Aramco Trading Company Plans to Participate in S&P Global Platts

Saudi Arabia’s Aramco Trading Company will participate in the S&P Global Platts price assessment process for crude cargoes in Asia. S&P Global Platts has reviewed the request and will consider information from the company in the crude cargo assessment for Asia.

Some oil industries have raised concerns about a conflict of interest because Aramco Trading Company is owned by Saudi, which uses the Platts Dubai crude market structure to set monthly prices for millions of barrels of Saudi crude sold in Asia, Reuters reported. Platts uses the market-on-close process to collates bids, offers and trades for various physical crude grades, enabling it to calculate and publish prices for them.

A consortium of ACWA Power, Saudi Aramco, and PIF-owned Badeel, will obtain financing for the 1.5GW Al-Sudair solar scheme of $600 million at 110 basis points (bp) with fees at 150bp. Aramco has joined the deal by taking a 30% equity stake alongside ACWA Power and Badeel, a Public Investment Company.A document showed that in Arabia 27% of the cost was being funded through an equity bridge loan.PIF declined to comment, while Acwa didn’t respond to emails requesting comments.

An international company advancing in additives for industrial heating and cooling systems has raised $5.9 million from a round of funding led by Saudi Aramco Energy Ventures and the Progress Tech Transfer Fund.HT Materials Science produces heat transfer fluid additives which, when added to water and glycol heating and cooling systems, yield substantial improvements in energy use.