Aramco makes significant profits with the rise in oil prices

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RIYADH – Saudi Aramco announced, on Tuesday, a 30% increase in its profits in the first quarter of 2021, compared to the same period last year, due to high oil prices.
The company said in a statement, “Saudi Aramco’s net income amounted to $ 21.7 billion during the first quarter, an increase of 30% compared to $ 16.7 billion in the first quarter of 2020. This is due to the presence of a strong market for crude oil, and higher refining and chemicals profit margins. This is partly offset by lower production. “
The statement quoted Aramco President Amin Al-Nasser as saying, “Our financial and operational results in the first quarter of 2021 showed very strong and distinct levels, and were a reflection of the improvement in the operational environment, represented by the positive trends witnessed in many regions of the world towards a gradual return to economic recovery and the balance of oil markets affected by the pandemic. “.
Aramco was listed on the Saudi Stock Exchange in December 2019 after the world’s largest initial public offering (IPO), valued at $ 29.4 billion, against the sale of 1.7 percent of its shares.
Last March, Aramco announced that it had achieved net profits of $ 49 billion in 2020, a 44.4 percent decline from the previous year’s profits, due to the drop in crude oil prices, with the decline in global demand due to the Covid-19 epidemic.
Saudi Arabia, the world’s largest exporter of crude oil, last year was hit by low prices and a sharp decline in production due to virus-related shutdowns.
Aramco will earn $ 12.4 billion under a deal with an American company related to the use of its pipeline network, as the kingdom seeks to attract foreign investment and diversify its economy.
Last month, Saudi Crown Prince Mohammed bin Salman announced negotiations with a foreign energy company to sell it one percent of the shares of the huge oil company, Aramco, without naming the company.
An ambitious economic plan launched by Saudi King Salman bin Abdulaziz and supervised by his Crown Prince Mohammed bin Salman under the name “Vision 2030”, which is the brainchild of Prince Mohammed, aims to rid the Saudi economy of addiction to oil revenues and work to diversify sources of income from outside the energy sector. .




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