Economy of Saudi Arabia

Saudi Aramco-Hyundai in $5.2 bln shipyard deal

Saudi Aramco is to build the region's biggest shipyard in a $5.2 billion joint venture with South Korea's Hyundai Heavy Industries and others, the partners said on May 31.

The yard, to be constructed on the kingdom's Gulf coast, will have the capacity to produce four offshore rigs and 40 vessels, including three supertankers, a year, the state-owned oil giant said in a statement.

Saudi Arabia loses Fitch rating over budget concerns

Saudi Arabia on March 22 lost its high-quality credit rating from the Fitch agency, which lowered the kingdom a notch because of worsening public finances as the oil price wobbles.

Dropping its notation from AA- to A+, Fitch said it was doubtful whether Saudi Arabia could implement its reform program after a "significantly wider than expected fiscal deficit in 2016."

Saudi Aramco resumes Egypt oil deliveries: Ministry

Egypt has received its first two oil shipments from Saudi giant Aramco after deliveries were suspended for several months over political differences, an oil ministry spokesman said on March 19.

"On Friday and Saturday, we received the first two deliveries after a resumption of the contract with Aramco," oil ministry spokesman Hamdi Abdel Aziz told AFP.

Saudi posts record $98 billion deficit in 2015 due to oil plunge

OPEC kingpin Saudi Arabia posted a record $98 billion budget deficit in 2015 due to the sharp fall in oil prices, the finance ministry said on Dec. 28.

Revenues were estimated at 608 billion riyals ($162 billion), well below projections and 2014 income, while spending came in at 975 billion riyals ($260 billion), ministry officials announced at a press conference in Riyadh.

Saudi, Hungary sign nuclear pact

Oil giant Saudi Arabia, which is trying to diversify its energy sources, signed an agreement on Oct. 19 with Hungary to cooperate in the peaceful use of atomic energy.

It is the latest pact of its kind signed by the world's largest oil exporter, which earlier this year reached similar agreements with Russia and South Korea.