Business & Economy

Saudi Arabia’s Aramco 2021 profits more than double amid swelling oil prices

Riyadh, Mar 20 (EFE).- Saudi state-run oil giant Aramco recorded net profits of $110billion in 2021, 124% more than the previous year and well above 2019 figures, the energy company reported Sunday.

“Aramco’s net income increased by 124 percent to $110bn in 2021, compared to $49bn in 2020,” the company said in a statement.

The energy sector recorded huge losses as a result of pandemic restrictions which grounded planes and limited the movement of people globally dropping demand, but oil prices rebounded in 2021 and this year surged to figures not seen since 2014.

“Our strong results are a testament to our financial discipline, flexibility through evolving market conditions and steadfast focus on our long-term growth strategy,” Aramco CEO Amin Nasser said.

Aramco said higher crude oil prices, stronger refining and chemicals margins, and the consolidation of its chemicals business had propelled the company’s income increase.

The Saudi energy company also announced its growth strategy for the coming years which includes an increase in gas production by more than 50% by 2030.

The company added it would aim to increase crude oil production capacity by 13 million barrels a day by 2027.

The announcement of Aramco’s profits and business plan came hours after Yemen’s Houthi Rebels attacked Aramco plants using missiles and drones.

Saudi Arabia’s military coalition in Yemen said the attack targeted “the National Gas and Industrialization Company’s Khamis Mushait Gas Station and Aramco’s Liquified Gas Plant in Yanbu.”

According to the coalition, the intercepted attack resulted in no casualties.

Houthis have been fighting a Saudi-led military alliance, which includes the United Arab Emirates, for more than six years.

The rebels have repeatedly carried out cross-border missile and drone attacks on Saudi Arabia.EFE


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