Saudi oil company Aramco's profit grew 82 percent in the first quarter

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Saudi oil company Aramco's profit grew 82 percent in the first quarter

Saudi Arabia's oil company, Aramco, said profits rose 82 percent, or $ 39.5 billion, in the first quarter of this year. Aramco also announced that it will pay dividends worth $ 18.8 billion in the second quarter, and the distribution of one free share for every ten shares that someone owns has been approved.

Commenting on the results, Aramco President & CEO Amin H. Nasser, said: “Against the backdrop of increased volatility in global markets, we remain focused on helping meet the world’s demand for energy that is reliable, affordable, and increasingly sustainable.

“Energy security is vital and we are investing for the long term, expanding our oil and gas production capacity to meet anticipated demand growth and creating long-term shareholder value by capitalizing on our low lifting cost, low upstream carbon intensity, and integrated downstream business.


Downstream expansion

“During the first quarter, our strategic downstream expansion progressed further in both Asia and Europe, and we continue to develop opportunities that complement our growth objectives.

“As we collaborate with domestic and international partners to explore new and emerging technologies and solutions, from developing cleaner transport technologies to establishing low-carbon hydrogen and ammonia value chains, I am more optimistic than ever about the positive contribution we can make, both to our customers and to the ongoing global energy transition”.

Such good results for Aramco are a consequence of high crude oil prices, sold quantities, and improved margins, the company said, Trade Arabia reports. Aramco also continued to make progress in its downstream expansion, which included growing its presence in both Asia and Europe.

"The company agreed to acquire a 30% stake in a 210,000 barrels per day refinery in Gdansk, Poland, along with sole ownership of an associated wholesale business. Aramco also agreed to acquire a 50% stake in a Polish jet fuel marketing joint venture with BP.

Completion of the acquisitions, from Polish refiner and fuel retailer Grupa LOTOS in connection with its proposed merger with PKN Orlen, is subject to regulatory approvals." reports Trade Arabia.