 GMT, Reliance shares were up about 10per cent, while the broader market was down slightly. Reliance shares were also buoyed by the news that Saudi Aramco plans to invest roughly $15 billion for a 20per cent stake in its oil-to-chemicals business.

Reliance shares see biggest intraday rise in decade; rivals hit by disruption worries

India's Reliance Industries Ltd is set to sell a 20% stake in its oil to chemicals business to Saudi Aramco in one of the largest foreign investments in the country, Reliance Chairman Mukesh Ambani said on Monday.

"(This is) the biggest foreign investment in the history of Reliance," Ambani said at the company's annual general meeting in India's financial capital Mumbai.

"It is also amongst the largest foreign investments ever in India."

The deal valued the business at $75 billion including debt, he said.

Saudi Aramco, the world's biggest oil producer, has been in talks with Reliance on the stake sale as it plans to secure new markets for its crude.

Saudi Aramco will also supply 500,000 barrels a day of crude oil on a long-term basis to RIL's Jamnagar refinery, Ambani said.

"This signifies perfect synergy between the world's largest oil producer and the world's largest integrated refinery and petrochemicals complex," he added.

The partnership will cover all of Reliance's refining and petrochemical assets, including its 51% stake in the petroleum retail joint venture, he said.

Last week, Reliance announced that it was forming a fuel retailing joint venture with global oil major BP in which Reliance would own a 51% stake.

India's Reliance Industries Ltd is set to sell a 20% stake in its oil to chemicals business to Saudi Aramco in one of the largest foreign investments in the country, Reliance Chairman Mukesh Ambani said on Monday.

India's Reliance Industries Ltd is set to sell a 20% stake in its oil to chemicals business to Saudi Aramco in one of the largest foreign investments in the country, Reliance Chairman Mukesh Ambani said on Monday. "(This is) the biggest foreign investment in the history of Reliance," Ambani said at the company's annual general meeting in India's financial capital Mumbai. "It is also amongst the largest foreign investments ever in India." The deal valued the business at $75 billion including debt, he said. Saudi Aramco, the world's biggest oil producer, has been in talks with Reliance on the stake sale as it plans to secure new markets for its crude. Saudi Aramco will also supply 500,000 barrels a day of crude oil on a long-term basis to RIL's Jamnagar refinery, Ambani said. "This signifies perfect synergy between the world's largest oil producer and the world's largest integrated refinery and petrochemicals complex," he added. The partnership will cover all of Reliance's refining and petrochemical assets, including its 51% stake in the petroleum retail joint venture, he said. Last week, Reliance announced that it was forming a fuel retailing joint venture with global oil major BP in which Reliance would own a 51% stake.

Reliance to sell 20% stake in oil to chemicals business to Saudi Aramco

Top oil exporter <a href="https://www.wionews.com/world/saudi-arabia-to-allow-women-to-travel-abroad-without-male-guardian-approval-240033">Saudi Arabia</a> may cut prices for most of the crude grades it sells to Asia for a second straight month in September after Middle East benchmark prices weakened.

The official selling price (OSP) for flagship Arab Light crude could drop by at least 50 cents a barrel, falling below a premium of $2 a barrel for the first time in four months, a Reuters survey of five buyers in Asia showed.

The cuts would track a backwardation between prompt and third month <a href="https://www.wionews.com/world/dubai-ruler-s-wife-seeks-forced-marriage-protection-order-in-english-court-239545">Dubai</a> prices that narrowed by 70 cents a barrel in July versus June. Spot prices are higher than those in future months in a backwardated market.

Asia's incremental demand for September-loading Middle East crude weakened last month with several North Asian refineries scheduled to shut for maintenance during their autumn season.

Strong fuel oil margins, however, are likely to support prices for heavier grades that produce more of the residual fuel, survey respondents said.

"Fuel oil cracks rallied the most," one of the respondents said, adding that this could lead to smaller price adjustments for Arab Medium and Arab Heavy crude versus light grades.

Two of the five respondents expect Arab Heavy crude's OSP to stay unchanged in September, while most of the respondents said Arab Medium's September OSP could fall by 20-40 cents a barrel.

Saudi Arabia's crude OSPs are usually released around the fifth of each month, and set the trend for Iranian, Kuwaiti and Iraqi prices, affecting more than 12 million barrels per day (BPD) of crude bound for Asia.

State oil giant Saudi Aramco sets its crude prices based on recommendations from customers and after calculating the change in the value of its oil over the past month, based on yields and product prices.

Saudi Aramco officials as a matter of policy do not comment on the kingdom's monthly OSPs.

Top oil exporter Saudi Arabia may cut prices for most of the crude grades it sells to Asia for a second straight month in September after Middle East benchmark prices weakened.

