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    2222   SA14TG012N13

SAUDI ARABIAN OIL COMPANY

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Saudi Arabian Oil : Indian oil minister vows to work with Saudi, UAE to calm oil mkts

07/15/2021 | 01:03pm EDT

NEW DELHI (Reuters) - India's new oil minister Hardeep Singh Puri vowed to work with oil producers Saudi Arabia and United Arab Emirates to reduce volatility in oil markets and make crude prices affordable.

Veteran diplomat Puri, who took charge of India's oil ministry last week, on Thursday spoke to Saudi oil minister Prince Abdulaziz bin Salman, a day after his conversation with Ahmed Al Jaber, UAE's minister of Industry and chief executive of Abu Dhabi National Oil Co (ADNOC).

"I conveyed my desire to work with His Royal Highness Prince Abdulaziz to bring greater predictability and calm in the global oil markets, and also to see hydrocarbons become more affordable", Puri tweeted after a telephonic conversation with his Saudi counterpart.

Relations between Riyadh and New Delhi came under strain this year after Puri's predecessor, Dharmendra Pradhan, blamed production cuts by Saudi Arabia and others for driving up oil prices.

India, the world's third biggest oil consumer and oil importer, is facing record high retail prices of gasoline and gasoil.

Puri said New Delhi would like to expand its relations with Riyadh to "beyond buyer-seller to see greater two way investment".

Saudi Arabia is the second biggest oil supplier to India after Iraq.

Saudi Aramco is in talks to acquire a 20% stake in oil-to-chemical business of Relinace Industries, operator of the world's biggest refining complex.

Aramco and ADNOC are partners with Indian state run refiners in a joint venture that plans to build a giant refining and petrochemical complex on India's west coast.

ADNOC has also leased a part of India's strategic petroleum reserves.

(Reporting by Nidhi Verma; Editing by David Gregorio)


ę Reuters 2021
Stocks mentioned in the article
ChangeLast1st jan.
INDIAN OIL CORPORATION LIMITED 1.26% 116.45 Delayed Quote.26.44%
SAUDI ARABIAN OIL COMPANY -0.29% 34.9 End-of-day quote.-0.29%
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Financials
Sales 2021 1 352 B 360 B 360 B
Net income 2021 367 B 97 915 M 97 915 M
Net Debt 2021 245 B 65 231 M 65 231 M
P/E ratio 2021 19,0x
Yield 2021 4,05%
Capitalization 6 986 B 1 863 B 1 863 B
EV / Sales 2021 5,35x
EV / Sales 2022 4,91x
Nbr of Employees 79 000
Free-Float 1,76%
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Saudi Arabian Oil Company Technical Analysis Chart | 2222 | SA14TG012N13 | MarketScreener
Technical analysis trends SAUDI ARABIAN OIL COMPANY
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TrendsNeutralBearishNeutral
Income Statement Evolution
Consensus
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Mean consensus HOLD
Number of Analysts 17
Last Close Price 34,90 SAR
Average target price 35,21 SAR
Spread / Average Target 0,89%
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Managers and Directors
Amin bin Hasan Al-Nasser President, CEO & Executive Director
Khalid Hashim Al-Dabbagh Director, SVP-Finance, Strategy & Development
Yasir bin Othman Al-Rumayyan Chairman
Ahmad Abdul Rahman Al-Sa'adi Senior Vice President-Technical Services
Ziad Thamer Al-Murshed Vice President-International Operations
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