Aramco, Petronas Launch Corporate Identity of Joint Ventures

 Abdulaziz Judaimi, Senior Vice President, Downstream, Saudi Aramco; Datuk Md Arif Mahmood, Executive Vice President Downstream, PETRONAS; Tan Sri Wan Zulkiflee Wan Ariffin, President & CEO, PETRONAS; Amin Nasser, President & CEO, Saudi Aramco (Asharq Al-Awsat)
Abdulaziz Judaimi, Senior Vice President, Downstream, Saudi Aramco; Datuk Md Arif Mahmood, Executive Vice President Downstream, PETRONAS; Tan Sri Wan Zulkiflee Wan Ariffin, President & CEO, PETRONAS; Amin Nasser, President & CEO, Saudi Aramco (Asharq Al-Awsat)
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Aramco, Petronas Launch Corporate Identity of Joint Ventures

 Abdulaziz Judaimi, Senior Vice President, Downstream, Saudi Aramco; Datuk Md Arif Mahmood, Executive Vice President Downstream, PETRONAS; Tan Sri Wan Zulkiflee Wan Ariffin, President & CEO, PETRONAS; Amin Nasser, President & CEO, Saudi Aramco (Asharq Al-Awsat)
Abdulaziz Judaimi, Senior Vice President, Downstream, Saudi Aramco; Datuk Md Arif Mahmood, Executive Vice President Downstream, PETRONAS; Tan Sri Wan Zulkiflee Wan Ariffin, President & CEO, PETRONAS; Amin Nasser, President & CEO, Saudi Aramco (Asharq Al-Awsat)

Saudi Aramco and Petroliam Nasional Berhad (PETRONAS) launched on Tuesday the corporate identity for their joint ventures in the Pengerang Integrated Complex (PIC) located in Pengerang, Johor, Malaysia, namely Pengerang Refining Company Sdn Bhd (PRefChem Refining) and Pengerang Petrochemical Company Sdn Bhd (PRefChem Petrochemical)*2, collectively known as “PRefChem”.

Earlier in March, PETRONAS and Saudi Aramco concluded the Share Purchase Agreement for equal ownership and participation in the operations of the refinery, cracker and selected petrochemical facilities in the PIC.

A ceremony was held at the complex which also saw the unveiling of PRefChem’s logo, and it was attended by President and CEO of Saudi Aramco Amin Nasser, President and CEO of PETRONAS Tan Sri Wan Zulkiflee Wan Ariffin, Executive Vice President Downstream of PETRONAS Datuk Md Arif Mahmood, as well as other officials.

Speaking at the occasion, Amin Nasser stated that it marks an important milestone for this joint venture project, which is an integral part of Saudi Aramco’s refining and fuels marketing and chemicals business strategies and will help in strengthening the company’s growth position in Southeast Asia through crude supply and world-scale downstream operations.

This venture also closely aligns with Aramco's downstream strategy to invest in a global refining and petrochemicals system of world-scale manufacturing complexes in key regions with participated refining capacity of eight to 10 million barrels per day by 2030, he added.

"We are committed to help enhance the area’s prosperity and look forward to this new stage of cooperation with our valued partner PETRONAS," asserted Nasser.

CEO Nasser explained that Malaysia provides a great opportunity for Aramco’s downstream portfolio expansion in Asia and PRefChem’s strategic location in Pengerang will clearly position the country as a prolific regional energy hub, at the same time serve to enhance energy security in the Asia-Pacific region.

Also, Tan Sri Wan Zulkiflee spoke at the event describing the integrated partnership as a "visionary move by two professionally-run national oil companies where both are able to leverage on each other’s strengths and share technical capabilities as well as experiences for mutual benefit."

"I am proud that we are among the pioneer of national oil companies partnering with one another to ensure better positioning for both organisations in an increasingly competitive market," he added.

He indicated that this partnership was built on a shared vision and shared values that align a number of priorities for both parties including – upholding the trust that both organisations have in contributing to both nations and their people.

PRefChem also celebrated a major milestone with the mechanical completion of Package 2 comprising the Crude Distillation Unit (CDU). The mechanical completion certificate was presented to Sun Lili, President of Sinopec Engineering, by Datuk Md Arif Mahmood. Both Tan Sri Wan Zulkiflee and Nasser attended the event.

