The scale of Aramco dwarfs every other corporation in the world.
Saudi Arabia’s state oil company has emerged as the most profitable business in the world, racking up profits of $111.1bn (£84.7bn) in 2018 to overtake Apple.
It means the company made more than four times the profits of other oil industry rivals last year, including the Anglo-Dutch company Royal Dutch Shell, which made $23bn, and the US firm Exxon Mobil, which made $21bn.
The Gulf state has prepared the company for a stock market flotation that would have valued it at roughly $2tn, twice the value of Apple, but it then put the plan on hold last year.
It is also among the most secretive, under the ownership of the Saudi state. It is the largest oil supplier on the planet and has exclusive access to nearly all of Saudi Arabia’s vast hydrocarbon reserves, which are among the world’s largest. UK regulators said they would waive some corporate governance rules.
https://www.theguardian.com/business/2019/apr/01/saudi-aramco-oil-world-most-profitable-business-apple-exxon
Saudi Arabia’s state oil company has emerged as the most profitable business in the world, racking up profits of $111.1bn (£84.7bn) in 2018 to overtake Apple.
It means the company made more than four times the profits of other oil industry rivals last year, including the Anglo-Dutch company Royal Dutch Shell, which made $23bn, and the US firm Exxon Mobil, which made $21bn.
The Gulf state has prepared the company for a stock market flotation that would have valued it at roughly $2tn, twice the value of Apple, but it then put the plan on hold last year.
It is also among the most secretive, under the ownership of the Saudi state. It is the largest oil supplier on the planet and has exclusive access to nearly all of Saudi Arabia’s vast hydrocarbon reserves, which are among the world’s largest. UK regulators said they would waive some corporate governance rules.
https://www.theguardian.com/business/2019/apr/01/saudi-aramco-oil-world-most-profitable-business-apple-exxon
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