Saudi Arabia hikes oil investments as it profits from price surge

Aramco will boost its capital expenditure to US$40-50 billion this year, with further growth expected until around the middle of the decade

, under pressure from the West to boost output amid soaring prices, pledged on Sunday to hike investments by around 50 per cent this year as it reported a doubling in 2021 profits.

Asked if Aramco would pump more oil to fill any gaps in the market left by the war in Ukraine, CEO Amin Nasser said it would produce according to guidelines from the Saudi Energy Ministry. A US$2-trillion valuation was a goal sought by de-facto Saudi leader Crown Prince Mohammed bin Salman before the company’s record US$29.4-billion initial public offering in 2019.The surge in Aramco’s valuation on Sunday moved it above that of Microsoft, though it remains behind Apple’s US$2.68-trillion.

Aramco said its free cash flow was US$107.5-billion last year, compared with US$49.1-billion in 2020. It declared a dividend of US$75-billion for 2021, in line with its earlier pledge.

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