DUBAI, United Arab Emirates—Saudi Arabia’s crown prince announced Sunday the transfer of a 4 percent stake of the oil giant Saudi Aramco to a subsidiary of the kingdom’s sovereign wealth fund, further boosting its coffers as the kingdom tries to expand its economy beyond oil. Crown Prince Mohammed bin Salman’s decision, announced by the state-run…
Saudi Aramco Reports Record Profit of $161.1 Billion in 2022
DUBAI—Saudi Arabian oil giant Aramco on Sunday reported a record annual net profit of $161.1 billion for 2022, up 46 percent from the previous year on higher energy prices, increased volumes sold, and improved margins for refined products. The profits, which are around triple that of Exxon’s $56 billion, follow similar reports in February from…
Aramco and TotalEnergies to Build $11 Billion Saudi Petrochemicals Plant
PARIS—Saudi Arabian Oil Company (Aramco) and TotalEnergies will join forces to build a new petrochemicals complex in Saudi Arabia, the French energy group said on Thursday. The project involves investment of about $11 billion, of which $4 billion will be funded through equity by Aramco (62.5 percent) and TotalEnergies (37.5 percent), the statement said. The…
Oil Giant Saudi Aramco Has $42.4 Billion Profit in 3rd Quarter
DUBAI, United Arab Emirates—Oil giant Saudi Aramco on Tuesday reported a $42.4 billion profit in the third quarter of this year, a 39 percent bumpbuoyed by the higher global energy prices that have filled the kingdom’s coffers but helped fuel inflation worldwide. The oil firm’s profits will help fund the kingdom’s Crown Prince Mohammed bin…
Saudi’s Aramco Sees Profits Soar to $39.5 Billion in Q1 as Global Gas and Oil Prices Surge
Saudi oil giant Aramco on May 15 posted its highest profits since its initial public offering in 2019 as global gas and oil prices continue to surge in the wake of Russia’s invasion of Ukraine. The world’s largest oil exporter disclosed in its first-quarter 2022 results that it has made $39.5 billion in earnings in the first quarter…
Yemen’s Houthis Suspend Strikes on Saudi Arabia for 3 Days
RIYADH—Yemen’s Houthi group said on Saturday it was suspending missile and drone strikes on Saudi Arabia for three days, in a peace initiative it said could be a lasting commitment if the Saudi-led coalition fighting in Yemen stopped air strikes and lifted port restrictions. The group also announced a three-day suspension of ground offensive operations…
Saudi’s Aramco Pledges to Increase Investment in Oil Production to Meet Growing Demand
Saudi Arabia’s state oil company Aramco on March 20 pledged to increase the amount it invests in oil production after it reported that profits more than doubled year-on-year to $110 billion. The world’s largest oil exporter said its net profit increased by 124 percent to $110 billion in 2021, compared with $49 billion a year prior. In an effort…
Saudi Oil Giant Aramco Sees Half-Year Earnings Climb to $47 Billion
DUBAI, United Arab Emirates—Saudi Arabia’s oil-producing company, Aramco, announced Sunday a net income of around $47 billion for the first half of the year, double what it earned over the same period last year when the coronavirus grounded travel and pummeled global demand for oil. This puts Aramco back squarely where it was before the…
Saudi Aramco in Talks to Sell 1 Percent Shares, Beijing-Controlled Fund A Likely Buyer
Saudi Arabia plans to sell a 1 percent stake in Aramco, the world’s largest oil company. Based on the company’s market value, the potential sale could be worth $19 billion. It is believed that the Chinese Communist Party’s sovereign wealth fund China Investment Co., Ltd. (CIC) is most likely to reach a deal with Aramco….
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