A Saudi Aramco official watches progress at a rig at the al-Howta oil field near Howta, Saudi Arabia, in 1997
SAUDI ARABIA’s state oil company was revealed to be the world’s most profitable business today.
A Moody’s Investors Services assessment published yesterday showed that Saudi Aramco’s net profits reached $111 billion (£85.1bn) last year on revenues of £273.1bn.
The company’s profits are four times higher than its polluting rivals Shell (£17.6bn) and ExxonMobil (£16.1bn), and significantly higher than tech company Apple (£46bn), whose products contain coltan extracted from mines in the conflict-torn Democratic Republic of Congo.
Moody’s said the fossil fuel giant pulled in $355.9bn in revenue last year and produced 10.3 million barrels of crude oil a day, most of which needs to stay in the ground if a reduction in global carbon emissions is to be achieved.
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