While adapting to low crude prices Saudi state energy firm is pursuing new ways to raise cash
CEO of Saudi Aramco, Amin Nasser. Picture: REUTERS/HAMAD I MOHAMMED
Aramco is adjusting to weaker energy prices as the coronavirus pandemic hammers the global economy, with Brent crude having fallen 32% this year to about $45 a barrel. The company is slashing investment so it can fulfil its pledge to pay its dividend in 2020 even while piling on debt. Most of the payout goes to the government, which faces a revenue squeeze.
The downstream business involves refining, chemicals, pipelines and fuel retailing and was previously led by al-Gudaimi. His new role “will support rapid and effective decision-making on the company’s portfolio”, Aramco said.
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