the oil company Saudi Aramco had a profit of US$ 161 billion (R$ 834 billion) in 2022, the highest annual result ever recorded by a publicly traded company, which attracted criticism from activists.
The value represents an increase of 46.5% compared to 2021, when the company recorded a positive result of US$ 110 billion (R$ 570 billion).
The gains came after the increase in energy prices with the war in Ukrainewhich started in February 2022, and the sanctions that limited the sale of Petroleum It is gas native of Moscow in western markets.
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In 2020, the company had profited US$ 49 billion (R$ 254 billion), when the world was going through the worst moment of the pandemic, with travel interruptions and briefly negative oil prices.
Aramco reported production of around 11.5 million barrels a day in 2022 and said it expects to reach 13 million barrels a day by 2027.
To increase that production, the company plans to spend up to US$55 billion (R$285 billion) this year on capital projects.
The oil company expects to increase its production to take advantage of market demand, as the China reopens the economy due to restrictions lifted in the fight against the coronavirus.
China’s return could raise the billions needed to pay for Crown Prince Mohammed bin Salman’s plans to develop futuristic cityscapes to ward off poverty. Saudi Arabia of oil.
These plans come despite international concerns about burning fossil fuels accelerating climate change.
Higher energy prices have already strained relations between Riyadh and Washington, as well as increasing inflation all around the world.
The information is from the newspaper The State of S. Paulo.
Source: Moneytimes
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