{"id":544795,"date":"2022-03-21T04:00:15","date_gmt":"2022-03-21T04:00:15","guid":{"rendered":"https:\/\/enterpriseam.com\/egypt\/2022\/03\/21\/aramco-profits-double-in-2021-announces-plans-to-raise-oil-gas-production\/"},"modified":"2022-03-21T04:00:15","modified_gmt":"2022-03-21T04:00:15","slug":"aramco-profits-double-in-2021-announces-plans-to-raise-oil-gas-production","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/egypt\/2022\/03\/21\/aramco-profits-double-in-2021-announces-plans-to-raise-oil-gas-production\/","title":{"rendered":"Aramco profits double in 2021, announces plans to raise oil + gas production"},"content":{"rendered":"

<\/a> Saudi Aramco plans to hike spending this year <\/strong>as it looks to ramp up oil and gas production in the coming years, the oil giant said in its latest earnings release<\/a> yesterday. Rising oil prices last year helped Aramco stage a dramatic turnaround from 2020, with the company reporting yesterday that its net income more than doubled to USD 110 bn in 2021. The state-owned company said it will likely raise spending to USD 40-50 bn this year, up from USD 32 bn in 2021, helping it to increase its output of oil and gas, and develop its blue hydrogen production capacity.<\/p>\n

Qatar to help Germany ease its reliance on Russian gas:<\/strong> Germany has reached a long-term deal to receive gas from Qatar to help end its reliance on Russian gas, which currently accounts for more than half its annual supply. A delegation of German energy industry representatives accompanied the German economy minister to Doha, and it will be up to individual companies to finalize detailed agreements with the Gulf state\u2019s LNG firms. Bloomberg<\/a> and the Financial Times<\/a> have the story.<\/p>\n

