HomeTop Global NewsSaudi Aramco Considers Investment Proposals From Sinopec and Total

Saudi Aramco Considers Investment Proposals From Sinopec and Total

Saudi Arabia’s Aramco is currently evaluating investment proposals from refining major Sinopec Corp and French oil giant TotalEnergies, a source familiar with the matter revealed on Tuesday. The investment, worth a reported $10 billion, would be used for a shale gas development.

Investment plans may include the construction of facilities for exporting the fuel as liquified natural gas. While none of the companies involved have yet commented on the reports, any potential investment deal comes as Aramco looks to clinch a higher share in the United States shale oil market which would require beating the rapidly expanding domestic producers.

As part of a separate deal, Sinopec and TotalEnergies are currently engaged in discussions to invest in the Jafurah development in Saudi Arabia. Jafurah is currently the largest shale gas development outside the U.S., with reserves of an estimated 200 trillion cubic feet of raw gas.

Initially intended for satisfying domestic demand, the Jafurah development is now being positioned to help Saudi Arabia grow its reputation as a global gas exporter.

Zoom Tops Estimates, Raises Full-Year Forecast

Zoom Video Communications reported its earnings for the first quarter of 2024 on Monday and topped the estimates of Wall Street analysts. The communications...

Reddit Stock Jumps on the Back of Open AI Partnership

Social media platform Reddit announced earlier this week that it is partnering up with artificial intelligence start-up Open AI to improve the experience of...

Warren Buffett’s Berkshire Hathaway Reveals Its Secret Stock

For the past three regulatory filings, Warren Buffett’s Berkshire Hathaway has been keeping one of its stock holdings confidential. Now, the conglomerate revealed that...