Top oil exporter Saudi Arabia may cut prices for most of the crude grades it sells to Asia for a second straight month in September after Middle East benchmark prices weakened. The official selling price (OSP) for flagship Arab Light crude could drop by at least 50 cents a barrel, falling below a premium of $2 a barrel for the first time in four months, a Reuters survey of five buyers in Asia showed. The cuts would track a backwardation between prompt and third month Dubai prices that narrowed by 70 cents a barrel in July versus June. Spot prices are higher than those in future months in a backwardated market. Asia's incremental demand for September-loading Middle East crude weakened last month with several North Asian refineries scheduled to shut for maintenance during their autumn season. Strong fuel oil margins, however, are likely to support prices for heavier grades that produce more of the residual fuel, survey respondents said. "Fuel oil cracks rallied the most," one of the respondents said, adding that this could lead to smaller price adjustments for Arab Medium and Arab Heavy crude versus light grades. Two of the five respondents expect Arab Heavy crude's OSP to stay unchanged in September, while most of the respondents said Arab Medium's September OSP could fall by 20-40 cents a barrel. Saudi Arabia's crude OSPs are usually released around the fifth of each month, and set the trend for Iranian, Kuwaiti and Iraqi prices, affecting more than 12 million barrels per day (BPD) of crude bound for Asia. State oil giant Saudi Aramco sets its crude prices based on recommendations from customers and after calculating the change in the value of its oil over the past month, based on yields and product prices. Saudi Aramco officials as a matter of policy do not comment on the kingdom's monthly OSPs.

Saudi Arabia may cut crude oil prices to Asia in September

A delegation from the world's largest crude oil producer, Saudi Aramco, is in <a href="https://www.google.com/url?q=https://www.wionews.com/opinions/great-game-ii-india-pakistan-china-gas-pipeline-powered-by-russia-cannot-be-discounted-196820&amp;sa=U&amp;ved=0ahUKEwjR8cOX1MzhAhUcknAKHaY5CYAQFggFMAA&amp;client=internal-uds-cse&amp;cx=006054055338965708568:09spwrlibei&amp;usg=AOvVaw1moi2pnTe5zLRpET70Ecmk">Pakistan</a> for discussions on what would be its first-ever <a href="https://www.google.com/url?q=https://www.wionews.com/south-asia/pakistan-expects-eight-investment-deals-during-saudi-princes-visit-197230&amp;sa=U&amp;ved=0ahUKEwjR8cOX1MzhAhUcknAKHaY5CYAQFggIMAE&amp;client=internal-uds-cse&amp;cx=006054055338965708568:09spwrlibei&amp;usg=AOvVaw3Cd9x7g5326V3FX2QJ8oWo">liquefied natural gas </a>(LNG) shipments, a top Pakistani official said on Friday.

Pakistan is facing an energy crisis with repeated power blackouts and gas supply outages that led to the sacking of the heads of two of its main gas distribution utilities in January.

The Saudi delegation, which arrived on Thursday, was discussing LNG supplies, Nadeem Babar, the head of Prime Minister Imran Khan's task force on energy reforms, told Reuters.

"They're discussing LNG sales. They're entering this business," he said. "Aramco is starting an LNG trade operation, and we are in discussion over all aspects, including terms and quantity, etc."

Aramco doesn't currently produce LNG, and any such sale would be first of its kind. Aramco didn’t immediately respond to a request for comment.

Saudi Aramco Chief Executive Amin Nasser said in February that Saudi Arabia aims to export 3 billion cubic feet per day of gas before 2030 via both pipelines and LNG tankers.

Pakistan's demand for LNG could more than triple in the next three to five years, the chief executive of Pakistan LNG said last month, adding that Islamabad was expected to negotiate a few more long-term contracts to import LNG into the country.

Last year, Pakistan imported nearly 7 tonnes of LNG, data from Refinitiv Eikon shows. This year, that could grow to as high as 15 million tonnes and to up to 25 million to 30 million tonnes over the next three to five years, said Adnan Gilani, managing director and chief executive of Pakistan LNG.

Pakistan LNG is a state-owned company that buys LNG from the international market to supply to the domestic market.

Pakistan's two import terminals have a regas capacity of 1.2 billion to 1.3 billion cubic feet of gas per day, or about 9 million to 10 million tonnes of LNG a year, according to Gilani's presentation at the LNGA 2019 conference in Singapore.

A delegation from the world's largest crude oil producer, Saudi Aramco, is in Pakistan for discussions on what would be its first-ever liquefied natural gas (LNG) shipments, a top Pakistani official said on Friday.

