AlphaMena on Monday downgraded Rabigh Refining and Petrochemical (SASE:2380), d/b/a Petro Rabigh, to reduce from add, while increasing its price target to 16.30 Saudi riyals from 16 riyals.
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Ades Holding (SASE:2382) secured an extension to its contract for shelf drilling with Tenaz Energy Netherlands, bringing the total potential contract value to 832.2 million Saudi riyals, according to a Sunday release.The Saudi Arabia-listed drilling services company will now conduct operations in the Dutch sector of the North Sea for a three-year firm term instead of the initial one-year firm term. The two additional one-year options remain in place.
Saudi Arabia Refineries (SASE:2030), d/b/a Sarco, entered into a one-year nonbinding memorandum of understanding with Ally Hydrogen Energy to develop a green ammonia production plant in Jazan Industrial City, Saudi Arabia.Under the memorandum of understanding, the Tadawul-listed petroleum refining company will also establish a research and development center and a local hub for the assembly and manufacturing of hydrogen and purification equipment.
Argentina's state-run energy company YPF is seeking government approval for incentives tied to a planned $25 billion oil development that could sharply boost exports from the country's Vaca Muerta shale region, Bloomberg reported on Friday.Chief Executive Officer Horacio Marin said the company applied to join Argentina's RIGI incentive program, which offers tax breaks and legal protections for large investments.YPF said the 15-year "LLL Oil" project would include more than 1,100 wells and target production of 240,000 barrels per day by 2032, with all output intended for export. Annual exports could eventually reach about $6 billion, according to the company.Bloomberg reported the project would be the largest investment announced since President Javier Milei took office and would likely require financing from international banks and partners.The development could further accelerate growth in the Vaca Muerta shale basin, one of the world's largest unconventional oil reserves.