Tadawul fluctuates in narrow range

Updated 06 March 2013
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Tadawul fluctuates in narrow range

Saudi Stocks showed narrow fluctuations yesterday, as the Tadawul index with a negative change of 3.32 points remained almost flat, closing at 6,953.21.
The Tadawul All-Share Index (TASI) wavering in the green-red within a range of 38 points, closed just below the break-even line trimming a nominal 0.05 percent.
Among market cap indices only Large cap went slightly downward.
Sectoral performance was positive, with eleven sectors accumulating an aggregate of 198 points.
Industrial Investment outdid rest of the sectors, advancing exactly one percent to close at 6,455.43. Insurance — the worst performing sector of previous day — also turned green, increasing by 0.94 percent and ranking second.
On the negative side, four sectors including Banks & Financial Services (-0.96 percent) — the biggest decliner of the day — went downward, paring an aggregate of 224 points.
Samba Financial Group outperformed among large market cap companies, rising 0.9 percent for the day. Al-Rajhi Bank, however, remained significant decliner, going down further 2.6 percent to SR 66.25.
There were 56 net advancing issues, a strong market breadth.
Salama Insurance and Bupa Arabia Insurance made the biggest jumps among all Saudi equities, marching higher by 9.9 percent and 9.2 percent respectively.
On the other hand, Saudi Indian Company for Co-operative Insurance (WAFA Insurance) — the best performing company of previous day — posted the largest losses this time, falling over three percent to SR 71.
Northern Region Cement remained the most active stock of the day. Its volume set sold about 20.9 million shares, which equates 15.5 percent of the overall market volume. The company with a liquidity of SR 458.5 million also topped the value chart, closing at SR 21.75.


Saudi Aramco to invest in refinery-petrochemical project in east China

Updated 18 October 2018
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Saudi Aramco to invest in refinery-petrochemical project in east China

  • This is the third such project in China that Saudi Aramco has set its sight on
  • Last month, Saudi Aramco signed a long-term deal with the Zhejiang project’s operator Zhejiang Rongsheng to supply crude oil

ZHOUSHAN, China/SINGAPORE: State oil giant Saudi Aramco signed an agreement on Thursday to invest in a refinery-petrochemical project in eastern China, part of its strategy to expand in downstream operations globally.
The memorandum of understanding between the company and Zhejiang province included plans to invest in a new refinery and co-operate in crude oil supply, storage and trading, according to details released by the Zhoushan government after a signing ceremony in the city south of Shanghai.
Zhejiang Petrochemical, 51 percent owned by textile giant Zhejiang Rongsheng Holding Group, is building a 400,000-barrels-per-day refinery and associated petrochemical facilities that was expected to start operations by the end of this year.
This is the third such project in China that Saudi Aramco has set its sight on as it seeks to lock in long-term outlets for its crude oil and produce fuel and petrochemicals to meet rising demand in Asia and cushion the risk of a slowdown in oil consumption.
Last month, Saudi Aramco signed a long-term deal with the Zhejiang project’s operator Zhejiang Rongsheng to supply crude oil.
The oil giant had not yet finalized the size of its stake in the project and still needed to complete due diligence, Aramco’s Senior Vice President of Downstream, Abdulaziz Al-Judaimi, said on the sidelines of the event.
Saudi Aramco expects to supply 170,000 barrels per day of Saudi crude to the refinery in Zhoushan when it starts operations, he said.
The first crude carrier supplying the refinery should arrive in December or January, depending on when the project starts, he added.
Aramco also owns part of the Fujian refinery-petrochemical plant with Sinopec and Exxon Mobil Corp, and has plans to build a 300,000-bpd refinery with China’s Norinco. It is also in talks with PetroChina to invest in a refinery in Yunnan.