A delegation from the world's largest crude oil producer, Saudi Aramco, is in Pakistan for discussions on what would be its first-ever liquefied natural gas (LNG) shipments, a top Pakistani official said on Friday. Pakistan is facing an energy crisis with repeated power blackouts and gas supply outages that led to the sacking of the heads of two of its main gas distribution utilities in January. The Saudi delegation, which arrived on Thursday, was discussing LNG supplies, Nadeem Babar, the head of Prime Minister Imran Khan's task force on energy reforms, told Reuters. "They're discussing LNG sales. They're entering this business," he said. "Aramco is starting an LNG trade operation, and we are in discussion over all aspects, including terms and quantity, etc." Aramco doesn't currently produce LNG, and any such sale would be first of its kind. Aramco didn’t immediately respond to a request for comment. Saudi Aramco Chief Executive Amin Nasser said in February that Saudi Arabia aims to export 3 billion cubic feet per day of gas before 2030 via both pipelines and LNG tankers. Pakistan's demand for LNG could more than triple in the next three to five years, the chief executive of Pakistan LNG said last month, adding that Islamabad was expected to negotiate a few more long-term contracts to import LNG into the country. Last year, Pakistan imported nearly 7 tonnes of LNG, data from Refinitiv Eikon shows. This year, that could grow to as high as 15 million tonnes and to up to 25 million to 30 million tonnes over the next three to five years, said Adnan Gilani, managing director and chief executive of Pakistan LNG. Pakistan LNG is a state-owned company that buys LNG from the international market to supply to the domestic market. Pakistan's two import terminals have a regas capacity of 1.2 billion to 1.3 billion cubic feet of gas per day, or about 9 million to 10 million tonnes of LNG a year, according to Gilani's presentation at the LNGA 2019 conference in Singapore.

Saudi Aramco team in Pakistan for talks on first liquefied natural gas deals: Official

Saudi Aramco, the world's largest oil company, posted $224 billion in earnings before tax last year, Fitch Ratings said Monday, as the secretive giant opens its accounts for the first time.

Fitch assigned Aramco its first-ever credit rating -- a stable A+ -- as the state oil giant prepares to sell bonds to help finance the purchase of a majority stake in Saudi petrochemicals behemoth SABIC.

The huge deal gives Crown Prince Mohammed bin Salman's ambitious reform programme aimed at diversifying the economy a massive cash boost.

On Thursday Aramco said it was buying a 70-per cent stake in SABIC for $69.1 billion, effectively merging the kingdom's two largest companies.

As a result, it has opened up its accounts for the first time since its nationalisation more than 40 years ago, granting access to international rating agencies Fitch and Moody's.

Fitch gave an A+ credit rating to Aramco because a large portion of the company's earnings is taken by the Saudi government, which depends on it for around 70 per cent of its projected state revenues of $260 billion.

Based on its finances, massive hydrocarbon reserves and low production cost, its stand-alone rating would have been a top AA+ on an equal footing with international oil companies.

Fitch said it expected Aramco, which has an abundance of cash flow and low debt, to finance the SABIC deal mainly through its free cash flow.

"Saudi Aramco is the world's largest oil producer by volume, the only oil producer in Saudi Arabia (outside of the neutral zone between Saudi Arabia and Kuwait), and the custodian of the kingdom's vast reserves," Fitch said.

"Its 2018 liquids production and its total hydrocarbon production averaged 11.6 million and 13.6 million barrels of oil equivalent per day, respectively, well ahead of the upstream output of global and regional integrated producers," such as Abu Dhabi ADNOC, Royal Dutch Shell, France's Total and Britain's BP, the agency said.

Aramco estimates its proven oil reserves at 227 billion barrels and its total hydrocarbon reserves at 257 billion barrels of oil equivalent, which implies a reserve life of 52 years -- a comfortable level by international standards, Fitch said.

Fitch expects that Aramco's debt will rise from around $15 billion currently to around $35 billion by 2021.

The agency said the acquisition of SABIC, the world's fourth largest chemical producer, "fits into the company's vertical integration strategy," and helps diversify earnings while having a limited impact on Saudi Aramco's leverage.

Fitch said that based on information received from Aramco, the planned sale of up to five per cent of Aramco through an IPO still stands and is likely to take place in 2021.

Saudi Aramco, the world's largest oil company, posted $224 billion in earnings before tax last year, Fitch Ratings said Monday, as the secretive giant opens its accounts for the first time.

