Saudi Oil Company Makes More Than Apple and Exxon Combined


For the first time ever, Saudi Arabia on Monday unveiled the finances of Aramco, its national oil company, revealing that it brought in $111 billion in net income in 2018. [link] demonstrating that the cloistered kingdom is willing to undergo unprecedented scrutiny to tap international cash.[link]

Fitch gave the Saudi oil producer a credit rating of A+. It is the first ever credit rating for Aramco, and offers a glimpse into the company’s accounts, which have remained secret since its nationalization in the late 1970s.[link] By Buying and transferring the Sabic stake to Aramco, Saudi Arabia’s government will effectively be able to tap into Aramco’s oil earnings to boost its sovereign-fund investments and help diversify the economy after delaying the oil producer’s planned initial public offering.[link]

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