This year is to be transformative for Saudi Aramco’s downstream arm, with CEO Amin Nasser reaffirming this week that the $69.1bn acquisition of 70% of petchems-giant Sabic is on track to close by June. Sabic made a $1.50bn profit for 2019 (MEES, 31 January), but Aramco’s profits were a whopping $88.2bn (MEES, 20 March).
Aramco’s 2019 annual report doesn’t break down profit by sector. But looking at the firm’s overall $178bn Ebit (earnings before interest and tax), the upstream sector made $184bn while downstream Ebit was negative at -$927mn. (CONTINUED - 813 WORDS)