Saudi energy giant Aramco witnessed a 44% increase in its Q2 2026 profits, as it faced windfall from higher crude oil prices, ‌refined products and chemicals while forced to reroute shipments to avoid the war-hit Strait of Hormuz.

The world’s top oil exporter posted net profit of USD 32.69 billion in the three months ended June 30, compared with USD 22.67 billion a year earlier.

Aramco said it maintained a supply reliability rate of 98.4% during the quarter despite continued geopolitical uncertainty in ‌the ⁠wider Gulf region.

The energy major’s adjusted net income during the quarter stood at USD 33.4 billion. For the H1 (first half) of 2026, the total number was USD 67.2 billion.

Cash flow from operating activities stood at USD 25.4 billion and USD 56.2 billion for Q2 and H1, respectively. Free cash flow, on the other hand, was at USD 12.3 billion and USD 30.9 billion at the same timeframes.

The post Aramco posts 44% profit rise as higher oil prices boost energy sector earnings appeared first on International Finance.

Other significant players were Embark Ventures, The Grantham Foundation for the Protection of the Environment, Massachusetts Clean Energy Centre (MassCEC), Safar Partners, Climate Investment and Marathon Petroleum Corporation. The venture will now use the fresh capital to scale its business, apart from financing the deployment of a modular filtration platform into the refining and chemical sectors.

Via Separations’ expertise lies in providing filtration systems designed to lower energy use in industrial separation processes by up to 90%, apart from significantly reducing emissions in industrial processing.

Electrifying Heat-based Separation

“Via Separations is a membrane technology company driving the transition from expensive, energy-intensive thermal separations to efficient, lower-cost filtration. Via is operating at commercial scale, delivering value to industrial customers today with no green premium. Via Separations is a membrane technology company driving the transition from expensive, energy-intensive thermal separations to efficient, lower-cost filtration. Via is operating at commercial scale, delivering value to industrial customers today with no green premium,” the start-up explained itself through these words.

Via electrifies heat-based separation with modular filtration systems that integrate directly with existing industrial equipment, reducing the energy required for chemical separations in the process.

“These thermal separation steps account for roughly 12% of global energy use, driving significant fuel and steam demand across industrial separations. By replacing them with a mechanically driven membrane process, Via’s system can reduce energy use at the separation step by up to 90%, delivering lower operating costs, higher uptime, and a more flexible pathway to energy efficiency and electrification,” Via Separations remarked.

Via Separations’ membrane technology uses up to 90% less energy than traditional evaporation or distillation because it is a physical separation, rather than a thermal process. In the start-up’s language, “these membranes work like a coffee filter or pasta strainer, but for chemicals.”

These materials are made of a unique source called graphene oxide (GO), which is extremely stable in nature, ensuring the membranes withstand high temperature and corrosive process conditions, where typical polymer membranes don’t work at all. Via Separations has already proven the membrane technology at commercial scale in the pulp and paper sector, approaching two years of continuous operation at a Canadian pulp mill. The start-up is now expanding the technology’s deployment into refining and chemicals, with hundreds of millions of dollars of capital projects in the commercial pipeline. In 2025, the company also completed a pilot at a major Gulf Coast refinery.

The Via Ecosystem

Through its filtration systems, the start-up is driving both bottom- and top-line improvements for its industrial customers, reducing energy costs, apart from providing operational flexibility and de-bottlenecking production.

The start-up has tuned its durable graphene oxide membranes to perform challenging industrial separations across markets. The start-up continued, “Complete system integrates Via membranes into customers’ existing processes in a compact footprint. Via systems deliver quality separations while reducing costs, energy, and production bottlenecks.”

