Author: Rigs & Barge World

ADNOC Distribution achieved the highest-ever earnings interest, taxes, depreciation, and amortization (EBITDA) of $319 million during Q3 2025, up 15.9% year on year (YoY), compared to $275 million in Q2 2025. The company reported EBITDA of $885 million in the first nine months of 2025, increasing by 12% compared to $790 million in the same period in 2024. ADNOC Distribution achieved net profit of $221 million in Q3 2025, up by 21.5% YoY from $182 million in the same quarter of 2024. Additionally, the net profit of the nine months of 2025 amounted to $579 million compared to $501 million…

Petrochemicals markets are stuck in the doldrums, and even Saudi companies with low-cost feedstock and an advantageous geographical location with access to eastern and western markets are struggling to generate profits. Prices are being weighed down by industry oversupply after China brought substantial new capacity online in recent years. Ibrahim al-Rushoud, CEO of listed Saudi firm Sipchem, told the FII conference in Riyadh this week that “the oversupply is real and cannot be ignored today,” stating that unlike in previous downcycles, Saudi firms have cut back on production in order to ensure profitability where possible. (CONTINUED – 837 WORDS) Read…

Minister of Petroleum and Mineral Resources, Karim Badawi, made a surprise visit early this morning to the headquarters of Rashid Petroleum Company (Rashpetco) and Burullus Gas Company in Cairo, as part of the Minister’s regular inspection tours to petroleum sector companies. The visit aimed to follow up on the company’s progress and work plans. It also ensured direct communication with executive leaders and work teams as the minister sat to listen to their views, suggestions, and challenges. During the visit, the Minister also held a meeting that was attended by Mahmoud Abdel Hamid, Chairman and Managing Director of the Egyptian…

Acwa Power, announced on 29 October that alongside its partners the PIF and Aramco, it has signed financing agreements for 12GW of solar PV projects in the kingdom. The trio was awarded PPAs for the five giant solar projects in July alongside PPAs for two wind farms, with combined capacity of 1.5GW (MEES, 18 July). The five solar plants – Bisha, Humaij, Khulis, Afif 1 and Afif 2 – have total development costs of $6bn and are due to be completed by mid-2028. The pace at which Acwa Power is developing solar projects in Saudi Arabia has accelerated significantly of…

Reliable, low-cost energy underpins Saudi Arabia’s economic growth strategy, and Energy Minister Prince Abdulaziz bin Salman Al Saud is acutely aware of the importance of supplying this. “If we don’t have a sustainable, reliable and dependable energy sector then we are finished as an economy,” he told the FII conference in Riyadh on 28 October. Traditionally the power sector has relied on cheap oil feedstock, but the government is investing heavily in gas and renewables in order to end oil burn by 2030. It targets a 50:50 mix of gas and renewables by then, requiring up to 130GW of renewables…

Saudi Arabia’s oil sector grew by 8.2% in Q3, according to preliminary government statistics, its fastest pace since 3Q 2022’s 14.0%. Oil sector activity is accelerating as voluntary production cuts have been eased since April and Saudi Aramco readies large-scale gas projects for commissioning (MEES, 19 September). This lifted the overall economy, with total GDP growth of 5.0% year-on-year the highest quarterly figure since 1Q 2023. Non-oil growth remained steady at 4.5%, down incrementally from the previous quarter’s 4.7%. The non-oil sector has been the real driver of the economy since 2023 when oil prices began to steadily decline and…

Saudi oil export revenues managed a third consecutive monthly increase in August, coming in at $18.6bn. Not just was this the highest figure since January’s $18.9bn, but it was the first time in 2025 that oil export revenues have been above year-ago levels (see chart). Indeed, it is the first time since May 2024 that Saudi Arabia has achieved this. Read this article for free Gain access to over 60-years of energy analysis and news Delve into the details backed by data Exclusive information from high-level officials Assess future risks and opportunities Source link

The core issue driving prices down is the overwhelming supply. On one hand, the United States, the world’s largest crude oil producer, continues its aggressive output under the Trump administration’s strategy to become the top global supplier of oil and gas. On the other hand, the OPEC+ cartel is actively unwinding previous production cuts to regain market share, which had been ceded. This action, combined with soaring US supply, fuels the sentiment of a persistent market surplus among energy stakeholders. The OPEC+ alliance, particularly its de facto leader Saudi Arabia, is focused on regaining market share lost to increased non-OPEC+…

Karim Badawi, the Minister of Petroleum and Mineral Resources, met with a delegation from the Egyptian oil services company, Maridive,  to discuss its new investment plan for expanding the scope of its activities in Egypt to include oil production.  Maridive seeks to leverage its technical expertise to enhance the efficiency and development of existing and mature oil fields, supporting Egypt’s efforts to boost domestic oil and natural gas production, noted a statement by the Ministry of Petroleum and Mineral Resources (M0PMR). The delegation included Mohamed Nadim, CEO of Maridive Offshore Projects, and Tarek Farid, Managing Director and CEO of the…

Saudi Aramco, one of the world’s leading integrated energy companies, has completed a $11 billion lease and leaseback agreement for its Jafurah gas processing facilities. It also agreed on buying a minority stake in a company owned by the Saudi Public Investment Fund (PIF), one of the largest sovereign wealth funds in the world. The $11 billion leaseback transaction was finalized with a consortium of global investors led by Global Infrastructure Partners (GIP). The consortium includes Hassana Investment Company, The Arab Energy Fund (TAEF), and other institutional investors. The agreement, first announced in August 2025, unlocks value from Aramco’s assets…