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by Haitham EL-TABEI
Agence France Presse
RIYADH, Saudi Arabia (AFP) — Vitality large Saudi Aramco stated Sunday its 2021 web revenue soared by greater than 120 p.c, as a consequence of larger crude costs, as international financial progress recovered from a pandemic induced downturn.
The announcement got here hours after Yemen’s Huthi rebels — in opposition to whom Saudi Arabia leads a navy coalition — focused a number of places, together with Aramco services, in cross-border armed drone assaults.
Aramco, Saudi Arabia’s money cow, didn’t say if the assaults induced injury.
“Aramco’s web revenue elevated by 124% to $110.0 billion in 2021, in comparison with $49.0 billion in 2020,” the corporate stated in a press release.
Aramco achieved a web revenue of $88.2 billion in 2019 earlier than the coronavirus pandemic hit international markets, leading to enormous losses for the oil and aviation sectors, amongst others.
A robust rebound final yr noticed oil costs recuperate from their 2020 lows, they usually have soared to highs not seen since 2014 this yr, amid international provide shortages and Russia’s invasion of Ukraine.
Aramco floated 1.7 p.c of its shares on the Saudi bourse in December 2019, producing $29.4 billion on the planet’s largest preliminary public providing.
“Our sturdy outcomes are a testomony to our monetary self-discipline, flexibility by evolving market circumstances and steadfast deal with our long-term progress technique,” Aramco president and CEO Amin Nasser stated in a press release.
“Though financial circumstances have improved significantly, the outlook stays unsure as a consequence of varied macroeconomic and geopolitical elements,” he stated.
“However our funding plan goals to faucet into rising long-term demand for dependable, inexpensive and ever safer and sustainable power,” he added.
“We recognise that power safety is paramount for billions of individuals world wide, which is why we proceed to make progress on rising our crude oil manufacturing capability, executing our gasoline enlargement program and rising our liquids to chemical substances capability.”
Since Mohammed bin Salman’s appointment as crown prince in 2017, Saudi Arabia has sought to diversify its oil-dominated economic system.
In February, the dominion — one of many world’s prime crude exporters — moved 4 p.c of Aramco shares value $80 billion to the nation’s sovereign wealth fund.
The switch was additionally as an indication that Saudi Arabia desires to additional open up the oil large and “crown jewel” of the Saudi economic system, the Arab world’s largest.
The crown prince stated final yr that Aramco was in talks to promote a one p.c stake to a international power large.
Brent crude is at present promoting at greater than $100 per barrel — partly as a consequence of Russia’s invasion of Ukraine.
Russia is the world’s largest producer of gasoline and one of many largest oil producers and is grappling with mounting Western sanctions.
Oil-rich Gulf nations, together with Saudi Arabia, have to this point resisted Western strain to lift oil output to rein in costs, stressing their dedication to the OPEC+ alliance of oil producers, which Riyadh and Moscow lead.
© Agence France-Presse
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