A very good example of Via Separations’ industrial innovation has been its first commercial-scale Black Liquor Concentration System (BLCS), which is operational at the International Paper site in Grande Prairie, Alberta, Canada. The global pulp and paper industry, known for annually producing over 400 million tonnes of paper, packaging, and tissue from wood fibres and recycled materials, faces one challenge: black liquor recovery. We are talking about the most capital and energy-intensive component of a Kraft pulp mill, which burns waste cooking liquor (12%-15% solids) in a specialised boiler to produce energy (steam/electricity) and recover inorganic cooking chemicals.

To address the challenge, Via has created Black Liquor Concentration System (BLCS), which concentrates weak black liquor before evaporation, translating to cost savings and operational benefits for pulp mills.

“Via’s Black Liquor Concentration System (BLCS) displaces steam use in evaporators using a reverse-osmosis-like process to directly remove hot, clean water from weak black liquor (WBL). The compact BLCS integrates into existing mill footprints to concentrate WBL up to 40% solids,” the start-up said.

Via Separations’ efficient concentration process eliminates production bottlenecks and reduces the energy consumption of black liquor concentration by up to 50%. The technology, if widely deployed, will help pulp mills realise additional free cash flow in the millions of dollars per year.

In the petrochemical industry, despite heavy crudes becoming more prevalent, refineries are facing limited capabilities when it comes to processing the fuel due to the size of the vacuum distillation unit (VDU). To solve this, Via filtration system is increasing the VDU capacity, reducing costs and energy consumption while unlocking additional heavy crude processing capacity.

Via’s innovations have been expanding in the chemical manufacturing industry as well. Acid processing is a large market that touches both the chemicals and refining sectors. Knowing the potential, Via is looking to provide on-site processing of sulfuric acid, reducing costs and emissions while enabling recovery of acid-soluble oils (ASOs).

The post Start-up of the Week: Via Separations secures funding to deploy modular filtration appeared first on International Finance.

The CEO said, “Much of the promised progress has not been delivered, with many unintended consequences. Thankfully, it is finally shifting the narrative in three key ways. First, while EVs and renewables are growing, they are not even covering demand growth and remain small in absolute numbers… In reality, this is not a true energy transition; it’s an energy addition, which requires all hands on deck. Second, this reality is why every major forecaster is revising scenarios, with oil and gas locked in for decades, which I hope serves as the green light for long-term investments in both. Third, even in the Global North, the economic realities, technological limits, and public acceptance of the current transition plan are forcing some welcome policy U-turns.”

While shedding further light on Aramco’s growth strategy, Nasser remarked, “We are determined to remain dominant in oil thanks to a massive resource base, low costs, and one of the lowest upstream carbon intensities across the industry… We are accelerating in gas, as we have some of the world’s largest reserves, including significant potential in unconventional gas… And despite the current downturn, chemicals remain a key long-term growth area, with our proven strengths in feedstocks and conversion.”

Talking about the energy giant’s deployment of advanced technologies, Nasser continued, “We continue to deliver efficiency improvements and are further reducing our upstream carbon and methane intensities. We are deploying AI at scale, backed by major investments in infrastructure and top talent, as well as a USD 7 billion venture capital programme. Ultimately, our focus is on value as we invest in technology development, AI, and digital solutions… The same approach applies to our careful positioning in new energies, ready to scale up when commercially competitive. This balanced strategy is preparing us for a realistic future, delivering long-term value to our stakeholders and shareholders worldwide.”

Noting that the Kingdom holds a substantial share of the world’s spare oil capacity (idle supply that can quickly be brought to market), Nasser projected that global oil demand would rise by 1.1 million to 1.3 million bpd in 2025, and by 1.2 million to 1.4 million bpd in 2026.

Aramco, meanwhile, still views chemicals as a strategic growth area, even as rivals such as Shell and Exxon Mobil scale back operations. Nasser noted, “Despite the current downturn, chemicals remain a key long-term growth area, with our proven strengths in feedstocks and conversion.”

