CURRENT AFFAIRS

Detailed explanation-1: -Saudi Aramco, also called Saudi Arabian Oil Company, formerly Arabian American Oil Company, Oil company founded by the Standard Oil Co. of California (Chevron) in 1933, when the government of Saudi Arabia granted it a concession.

Detailed explanation-2: -Aramco has a particularly low cost of production, as much of its oil is in easy-to-tap fields onshore or in shallow waters. That boosts profitability at the company, which is still 95% owned by the Saudi government.

Detailed explanation-3: -The Aramco sustainability fund would target investments globally, with initial focus on areas including carbon capture and storage, greenhouse gas emissions, as well as hydrogen, ammonia and synthetic fuels.

Detailed explanation-4: -Because of regulations, foreign investment in Saudi stocks is limited, meaning that only investors and financial institutions with the deepest of pockets can buy shares in Saudi Aramco. So, for the majority of people, investing directly in Saudi Aramco isn’t possible.