Saudi Aramco, the world's largest oil company, posted $224 billion in earnings before tax last year, Fitch Ratings said Monday, as the secretive giant opens its accounts for the first time. Fitch assigned Aramco its first-ever credit rating -- a stable A+ -- as the state oil giant prepares to sell bonds to help finance the purchase of a majority stake in Saudi petrochemicals behemoth SABIC. The huge deal gives Crown Prince Mohammed bin Salman's ambitious reform programme aimed at diversifying the economy a massive cash boost. On Thursday Aramco said it was buying a 70-per cent stake in SABIC for $69.1 billion, effectively merging the kingdom's two largest companies. As a result, it has opened up its accounts for the first time since its nationalisation more than 40 years ago, granting access to international rating agencies Fitch and Moody's. Fitch gave an A+ credit rating to Aramco because a large portion of the company's earnings is taken by the Saudi government, which depends on it for around 70 per cent of its projected state revenues of $260 billion. Based on its finances, massive hydrocarbon reserves and low production cost, its stand-alone rating would have been a top AA+ on an equal footing with international oil companies. Fitch said it expected Aramco, which has an abundance of cash flow and low debt, to finance the SABIC deal mainly through its free cash flow. "Saudi Aramco is the world's largest oil producer by volume, the only oil producer in Saudi Arabia (outside of the neutral zone between Saudi Arabia and Kuwait), and the custodian of the kingdom's vast reserves," Fitch said. "Its 2018 liquids production and its total hydrocarbon production averaged 11.6 million and 13.6 million barrels of oil equivalent per day, respectively, well ahead of the upstream output of global and regional integrated producers," such as Abu Dhabi ADNOC, Royal Dutch Shell, France's Total and Britain's BP, the agency said. Aramco estimates its proven oil reserves at 227 billion barrels and its total hydrocarbon reserves at 257 billion barrels of oil equivalent, which implies a reserve life of 52 years -- a comfortable level by international standards, Fitch said. Fitch expects that Aramco's debt will rise from around $15 billion currently to around $35 billion by 2021. The agency said the acquisition of SABIC, the world's fourth largest chemical producer, "fits into the company's vertical integration strategy," and helps diversify earnings while having a limited impact on Saudi Aramco's leverage. Fitch said that based on information received from Aramco, the planned sale of up to five per cent of Aramco through an IPO still stands and is likely to take place in 2021.

Saudi Aramco 'made $224 billion profit' last year

As the world waits for US President Donald Trump’s decision on the Iran nuclear deal, the Gulf oil diplomacy is in full play.

Reports say the Saudi Arabia is backing sanctions on Iran as it wants to push crude prices to around $100 a barrel.

Analysts believe Saudi Arabia aims to see much higher oil prices to overcome its domestic financial difficulties and raise the valuation of state oil giant Aramco ahead of a planned five-per cent IPO.

Rising crude will give a high valuation to Aramco, thereby giving more money to Saudi government. Saudi Aramco had net income of $33.8 billion in the first six months of 2017 and cash flows of $52.1 billion. Crown Prince Mohammed bin Salman, who has made the Aramco IPO a cornerstone of Saudi economic 2030 reform, wants to raise a record $100 billion by selling a five per cent stake in the company on local and foreign exchanges.

It would give Aramco a market capitalisation of $2 trillion, the biggest achieved by any company and dwarfing peers such as Exxon Mobil and Royal Dutch Shell.

After prices hit $70 a barrel, the kingdom "is thought to be unofficially gunning for $80 a barrel, with some even suggesting that it favours a return to $100 (a barrel) oil", Stephen Brennock of PVM Oil Associates said.

"As well as helping to reduce the Saudi government balance sheet, a further spike in prices would act as a boon for the impending Aramco IPO," Brennock said.

"This is why Saudi Arabia is intentionally keeping the supply of oil tight," German banking and financial services company Commerzbank said.

Iran, on the other hand, does not support the relentless rise in crude prices and has already signalled a sharp split with regional foe Saudi Arabia that wants high crude prices.

Iran believes that $60 to $65 a barrel constitutes a “suitable price” for oil. But its outlook contrasts sharply with the Saudi-led organization of the petroleum exporting countries or OPEC, which is targeting prices closer to $80 a barrel.

The OPEC, however, does not have a price target for oil. "We never have a price target ... Prices are determined by the market," said Saudi Energy Minister Khaled al-Faleh who warned against the danger of price fluctuations, saying "volatility is our enemy."

OPEC and non-OPEC producers struck a deal in late 2016 to trim production by 1.8 million barrels per day to reduce a global glut that sent prices crashing.

The deal, which is due to run out at the end of this year, has helped boost oil prices to above $70 a barrel from below $30 in early 2016.

Iran does not support the relentless rise in crude prices.

