LNG

Saudi Arabian Oil Company (Saudi Aramco), the largest oil exporter, is benefiting from the decision to switch to more natural gas as Aramco shares rose after the June share offering and gas plans were advanced by the award of an engineering contract to a unit of Chinese major Sinopec.

Saudi Aramco, the largest oil producing company, has just reported its annual earnings with net profits dropping by around 20 percent to $88.2 billion compared with $111.1Bln for the previous year as it outlined plans to spend billions on unconventional natural gas development after also planning to enter the LNG sector.