Saudi Aramco aims to buy Reliance stake, reports lower earnings

Saudi Aramco still world's most profitable company despite oil price hit. Read more:

FILE PHOTO: An Aramco employee walks near an oil tank at Saudi Aramco's Ras Tanura oil refinery and oil terminal in Saudi Arabia May 21, 2018. REUTERS/Ahmed Jadallah/File Photo

The company has also been involved in most of the kingdom’s high-profile deals in the last two years announcing at least $50 billion worth of investments in Saudi Arabia, Asia and the United States. Aramco’s deals show how Riyadh wants to ensure it would be the last oil producer left standing when future demand for crude slows, officials say, and with a cost of production around $4 a barrel, Aramco hardly has any competitors.

Aramco’s planned IPO is the centerpiece of Saudi Arabia’s economic transformation drive to attract foreign investment and diversify away from oil.

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