It is not a joke, that Saudi Aramco has become the world’s most profitable company, beating Apple by far. On April 1 when Saudi Aramco opened its book, it was revealed that it generated $111.1 billion in net income in 2018, making it probably the world’s most profitable company, handily beat Apple, whose net income in 2018 was $59.5 billion.
However, Saudi Aramco tightly bound to one country and the price of oil, but Saudi Aramco wants to expand its refining operations and petrochemical output across the globe, for that, Saudi Aramco is buying out Shell’s 50% share of a joint venture oil refinery in Saudi Arabia for $631 million.
Saudi Aramco Shell Refinery Co. (SASREF), based in Jubail Industrial City in Saudi Arabia and it’s 50-50 joint venture, which has a crude oil refining capacity of 305,000 barrels per day that produces liquefied petroleum gas (LPG), naphtha, kerosene, diesel, fuel oil and sulfur.
The Saudi government has conservatively managed Saudi Aramco with very low debt levels, likewise, the Buhari government is trying to conservatively manage NNPC but we have a long way to go with the reforms. The signing of the Petroleum Industry Bill without proper reforms we might end up like the crisis in the power sector, even it might be worse.