The Saudi Arabian Investment Company (Sanabil Investments) is a wholly owned company of PIF.

The Crown Prince said that the State will remain Saudi Aramco’s largest shareholder following the transfer, with total ownership of 90.18 percent of the company’s shares.

“The transfer of part of the State’s shares in Saudi Aramco is a continuation of Saudi Arabia’s long-term initiatives to boost and diversify the national economy and expand investment opportunities in line with Saudi Vision 2030.

“The transfer will also solidify PIF’s strong financial position and credit rating.”

Prince Mohammed added that PIF continues with its mandate to launch new sectors, build new strategic partnerships, localize technologies and knowledge, and create more direct and indirect job opportunities in the local market.

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At a meeting with the Chairman of Aramco and Governor of PIF, Yasir Al-Rumayyan, on the margins of the Future Investment Initiative (FII), the President said Nigeria had a lot to learn from the expertise and professionalism of one of the world’s leading energy company.

Speaking on the need to improve the efficiency of the oil and gas industry in Nigeria, President Buhari said it is noteworthy that Nigeria’s energy company would soon embark on a diagnostic assessment of refineries, pipelines, depots and other infrastructure across the country to ascertain the level of collaboration with the Aramco.

“Nigerian officials are ready to collaborate with you, they will identify their priorities and invite you for a meeting in the country so that you can go round to inspect the refineries and other oil facilities,’’ the President told Aramaco’s chairman.

In his remarks, Al-Rumayyan affirmed the company’s position to promote business investment opportunities through technology across the energy sector, noting its interest in Nigeria’s energy sector.

The President instructed the Minister of State, Petroleum Resources, Timipre Sylva, the Minister of Industry, Trade and Investment, Niyi Adebayo and the Group Managing Director (GMD), NNPC, Mele Kolo Kyari to work with the Saudis and expedite the modalities for investments and collaborations in Nigeria’s oil and gas sectors.

The President also used the occasion to reaffirm Nigeria’s solidarity with Saudi in the aftermath of recent attacks on Aramco oil facilities, praising the kingdom’s recovery after the incident.

The post President Buhari welcomes Saudi energy company’s partnership with NNPC to revive its subsidiaries appeared first on New Mail Nigeria.

The company said in a statement that the incident occurred on a vessel in the eastern city of al-Jubail while the contractors were working on the unit on Sunday night.

It did not disclose any details about the nature of the incident or the nationality of the casualties.

It said that all safety measures will be revised in order to prevent such incidents in the future.

The post Two contractors killed, 2 wounded at Saudi oil refinery appeared first on New Mail Nigeria.

The Khurais facility is now producing more than 1.3 million barrels per day and the Abqaiq plant about 3 million, industry sources said.

Both Aramco plants were hit in drone and missile attacks on Sept. 14 that caused fires and significant damage, halving the country’s oil output. The Kingdom’s ability to quickly restore production demonstrated an important degree of resilience to potentially damaging shocks, the ratings agency Moody’s said.

King Salman said on Monday that Saudi Arabia was able to deal with the effects of what he described as “this cowardly sabotage, that targeted the Kingdom and the stability of global energy supplies.”

He spoke after talks in Jeddah with King Hamad of Bahrain, who denounced the “serious escalation targeting the security and stability of the region.”

Meanwhile, the diplomatic focus on the fallout from the missile strikes moved to New York, where world leaders are gathering for the UN General Assembly. Saudi Arabia and the US have blamed Iran for the attacks, and they were joined on Monday by Britain.

“The UK is attributing responsibility with a very high degree of probability to Iran for the Aramco attacks. We think it very likely indeed that Iran was responsible,” British Prime Minister Boris Johnson said on his way to the US.

“We will be working with our American friends and our European friends to construct a response that tries to deescalate tensions in the Gulf region,” he said.

However, the UK risks opening a diplomatic rift with other European countries trying to salvage the Joint Comprehensive Plan of Action (JCPOA), the 2015 deal to curb Iran’s nuclear program in return for an easing of economic sanctions. Their efforts have so far failed, with the US withdrawing from the deal and reimposing sanctions.

French President Emmanuel Macron has refused to blame Iran for the Aramco attacks. “One must be very careful in attributing responsibility,” he said on his way to New York.

Macron, Johnson and German Chancellor Angela Merkel held talks on Monday to coordinate their Iran strategy before meetings with US President Donald Trump and Iranian President Hassan Rouhani.

Gulf states, the US, the Europeans and others needed to engage in “collective diplomacy” to defuse tensions, a senior GCC official said.

“The conversation should no longer be about the JCPOA, but Iran’s missile program and its regional misbehavior, which are as important if not more important — they have the potential to hold the region to ransom,” he said.

The post Saudi oil production surges back to 75 percent of pre-attack level appeared first on New Mail Nigeria.

Completion follows receipt of all necessary regulatory consents. The acquisition supports Saudi Aramco’s plan to increase the complexity and capacity of its refineries, as part of its long-term downstream growth strategy.

For Shell, the sale is part of an ongoing effort integrating its refining portfolio with Shell Trading hubs and chemicals operations

The post Saudi Aramco completes acquisition of Shell’s share of the SASREF refining joint venture appeared first on New Mail Nigeria.

The two leaders, who are currently in Argentina for the G20 summit, met in the prince’s residence in Buenos Aires and discussed Saudi Arabia’s readiness to supply India with oil and petroleum products.

The prince known in the west as (MBS) also discussed with Modi Saudi oil giant Aramco’s investment in refineries in India, including the company’s project to build a large refinery on the western coast of India, SPA said.

The two leaders also discussed investing in solar energy through Softbank’s Saudi-backed Vision Fund and opportunities to export Saudi non-oil products to India.

During the meeting MBS and Modi discussed cooperation in arms manufacturing and Saudi Arabia’s efforts to develop a domestic arms industry.

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