Oil giant Aramco has reported profit of €29 billion in the first quarter of the year, following record annual profits last year that drew strong criticism from climate activists
OIL GIANT SAUDI Aramco has reported profit of €29 billion in the first quarter of the year, down from €35.9 billion in the same period last year.Aramco president and chief executive Amin H Nasser said in a statement: “The results reflect Aramco’s continued high reliability, focus on cost and our ability to react to market conditions as we generate strong cash flows and further strengthen the balance sheet.
In March, Aramco announced earnings of €146 billion last year, claiming the highest-ever recorded annual profit by a publicly listed company and drawing immediate criticism from climate activists. Climate change is already negatively impacting humans and nature and is expected to grow significantly worse unless the world substantially reduces its greenhouse gas emissions.While saying Aramco is “working to further reduce the carbon footprint of our operations”, Nasser remained bullish on the world’s need for crude and natural gas.
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