Aramco Accounts Show Expanding Refining Business Lagged Big Oil - Bloomberg:
"During the price crash of 2014 to 2017, Big Oil weathered the storm thanks to what the industry calls downstream. Margins from refining, petrochemicals and fuel stations shone as crude got cheaper, bringing in profits that helped sustain companies including Exxon Mobil Corp., Royal Dutch Shell Plc and Chevron Corp. For Saudi Aramco it doesn’t seemed to have worked the same way: the state-run energy giant’s downstream profits lagged well behind those at its closest competitors in the first half of 2017, according to accounting data reviewed by Bloomberg News. The information -- the first look inside Aramco’s financial performance since its nationalization more than 40 years ago -- shows the challenge the Saudi-owned company faces as it directs more spending into downstream with the aim of almost doubling refining capacity over the next decade. "
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