Aramco’s net income totalled $121.3 billion in 2023, down from $161.1 billion in 2022.
The energy giant attributed the year-on-year decrease to lower crude oil prices and volumes sold, as well as reduced refining and chemicals margins, partially offset by a decrease in production royalties during the year and lower income taxes and zakat (charitable payment).
Aramco aims to increase gas production by more than 60% by 2030, against 2021 levels. Most of the Kingdom’s gas is used for utilities and industry. Projects include:
... to continue reading you must be subscribed
