Saudis plan to expand critical oil pipeline

According to the news on Saudi Arabia's Al-Ikhbariyya channel, Saudi Aramco's Chief Executive Amin Hasan al-Nasser made a statement regarding the East-West Pipeline, which was damaged by regional conflicts, at the company's press conference.

Nasser stated that they have started preliminary engineering studies for the expansion of the line, which is one of the most important oil transportation lines in Saudi Arabia.

Stating that emergency repair works are carried out 6 times faster than similar companies in the energy sector, Nasser stated that Aramco can reach its maximum production capacity of 12 million barrels per day in less than 3 weeks.

Nasser noted that the company is considering increasing its crude oil storage capacity on export routes.

Profit increased in the third quarter

The adjusted net profit of Saudi Arabia's national oil company, Saudi Aramco, in the third quarter of the year increased by approximately 2.6 billion dollars compared to the same period last year, reaching 31.2 billion dollars.

According to the financial results announced by Saudi Aramco, the company's adjusted net profit increased by 9.1 percent in the July-September period compared to the same period last year, reaching 31.2 billion dollars. The company announced an adjusted net profit of $28.6 billion in the third quarter of last year.

The company's cash flow from operations increased from $36.1 billion to $38.7 billion in the same period, while free cash flow increased from $23.6 billion to $28.2 billion.

Saudi Aramco's adjusted earnings before interest and tax (EBIT) in its sub-segment, which includes refining and petrochemical activities, increased by 234 percent on an annual basis, driven by strengthening refining margins.

The company's board of directors decided to distribute dividends worth $21.9 billion for the third quarter, an increase of 3.5 percent compared to the same period last year. The payment in question is planned to be made in the fourth quarter of the year.

In the statement, it was stated that production has started in the Zuluf crude oil production capacity increase project, and other important investments, including the second phase of the Jafurah natural gas field, the expansion of the Fadhili Gas Plant and the Dammam development project, are progressing as planned.

It was also noted that the East-West Pipeline continues to provide flexibility in exports, and that additional storage capacity and alternative export routes abroad are being evaluated in order to strengthen the global supply network.