As President and CEO of Saudi Aramco , the ‘ HOMEGROWN TECHNOCRAT ’ Amin H . Nasser is setting world-breaking oil production records and reaching landmark financial targets for the world ’ s most profitable integrated energy and chemicals enterprise
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Amin H . Nasser
As President and CEO of Saudi Aramco , the ‘ HOMEGROWN TECHNOCRAT ’ Amin H . Nasser is setting world-breaking oil production records and reaching landmark financial targets for the world ’ s most profitable integrated energy and chemicals enterprise
WRITTEN BY : CHARLIE STEER-STEPHENSON
S audi Aramco was established in 1933 , but it wasn ’ t until 1938 that the company first struck oil with the discovery of the appropriately named “ Prosperity Well ” in the Saudi desert .
Since then , Aramco has continually hit recordbreaking oil production milestones , supplying crude oil to global markets and remaining an economic force in the Middle East . Now , under the leadership of President and CEO Amin H . Nasser , the company has broken its own financial record , with a US $ 48.4bn profit for the second quarter of 2022 and US $ 279.4bn profit over the last 12 months – that ’ s a 90 % year-on-year ( YoY ) increase in net income .
According to Bloomberg , Aramco celebrates the largest quarterly adjusted profit of any listed company . Its yearly profit is equal to the combined profits of Apple , Alphabet , and Microsoft .
“ Our record second-quarter results reflect increasing demand for our products — particularly as a low-cost producer with one of the lowest upstream carbon intensities in the industry ,” said Nasser in Saudi Aramco ’ s latest economic report .
16 October 2022