Aramco: Saudi oil company profits in 2020 will drop by 44%



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Oil revenues are a major source of funding for diversification projects

Saudi Aramco Oil Company announced that its profits for 2020 were down 44.4% from 2019.

Officials attributed the drop in profits to lower oil prices in international markets, due to the coronavirus pandemic.

But the company, in which the state owns most of the stakes, nonetheless made $ 49 billion in profits last year and remains one of the world’s largest companies in terms of financial value.

Aramco’s profit decline for the second time in a row increases pressure on the Saudi government, which has launched giant projects worth billions of dollars, to diversify the country’s economy, which depends mainly on oil revenues .

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