LNG

A heavy-lifting, transportation and installation contract has been awarded to privately held Dutch company Mammoet for Saudi Aramco’s natural gas storage and gas resources management project, the Aramco Hawiyah Unayzah Gas Reservoir Storage venture, located 260 kilometres (160 miles) east of Saudi Arabia's capital Riyadh.

The Saudi Arabian Oil Company, Saudi Aramco, reported a 44 percent drop in annual profits, though still earned a net $49 billion in 2020 as it posted record oil and natural gas output even as revenues were affected by lower crude oil prices and sales tumbled because of the economic slump caused by Covid-19.

The Saudi Arabian Oil Co (Saudi Aramco), the biggest crude oil production company and partly responsible for swamping the globe with oil supplies amid a demand plunge, reported a 25 percent drop in first-quarter net income to $16.7 billion from $22.21Bln in the prior-year quarter.

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.