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Saudi state oil company Saudi Aramco earned NOK 418 billion last year. It is well below the result of the previous year.
Saudi Aramco was included on the list last year. Saudi Arabia still controls just over 98 percent of the oil company’s shares.
Simon Dawson
The oil giant Saudi-Aramco presented its result for last year on Sunday, which shows a sharp drop since 2019.
After-tax earnings were $ 49 billion, or 418 billion crowns, last year, down from $ 88.2 billion, or 752 billion crowns, the year before, it seems.
This is due in large part to the reduction in demand for oil from the corona pandemic, which caused a sharp drop in oil prices and forced Saudi Arabia to cut production to save the oil market balance.
Saudi Aramco maintains a dividend of $ 75 billion, or 640 billion crowns, for 2020, it is claimed.
Capital investment (capex) in 2020 was $ 27 billion in 2020, down from $ 33 billion in 2019.
In 2021, this figure is expected to be around $ 35 billion, which is significantly lower than the previous guidance of $ 40-45 billion.
Aramco CEO Amin H. Nasser is satisfied with the measures taken last year and the results they have produced, according to a statement.
– We see a recovery in demand in Asia and also positive signs elsewhere. We remain confident that we will end up on the other side of this pandemic in a strengthened position, he adds.
Saudi Aramco was included on the list last year. Saudi Arabia still controls just over 98 percent of the oil company’s shares.
Read more about Aramcos 2020 here
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