DUBAI: Saudi Aramco, the world’s largest oil company, posted $224 billion in earnings before tax last year, Fitch Ratings said Monday, as the secretive giant opens its accounts for the first time.
Fitch assigned Aramco its first-ever credit rating — a stable A+ — as the state oil giant prepares to sell bonds to help finance the purchase of a majority stake in Saudi petrochemicals behemoth SABIC.
The huge deal gives Crown Prince Mohammed bin Salman’s ambitious reform programme aimed at diversifying the economy a massive cash boost.
On Thursday, Aramco said it was buying a 70 per cent stake in SABIC for $69.1 billion, effectively merging the kingdom’s two largest companies.
