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MarketScreener Homepage  >  Equities  >  Saudi Arabian Stock Exchange  >  Saudi Arabian Oil Company    2222   SA14TG012N13

SAUDI ARABIAN OIL COMPANY

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Saudi Aramco and SABIC reassess crude-oil-to-chemicals project

10/18/2020 | 11:15am EST

DUBAI, Oct 18 (Reuters) - Saudi Aramco and Saudi Basic Industries have decided to re-evaluate their $20 billion crude-oil-to-chemicals project and are now looking at integrating existing facilities instead.

The decision comes as oil companies globally re-assess energy projects to conserve cash, with a collapse in demand caused by the coronavirus pandemic threatening to keep crude prices weak for a long time.

Aramco and petrochemical producer SABIC in 2017 signed a preliminary deal to build a $20 billion complex to convert crude oil to chemicals.

But in a statement on Sunday, SABIC said the two companies were now considering the integration of Aramco's existing refineries in Yanbu with a mixed feed steam cracker and downstream olefin derivative units.

"SABIC and Saudi Aramco remain committed to continue advancing crude to chemicals technologies through existing development programs with the goal to increase cost efficiency, competitiveness and value creation opportunities for petrochemicals," the statement said. (Reporting by Saeed Azhar; Editing by Kirsten Donovan)


© Reuters 2020
Stocks mentioned in the article
ChangeLast1st jan.
LONDON BRENT OIL 0.51% 49.04 Delayed Quote.-26.08%
SAUDI ARABIAN OIL COMPANY -0.14% 35.85 End-of-day quote.1.70%
SAUDI BASIC INDUSTRIES CORPORATION -0.31% 96.7 End-of-day quote.2.98%
WTI 0.97% 46.11 Delayed Quote.-25.53%
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Financials
Sales 2020 816 B 218 B 218 B
Net income 2020 203 B 54 109 M 54 109 M
Net Debt 2020 318 B 84 738 M 84 738 M
P/E ratio 2020 36,0x
Yield 2020 3,85%
Capitalization 7 166 B 1 910 B 1 910 B
EV / Sales 2020 9,17x
EV / Sales 2021 6,92x
Nbr of Employees 79 000
Free-Float 1,76%
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Technical analysis trends SAUDI ARABIAN OIL COMPANY
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TrendsBullishNeutralBullish
Income Statement Evolution
Consensus
Sell
Buy
Mean consensus HOLD
Number of Analysts 16
Average target price 32,47 SAR
Last Close Price 35,85 SAR
Spread / Highest target 8,79%
Spread / Average Target -9,43%
Spread / Lowest Target -33,1%
EPS Revisions
Managers
NameTitle
Amin bin Hasan Al-Nasser President, CEO & Executive Director
Yasir bin Othman Al-Rumayyan Chairman
Khalid H. Al-Dabbagh Senior VP-Finance, Strategy & Development
Ahmad Abdul Rahman Al-Sa'adi Senior Vice President-Technical Services
Mark Moody-Stuart Independent Non-Executive Director
Sector and Competitors
1st jan.Capitalization (M$)
SAUDI ARABIAN OIL COMPANY1.70%1 910 421
ROYAL DUTCH SHELL PLC-39.68%140 865
TOTAL SE-23.39%116 471
PETROCHINA COMPANY LIMITED-37.34%113 176
PETRÓLEO BRASILEIRO S.A. - PETROBRAS-8.78%68 643
GAZPROM-26.29%59 129