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Saudi Aramco Buys 7.4% Stake in Norwegian Software Firm Cognite

The logo of Saudi Aramco is pictured outside Khurais, Saudi Arabia October 12, 2019. (Reuters)
The logo of Saudi Aramco is pictured outside Khurais, Saudi Arabia October 12, 2019. (Reuters)
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Saudi Aramco Buys 7.4% Stake in Norwegian Software Firm Cognite

The logo of Saudi Aramco is pictured outside Khurais, Saudi Arabia October 12, 2019. (Reuters)
The logo of Saudi Aramco is pictured outside Khurais, Saudi Arabia October 12, 2019. (Reuters)

Saudi Aramco has bought a 7.4% stake in Norwegian industrial software group Cognite from oil firm Aker BP, Cognite said on Wednesday.

The price for the stake was "around 1 billion Norwegian crowns," or about $113 million, an Aker BP spokesperson told Reuters, valuing Cognite at just over $1.5 billion.

Cognite and Saudi Aramco are in a partnership to provide digitization services in Saudi Arabia and the wider Middle East region.

"Cognite has proven that their technology delivers complex real time insights seamlessly and is optimizing how energy is being supplied to the world," Saudi Aramco Senior Vice President Ahmad A. Al-Sa'adi said in a statement.

Both Cognite and Aker BP are part of Norwegian billionaire Kjell Inge Roekke's group of companies, whose investment firm Aker ASA has a 50.5% stake in Cognite.

US venture capital firm Accel holds 12.4% while Cognite's Chief Executive John Markus Lervik owns 7.2%, an Aker spokesman said in May last year.

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Gold on Track for Weekly Gain on Trump Uncertainty; US Jobs Report Awaited

A view shows ingots of 99.99 percent pure gold in a workroom during production at Krastsvetmet precious metals plant in the Siberian city of Krasnoyarsk, Russia, May 23, 2024. REUTERS/Alexander Manzyuk
A view shows ingots of 99.99 percent pure gold in a workroom during production at Krastsvetmet precious metals plant in the Siberian city of Krasnoyarsk, Russia, May 23, 2024. REUTERS/Alexander Manzyuk
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Gold on Track for Weekly Gain on Trump Uncertainty; US Jobs Report Awaited

A view shows ingots of 99.99 percent pure gold in a workroom during production at Krastsvetmet precious metals plant in the Siberian city of Krasnoyarsk, Russia, May 23, 2024. REUTERS/Alexander Manzyuk
A view shows ingots of 99.99 percent pure gold in a workroom during production at Krastsvetmet precious metals plant in the Siberian city of Krasnoyarsk, Russia, May 23, 2024. REUTERS/Alexander Manzyuk

Gold prices inched higher on Friday as uncertainty around US President-elect Donald Trump's policies firmed demand for bullion, while investors awaited a key jobs report to assess the Federal Reserve's rate cut trajectory.
Spot gold edged 0.2% higher to $2,675.49 per ounce as of 0725 GMT. Bullion has gained more than 1% so far this week, set for its highest weekly jump since mid-November. US gold futures rose 0.3% to $2,698.30.
The US non-farm payrolls report is due at 1330 GMT. According to a Reuters survey, payrolls are expected to have increased by 160,000 in December, following a jump of 227,000 in November.
"We expect gold to drop a little in case the non-farm payroll report comes on a higher side," said Jigar Trivedi, senior analyst at Reliance Securities.
"Gold found support after a weaker-than-expected private employment report for December reinforced the notion that the Fed may need to adopt a less cautious approach to rate cuts," Trivedi said.
Kansas City Fed President Jeff Schmid on Thursday signaled a reluctance to cut rates again as the Fed faces a resilient economy and inflation that remains above its 2% target.
Trump's proposed tariffs and immigration policies may also prolong the fight against inflation.
Traders now expect the first Fed rate cut this year in either May or June, according to the CME FedWatch Tool.
Gold acts as a hedge against inflation, but higher interest rates reduce the appeal of holding the bullion.
Spot silver was up 0.3% to $30.2 per ounce and the COMEX contract was trading at $31.17, both near one-month peaks.
"Our view is that the incoming US administration will tailor economic and trade policy to promote national prosperity, and that silver will recover along with gold in the second half (of 2025) to $35 per ounce," Deutsche Bank said in a note.
Platinum shed 0.4% to $955.97 and palladium added 0.9% to $934.16. All three metals were also set for weekly gains.