Saudi Aramco splits gas business


Saudi Arabian Oil Co will create two new divisions, named Southern Area Gas Operations and Northern Area Gas Operations

DUBAI: Saudi Arabia’s state-run energy firm is splitting its gas production division in two, as the fuel becomes increasingly important for expanding its chemicals business and amid efforts to position itself for the energy transition.

Saudi Arabian Oil Co will create two new divisions, named Southern Area Gas Operations and Northern Area Gas Operations, according to people familiar with the matter. Aramco declined to comment.

Gas is becoming increasingly important to Saudi Arabia, the world’s largest oil exporter, as it expands its chemicals business, which uses the fuel for feedstock. The country is also looking to convert its power plants to gas-fired ones, which could free as much as one million barrels a day of crude for export. It is trying to position itself for the transition by becoming a supplier of blue hydrogen. ― Bloomberg

Article type: metered
User Type: anonymous web
User Status:
Campaign ID: 46
Cxense type: free
User access status: 3
Join our Telegram channel to get our Evening Alerts and breaking news highlights

Saudi rabia , Aramco gas business , two

   

Next In Business News

Tenaga on pace to realising RE goals
Evergrande's US$2.6b unit stake sale fails as Chinese officials seek to calm nerves
Stocks gain, Dow touches record; oil rises on EIA data
Tesla beats 3Q revenue forecasts but supply-chain problems hit plants
Digital investment app MYTHEO launches ESG-themed portfolio
Corporate lawyer acquitted of insider trading
Mitec reopens facilities for SMEs
FGV to appoint independent auditor soon
Fitri is Boustead alternate director
Bioalpha buys Guizhou for RM13mil

Others Also Read


Vouchers