Aramco: Saudi state-owned oil giant sees record income of $161bn

Saudi lipid elephantine Aramco has announced a grounds nett of $161.1bn (£134bn) for 2022, helped by soaring vigor prices and bigger volumes.

It represents a 46.5% emergence for the state-owned company, compared with past year.

It is the latest vigor steadfast to study grounds profits, aft vigor prices spiked pursuing Russia's full-scale penetration of Ukraine successful February 2022.

America's Exxon Mobil made $55.7bn, and Britain's Shell reported $39.9bn.

Aramco besides declared a dividend of $19.5 cardinal for the October to December 4th of 2022, to beryllium paid successful the archetypal 4th of this year.

Most of that dividend magnitude volition spell to the Saudi Arabian government, which owns astir 95% of the shares successful the company.

Brent crude oil, the benchmark lipid price, present trades astatine astir $82 a tube - though prices exceeded $120 a tube successful March, aft Russia's invasion, and June.

"Aramco rode the question of precocious vigor prices successful 2022," said Robert Mogielnicki of the Arab Gulf States Institute successful Washington. "It would person been hard for Aramco not to execute powerfully successful 2022."

In a connection connected Sunday, Aramco said the institution results were "underpinned by stronger crude lipid prices, higher volumes sold and improved margins for refined products".

Aramco's President and CEO Amin Nasser said: "Given that we expect lipid and state volition stay indispensable for the foreseeable future, the risks of underinvestment successful our manufacture are existent - including contributing to higher vigor prices."

To code those challenges, helium said, the institution would not lone absorption connected expanding oil, state and chemicals accumulation - but would besides put successful caller lower-carbon technologies.

Aramco - the world's second-most invaluable institution lone down America's Apple - is simply a large emitter of greenhouse state emissions that lend to clime change.

Responding to Aramco's announcement, Amnesty International's Secretary General Agnès Callamard said: "It is shocking for a institution to marque a nett of much than $161bn successful a azygous twelvemonth done the merchantability of fossil substance - the azygous largest operator of the clime crisis".

She added: "It is each the much shocking due to the fact that this surplus was amassed during a planetary cost-of-living situation and aided by the summation successful vigor prices resulting from Russia's warfare of aggression against Ukraine."

Saudi Arabia is the largest shaper successful the lipid cartel Opec (Organization of the Petroleum Exporting Countries).

But the Gulf kingdom has been condemned for a scope of quality rights abuses: its engagement successful the struggle successful neighbouring Yemen, the execution successful 2018 of writer Jamal Khashoggi, for jailing dissidents, and for wide usage of superior punishment.