As the world waits for US President Donald Trump’s decision on the Iran nuclear deal, the Gulf oil diplomacy is in full play. Reports say the Saudi Arabia is backing sanctions on Iran as it wants to push crude prices to around $100 a barrel. Analysts believe Saudi Arabia aims to see much higher oil prices to overcome its domestic financial difficulties and raise the valuation of state oil giant Aramco ahead of a planned five-per cent IPO. Rising crude will give a high valuation to Aramco, thereby giving more money to Saudi government. Saudi Aramco had net income of $33.8 billion in the first six months of 2017 and cash flows of $52.1 billion. Crown Prince Mohammed bin Salman, who has made the Aramco IPO a cornerstone of Saudi economic 2030 reform, wants to raise a record $100 billion by selling a five per cent stake in the company on local and foreign exchanges. It would give Aramco a market capitalisation of $2 trillion, the biggest achieved by any company and dwarfing peers such as Exxon Mobil and Royal Dutch Shell. After prices hit $70 a barrel, the kingdom "is thought to be unofficially gunning for $80 a barrel, with some even suggesting that it favours a return to $100 (a barrel) oil", Stephen Brennock of PVM Oil Associates said. "As well as helping to reduce the Saudi government balance sheet, a further spike in prices would act as a boon for the impending Aramco IPO," Brennock said. "This is why Saudi Arabia is intentionally keeping the supply of oil tight," German banking and financial services company Commerzbank said. Iran, on the other hand, does not support the relentless rise in crude prices and has already signalled a sharp split with regional foe Saudi Arabia that wants high crude prices. Iran believes that $60 to $65 a barrel constitutes a “suitable price” for oil. But its outlook contrasts sharply with the Saudi-led organization of the petroleum exporting countries or OPEC, which is targeting prices closer to $80 a barrel. The OPEC, however, does not have a price target for oil. "We never have a price target ... Prices are determined by the market," said Saudi Energy Minister Khaled al-Faleh who warned against the danger of price fluctuations, saying "volatility is our enemy." OPEC and non-OPEC producers struck a deal in late 2016 to trim production by 1.8 million barrels per day to reduce a global glut that sent prices crashing. The deal, which is due to run out at the end of this year, has helped boost oil prices to above $70 a barrel from below $30 in early 2016.

Ahead of US decision on Iran deal, a look at Gulf oil diplomacy

Saudi Aramco, the world's biggest oil company, on Wednesday announced a $44-billion deal to build a giant refinery complex in India with three Indian oil majors.

The refinery at Ratnagiri in Maharashtra will be handle up to 1.2 million barrels of oil a day, the Saudi company said in a statement after signing a memorandum of understanding with Indian Oil Corporation, Bharat Petroleum Corporation and Hindustan Petroleum Corporation.

The Ratnagiri complex "will rank among the largest world refining and petrochemicals projects and will be designed to meet India's fast-growing fuels and petrochemicals demand. The project cost is estimated at around $44 billion."

The Indian accord is just the latest in a string of deals — with French, US and Malaysia companies — announced by Aramco as it seeks to secure buyers for its oil.

Saudi Arabia is the world's second-biggest oil producer behind Russia, according to the International Energy Agency, while Aramco is the biggest company putting oil on the world market currently awash with the product.

"Investing in India is a key part of our company's global downstream strategy and another milestone in our growing relationship with India," said Saudi Aramco president Amin Nasser.

"The signing marks a significant development in India's oil and gas sector, enabling a strategic joint venture and investment partnership that will serve India's fast-growing demand for transportation fuels and chemical products.

"Participating in this mega project will allow Saudi Aramco to go beyond our crude oil supplier role to a fully integrated position that may help usher in other areas of collaboration, such as refining, marketing, and petrochemicals for India's future energy demands," said Nasser.

Indian Oil, Bharat Petroleum and Hindustan Petroleum have set up a joint venture for the deal with Aramco, Ratnagiri Refinery and Petrochemicals Ltd.

Aramco said it may "seek to include a strategic partner to co-invest in the mega refinery".

Aramco and French firm Total this week announced a $5 billion deal to build a refinery at Jubail in Saudi Arabia.

Last month the Saudi firm awarded more than $8 billion worth of contracts to US firms to boost its US refinery operations.

Aramco has also pledged billions of dollars for deals in Malaysia and Indonesia in the past year.

The hotly-awaited stock market debut of the Saudi energy giant will be launched in 2018 or 2019, depending on the market, the kingdom's finance minister told AFP on Tuesday.

"If the market is ready in 2018, we will go in 2018. If not, we will wait until 2019," Mohammed al-Jadaan said of the giant initial public offering.

"We are not desperate for listing. We will only list when the market is right," he said.

The Aramco chief said last month that the company was on track for a 2018 listing, but that the date and venue would be decided by the company's state owner.

Jadaan said the government had not yet decided whether to list Aramco on the Saudi exchange alone, on a stock market abroad or seek a dual listing.

Saudi authorities plan to list five per cent of Aramco but the company has struggled to arrive at the $2 trillion valuation sought by Saudi Crown Prince Mohammed bin Salman.

The Indian accord is just the latest in a string of deals — with French, US and Malaysia companies — announced by Aramco as it seeks to secure buyers for its oil.

