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The oil company halves its profits and distributes $ 640 billion

Saudi Aramco, a state-owned Saudi oil company, earned NOK $ 418 billion last year. It is down sharply from the end of the previous year.

Last year Saudi Aramco was listed. Saudi Arabia still controls more than 98 percent of the oil company.

Simon Dawson

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Oil company Saudi-Aramco announced its decision on Sunday last year, showing a sharp decline from 2019.

Revenue after tax was $ 49 billion or 418 billion kroner, up from $ 88.2 billion or $ 752 billion last year, the year before, it appears.

This was largely due to the demand for oil for the corona epidemic, which drastically reduced oil prices and forced Saudi Arabia to cut production to save the balance of the oil market.

Saudi Aramco is projected to maintain a dividend of $ 75 billion, or $ 640 billion, by 2020.

Capital investment in 2020 (Capex) was $ 27 billion in 2020, up from $ 33 billion in 2019.

By 2021, that number is expected to be around $ 35 billion, down significantly from the previous guidance of $ 40 to $ 45 billion.

Aramco CEO Amin H. Nasser said in a statement that he was pleased with the steps taken last year and the results.

– We see rising demand in Asia, with positive signs elsewhere. We continue to hope that the other side of this epidemic will end in a strengthened state, he adds.

Last year Saudi Aramco was listed. Saudi Arabia still controls more than 98 percent of the oil company.

Read more about Aramcos 2020 here

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