Dr Wong said that the circular movement of the logo represents collaboration, precision and bonding between PETRONAS and Saudi Aramco, while the blue and green colors portray PRefChem as a vibrant, dynamic and environmentally friendly company.

The refinery complex and cracker are now 96.54 percent complete while the petrochemical facilities has achieved 84.8 percent completion.



Five Saudi Banks Achieve Record Profits of $14 Billion in 2024

Photo of the Saudi capital, Riyadh (SPA)
Photo of the Saudi capital, Riyadh (SPA)
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Five Saudi Banks Achieve Record Profits of $14 Billion in 2024

Photo of the Saudi capital, Riyadh (SPA)
Photo of the Saudi capital, Riyadh (SPA)

Five Saudi banks reported record profit growth in 2024, an increase of approximately 12% compared to the previous year, with total earnings exceeding $14 billion (SAR53 billion). The banks include Al Rajhi, National Commercial Bank (NCB), Alinma, Saudi Investment Bank, and Banque Saudi Fransi (BSF).

According to financial disclosures in the Saudi stock market, Alinma Bank recorded the highest growth rate among the five, with profits surpassing SAR5.8 billion ($1.54 billion), marking a 21% increase from the previous year.

Al Rajhi Bank followed, achieving a 19% growth rate, with total profits reaching SAR19.7 billion ($5.2 billion).

Despite posting the highest overall profits—exceeding SAR21.2 billion ($5.6 billion)—NCB reported the lowest growth rate in its history over the past four years, at just 6%.

Saudi Investment Bank recorded an 11% profit increase, reaching SAR1.95 billion ($521.4 million), while BSF saw a 7.6% rise, with total earnings hitting SAR4.5 billion ($1.2 billion).

Three banks—Al Rajhi, NCB, and Alinma—announced total dividend distributions of $3.4 billion (SAR12.6 billion).

NCB declared dividends of SAR6 billion ($1.6 billion) at SAR1 per share, bringing its total distributions for 2024 to SAR11.4 billion ($3 billion).

Al Rajhi Bank announced the highest cash dividend per share at SAR1.46, distributing SAR5.84 billion ($1.56 billion) for the second half of the year, bringing its total 2024 dividends to SAR10.84 billion ($2.9 billion).

Meanwhile, Alinma Bank announced a dividend payout of SAR746.1 million ($199 million) at SAR0.3 per share for the fourth quarter, bringing its total distributions for the year to approximately SAR2.73 billion ($728 million).

Profits Exceed Expectations

Commenting on the financial performance of Saudi banks, Dr. Suleiman Al-Humaid Al-Khalidi, a financial markets analyst and member of the Saudi Economic Association, told Asharq Al-Awsat that 2024 saw a strong financial performance from Saudi banks. This contributed to record-breaking profits in both the fourth quarter and the entire fiscal year, along with generous dividend distributions to shareholders. These earnings surpassed all expectations from financial firms and expert institutions.

Al-Khalidi added that this robust banking performance reflects the strength of the Saudi banking sector and its ability to achieve sustainable growth, reinforcing confidence in the Saudi economy. He noted that the local banking sector ranks among the highest globally in terms of annual profitability and substantial shareholder dividends.

Mohammed Hamdi Omar, Chief Executive Officer of G-World, also said: “We must take a historical perspective when analyzing banking sector profits, considering that Saudi banks have achieved record earnings in recent quarters due to improved cost efficiency, operational enhancements, favorable interest rate environments, and overall market stability.”

In remarks to Asharq Al-Awsat, Omar predicted a 10% increase in corporate lending by Saudi banks in 2025, alongside a rise in banking alliances supporting large-scale projects tied to Vision 2030. He emphasized that local banks would be the primary source of financing for these mega-projects.

He also highlighted a 12% growth in banking sector financing activities in 2024, driven by construction efforts and economic diversification initiatives in Saudi Arabia. He added that Saudi banks are well-positioned to benefit significantly from favorable market conditions and strategic national initiatives, as well as upcoming major events such as Expo Riyadh 2030 and the 2034 FIFA World Cup. These developments position the sector for continuous growth while also addressing challenges related to liquidity, regulatory compliance, and competition with foreign banks increasingly entering the Saudi market.