Saudi oil giant Aramco will buy an equity stake in Malaysian firm Petronas' major refining and petrochemical project, pumping in $7 billion in its biggest downstream investment outside the kingdom, the companies said on Tuesday.
The deal will boost Aramco's downstream business ahead of a planned initial public offering next year and also bolsters Malaysia's state-controlled Petroliam Nasional Bhd—known as Petronas—after it cut spending because of the slump in oil prices, Reuters reported. In a joint statement, the firms said Aramco will take a 50% stake in select ventures and assets in the refinery and petrochemical integrated development project developed by Petronas. Signing of the deal was witnessed by Malaysian Prime Minister Najib Razak and Saudi King Salman, currently on a state visit to Malaysia—the first in over a decade. "Malaysia offers tremendous growth opportunities and today's agreement further strengthens Saudi Aramco's position as the leading supplier of petroleum feedstock to Malaysia and Southeast Asia," Aramco CEO Amin Nasser said.
The UK’s crude oil loadings remained below 800,000 barrels per day for the third month in a row in February, while authorities expect Britain’s crude production to decline through at least 2024, Fotios Katsoulas, Liquid Bulk Principal Analyst, Maritime and Trade at IHS Markit, said.
Investments needed to ensure stability in the global oil industry are returning after a downturn, but the pace is still slow, OPEC Secretary General Mohammed Barkindo said.
National Iranian Oil Company is discreetly scouring the globe for second-hand oil tankers to replace its ageing fleet and keep crucial crude exports flowing as US sanctions start to bite, Iranian and western sources said.
State-owned National Iranian Oil Company has raised the official selling price differentials for all of its four crude oil grades loading in April and headed to Asia, a company source told S&P Global Platts Wednesday.
Germany produced 10.3 million tons of oil and 26.1 billion cubic meters of gas in 2018, both down 3% year-on-year, industry association BVEG data showed on Tuesday.
Tehran and Baghdad signed 5 memoranda of understanding (MoU) to give momentum to the expansion of bilateral cooperation in various economic and healthcare sectors.