Saudi Aramco, the world's biggest oil company, on Wednesday announced a $44-billion deal to build a giant refinery complex in India with three Indian oil majors. The refinery at Ratnagiri in Maharashtra will be handle up to 1.2 million barrels of oil a day, the Saudi company said in a statement after signing a memorandum of understanding with Indian Oil Corporation, Bharat Petroleum Corporation and Hindustan Petroleum Corporation. The Ratnagiri complex "will rank among the largest world refining and petrochemicals projects and will be designed to meet India's fast-growing fuels and petrochemicals demand. The project cost is estimated at around $44 billion." The Indian accord is just the latest in a string of deals — with French, US and Malaysia companies — announced by Aramco as it seeks to secure buyers for its oil. Saudi Arabia is the world's second-biggest oil producer behind Russia, according to the International Energy Agency, while Aramco is the biggest company putting oil on the world market currently awash with the product. "Investing in India is a key part of our company's global downstream strategy and another milestone in our growing relationship with India," said Saudi Aramco president Amin Nasser. "The signing marks a significant development in India's oil and gas sector, enabling a strategic joint venture and investment partnership that will serve India's fast-growing demand for transportation fuels and chemical products. "Participating in this mega project will allow Saudi Aramco to go beyond our crude oil supplier role to a fully integrated position that may help usher in other areas of collaboration, such as refining, marketing, and petrochemicals for India's future energy demands," said Nasser. Indian Oil, Bharat Petroleum and Hindustan Petroleum have set up a joint venture for the deal with Aramco, Ratnagiri Refinery and Petrochemicals Ltd. Aramco said it may "seek to include a strategic partner to co-invest in the mega refinery". Aramco and French firm Total this week announced a $5 billion deal to build a refinery at Jubail in Saudi Arabia. Last month the Saudi firm awarded more than $8 billion worth of contracts to US firms to boost its US refinery operations. Aramco has also pledged billions of dollars for deals in Malaysia and Indonesia in the past year. The hotly-awaited stock market debut of the Saudi energy giant will be launched in 2018 or 2019, depending on the market, the kingdom's finance minister told AFP on Tuesday. "If the market is ready in 2018, we will go in 2018. If not, we will wait until 2019," Mohammed al-Jadaan said of the giant initial public offering. "We are not desperate for listing. We will only list when the market is right," he said. The Aramco chief said last month that the company was on track for a 2018 listing, but that the date and venue would be decided by the company's state owner. Jadaan said the government had not yet decided whether to list Aramco on the Saudi exchange alone, on a stock market abroad or seek a dual listing. Saudi authorities plan to list five per cent of Aramco but the company has struggled to arrive at the $2 trillion valuation sought by Saudi Crown Prince Mohammed bin Salman.

Saudi Aramco's $44-billion deal may change the entire oil game for India

India is set to grant Saudi Aramco a 50 per cent stake in a planned 1.2 million-barrel-per-day (bpd) refinery in Ratnagiri in Maharashtra, said an industry source with knowledge of the deal, a move that would give the kingdom a new outlet for its oil.

A preliminary agreement will be announced on Wednesday during a visit by Saudi oil minister Khalid al-Falih and Aramco CEO Amin Nasser`s to New Delhi, two separate sources told Reuters on condition of anonymity. Falih is attending the International Energy Forum in Delhi.

A memorandum of understanding (MoU) will be signed by Nasser on Wednesday, the sources said.&nbsp

Aramco, like other major producers, wants to tap rising demand growth and invest in the world`s third-biggest oil consumer. Last year it opened an office in New Delhi.&nbsp

India outlined plans in February to expand its refining capacity by 77 per cent to about 8.8 million bpd by 2030.&nbsp

"There are some last minute negotiations on small issues, but both countries are almost ready to announce a deal," the first source told Reuters.

Aramco did not immediately respond to a request for comment.&nbsp

Representatives of Aramco held a marathon meeting with their counterparts from Indian companies on Tuesday.&nbsp

Indian companies - Indian Oil, Hindustan Petroleum and Bharat Petroleum - have floated a joint-venture Ratnagiri Refinery & Petrochemicals (RRPL), to build the proposed refinery in Maharashtra.

B. Ashok, chief executive officer of RRPL, who attended the meeting with Aramco declined to comment on the discussions.&nbsp

Saudi Aramco, the world`s biggest oil producer, is moving to invest in refineries overseas to help lock in demand for its crude, and expand its market share ahead of an initial public offering that is expected later this or next year.&nbsp

During a visit to Delhi in February, Falih had said Saudi Arabia would also sign oil supply deals as part of the agreement to buy stakes in Indian refineries, a strategy the kingdom has adopted to expand its market share in Asia and fend off rivals.

Last year, Saudi Arabia pledged billions of dollars of investments in refinery projects in Indonesia and Malaysia that came with long-term crude oil supply deals.

