Saudi Aramco to buy Reliance stake, reports 12% earnings slide


Saudi Aramco to buy Reliance stake, reports 12% earnings slide

Saudi Aramco reported a 12% fall in half-year net profit on Monday, yet remained the world’s most profitable company, while India’s Reliance Industries (RELI.NS) said Aramco is looking to buy into its refining and petrochemicals business.

Aramco signed a letter of intent to take a 20% stake in Reliance’s oil-to-chemicals business in one of the largest ever foreign investments in India, Reliance announced. Aramco, which declined to comment on the Indian deal, reported a net profit to $46.9 billion.

By comparison, Apple Inc (AAPL.O), the world’s most profitable listed company, made $31.5 billion, U.S. rival Exxon Mobil Corp. around $5.5 billion and Royal Dutch Shell (RDSa.L) some $8.8 billion.

“Despite lower oil prices during the first half of 2019, we continued to deliver solid earnings and strong free cash flow underpinned by our consistent operational performance, cost management an fiscal discipline,” CEO Amin Nasser said in a statement. Raed More

Leave a Reply

Your email address will not be published.