Profile of the world's largest oil and gas group wanting to invest in Vietnam

(Dan Tri) - Saudi Aramco, the world's largest oil and gas corporation, wants to invest in Vietnam. In 2022, this oil and gas "tycoon" achieved a record profit of more than 161 billion USD.

Recently, in a meeting with Prime Minister Pham Minh Chinh, Mr. Yasser M. Mufti, Executive Vice President of Saudi Aramco, expressed his desire to have the opportunity to invest in Vietnam and build a new oil refinery. Prime Minister Pham Minh Chinh suggested that Aramco participate in investing in Vietnam in the oil and gas sector, especially large oil refinery projects in Vietnam, and develop trade cooperation in the fields of oil, gas, and petrochemical products such as crude oil, liquefied gas, plastic pellets, fertilizers, etc.

Prime Minister Pham Minh Chinh received Mr. Yasser M. Mufti, Executive Vice President of Saudi Arabia's national oil and gas corporation Aramco (Photo: Duong Giang).

Saudi Arabia's Saudi Aramco is the world's largest oil producer and has at times been the world's largest company by market capitalization. According to Reuters , Saudi Aramco is a state-owned enterprise founded in 1933, in which the Saudi Arabian government is the largest shareholder, owning more than 90% of the total shares. At the end of 2019, Saudi Aramco successfully launched an initial public offering (IPO) and raised $25.6 billion. Aramco's largest customers are concentrated in Asia, which accounts for more than 70% of the group's exports. In addition to selling oil to markets, Aramco is also active in the oil refining sector in South Korea and Japan, and building refineries and promoting research activities in China. In the second quarter of this year, Aramco recorded a net profit decrease of nearly 40% compared to the same period last year. The company said the decline mainly reflected the impact of lower crude prices and lower margins in its refining and chemicals businesses. Still, the oil giant earned more than $30 billion in the second quarter, exceeding the $29.3 billion forecast by analysts polled by Bloomberg . That was also much higher than the profits of other oil giants such as Exxon Mobil, which posted $7.9 billion, and Shell, which posted $5 billion.

In the second quarter, Aramco's net profit plunged nearly 40% year-on-year (Photo: Heisenberg Report).

In 2022, the world's largest energy company achieved a record profit of more than $161 billion, up 46% from $110 billion in 2021. Free cash flow also reached $148.5 billion, much higher than $107.5 billion in 2021. Aramco's profit last year was three times higher than that of other leading oil companies in the world such as Exxon, BP, Shell or Chevron. This helped Aramco surpass Apple to become the world's largest company with a capitalization of $2,430 billion in 2022. Experts say Aramco achieved impressive business results thanks to the sharp increase in oil and gas prices early last year. Western sanctions against Russia have strongly affected oil supplies. This increasingly tightens Russia's access to oil supplies, especially oil products and crude oil transported by sea.

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