Saudi Arabia’s huge state oil business has established itself as the most profitable company in the world by reporting net income of $111 billion for 2018. Saudi Aramco revealed its finances for the first time yesterday, with annual profits almost double those of Apple, the world’s most profitable listed company at $60 billion. Saudia Aramco made almost five times as much profit last year as Royal Dutch Shell, ranked as the most profitable listed oil company at $24 billion. Details released by Aramco show how its bumper profits are driven by its ability to produce oil in its home country at rock-bottom costs of only $2.80 a barrel, barely a quarter of the costs reported by international oil majors.
Times 2nd April 2019 read more »
Green MEPs Molly Scott Cato in the UK and Bas Eickhout in the Netherlands make the case for a far stronger EU green investment framework. Since the Paris Agreement on climate change in 2015, 33 global banks have poured $1.9tn into financing fossil fuel projects worldwide. Two reports out this week reveal the implications of this.
Business Green 2nd April 2019 read more »