Saudi Aramco, the world’s largest oil exporter, said its 2021 net profit soared by 124% to $110bn, compared with $49bn in 2020.
The oil giant said its profits had surged as a result of higher crude oil prices as demand for oil has rebounded, and also because of stronger refining and chemicals margins, and the consolidation of its chemicals business, SABIC’s, full-year results.
Aramco also said it would invest to increase crude oil production capacity to 13 million barrels per day by 2027, expand its liquid to chemical production, and consider to increase gas production by more than 50% by 2030.
"We recognise that energy security is paramount for billions of people around the world, which is why we continue to make progress on increasing our crude oil production capacity, executing our gas expansion program and increasing our liquids to chemicals capacity." Aramco President and CEO Amin Nasser said in a statement.
The company's announcement came hours after Yemen’s Houthi rebels targeted several locations, including Aramco facilities, in cross-border armed drone attacks. However, the company did not say if the attacks caused any damage.
Brent crude oil soared to $139 a barrel, a 14-year high, earlier this month, but has since dropped to closer to $100.
