Aramco Cash Behind Saudi Oil Revenue Rise That Puzzled Analysts - Bloomberg:
Payments from oil giant Saudi Aramco were behind the surge in the kingdom’s oil revenue in the first quarter, Finance Minister Mohammed Al-Jadaan said, explaining an increase that puzzled economists.
“We received royalties, tax, dividends and special dividends in the first quarter, like we did last year” from Aramco, Al-Jadaan told Bloomberg Television in an interview in Riyadh on Thursday. He also said the kingdom plans to tap international bond markets again this year.
The minister spoke one day after data showed oil revenue climbed to about 169 billion riyals ($45 billion) from 114 billion riyals in the first quarter of 2018. Overall, the biggest Arab economy started the year with a budget surplus for the first time since 2014 as non-oil revenue also increased.
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