Saudi Aramco, the state-owned oil company of Saudi Arabia, saw revenue rise 103% (to $47.7 billion) and net profit soar 288% (to $25.5 billion) in the first half of 2021. According to the company, the results are mainly due to the recovery in demand for oil following the COVID pandemic, combined with higher oil prices. Due to production cuts by the OPEC cartel, the price per barrel of crude oil is now 35% higher than a year ago.
Amin H. Nasser, President & CEO of Aramco, said in a reaction that the group continues to invest in strategic programmes focused on sustainability and low-carbon fuels. These include Aramco’s support of the Sustainability of Biobased Materials in a circular economy research programme at the Aachen-Maastricht Institute for Biobased Materials (AMIBM) in Europe. The lion’s share of the profit ($18.8 billion) will go to shareholders.
Aramco’s half-year figures can be found on the group’s website.