Saudi Arabia is competing with Iraq to be India`s top oil supplier. Iraq displaced Saudi Arabia for the first time on an annual basis in 2017, data compiled by Reuters showed.

A memorandum of understanding (MoU) will be signed by Nasser on Wednesday, the sources said

India is set to grant Saudi Aramco a 50 per cent stake in a planned 1.2 million-barrel-per-day (bpd) refinery in Ratnagiri in Maharashtra, said an industry source with knowledge of the deal, a move that would give the kingdom a new outlet for its oil. A preliminary agreement will be announced on Wednesday during a visit by Saudi oil minister Khalid al-Falih and Aramco CEO Amin Nasser`s to New Delhi, two separate sources told Reuters on condition of anonymity. Falih is attending the International Energy Forum in Delhi. A memorandum of understanding (MoU) will be signed by Nasser on Wednesday, the sources said. Aramco, like other major producers, wants to tap rising demand growth and invest in the world`s third-biggest oil consumer. Last year it opened an office in New Delhi. India outlined plans in February to expand its refining capacity by 77 per cent to about 8.8 million bpd by 2030. "There are some last minute negotiations on small issues, but both countries are almost ready to announce a deal," the first source told Reuters. Aramco did not immediately respond to a request for comment. Representatives of Aramco held a marathon meeting with their counterparts from Indian companies on Tuesday. Indian companies - Indian Oil, Hindustan Petroleum and Bharat Petroleum - have floated a joint-venture Ratnagiri Refinery & Petrochemicals (RRPL), to build the proposed refinery in Maharashtra. B. Ashok, chief executive officer of RRPL, who attended the meeting with Aramco declined to comment on the discussions. Saudi Aramco, the world`s biggest oil producer, is moving to invest in refineries overseas to help lock in demand for its crude, and expand its market share ahead of an initial public offering that is expected later this or next year. During a visit to Delhi in February, Falih had said Saudi Arabia would also sign oil supply deals as part of the agreement to buy stakes in Indian refineries, a strategy the kingdom has adopted to expand its market share in Asia and fend off rivals. Last year, Saudi Arabia pledged billions of dollars of investments in refinery projects in Indonesia and Malaysia that came with long-term crude oil supply deals. Saudi Arabia is competing with Iraq to be India`s top oil supplier. Iraq displaced Saudi Arabia for the first time on an annual basis in 2017, data compiled by Reuters showed.

India ready to give Saudi Aramco 50% stake in planned mega refinery in Ratnagiri

The island-nation of Mauritius has started buying fuel from Saudi Arabia&#39;s state-owned oil company Saudi Aramco after a court ordered a ban on Indian fuel supplies because of a dispute between the country and a shipping firm.

For years, Indian oil refiner Mangalore Refinery and Petrochemicals Ltd (MRPL) has been the sole supplier to Mauritius of fuels such as gasoline and diesel. However, an Indian court has ordered a ship loaded with fuel from MRPL for the island to stay in port until the Mauritian government settles an outstanding $120 million payment to shipper Betamax over a contract dispute.&nbsp;

Mauritian Trade Minister Ashit Gungah told reporters on Thursday in the country&#39;s capital of Port St. Louis that Aramco will supply fuel.&nbsp;&quot;I can reassure the population and economic operators that we have sufficient stock of fuel&quot;, he said. &quot;A first tanker is expected in the country during the weekend and two more tankers will arrive next week. A fourth tanker is due by mid-December&quot;.&nbsp;He further said the supplies would be sufficient to meet demand until January 2018.

&quot;Other friendly countries have also accepted to help Mauritius&quot;, Gungah said.&nbsp;The fuel issues stem from a dispute between the State Trading Corporation of Mauritius (STCM), which buys fuel from MRPL, and Mauritian-based shipper Betamax.

STCM in 2009 signed a 15-year contract with Betamax to transport fuels from MRPL in the southern the Indian state of Karnataka to Port Louis. The contract was worth 8 billion Mauritius rupees ($238 million), according to local media reports.&nbsp;But in 2015 it terminated the contract with Betamax.

The company won a case in June against STCM for premature termination at the Singapore International Arbitration Centre that awarded Betamax more than $120 million.&nbsp;Betamax pressed the case at the Karnataka High Court after STCM did not make payment.

