Aramco, Saudi Arabia’s state-owned oil company, reported a 38 percent drop in profits as oil prices fell and production was cut.
Saudi Arabia’s state-owned oil company, Aramco, will continue to make new investments in China, despite recording a 38 percent drop in profits with the impact of lower oil prices and production cuts.
Aramco announced on Monday that its net profit fell to about $30.08 billion in the second quarter ending June 30, compared to $48.44 billion in the same period last year.
Despite the profit decline, Aramco Chief Executive Officer Amin Nasser said on a press call Monday that the state-owned energy giant is committed to expanding its presence in China, Saudi Arabia’s biggest oil customer but a country where Riyadh is experiencing growing competition with Russia.