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Friday, March 24, 2023

Aramco: Saudi state-owned oil giant sees record profit of $161bn | BBC News

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Saudi Arabian oil company Aramco announces a record $161.1bn profit for 2022, with most of the dividend payment going to the Saudi government, while also planning to invest in lower-carbon technologies, as Iran reports its highest oil exports since US sanctions in 2018. 

Saudi Arabian oil company Aramco has announced a record profit of $161.1bn for 2022, representing a 46.5% increase from the previous year, thanks to rising energy prices and increased production volumes. The majority of the dividend payment of $19.5bn for Q4 2022 will go to the Saudi government, which holds almost 95% of Aramco’s shares. The company also plans to invest in new lower-carbon technologies, in addition to expanding its oil, gas, and chemicals production. Aramco is the world’s second-most valuable company after Apple, but its greenhouse gas emissions have been criticized by Amnesty International. In a separate development, Iran has announced that its oil exports have reached their highest level since the re-imposition of US sanctions in 2018. 

Source: https://www.bbc.com/news/world-middle-east-64931074 


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