Marrakesh, Mar. 21 (Maroc-Actu) –
Saudi Aramco recorded an attributable net profit of $105.387 billion (€95.351 billion) in 2021, a 114% improvement over the Saudi state oil company’s profit the previous year, due to the higher crude prices and higher margins in the chemicals business, said the company, which aims to increase its oil and gas production capacity.
Thus, the Saudi oil company has declared that it will allocate 75 billion dollars (67.857 billion euros) to dividends, including the payment of 18.8 billion dollars (17.009 billion euros) corresponding to the fourth quarter dividend.
Aramco’s revenue for the whole of last year reached $400.468 billion (362.331 billion euros), 74.2% higher than the revenue the company posted a year earlier, while the company’s operating costs rose 52% to $194.624 billion (€176.090 billion).
For the current financial year, the oil company has significantly increased its capital expenditure forecasts, which it estimates to be around 40 to 50 billion dollars (36.19 to 45.238 billion euros).
In this regard, Aramco announced its intention to increase its maximum sustainable crude oil production capacity to 13 million barrels per day (mb/d) by 2027, and potentially increase its gas production by more than 50 % by 2030.
Similarly, in its refining business, the company plans to expand its liquids-to-chemicals capacity to 4 mb/d, while it also intends to develop significant hydrogen export capabilities and become a world leader in carbon capture and storage (CCS).
“While economic conditions have improved significantly, the outlook remains uncertain due to a number of macroeconomic and geopolitical factors,” said Aramco Chairman and Chief Executive Officer Amin H. Nasser.
“Our investment plan aims to take advantage of the growing long-term demand for reliable, affordable and increasingly secure and sustainable energy,” he added.