The company has been expanding its downstream and petrochemical portfolio to diversify revenue. In October 2025, it gained majority control of Petro Rabigh by acquiring a 22.5% stake from Sumitomo Chemical. In July this year, it bought a 10% stake in China’s Rongsheng Petrochemical for USD 3.4 billion, securing access to a 400,000-bpd refinery. Aramco is also building a USD 11 billion petrochemical complex with TotalEnergies at its existing Satorp refinery in Saudi Arabia.

The post Will stay dominant in oil, asserts Saudi Aramco CEO Amin Nasser appeared first on International Finance.

At the forefront of this transformation is ROSHN Group, a leading real estate developer in Saudi Arabia, dedicated to creating vibrant mixed-use communities that promote homeownership and enhance the quality of life for residents. By prioritising sustainable, high-quality residential developments equipped with essential amenities such as schools, parks, retail outlets and healthcare facilities, ROSHN is committed to fostering inclusive neighbourhoods tailored to the needs of modern families.

Highlighted projects like ALDANAH in Dhahran and the Makkah-based ALMANAR showcase ROSHN’s commitment to building inspirational living spaces throughout the Kingdom. ALDANAH, for instance, spans 1.7 million square metres and comprises 2,500 homes, while ALMANAR, situated in Makkah, offers 4,149 residential units within a 2.5 million square metre community. Strategically situated, these developments provide residents with convenient access to vital services and transportation networks.

ROSHN’s strategy of collaborating with local and international partners not only enhances its market presence but also contributes significantly to the region’s economic development. For investors looking to capitalise on Saudi Arabia’s expanding real estate sector, driven by demographic shifts and government initiatives to boost housing availability, investing in ROSHN represents a strategic opportunity. Through its innovative vision and commitment to community development, ROSHN is poised to shape the future of urban living in Saudi Arabia.

However, ROSHN’s dedication to quality of life and national development extends beyond the construction of residential structures. Recently, ROSHN announced plans for a landmark 45,000-seat stadium in Southwest Riyadh, covering over 450,000 square metres. This mixed-use development will encompass a diverse array of retail, dining, and hospitality options, all designed around a central sports and events arena, fostering an open and cohesive environment. The ROSHN Stadium is set to become an architectural icon, featuring a striking crystalline structure that harmonises with the urban landscape while paying homage to the architectural heritage of Saudi Arabia’s central region.

This stadium signifies a pivotal moment in ROSHN’s venture into mixed-use developments, particularly within the sports sector. It underscores the Group’s unwavering commitment to enhancing quality of life through sustainable real estate initiatives, aligning with the goals of Saudi Vision 2030. Visitors will benefit from comprehensive sports facilities, pedestrian-friendly walkways, and public green spaces, establishing the stadium as a dynamic community hub.

Designed to meet the rigorous standards required for major international sporting events, the ROSHN Stadium will also serve as a venue for diverse entertainment, cultural, and social activities. Its sustainable architecture integrates advanced water and energy management technologies, including solar panels, and features a roof engineered to optimise airflow for ventilation and daylight control.

Additionally, ROSHN has partnered with Aramco, a global leader in integrated energy and chemicals, to develop the Aramco Stadium, a 47,000-seat venue in Khobar, located in Saudi Arabia’s Eastern Region. Set to be operational by 2026, the stadium will host numerous national and international events, including the highly anticipated 2027 AFC Asian Cup.

The design of Aramco Stadium draws inspiration from the Arabian Gulf, particularly the whirlpools that adorn its shores. This multifunctional facility will cater to both entertainment and sports, equipped with state-of-the-art amenities designed to the highest standards, ensuring inclusivity, safety, and sustainability. Upon completion, it is expected to become a premier national destination for sports and entertainment.

The development of sports infrastructure remains a cornerstone of Saudi Arabia’s Quality-of-Life Programme and Vision 2030. Initiatives like the Aramco Stadium are aimed at increasing public engagement in sports, enhancing national performance on the international stage, and bolstering the sports economy.