\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n
\n

<\/use><\/svg><\/p>\n<\/td>\n\n

EGX30 <\/strong><\/p>\n<\/td>\n

\n

10,974<\/p>\n<\/td>\n

\n

+2.3% (YTD: -8.2%)<\/p>\n<\/td>\n<\/tr>\n

\n

<\/use><\/svg><\/p>\n<\/td>\n\n

USD (CBE)<\/strong><\/p>\n<\/td>\n

\n

Buy 15.66<\/p>\n<\/td>\n

\n

Sell 15.76<\/p>\n<\/td>\n<\/tr>\n

\n

<\/use><\/svg><\/p>\n<\/td>\n\n

USD at CIB<\/strong><\/p>\n<\/td>\n

\n

Buy 15.66<\/p>\n<\/td>\n

\n

Sell 15.76<\/p>\n<\/td>\n<\/tr>\n

\n

<\/use><\/svg><\/p>\n<\/td>\n\n

Interest rates CBE<\/strong><\/p>\n<\/td>\n

\n

8.25% deposit<\/p>\n<\/td>\n

\n

9.25% lending<\/p>\n<\/td>\n<\/tr>\n

\n

<\/use><\/svg><\/p>\n<\/td>\n\n

Tadawul<\/strong><\/p>\n<\/td>\n

\n

12,876<\/p>\n<\/td>\n

\n

+0.8% (YTD: +14.1%)<\/p>\n<\/td>\n<\/tr>\n

\n

<\/use><\/svg><\/p>\n<\/td>\n\n

ADX<\/strong><\/p>\n<\/td>\n

\n

9,607<\/p>\n<\/td>\n

\n

0.0% (YTD: +13.2%)<\/p>\n<\/td>\n<\/tr>\n

\n

<\/use><\/svg><\/p>\n<\/td>\n\n

DFM<\/strong><\/p>\n<\/td>\n

\n

3,350<\/p>\n<\/td>\n

\n

-1.8% (YTD: +4.8%)<\/p>\n<\/td>\n<\/tr>\n

\n

<\/use><\/svg><\/p>\n<\/td>\n\n

S&P 500<\/strong><\/p>\n<\/td>\n

\n

4,463<\/p>\n<\/td>\n

\n

+1.2% (YTD: -6.4%)<\/p>\n<\/td>\n<\/tr>\n

\n

<\/use><\/svg><\/p>\n<\/td>\n\n

FTSE 100<\/strong><\/p>\n<\/td>\n

\n

7,405<\/p>\n<\/td>\n

\n

+0.3% (YTD: +0.3%)<\/p>\n<\/td>\n<\/tr>\n

\n

<\/use><\/svg><\/p>\n<\/td>\n\n

Brent crude<\/strong><\/p>\n<\/td>\n

\n

USD 107.93<\/p>\n<\/td>\n

\n

+1.2%<\/p>\n<\/td>\n<\/tr>\n

\n

<\/use><\/svg><\/p>\n<\/td>\n\n

Natural gas <\/strong>(Nymex)<\/p>\n<\/td>\n

\n

USD 4.86<\/p>\n<\/td>\n

\n

-2.6%<\/p>\n<\/td>\n<\/tr>\n

\n

<\/use><\/svg><\/p>\n<\/td>\n\n

Gold<\/strong><\/p>\n<\/td>\n

\n

USD 1,933.90<\/p>\n<\/td>\n

\n

-0.7%<\/p>\n<\/td>\n<\/tr>\n

\n

<\/use><\/svg><\/p>\n<\/td>\n\n

BTC<\/strong><\/p>\n<\/td>\n

\n

USD 41,365<\/p>\n<\/td>\n

\n

-2.1% (as of midnight)<\/p>\n<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<\/div>\n

THE CLOSING BELL-<\/strong><\/p>\n

The EGX30 rose 2.3% at yesterday\u2019s close<\/strong> on turnover of EGP 820 mn (11.6% below the 90-day average). Local investors were net buyers. The index is down 8.2% YTD.<\/p>\n

In the green: <\/strong>Orascom Development Egypt (+8.8%), Rameda (+6.7%) and CIB (+3.9%).<\/p>\n

In the red: <\/strong>Abu Dhabi Islamic Bank Egypt (-0.1%) and Egypt Kuwait Holding-EGP (-0.1%).<\/p>\n

Asian markets are marginally in the green in early trading this morning<\/strong> and futures suggest that shares in Europe are in for a mixed open. Wall Street is on course to open in the red.<\/p>\n","protected":false},"excerpt":{"rendered":"

