Energy giant Saudi
Aramco said Tuesday its first quarter profits jumped 30 percent compared to the same period last year on the back of higher oil prices.
اضافة اعلان
"Aramco's net income was $21.7 billion for the first
quarter, a 30 percent increase from $16.7 billion in Q1 2020, primarily driven
by a stronger oil market and higher refining and chemicals margins, partly
offset by lower production," the company said in a statement.
The news follows consecutive falls in quarterly profits last
year owing to low oil prices and production cuts as the
COVID-19 pandemic
sapped global energy demand.
"The momentum provided by the global economic recovery
has strengthened energy markets, and Aramco's operational flexibility,
financial agility and the resilience of our employees have contributed to a
strong first quarter performance," Aramco chief executive Amin Nasser
said.
Saudi Arabia is currently seeking to monetize its energy
assets to generate revenue for an ambitious effort to diversify its oil-reliant
economy.
Last month, Aramco said it had struck a $12.4-billion deal
to sell a minority stake in a newly formed oil pipeline business to a
consortium led by US-based
EIG Global Energy Partners.
In late April, Crown Prince Mohammed bin Salman said Saudi
Arabia, the top crude exporter, was in talks to sell one percent of Aramco to
an unnamed foreign energy firm.
Aramco is exploring new revenue streams as it faces pressure
to maintain hefty dividend payments to the Saudi government, its biggest
shareholder, since it began disclosing earnings in 2019.
Aramco previously sold a sliver of its shares on the Saudi
bourse in December 2019, generating $29.4 billion in the world's biggest
initial public offering.
The energy giant could announce another offering of shares
to international investors within the next year or two, the prince said.
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