The post ROSHN’s sustainable developments: A new era in Saudi living appeared first on International Finance.

These harsh facts include the necessity of restarting international efforts to achieve climate goals, the failure of alternatives to date to replace hydrocarbons on a large scale, the expenses of alternatives, the need for energy in the Global South, and the possibility of additional emissions reductions from hydrocarbons, Amin H. Nasser, the Aramco President & CEO said at CERAWeek 2024 in Houston, Texas, USA.

CERAWeek is an annual conference. Every year, leaders, ministers, public policy officials, and CEOs from all over the world come together to exchange ideas, creative solutions, and insights about energy, climate change, and environmental issues.

At CERAWeek, which boasts over 1,400 knowledgeable speakers, over 8,000 representatives from the energy, utilities, automotive, manufacturing, policy, financial, and technology sectors are present.

“We should abandon the fantasy of phasing out oil and gas and instead invest in them adequately, reflecting realistic demand assumptions. We should ramp up our efforts to reduce carbon emissions, aggressively improve efficiency, and introduce lower carbon solutions,” Amin Nasser said, on reducing emissions from oil and gas, as reported by the Zawya.

“And we should phase in new energy sources and technologies when they are genuinely ready, economically competitive, and with the right infrastructure,” the official stated further.

“As the current transition strategy increasingly impacts the majority, not just a tiny minority, consumers around the world are sending powerful messages that can no longer be ignored,” Amin Nasser said, on the energy transition’s impact on consumers.

“We know they want energy with lower emissions, and rightly so. But many are struggling to afford the energy they need. And they worry about ample and reliable supply, which the recent energy crisis showed is not guaranteed…Unfortunately, the current transition strategy overlooks these broader messages from consumers. It focuses almost exclusively on replacing hydrocarbons with alternatives, more on sources than on reducing emissions,” he stated.

Amin Nasser also noted that the alternative energy sources have been unable to displace hydrocarbons at scale, despite the world investing more than USD 9.5 trillion over the past two decades.

“Wind and solar currently supply less than 4% of the world’s energy, while total electric vehicle penetration is less than 3%,” the official said further, while adding, “the share of hydrocarbons in the global energy mix has barely fallen in the 21st century from 83% to 80%.”

“Global demand has increased by 100 million barrels of oil equivalent per day during the same period and will reach an all-time high this year,” the Aramco boss observed further.

“Gas has grown 70% since the start of the century. The transition from coal to gas is responsible for two-thirds of the reductions in carbon emissions in the US,” Amin Nasser concluded.

The post Aramco CEO Amin Nasser calls for ‘new, practical pathway’ for energy transition appeared first on International Finance.

According to a statement released by Lumi, which is headquartered in Riyadh, the price range was established between 62 and 66 riyals per share, which would give the firm a worth of up to 3.63 billion riyals.

After a quiet summer, the Gulf initial public offering (IPO) market is expected to be put to the test by the share sale.

Seera is a Saudi travel firm that was originally known as Al Tayyar Travel Group. Lumi is an entirely owned subsidiary of Seera.

According to the prospectus for the auto rental company’s initial public offering, the company ranked itself as the third-biggest operator in the country in 2021, with a market share of approximately 7%, based on the size of its fleet.

In April 2023, anonymous sources told Reuters that Lumi had appointed Saudi Fransi Capital (1050. SE) as a financial advisor and book-runner as well as EFG Hermes as a book-runner to organize the sale of 30% of the company’s shares. (USD 1 is equivalent to 3.7510 riyals).

Meanwhile, the IPO of the Saudi drilling venture ADES, backed by the Kingdom’s Public Investment Fund (PIF), was oversubscribed within hours of announcing the price range.

ADES, which seeks to raise as much as 4.6 billion riyals (USD 1.2 billion). The IPO is set to be Saudi’s largest offering in 2023.

