What To Do With Record Profits From Oil and Gas

Saudi Aramco has reported an all-time record profit of $161 billion in 2022. The company plans to invest its profits in two major areas.

First, they aim to increase the production of oil and gas, given the expectation that these resources will remain essential for the foreseeable future.

Second, Saudi Aramco plans to expand into transport technologies by taking a minority stake in Renault Group and Geely's planned combustion-engine venture. This move will allow the oil behemoth to develop and supply internal combustion engines and hybrid technologies.

The CEO and President of Saudi Aramco, Amin H. Nasser, stated that underinvestment in the oil and gas industry could lead to higher energy prices. These investments show that Saudi Aramco is bullish on Oil and Gas for decades to come.

https://www.msn.com/en-us/money/companies/oil-giant-saudi-aramco-reports-historic-161-billion-profit-in-2022/ar-AA18xehA

https://europe.autonews.com/automakers/saudi-aramco-take-share-renault-and-geelys-internal-combustion-engine-unit#:~:text=Saudi%20Aramco%20has%20agreed%20to%20take%20a%20minority,oil%20behemoth%20seeks%20to%20expand%20into%20transport%20technologies

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