Saudi Aramco’s annual report shows the energy giant paid $110.1bn to the Saudi government in 2020, down 30% on 2019. This is in line with the Saudi government’s 2020 budget figures on oil revenues (MEES, 12 March).
Both royalties and income tax payments more than halved in 2020 to $22.1bn and $19.4bn respectively. The drop in dividends was a much more modest 6.2% to $68.6bn. The drop was partly down to lower oil prices and partly down to reforms to the royalty and income tax systems (MEES, 20 March 2020). (CONTINUED - 163 WORDS)