The range has been set at 12.5 riyals to 13.5 riyals a share, valuing the company at as much as 15.2 billion riyals, according to media reports. The oil and gas driller is selling 237.1 million new shares in the offering, while its shareholders, Public Investment Fund, ADES Investments Holding and Zamil Group Investment are reportedly selling about 101.6 million shares. The total stake being offered is 30% of the company.

The IPO got oversubscribed multiple times throughout the range and within hours of opening books, according to terms of the deal obtained by Bloomberg News.

The PIF teamed up with the major owners of then London-listed ADES to take the business private in 2021, in a deal valuing the company at about USD 516 million. ADES, whose services encompass the region of Middle East and North Africa (MENA), has grown tremendously in the last two years, as it currently has a fleet of 85 rigs and operations across seven countries, including India where three rigs will be operating in 2023, according to the ADES’ website.

The venture’s major clients include Saudi oil giant Aramco, Kuwait Oil Company and Qatar-based North Oil Company, which accounted for over 95% of ADES’ backlog as of the 2022 end.

The post Saudi Aramco’s Lumi sets price range for IPO, eyes USD 290 million target appeared first on International Finance.

Los Angeles-based Passage Pictures will produce ‘Sands of Fortune’, a historical drama about American geologist Max Steineke and Bedouin Khamis bin Rimthan, who built the country’s first oil well in 1938.

Bernie Campbell, a speechwriter and strategist in Saudi Arabia, wrote the film’s script.

According to Passage Pictures, ‘Sands of Fortune’ will star Americans and Saudis. The corporation told Deadline it is also in talks to work with local production companies.

Saudi Arabia discovered oil at 1,440 meters in the Dammam oilfield in March 1938. Aramco’s website says it began in 1933 with a “Concession Agreement between Saudi Arabia and the Standard Oil Company of California (SOCAL)”. This deal was managed by CASOC, a subsidiary.”

Chief geologist Steineke was hired to drill for oil. In ‘Birth of a Dream’, Aramco’s former CEO and President Thomas C. Barger identified local guide Khamis bin Rimthan as one of three employed by the team to aid with fieldwork in the May/June 1984 print edition of Saudi Aramco World magazine.

Barger said that Rimthan’s unique understanding of Saudi Arabia’s Rub Al Khali (Empty Quarter) led to the finding.

According to its official history, Aramco was founded in 1938 after the discovery of oil in the Dammam No. 7 well, afterwards nicknamed the ‘Prosperity Well’.

Saudi Aramco, the world’s largest oil producer, announced a net profit of 112.81 billion riyals (USD 30.07 billion) for Q2 2023, which ended June 30. Fortune magazine declared Saudi Aramco the most profitable in the world this month with USD 159 billion, the highest annual total for a Fortune Global 500 business.

The Saudi government has been actively marketing the country’s entertainment environment through high-profile collaborations and state-backed funds to attract foreign players.

In May, Saudi Arabia’s Cultural Development Fund announced two grants worth USD 180 million to strengthen the local film sector and attract Hollywood studios to the 2023 Cannes Film Festival.

Besides funding, Saudi Arabia offers a tax rebate on film shoots, similar to Dubai and Abu Dhabi, that provides up to 40% cash-back for productions that recruit crew and talent from the kingdom and promote its culture and geography.

The post Hollywood film ‘Sands of Fortune’ to spotlight Saudi’s lucrative oil industry appeared first on International Finance.

Saudi Aramco has both the world’s second-largest proven crude oil reserves, at over 270 billion barrels (43 billion cubic metres) and the largest daily oil production tally among all oil-producing companies.

Saudi Aramco, established in 1933, is currently operating the world’s largest single hydrocarbon network, the Master Gas System (which came online in 1982 to transport associated gas from the Ghawar oil field to support the Kingdom’s industrialization). In 2013, Aramco’s total crude oil production reached the tally of 3.4 billion barrels, and in 2022, the venture was producing 13.6 million barrels of oil equivalent per day (mmboed), including 11.5 million barrels per day (mmbpd) of total liquids, from its over 100 oil and gas fields in Saudi Arabia, including 288.4 trillion standard cubic feet (scf) of natural gas reserves.

