SAOGE focuses on oil and gas industry's progress

Updated 22 November 2015
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SAOGE focuses on oil and gas industry's progress

DAMMAM: The 7th edition of the Saudi International Oil and Gas Exhibition (SAOGE) opens at the Dhahran International Exhibition Center in Dammam on Monday. The three-day expo is being held with the support of Eastern Province Gov. Prince Saud bin Naif.
Dhahran Expo CEO Mohammed bin Hamad Al-Hussaini said: "We are extremely proud for this honor that Prince Saud is extending to SAOGE 2015; this is a further award to the ever-increasing importance of SAOGE as the best-attended and premier oil and gas exhibition in Saudi Arabia".
The three-day show aims to highlight the development of products in the oil and gas industry, which has taken a pivotal position in the Saudi economy, compared to other commercial industries in the Kingdom, and to other countries that do not have the hydrocarbon raw material, the official said.
He said that gas and oil are the basic raw materials for the manufacturing and consuming industries, in addition to being a key material in the production of a myriad of other chemicals.
He said the Eastern Province (EP) ranked first in the manufacturing materials industry and in the number of factories specialized in those industries, which require the identification of appropriate opportunities to develop the sector, and identify how to increase its products, without direct dependence on raw materials, but the resulting industries.
The SAOGE, which attracts the oil and manufacturing industries’ major investors, will include many contributions and offers from key industry professionals to review the most prominent developments, the new global research and studies in the field of oil industries, its development and protection under the current circumstances, Al-Hussaini added.
The exhibition is an important linking point for companies, distributors and suppliers in the oil sector. It aims at promoting investment by attracting more capital that will contribute in the launch of many projects in the most important national industry sectors in the EP.
Moreover, SAOGE will review through its activities the latest products in the oil industry, the major challenges facing the sector, in addition to many of the solutions that have contributed to raising the level of performance and improve the related services.


Goldman Sachs’ second quarter profit up 44 pct; CEO Blankfein to retire

Updated 33 min 35 sec ago
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Goldman Sachs’ second quarter profit up 44 pct; CEO Blankfein to retire

  • The New York-based bank said Tuesday that earnings reached $2.35 billion in the second quarter
  • Nearly all of Goldman’s businesses saw double-digit growth in the second quarter

NEW YORK: Goldman Sachs’ profits jumped 44 percent in the second quarter compared with a year ago, driven by the investment bank’s core franchises: advising companies on mergers, acquisitions and other deals, and its trading business.
The New York-based bank said Tuesday that earnings reached $2.35 billion in the second quarter, compared with $1.63 billion a year earlier. On a per-share basis, Goldman earned $5.98 a share, compared with $3.95 a share a year earlier, beating analysts’ forecasts of $4.65 a share.
Separately, Goldman said Chief Executive Officer Lloyd Blankfein will retire as of Oct. 1, and be replaced by David Solomon, the president and chief operating officer. Blankfein has been CEO since 2006.
Nearly all of Goldman’s businesses saw double-digit growth in the second quarter. Trading was particularly strong. Goldman’s institutional client services division, which contains the firm’s trading operations, posted net revenues of $3.57 billion in the quarter, up 17 percent from a year earlier.
Goldman’s trading performance can be fickle, driven by whether the market was volatile that quarter and whether the right sort of securities saw the right sort of movement. Like its competitor Morgan Stanley, which will report results Wednesday, Goldman has been looking to diversify its businesses, moving in recent years into consumer lending and consumer banking.
Goldman’s investment banking business also had a solid quarter, posting net revenues of $2.05 billion, which is up 18 percent from a year earlier. The firm saw both higher underwriting revenue, as well as revenue for advisory services.
The firm’s return on equity ratio, a closely watched performance gauge for banks like Goldman Sachs which measures how much money the bank earned with the money investors have lent it, was 12.8 percent in the quarter. Banks like Goldman try to keep that figure above 10 percent.
Company-wide net revenues were $9.4 billion in the quarter, also beating analysts’ expectations.
Goldman shares fell 0.8 percent to $229.25 in premarket trading.