Connect with us

Headlines

Saudi Aramco posts 39 percent jump in profits

Published

on

Saudi Aramco posts 39 percent jump in profits

Saudi Aramco on Tuesday posted a 39-percent jump in third-quarter profits year on year boosted by higher oil prices resulting largely from Russia’s invasion of Ukraine.

The announcement came as the OPEC+ cartel of oil producers was set to implement production cuts that have drawn the ire of the United States, which says the move — approved at a meeting last month — amounts to “aligning with Russia” in the conflict.

The energy giant’s net income totalled $42.4 billion — up from $30.4 billion during the same period last year — and was “primarily driven by higher crude oil prices and volumes sold”, it said in a filing with the Saudi stock exchange.

Advertisement

CEO Amin Nasser touted the firm’s “strong earnings and record free cash flow” of $45 billion, up from $28.7 billion at this time last year.

“While global crude oil prices during this period were affected by continued economic uncertainty, our long-term view is that oil demand will continue to grow for the rest of the decade given the world’s need for more affordable and reliable energy,” he said in a statement.

Aramco’s latest financial results were published just days before the COP27 climate summit aimed at curbing global warming.

Advertisement

Last year, ahead of the COP26 climate-change summit, Saudi Arabia pledged to achieve net zero carbon emissions by 2060, sparking scepticism from environmental campaigners.

Saudi Aramco, for its part, has pledged to achieve “operational net-zero” carbon emissions by 2050.

That applies to emissions that are produced directly by Aramco’s industrial sites, but not the CO2 produced when clients burn Saudi oil in their cars, power plants and furnaces.

Advertisement

Saudi officials have lately stressed the need for more investment in the sector, arguing that focusing on climate change at the expense of energy security would further fuel inflation and other economic woes.

– ‘Headwinds’ –
Aramco is Saudi Arabia’s “crown jewel” and primary source of revenue.

It has been well positioned to benefit from energy price spikes, boasting “the lowest cost of production by a huge margin” compared to other oil companies, said Ellen Wald, author of “Saudi Inc.”, a history of the company.

Advertisement

That strong performance has led to a banner economic year for Saudi Arabia, driving a surplus that could help finance ambitious plans by Crown Prince Mohammed bin Salman to open up the kingdom and diversify its oil-reliant economy.

On Monday, Saudi Arabia reported a preliminary estimate of 8.6 percent economic growth in the third quarter of 2022 compared to the same period last year, “mainly due to the increase in oil activities”.

The International Monetary Fund has said Saudi Arabia’s GDP is expected to expand by 7.6 percent this year.

Advertisement

Yet a slowdown in China and recession fears in Europe and the United States could make it difficult for Aramco to maintain its current momentum, even after accounting for the OPEC+ cuts that would slash supply by two million barrels per day and a European ban on Russian crude imports due to take effect in December.

“The controversial production cut announcement by OPEC+ was driven in large part by concerns that energy prices were not exactly where oil-producing countries like Saudi Arabia wanted them to be,” said Robert Mogielnicki, of the Arab Gulf States Institute in Washington.

“There are absolutely going to be headwinds associated with Aramco trying to realise the profits that they generated in previous quarters.”

Advertisement

Long-term, Saudi Arabia plans to increase daily oil production capacity by more than one million barrels to exceed 13 million by 2027.

Aramco floated 1.7 percent of its shares on the Saudi bourse in December 2019, generating $29.4 billion in the world’s biggest initial public offering.

Advertisement
Continue Reading
Advertisement
Click to comment

Leave a Reply

Your email address will not be published. Required fields are marked *

Headlines

NNPC Foundation Trains Over 3,000 Southwest Farmers in Climate-Smart Agriculture

Published

on

In a bid to promote food security and sustainable agricultural practices, the NNPC Foundation has successfully trained more than 3,000 farmers in the South-West geopolitical zone on climate-smart and modern farming techniques.

The training, which concluded on Friday in Ikorodu, Lagos, marked the end of the Southwest phase of the foundation’s pilot programme aimed at empowering local farmers and boosting agro-productivity.

Speaking at the closing ceremony, Managing Director of the NNPC Foundation, Mrs. Emmanuella Arukwe, described the initiative as a milestone in the lives of thousands of farmers.

Advertisement

“Today marks the formal conclusion of the first phase of a national journey that speaks to resilience, food security, and economic empowerment,” Arukwe said.
“What began as a bold decision to support small holder farmers has translated into tangible action across three geopolitical zones (South-East, South-South, and South-West) in Southern Nigeria.”

She disclosed that a total of 3,860 vulnerable farmers across 10 locations in the three regions were trained in sustainable farming practices that improve productivity and market access.

“This achievement is not just a number, but a milestone in the lives of real people and real communities. We were able to strengthen farmers’ capacity to adapt to climate change,” she added.
“Through the training, we were able to improve access to markets, promote inclusive agriculture and especially gender representation. We also trained them on enhancing food production through sustainable techniques.”

Advertisement

Arukwe noted that the programme would now move to the North-West, North-Central, and North-East zones as part of its next phase, saying the foundation is committed to supporting livelihoods nationwide.