As per the stats, between 1998 and 2021, Saudi Arabia saw its oil production volume increase by 2.6 million barrels per day, and peaked at 12.4 million barrels per day in 2016. Aramco was the guiding force behind these efforts.

Two of Saudi Aramco’s most prominent oil fields are located in the Kingdom’s eastern part, in the form of the Ghawar (world’s largest onshore oil field) and the Safaniya (world’s largest offshore oil field).

On 11 December 2019, Aramco made its debut at the Saudi Tadawul stock exchange. During the initial moments, the shares rose to 35.2 Saudi riyals, thus giving it a market capitalisation of about USD 1.88 trillion, while surpassing the USD 2 trillion mark on the second day of trading.

In the 2023 Forbes Global 2000, Saudi Aramco was ranked as the world’s second-largest public company.

The guiding force behind Aramco’s steady market rise is its 65-year-old President and CEO Amin Hassan Nasser, who took up the leadership role on a permanent basis in September 2015.

Who Is Amin Hassan Nasser?
• Born in 1958, Amin Hassan Nasser has a Bachelor’s degree in petroleum engineering from the King Fahd University of Petroleum and Minerals in Dhahran
• He also completed the Saudi Aramco Management Development Seminar in Washington, DC in 1999; the Saudi Aramco Global Business Program in 2000; and the Senior Executive Program at Columbia University in 2002
• Amin Hassan Nasser’s stint with Saudi Aramco started in 1982 as an engineer in the oil production department, following which he went on to work in the venture’s drilling and reservoir wing
• In 1997, he became the manager of the Ras Tanura Producing Department, following which he took on leadership roles in the Northern Area Production Engineering Department and the Safaniya Aramco.com Offshore and Onshore Producing Departments
• In 2004, Amin Hassan Nasser was appointed as Aramco’s Chief Petroleum Engineer and became the Senior Vice-President of the Saudi energy giant’s upstream operations in 2008
• Amin Hassan Nasser, who is the fourth Saudi national to head the company, became Aramco’s Acting President and CEO in May 2015, and was made permanent in September 2015
• His leadership also saw Aramco facing drone and missile attacks on its facilities in September 2019. Yemeni Houthis were behind the incident, which led to two of Aramco’s eastern facilities facing repair-like situations, cutting Saudi’s oil production by about half, thus leading to the destabilization of global financial markets
• Amin Hassan Nasser also led the company’s entry into the global debt and capital markets with its first bond issuance
• He oversaw Aramco’s 2019 IPO in which it became the world’s most valuable listed company, and resulted in its acquisition of Saudi petrochemicals giant SABIC in 2020
• Amin Hassan Nasser was honoured with the ICIS Kavaler Award in 2020, thereby recognizing his achievements in the field of petrochemicals
• He also led the counter-argument in 2021 against the activists and research groups advocating for fossil fuel companies to become greener. He warned countries against divesting in fossil fuels, stating the move would result in inflation
• Amin Hassan Nasser is also a member of the not-for-profit organization called the ‘Society of Petroleum Engineers’ and has served the body’s Industry Advisory Council since 2008
• He is also handling membership responsibilities in the World Economic Forum’s International Business Council, the JPMorgan International Advisory Council, and the MIT President CEO Advisory Board
• Amin Hassan Nasser is also a member of the International Advisory Board (IAB) of the Dhahran-based King Fahd University of Petroleum and Minerals, apart from being on the Board of Trustees of the King Abdullah University of Science and Technology (KAUST)
• In July 2023, Amin Hassan Nasser was appointed to the board of investment management company BlackRock

Amin Hassan Nasser’s View On Saudi-China Future Ties

“Saudi Aramco aims to play a key role at the heart of China’s long-term energy security and high-quality development,” Amin Hassan Nasser remarked during the China Development Forum in Beijing, which happened in March 2023.