Saudi Aramco plans to hike spending this year as it looks to ramp up oil and gas production in the coming years, the oil giant said in its latest earnings release yesterday. Rising oil prices last year helped Aramco stage a dramatic turnaround from 2020, with the company reporting yesterday that its net income more […]<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"closed","ping_status":"open","sticky":false,"template":"single-feature.php","format":"standard","meta":{"_acf_changed":false,"newspack_ads_suppress_ads":false,"newspack_popups_has_disabled_popups":false,"newspack_sponsor_sponsorship_scope":"","newspack_sponsor_native_byline_display":"inherit","newspack_sponsor_native_category_display":"inherit","newspack_sponsor_underwriter_style":"inherit","newspack_sponsor_underwriter_placement":"inherit","ep_exclude_from_search":false,"_primary_brand":0,"newspack_featured_image_position":"","newspack_post_subtitle":"","newspack_article_summary_title":"Overview:","newspack_article_summary":"","newspack_hide_updated_date":false,"newspack_show_updated_date":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[7210],"tags":[1417,93,72,119,481,91,122,296,219],"brand":[],"newspack_spnsrs_tax":[],"class_list":["post-544795","post","type-post","status-publish","format-standard","hentry","category-planet-finance","tag-aramo","tag-energy","tag-enterpriseam","tag-financial-markets","tag-germany","tag-oil-and-gas","tag-planet-finance","tag-qatar","tag-saudi-arabia","wpautop","entry"],"acf":{"mongo_id":"0ede6c77-120d-4471-8d1f-38fde2c02ef7","is_powered_by":true,"story_type":"1","photo_url":"","photo_position":"above","related_issue":[544768],"teaser":"","voice_url":""},"yoast_head":"\nAramco profits double in 2021, announces plans to raise oil + gas production - EnterpriseAM Egypt<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/enterpriseam.com\/egypt\/2022\/03\/21\/aramco-profits-double-in-2021-announces-plans-to-raise-oil-gas-production\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Aramco profits double in 2021, announces plans to raise oil + gas production\" \/>\n<meta property=\"og:description\" content=\"Saudi Aramco plans to hike spending this year as it looks to ramp up oil and gas production in the coming years, the oil giant said in its latest earnings release yesterday. 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Net income fell to USD 32.6 bn in the quarter, down from USD 42.4\u2026","rel":"","context":"In "PLANET FINANCE"","block_context":{"text":"PLANET FINANCE","link":"https:\/\/enterpriseam.com\/egypt\/planet-finance\/\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/2023\/11\/384.JPG?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":559742,"url":"https:\/\/enterpriseam.com\/egypt\/2021\/02\/02\/what-the-markets-are-doing-on-2-february-2021\/","url_meta":{"origin":544795,"position":1},"title":"What the markets are doing on 2 February 2021","author":"enterpriseam admin","date":"2 February 2021","format":false,"excerpt":"We were (kind of?) close to one of the largest ever M&A last year: The CEOs of oil giants Chevron and Exxon discussed a possible merger in 2020 as the pandemic roiled the energy markets and heaped financial pressure on their balance sheets, the Wall Street Journal reports, citing sources\u2026","rel":"","context":"In "PLANET FINANCE"","block_context":{"text":"PLANET FINANCE","link":"https:\/\/enterpriseam.com\/egypt\/planet-finance\/\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/internal\/536550.png?resize=350%2C200&ssl=1","width":350,"height":200},"classes":[]},{"id":600892,"url":"https:\/\/enterpriseam.com\/egypt\/2019\/02\/13\/egypt-reveals-winners-of-oil-and-gas-bid-round\/","url_meta":{"origin":544795,"position":2},"title":"Egypt reveals winners of oil and gas bid round","author":"enterpriseam admin","date":"13 February 2019","format":false,"excerpt":"The deluge of oil and gas news continues thanks to the second day of the Egypt Petroleum Show. Key takeaways from the second day of the gathering are below, and you can check our wrap-up of day one here. Shell wins big in oil and gas bid rounds, ExxonMobil to\u2026","rel":"","context":"In "Speed Round"","block_context":{"text":"Speed Round","link":"https:\/\/enterpriseam.com\/egypt\/category\/speed-round\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/2022\/9\/156.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":586805,"url":"https:\/\/enterpriseam.com\/egypt\/2023\/05\/17\/huge-investor-demand-as-adnoc-kicks-off-ipo-of-its-logistics-arm\/","url_meta":{"origin":544795,"position":3},"title":"Huge investor demand as Adnoc kicks off IPO of its logistics arm","author":"enterpriseam admin","date":"17 May 2023","format":false,"excerpt":"The company is looking to raise more than USD 600 mn in its Abu Dhabi IPO","rel":"","context":"In "PLANET FINANCE"","block_context":{"text":"PLANET FINANCE","link":"https:\/\/enterpriseam.com\/egypt\/planet-finance\/\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/2023\/5\/959.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":616784,"url":"https:\/\/enterpriseam.com\/egypt\/2024\/03\/11\/an-almost-record-year-for-saudi-aramco-despite-waning-oil-prices-and-production-cuts\/","url_meta":{"origin":544795,"position":4},"title":"An almost record year for Saudi Aramco, despite waning oil prices and production cuts","author":"enterpriseam admin","date":"11 March 2024","format":false,"excerpt":"Saudi\u2019s Aramco recorded its second-highest net income in 2023, despite falling 25% y-o-y to USD 121 bn on waning oil prices and lower output, according to the oil giant\u2019s latest earnings release (pdf). The firm\u2019s revenues also decreased by 18% y-o-y to USD 440 bn over the same period, the\u2026","rel":"","context":"In "PLANET FINANCE"","block_context":{"text":"PLANET FINANCE","link":"https:\/\/enterpriseam.com\/egypt\/planet-finance\/\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/2024\/3\/835.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":616419,"url":"https:\/\/enterpriseam.com\/egypt\/2024\/03\/05\/nvidia-overtakes-aramco-as-worlds-third-largest-company\/","url_meta":{"origin":544795,"position":5},"title":"Nvidia overtakes Aramco as world's third largest company","author":"enterpriseam admin","date":"5 March 2024","format":false,"excerpt":"The company\u2019s stock has surged nearly 70% this year already","rel":"","context":"In "PLANET FINANCE"","block_context":{"text":"PLANET FINANCE","link":"https:\/\/enterpriseam.com\/egypt\/planet-finance\/\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/2024\/3\/336.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]}],"_links":{"self":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/posts\/544795","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/comments?post=544795"}],"version-history":[{"count":0,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/posts\/544795\/revisions"}],"acf:post":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/issue\/544768"}],"wp:attachment":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/media?parent=544795"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/categories?post=544795"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/tags?post=544795"},{"taxonomy":"brand","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/brand?post=544795"},{"taxonomy":"newspack_spnsrs_tax","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/newspack_spnsrs_tax?post=544795"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}