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Saudi Aramco Q1 2023 Earnings Decline 19% YoY amid Economic Uncertainty but Beat Analysts Expectations

Oil giant Saudi Aramco shares climbed 3.2% on Tuesday after the company posted a net income of $31.9 billion for Q1 2023. 

Global Oil & Gas Processing Seals Market to Grow Significantly by Generating a Revenue of $8,110 50 Million in the 2022-2031 Timeframe [260-Pages]

Aramco Breaks Profit Record | Global Finance Magazine

Aramco’s impressive performance underscores Saudi Arabia’s continued overwhelming reliance on oil and gas revenue to fund its carbon-neutral ambitions.

Saudi Aramco set to build a refining and petrochemical complex

The Saudi-Chinese refining complex will include a 300,000 barrels-a-day refinery and a petrochemical plant with annual production capacity of 1.65 million tons of ethylene and 2 million tons of paraxylene. Aramco will supply as much as 210,000 barrels per day of crude feedstock to the project.

Aramco Saw Record Profit in 2022- Largest Annual Profit by Oil and Gas Company

The energy prices in 2022, improved margins for refined products, and the high sales volume contributed to a record 2022 profit for Aramco.

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