Saudi Aramco will reportedly expand its oil production capacity to 13 million barrels per day by 2027 while increasing gas production by over 50% by 2030 to fuel China’s energy security.

“We are also working on solutions such as advanced carbon capture and storage (CCS) and circular carbon economy technologies. Furthermore, we recently launched a USD 1.5 billion venture capital sustainability fund to invest in advanced technologies to help us move closer to a net-zero emissions future,” he said.

“We want to be an all-inclusive source of energy and chemicals for China’s long-term energy security and China’s high-quality development. That is why we are doubling down on China’s energy supply, including new lower carbon products, chemicals and advanced materials, all supported by emissions reduction technologies,” Amin Hassan Nasser concluded.

The post Business Leader of the Week: Meet Amin Hassan Nasser, CEO of Aramco appeared first on International Finance.

The largest earnings for the world’s top energy exporter since its public listing three years ago, signifying a gain of 90% year over year.

The invasion of Ukraine by Russia has caused gas and oil prices to surge.

Russia is one of the major exporters in the world, but Western countries have vowed to minimize their reliance on it for their energy needs.

Bloomberg claims that the amount from the Saudi oil firm Aramco is “the biggest quarterly adjusted profit of any listed company.”

Along with reporting record profits, the state-owned Saudi energy behemoth also disclosed that it would maintain its third-quarter dividend at $18.8 billion.

Aramco declared that it would keep growing to meet demand.

Aramco president and chief executive Amin Nasser said, “While global market volatility and economic uncertainty remain, events during the first half of this year support our view that ongoing investment in our industry is essential both to help ensure markets remain well supplied and to facilitate an orderly energy transition.”

“In fact, we expect oil demand to continue to grow for the rest of the decade, despite downward economic pressures on short-term global forecasts,” Amin Nasser added.

Before the Ukraine conflict, oil prices were already on the rise as demand surpassed supply and economies began to recover from the COVID-19 pandemic.

ExxonMobil, Chevron, and BP, three of the largest oil producers in the world, all reported huge earnings this year, which has increased calls for governments to enact a windfall tax in response to an alarming spike in living expenses.

US President Joe Biden claimed in June that Exxon had “more money than God this year.”

In OPEC, a grouping of the major oil producers in the world, Saudi is the greatest individual producer.

In an effort to lower the high price of oil, OPEC+ opted to significantly increase production last week. The most recent production output growth, nevertheless, is happening considerably more slowly than in recent months.

Leaders who had asked for more production, like Mr. Joe Biden, were disappointed by the decision.

The post Saudi Aramco makes huge profit amid Ukraine-Russia war appeared first on International Finance.

In a statement, Aramco said, “India offers tremendous growth opportunities over the long term. It will “continue to evaluate new and existing business opportunities with our potential partners.”

Aramco earlier signed a non-binding letter of intent in 2019 for a potential 20 percent stake in Reliance’s oil-to-chemicals unit which was valued at around $15 billion. However, last week Reliance said that the companies would walk away from the deal.

In September, it was reported that Aramco was planning to open up the Jafurah gas field to foreign investors as it looks to fund a $110 billion project to help it diversify from oil sales. The Jafurah gas field is one of the largest unconventional gas fields in the world.

It was reported that talks are still in the early phases and Saudi Aramco could decide to pursue other ways of gathering money to fund the project.

According to media reports, Saudi Aramco is also planning to split its gas production division into two- Southern Area Gas Operations and Northern Area Gas Operations.

Earlier this year, Saudi Aramco has started the process of selling its first dollar-denominated Islamic bond or Sukuk. The sale of Sukuk by Aramco started on June 7 and concluded on June 17th.

The post Saudi Aramco to continue seeking business opportunities in India appeared first on International Finance.