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Aramco Eyes Partnerships, Expansion

FILE PHOTO: Logo of Saudi Aramco is seen at the 20th Middle East Oil & Gas Show and Conference (MOES 2017) in Manama, Bahrain, March 7, 2017. REUTERS
FILE PHOTO: Logo of Saudi Aramco is seen at the 20th Middle East Oil & Gas Show and Conference (MOES 2017) in Manama, Bahrain, March 7, 2017. REUTERS
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Aramco Eyes Partnerships, Expansion

FILE PHOTO: Logo of Saudi Aramco is seen at the 20th Middle East Oil & Gas Show and Conference (MOES 2017) in Manama, Bahrain, March 7, 2017. REUTERS
FILE PHOTO: Logo of Saudi Aramco is seen at the 20th Middle East Oil & Gas Show and Conference (MOES 2017) in Manama, Bahrain, March 7, 2017. REUTERS

Saudi Aramco plans to boost investments in refining and petrochemicals to secure new markets for its crude, and sees growth in chemicals as central to its downstream strategy to lessen the risk of a slowdown in oil demand, Reuters reported.

The state oil giant is moving ahead with multi-billion-dollar projects in China, India and Malaysia and aims to finalize new partnerships this year, Abdulaziz al-Judaimi, Aramco's senior vice president for downstream, told the news agency.

Aramco plans to raise its refining capacity to between 8 million and 10 million barrels per day, from some 5 million bpd now, and double its petrochemicals production by 2030, he added.

To help it reach these targets, Aramco has entered a 50 percent joint venture with three Indian refiners to build a $44 billion, 1.2-million-bpd refinery integrated with petrochemical facilities on India’s west coast.

Judaimi said Aramco was working with Abu Dhabi National Oil Co (ADNOC) towards securing a partnership. It would be the first time for the two national oil companies to join hands in an international venture.

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Gold Hits Record High

FILE PHOTO: An employee places ingots of 99.99 percent pure gold in a workroom at the Novosibirsk precious metals refining and manufacturing plant in the Siberian city of Novosibirsk, Russia, September 15, 2023. REUTERS/Alexander Manzyuk/File Photo
FILE PHOTO: An employee places ingots of 99.99 percent pure gold in a workroom at the Novosibirsk precious metals refining and manufacturing plant in the Siberian city of Novosibirsk, Russia, September 15, 2023. REUTERS/Alexander Manzyuk/File Photo
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Gold Hits Record High

FILE PHOTO: An employee places ingots of 99.99 percent pure gold in a workroom at the Novosibirsk precious metals refining and manufacturing plant in the Siberian city of Novosibirsk, Russia, September 15, 2023. REUTERS/Alexander Manzyuk/File Photo
FILE PHOTO: An employee places ingots of 99.99 percent pure gold in a workroom at the Novosibirsk precious metals refining and manufacturing plant in the Siberian city of Novosibirsk, Russia, September 15, 2023. REUTERS/Alexander Manzyuk/File Photo

Gold prices charged to an all-time high on Thursday as expectations of more US Federal Reserve rate cuts and uncertainty over the US presidential election boosted demand for bullion, while traders awaited US economic data.
Spot gold rose 0.2% to $2,678.13 per ounce by 0934 GMT, after hitting a record high of $2,685.60, Reuters reported.
US gold futures gained 0.1% to $2,693.60.
"With the US election less than three weeks away, market caution is likely to remain a key theme. Given the tight race between Donald Trump and Kamala Harris, this adds another layer of uncertainty – stimulating demand for safe haven assets," said FXTM senior research analyst Lukman Otunuga.
Gold has added over 30% so far this year, with a record-breaking rally driven by expectations that the Fed will further cut rates this year after a jumbo reduction last month and on the ongoing geopolitical uncertainties.
The European Central Bank is also expected to make its first back-to-back rate cut in 13 years later in the day.
Lower interest rates and geopolitical tensions tend to boost bullion, which is considered a safe asset and yields no interest.
"The LBMA poll that came out from Miami earlier in the week, where the base look for gold prices was to rally near $3,000 in the next year and silver doing even better, I think that potential is also just attracting a bit of attention," said Ole Hansen, head of commodity strategy at Saxo Bank.
The price of gold is expected to rise to $2,941, a troy ounce over the next 12 months from the current $2,661, delegates to the London Bullion Market Association's annual gathering predicted earlier this week.
Traders are on the lookout for the US retail sales and industrial production data for September and weekly jobless claims data due later in the day.
"A set of disappointing US data may fuel bets around Fed rate cuts," Otunuga added.
Elsewhere, spot silver fell 0.3% to $31.57 per ounce. Platinum rose 0.6% to $999.20 and palladium fell 0.4% to $1,019.56.