The world’s largest oil-exporting firm, Saudi Arabia’s ARAMCO is expected to reveal its second-quarter results on August 9.
The Saudi Tadawul exchange-listed Aramco has declared that it will host a webcast on 10th August at 4:30 PM UAE time for its investors.
The global economic slowdown caused by a global pandemic that was coupled with lower prices for oil and decreased margins for chemicals and refining led to a decline of 25% for Aramco in its first-quarter profit.
The quarter that ended on March 31st saw Aramco’s net profit fall to $16.7 billion from the year-earlier period while it’s sales for the quarter also witnessed a 16.2% fall. Aramco had completed 70% of its share acquisition from Sabic for $69.1 billion from the Public Investment Fund last month. Sabic is the largest petrochemical firm in the region.
Aramco has a long term strategy to drive its growth through an enhanced downstream portfolio by increasing its global refining capacity from 4.9 million barrels to 8 million barrels per day (bpd) by 2030. Out of this, Aramco aims to convert 2-3 million barrels per day into petrochemical products. Hence, the acquisition of Sabic is in line with this strategy.
SAUDI ARAMCO
Saudi Aramco, officially the Saudi Arabian Oil Company, is a multinational Saudi Arabian petroleum and natural gas company based in Dhahran. It is one of the world’s largest companies in the world in terms of revenue and is also the world’s most profitable company.
After Venezuela, Saudi Aramco has both the world’s second-largest proven crude oil reserves at over 270 billion barrels and the highest regular oil output among all oil-producing companies.
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