Here are some of the important details we just learned about the relationship between Aramco and the Kingdom of Saudi ArabiaAramco’s success is at the whim of the government and the king. “A decision to seek more revenue from hydrocarbons may lead the Government to change the fiscal regime,” meaning the government may decide to take more money from the company at any time. In an absolute monarchy, the government and the king are not beholden to laws.
Aramco may make a huge profit, but it also pays a lot to the government. In 2018, Aramco paid $101.7 billion to the government in income taxes. In addition, it paid a royalty on every barrel of oil sold and it paid nearly $60 billion to the government in dividends, which are granted after tax. Aramco sold feedstock to SABIC at regulated prices set by the government. It is not disclosed if Aramco ever received compensation in the form of equalization, even for the years 2017 and 2018.
Source: News Formal (newsformal.com)
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