A Karnataka court order reviewed by Reuters directed port authorities at Mangalore &quot;to refrain from providing any clearance&quot; to the tanker Pacific Diamond from leaving India with 40,000 tonnes of unspecified petroleum product for delivery to STCM.&nbsp;The ship is to be held until the next hearing on the matter on Monday, the order said.&nbsp;

Betamax can enforce the arbitration award against STCM&#39;s assets in any country where the award is enforceable.&nbsp;MRPL exports about 1.2 million tonnes of refined fuels to Mauritius a year.&nbsp;MRPL will look at exporting the surplus fuel if the ban continues on supplies to Port Louis, a company official said on condition of anonymity.&nbsp;

An MRPL spokesman declined to comment on the matter while Saudi Aramco did not immediately reply to an e-mail.&nbsp;

After Indian court ordered an oil tanker loaded with fuel for Mauritius to stay in port until all outstanding has been settled, Mauritius buys fuel from Saudi Arabia

The island-nation of Mauritius has started buying fuel from Saudi Arabia's state-owned oil company Saudi Aramco after a court ordered a ban on Indian fuel supplies because of a dispute between the country and a shipping firm. For years, Indian oil refiner Mangalore Refinery and Petrochemicals Ltd (MRPL) has been the sole supplier to Mauritius of fuels such as gasoline and diesel. However, an Indian court has ordered a ship loaded with fuel from MRPL for the island to stay in port until the Mauritian government settles an outstanding $120 million payment to shipper Betamax over a contract dispute. Mauritian Trade Minister Ashit Gungah told reporters on Thursday in the country's capital of Port St. Louis that Aramco will supply fuel. "I can reassure the population and economic operators that we have sufficient stock of fuel", he said. "A first tanker is expected in the country during the weekend and two more tankers will arrive next week. A fourth tanker is due by mid-December". He further said the supplies would be sufficient to meet demand until January 2018. "Other friendly countries have also accepted to help Mauritius", Gungah said. The fuel issues stem from a dispute between the State Trading Corporation of Mauritius (STCM), which buys fuel from MRPL, and Mauritian-based shipper Betamax. STCM in 2009 signed a 15-year contract with Betamax to transport fuels from MRPL in the southern the Indian state of Karnataka to Port Louis. The contract was worth 8 billion Mauritius rupees ($238 million), according to local media reports. But in 2015 it terminated the contract with Betamax. The company won a case in June against STCM for premature termination at the Singapore International Arbitration Centre that awarded Betamax more than $120 million. Betamax pressed the case at the Karnataka High Court after STCM did not make payment. A Karnataka court order reviewed by Reuters directed port authorities at Mangalore "to refrain from providing any clearance" to the tanker Pacific Diamond from leaving India with 40,000 tonnes of unspecified petroleum product for delivery to STCM. The ship is to be held until the next hearing on the matter on Monday, the order said. Betamax can enforce the arbitration award against STCM's assets in any country where the award is enforceable. MRPL exports about 1.2 million tonnes of refined fuels to Mauritius a year. MRPL will look at exporting the surplus fuel if the ban continues on supplies to Port Louis, a company official said on condition of anonymity. An MRPL spokesman declined to comment on the matter while Saudi Aramco did not immediately reply to an e-mail.

Mauritius turns to Saudi fuel cargoes after court bans Indian supplies

saudi-aramco

Saudi Aramco, News on Saudi Aramco, stories on Saudi Aramco, articles on Saudi Aramco, Saudi Aramco stories at Wion, Saudi Aramco news, Saudi Aramco latest news

saudi aramco

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

World's biggest share sale is underway, Day 5 of Saudi Aramco's share sale concludes

World's biggest initial public offering: Saudi Aramco seeks $1.71 trillion in valuation

Saudi Aramco seeks valuation of $1.7 trillion

Saudi Aramco stock offering to launch November 17

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

Gravitas: Saudi Arabia Launches Aramco IPO

Saudi regulator approves Aramco share offering

WION travels to Saudi Aramco's Khurais & Abqaiq facilities

Saudi Aramco restores oil output earlier than expected: sources

Saudi Aramco has emerged from attacks 'stronger than ever': CEO

Saudi Aramco has emerged from attacks 'stronger than ever': CEO

Oil steadies after Saudi pledges to restore output lost in attacks

Extremely concerned over escalating tensions after drone strike: NATO

WION Dispatch: Houthis warns Saudi to stop its aggression on Yemen

'No supply disruption to India': Union Minister Dharmendra Pradhan after attack on Saudi's oil facilities

Yemen's Houthis say Saudi Aramco's oil processing plants still a target

Saudi oil facilities hit by drone strikes

Reliance shares see biggest intraday rise in decade; rivals hit by disruption worries

Reliance to sell 20% stake in oil to chemicals business to Saudi Aramco

Saudi Arabia may cut crude oil prices to Asia in September

Saudi Aramco team in Pakistan for talks on first liquefied natural gas deals: Official

Saudi Aramco 'made $224 billion profit' last year

Ahead of US decision on Iran deal, a look at Gulf oil diplomacy

Saudi Aramco's $44-billion deal may change the entire oil game for India

India ready to give Saudi Aramco 50% stake in planned mega refinery in Ratnagiri