Saudi Arabia’s Oil Major Aramco Record Profits
Aramco is Saudi Arabia’s oil major company. Aramco posted record profits in the 2022-23 financial year due to rising oil prices, making it the world’s most profitable company. According to details, Saudi Aramco has become the world’s most profitable company in the last 12 months.
Introduction to Aramco
Saudi Arabia’s oil major Aramco posted record profits in the 2022-23 financial year due to rising oil prices, making it the world’s most profitable company. According to details, Saudi Aramco has become the world’s most profitable company in the last 12 months.
According to the latest report released by Forbes, Saudi Aramco has once again been named the world’s most profitable company, even though its profit fell by 38 percent on Compared to last year’s second quarter.
Foreign News Report
According to the report of the foreign news agency, according to the financial data of the last 12 months, until May 5, 2023, the oil company owned by Saudi Arabia had a profit of 156.36 billion dollars.
2nd Quarter of the year
During the second quarter of this year, the profit of 30.08 billion dollars was less than 38 percent compared to the same period of last year. In this regard, the spokesperson of Aramco says that the decrease in income is due to lower prices of crude oil and refining, and chemicals. Due to the reduction in margins. Saudi Aramco made significantly more profit than the second richest company, Apple. Apple’s profit was $94.32 billion.
According to an estimate, Aramco’s market value is 2,055.22 billion dollars, and is behind Apple and Microsoft. In terms of sales, Aramco was second only to Wal-Mart and ahead of Amazon. Founded in 1933, Aramco’s headquarters are in Saudi Arabia. Located in the city of Zahran.
As a result of an ample supply of liquefied petroleum gas (LPG), Algerian state-owned oil company Sonatrach and Saudi Arabian state-owned oil company Aramco lowered official selling prices (OSPs) in June. LPG in the international market. 17-20% reduction. Aramco’s June OSP for propane fell from $105 to $450 a tonne, and for butane to $440 a tonne from May.
Butane and propane are types of LPG with different boiling points. LPG is mainly used as fuel for cars, heating, and making other petrochemicals. The OSP for propane at Sonatrach fell $80 to $405 per ton in June, while the OSP for butane fell $85 to $405 per ton.
From the Middle East to Asia-Pacific, Aramco’s LPG OSPs are used as references for product supply contracts. OSPs for Sonatrach’s LPG are used as benchmarks for the Mediterranean, Black Sea, and Turkey regions. However, despite all this, Aramco has become the world’s most profitable company.