Despite concerns about the company’s ties to Saudi Arabia and Crown Prince Mohammed bin Salman, Aramco is the world’s most profitable company, and investors want a piece of it.
Earnings at Saudi Arabia’s giant oil company, at $111 billion last year, far outstripped the profits of giant tech companies or rival oil producers.
The state-owned oil company’s books, opened as part of a $10 billion bond offering, reveal that it’s by far the world’s most profitable company.
Saudi Arabia’s giant oil company announced yesterday that it had bought 70 percent of the kingdom’s state-controlled petrochemical company for $69 billion.
The oil company’s investment in Sabic will infuse money into a Saudi sovereign wealth fund after a planned initial public offering of Aramco faltered.