“This is only Phase One. We will now turn our focus to the North-West, North-Central, and North-East zones. What we have achieved in the South will inform and strengthen our next steps,” she said.
“The NNPC Foundation will continue this mission, to support livelihoods, build resilience, and empower the hands that feed our families and beyond.
We have decided that most times you get a lot of requests from people asking us to give them palliatives and all kinds of things to help them.
But we think it is much better to teach people to fish than just give them fish so they can continue,” Arukwe explained.

Chairman of Ikorodu Local Government, Mr. Wasiu Adesina, while commending the initiative, urged the beneficiaries to apply the knowledge gained to boost productivity and profitability.

Advertisement

“As we all know, agriculture is the bedrock of any nation. Without agriculture, there will not be a nation, because there will be no food to eat,” Adesina stated.
“It is the farmers that produce our food, and it is important that we train our farmers with new techniques in agriculture, and that is exactly what the NNPC Foundation is doing.

“To the farmers, you have to take advantage of this training and face the farming squarely. In some great countries like the United States and the United Kingdom, farmers are the most richest people in those countries.

“This is because they make a lot of money from farming. We need to inculcate that habit in Nigeria and develop ideas in farming. Even after my tenure, I am going back to farming, so, maybe I will ask the NNPC Foundation to train me so that I also join you to be a farmer.”

Advertisement

He appealed to the foundation to provide further empowerment for the trained farmers to help them kickstart their agricultural ventures.

“If the farmers have land for farming, I believe the foundation will provide financial aid to keep their farms running,” Adesina added.

Also speaking at the event, the Lagos State Commissioner for Agriculture and Food Systems, Ms. Abisola Olusanya, represented by the Director of Fisheries, Mrs. Osunkoya Daisi, lauded the Foundation’s efforts in bolstering the state’s food security.

Advertisement

“On behalf of the Lagos State Government, we would like to express our sincere appreciation to NNPC Foundation for training our farmers and for training all the farmers all over the country,” she said.
“Definitely, the training will help improve food production. We can see the impact of climate change effects in agriculture. I am sure farmers have been equipped with climate-smart agriculture techniques to improve production.”

The NNPC Foundation Ltd/Gte is the Corporate Social Responsibility (CSR) arm of the Nigerian National Petroleum Company (NNPC) Limited. It was incorporated in February 2023 to manage the company’s CSR initiatives and enhance Nigeria’s socio-economic development.

Advertisement
Continue Reading

Education

NUC grants ESUT full accreditation for Law, 7 other programmes

Published

on

The National Universities Commission, (NUC), has given full accreditation to the Enugu State University of Science and Technology (ESUT), for her Law programme.

According to the Public Relations Officer of ESUT, Mr Ikechukwu Ani, this is contained in a letter addressed to the institution’s Vice Chancellor, Prof. Aloysius Okolie, on Wednesday in Enugu by the NUC.

Ani said that in the letter, the Executive Secretary of NUC, Prof. Abdullahi Ribadu said the report was contained in the result of the October/November 2024 accreditation of academic programmes in Nigerian universities.

Advertisement

Ani disclosed that other programmes in the institution accredited by the NUC include Master of Science in Business Management; Education Computer Science; Education Physics and Agricultural Engineering.

Other accredited programmes he said were Quantity Surveying; Urban and Regional Planning; and Applied Microbiology.

He said that the letter quoted Section 10 (1) of the Education National Minimum Standard and Establishment of Institutions, Act CAP E3, Laws of the Federation of Nigeria 2004 as empowering the NUC to lay down minimum academic standards for all academic programmes taught in Nigerian universities.

Advertisement

He said the session also empowers the NUC to accredit such programmes.

Continue Reading

Crime

Court remands 2 over alleged attempted murder

Published

on

Court discharges man accused of burning father’s house in Abuja

An Ikeja Magistrates’ Court, Lagos, on Wednesday, remanded two persons, Olaitan Fasasi and Kehinde Tobiloba in a correctional facility over alleged attempted murder.

Fasasi, 40, and Tobiloba, 26, whose addresses were not provided, are being charged with conspiracy, attempted murder and membership of a secret society.

The Magistrate, Mr L.A Owolabi, did not take the plea of the defendants for want of jurisdiction.

Advertisement

Owolabi directed the police to forward the case file to the Director of Public Prosecution for legal advice.

He thereafter adjourned the case until May 31 for mention.

The Prosecutor, Josephine Ikhayere, told the court that the defendants committed the offences at about 5.02p.m on Feb. 15, at Mushin, Lagos.

Advertisement

She said that Fasasi, Tobiloba and others now at large, attempted to commit murder by shooting at a resident, Alfred Ademola.

“They armed themselves with a locally made gun. They belong to Eiye Confraternity, a group proscribed by law,”, she said.

Ikhayere said that the offences contravened Sections 230(1) and 411 of the Criminal Law of Lagos State, 2012.

Advertisement

He said that the actions of the defendants also contravened Section 2(3)(a)(b)(c)(d) of the unlawful societies and Cultism Law of Lagos State Law.

Continue Reading

You May Like

Copyright © 2025 Acces News Magazine - All Right Reserved.

Verified by MonsterInsights