The initial operation of the Jafoura gas field will start this year

The President of the “Saudi Aramco” and its chief executive administrators, Eng. Amin bin Hassan Al -Nasser, stressed that the change in profit distributions is in line with the mechanism of linking to the previously announced performance. He pointed out that there are expectations for the initial operation of the Jafoura gas field later in the year, which enhances the company’s capabilities in the gas sector.

Al -Nasser added that “Aramco” is in a good situation for the future regarding refining and distribution activities, despite some unfavorable conditions in the market. He stressed that the market is at standard levels and enjoys strength, which reflects confidence in the future performance of the company.

He also pointed out that the “OPEC+” decision to gradually increase production will positively affect companies, which enhances the stability of the market, explaining that there are other matters in the process of implementation in relation to liquefied natural gas investments, and will be done. About time.

He explained that the net strong income and increased basic profits distributions confirms the exceptional flexibility of “Saudi Aramco” and its ability to benefit from the scope of its unique business, the cost of its low production, and its high levels of reliability, in order to provide leadership performance in the sector to our shareholders and customers.

Global demand for oil
He continued in a statement. On the annual results of the company: “The global demand for oil has reached new high levels in 2024, and we expect more growth in 2025. Given that reliable and sustainable energy constitutes the key to growth for the global economy, we continue to make progress in projects that will maintain our sustainable productive capacity for crude oil, expand our gas capabilities, and achieve more integration between the business sector Excavation, production, refining business sector, chemicals and marketing to achieve additional value, and help reduce greenhouse gas emissions.

He added that we adopt and apply the techniques and solutions of artificial intelligence on a large scale in our business, allowing more efficiency and achieving value across various levels of the company’s business. Capital discipline is the essence of the Saudi Aramco strategy, which enables us to achieve growth and benefit from value through traditional energy solutions and new energy sources.

Aramco profits in 2024
The profits of Saudi Aramco fell by 12.39% in the year 2024, to about 398.42 billion riyals (106.25 billion dollars), compared to about 454.76 billion riyals (121.27 billion dollars) in 2023.

The company said in a statement on “Saudi Arabia’s trading”, today, Tuesday, that the decrease mainly reflects the effect of decrease in revenues and other income related to sales, high operating costs, and low financing and other income income. This was partially met with low income and zakat taxes.

The total revenue was 1.637 trillion riyals (436.61 billion dollars) for the year ending September 31, 2024, compared to 1.653 trillion riyals (440.88 billion dollars) for the year ending September 31, 2023.

This decrease is primarily due to the low prices of crude oil and sold quantities, in addition to the low prices of refined and chemical products. This is partially met with high quantities of refined and chemical products.