Exclusive: Aramco makes relatively little from foreign refining - documents

LONDON: Documents from Saudi Aramco show that the world's largest oil firm earns only a limited proportion of its profit from foreign refining ventures, an area in which the company plans huge investment.

Saudi Refining Inc, through which Aramco operates the largest U.S. oil refinery, made US$423 million last year, separate accounts showed.The earnings represent a small proportion of Aramco's US$111 billion in net income from 2018. They also illustrate just how profitable Aramco's core oil-producing business - which pumps about 10per cent of the world's oil - actually is.Aramco is making huge investments in overseas downstream operations.

Aramco appears to make a small proportion of its profit from refining compared with listed peers. Royal Dutch Shell , for example, earned US$7.57 billion from downstream activities in 2018, almost a quarter of its US$23.83 billion annual earnings.

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