While the western half of the world is facing an intense energy crisis, Saudi Arabia’s oil giant Aramco hit a record profit of $161.1 billion in 2022. Energy prices have been on the rise since Russia invaded Ukraine last year. The majority of the dividend payment will be directed toward the Saudi Arabian government, which owns almost 95% of the company’s shares.
46.5% Rise In Profit
Profits for Saudi Arabia’s oil giant have hugely increased by 46% in 2022, compared to its profits in 2021. The profits are astonishing by comparing it to Exxon Mobil’s $55.7 billion of the US, and Britain’s Shell with $39.9 billion. Last year, it generated approximately 11.5 million barrels of crude oil and other liquids per day, which accounts for around 10% of then global crude oil output.
Aramco Criticised For Damaging Environment
On the other hand, Saudi Aramco was severely criticized by some circles for emitting huge amounts of greenhouse gases. Aramco is the world’s second-largest emitter of greenhouse gas emissions after Apple. Agnès Callamard, Amnesty International’s Secretary General said that it is shocking for a company to make humongous amounts of profit in one year via the “largest driver of the climate crisis”.