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2017-12-22 22:10:00

SAUDIS NEED LNG

SAUDIS NEED LNG

BLOOMBERGSaudi Aramco is looking for natural gas assets from Russia to East Africa and the U.S. as the kingdom's state-owned energy giant hunts for ways to meet soaring domestic demand.

The comments by Khalid Al-Falih, who's both Aramco chairman and Saudi energy minister, are a tacit admission Aramco has failed to find enough domestic gas reserves despite years of exploration. He's now considering imports of super-cooled liquefied natural gas to bridge the gap with local consumption and cut the amount of crude oil burned in power stations instead of exported for profit.

"Aramco is drawing a very wide net," said Al-Falih, mentioning the Mediterranean and the Caspian Sea as other potential targets for gas assets.

Saudi Arabia diverts tens of millions of barrels of crude every year into its electricity generation plants, particularly during the peak air-conditioning season in the summer. It doesn't produce enough gas to supply its power stations. Most the gas it does pump goes to its fast-growing petrochemicals industry.

Al-Falih wouldn't rule out buying LNG from Russia, which this month opened a new plant in the Arctic, although he cautioned it wasn't the most economical option at the moment.

"The question of Russian gas, and being able to export around the world, including potentially to Saudi Arabia, is an intriguing question that it would not exclude," he told Bloomberg Television in an interview in Riyadh after the kingdom presented its 2018 budget.

"Is it our lowest hanging fruit?" he said. "The answer today is not. But I think we are in an interesting moment to talk about the potential to buy LNG from the Russian Arctic."

Al-Falih also said that Aramco has looked at the potential to expand its footprint in the U.S. through its subsidiary Motiva -- the largest refinery in the country -- possibly through investing in petrochemical production.

"They are looking for potential integration there if it makes economic sense," he said about Aramco's plans in America.

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Earlier:

SAUDIS EXPECTS +12%
2017, December, 20, 19:35:00

SAUDIS EXPECTS +12%

BLOOMBERG - Saudi Arabia expects oil revenue to jump 12 percent next year in a sign the world’s biggest crude exporter expects prices to keep rising in 2018.

 

 

 WORLD-CLASS YAMAL LNG
2017, December, 11, 10:15:00

WORLD-CLASS YAMAL LNG

“This is for sure a complicated project,” Putin said at a ceremony attended by the project partners and the energy minister of Saudi Arabia. “But those who started this project took a risk, and the risk was justified, and they succeeded.”

 

 SAUDIS & RUSSIA LEADERSHIP
2017, December, 1, 12:55:00

SAUDIS & RUSSIA LEADERSHIP

PLATTS - Saudi Arabia reasserted its leadership of the oil market Thursday after brokering its desired extension of output cuts with OPEC and non-OPEC partners through to the end of 2018. The deal -- agreed after nearly nine hours of negotiations in Vienna -- kept its new ally Russia onside and prevented a sell-off that many analysts had feared.

 

 INDONESIA NEED SAUDI'S LPG
2017, November, 1, 13:20:00

INDONESIA NEED SAUDI'S LPG

Indonesia plans to increase LPG imports from Saudi Arabia and the UAE in a bid to meet rising domestic demand, Energy and Mines Ministry spokesman Dadan Kusdiana said

 

 SAUDI ARAMCO IPO
2017, October, 16, 11:50:00

SAUDI ARAMCO IPO

Saudi Arabia is considering delaying the international portion of the giant initial public offering of its state oil company until at least 2019, according to people familiar with the situation, who said a domestic share sale in Riyadh could still happen next year.

 

 RUSSIA - SAUDIS: VAST OPPORTUNITIES
2017, October, 9, 21:45:00

RUSSIA - SAUDIS: VAST OPPORTUNITIES

Nasser said vast opportunities for collaboration between companies from Saudi Arabia and Russia are created by both the Kingdom’s existing economic pillars and the development and diversification envisaged by Saudi Vision 2030.

 

 RUSSIA - SAUDIS NUCLEAR
2017, October, 7, 12:35:00

RUSSIA - SAUDIS NUCLEAR

WNN - Rosatom and the King Abdullah City for Atomic and Renewable Energy (KA-CARE) signed a 'program of cooperation' in the peaceful uses of nuclear energy in Moscow yesterday as part of Saudi Arabian King Salman bin Abdulaziz Al Saud's state visit to Russia. The program aims to develop the intergovernmental agreement on cooperation in the peaceful uses of nuclear energy the two countries signed in June 2015.

 

 

Tags: SAUDI, ARABIA, RUSSIA, LNG, GAS

Chronicle:

SAUDIS NEED LNG
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U.S. SHALE OIL UP

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SAUDIS NEED LNG
2018, April, 23, 14:20:00

WBG WANT COUNTRIES

WBG - Bank Group must strengthen its financial capacity to meet the aspirations of its shareholders, mobilize capital at scale, and respond to global development challenges.

SAUDIS NEED LNG
2018, April, 23, 14:15:00

IMF WANTS AFRICA

IMF - we agreed on the need to accelerate structural reforms and access to finance in order to raise overall investment and medium-term growth rates to support job creation. The Fund, through its policy advice, can assist countries to design and implement growth-friendly fiscal adjustment, when needed, that responds to the country-specific sources of debt vulnerabilities while preserving needed investments in infrastructure, human capital, and other priority expenditures

SAUDIS NEED LNG
2018, April, 23, 14:10:00

IMF'S CORRUPTION

IMF - Directors also agreed that the Fund should continue to address governance issues and corruption in surveillance when the applicable standard of the Integrated Surveillance Decision has been met.

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